On November 18, 2024, Volato Group, Inc., a Delaware-incorporated aviation company, released its financial results for the third quarter ending September 30, 2024. The company reported total revenue of $40.3 million, with aircraft sales contributing $38.2 million, managed services $1.8 million, and software subscription revenue $0.3 million. Despite a net loss from continuing operations of $1.3 million, Volato achieved a positive Adjusted EBITDA of $3.2 million. The quarter marked the beginning of a turnaround strategy, which included delivering two HondaJets and the first Gulfstream G280, entering a strategic partnership with flyExclusive for fleet operations, and reducing SG&A expenses by 75%. The company's digital platform, Vaunt, reached $1.5 million in annual recurring revenue. Volato's proprietary software, Mission Control, has been adopted by one of the industry's largest operators, highlighting...Show More

On November 18, 2024, Volato Group, Inc., a Delaware-incorporated aviation company, released its financial results for the third quarter ending September 30, 2024. The company reported total revenue of $40.3 million, with aircraft sales contributing $38.2 million, managed services $1.8 million, and software subscription revenue $0.3 million. Despite a net loss from continuing operations of $1.3 million, Volato achieved a positive Adjusted EBITDA of $3.2 million. The quarter marked the beginning of a turnaround strategy, which included delivering two HondaJets and the first Gulfstream G280, entering a strategic partnership with flyExclusive for fleet operations, and reducing SG&A expenses by 75%. The company's digital platform, Vaunt, reached $1.5 million in annual recurring revenue. Volato's proprietary software, Mission Control, has been adopted by one of the industry's largest operators, highlighting its potential for broader market use. The company's CEO, Matt Liotta, and CFO, Mark Heinen, expressed optimism about the early steps taken in the turnaround plan and the focus on aircraft sales and software development. The transition of fleet operations to flyExclusive is expected to be completed in the fourth quarter of 2024.