Volato Group has reported a significant increase in financial performance for the third quarter ended September 30, 2024. The company's total revenue soared to $40.3 million, marking a 1002% increase compared to the same period in the previous year, primarily due to a substantial rise in aircraft sales amounting to $38.2 million. Income from continuing operations turned positive, reaching $1.9 million, a notable improvement from the $1.8 million loss reported in the prior year. Adjusted EBITDA also reflected positive growth, with a $3.2 million gain compared to a negative $1.7 million in the previous year's quarter. Over the nine-month period, total revenue grew by 182% to $44.9 million, with aircraft sales contributing a $32.4 million increase. However, the company still reported a loss from continuing operations of $6.4 million, albeit...Show More

Volato Group has reported a significant increase in financial performance for the third quarter ended September 30, 2024. The company's total revenue soared to $40.3 million, marking a 1002% increase compared to the same period in the previous year, primarily due to a substantial rise in aircraft sales amounting to $38.2 million. Income from continuing operations turned positive, reaching $1.9 million, a notable improvement from the $1.8 million loss reported in the prior year. Adjusted EBITDA also reflected positive growth, with a $3.2 million gain compared to a negative $1.7 million in the previous year's quarter. Over the nine-month period, total revenue grew by 182% to $44.9 million, with aircraft sales contributing a $32.4 million increase. However, the company still reported a loss from continuing operations of $6.4 million, albeit a decrease in loss compared to the previous year. The negative adjusted EBITDA for the nine months was $4.7 million, slightly worse than the $4.2 million negative EBITDA from the same period last year. In terms of business development, Volato Group has entered into an agreement with flyExclusive to transition its fleet operations, which is expected to yield significant cost savings and allow the company to concentrate on high-growth areas such as aircraft sales and proprietary software. The company's proprietary software, including the Vaunt program, continues to generate revenue. Looking ahead, Volato Group plans to continue taking delivery of new aircraft, which may become part of flyExclusive's managed fleet. The company anticipates margins on aircraft sales and revenue from its proprietary software to drive future growth. Volato Group has also placed orders for three additional Gulfstream G280 jets, with delivery expected in 2025. The company's liquidity position includes $5.6 million in cash and restricted cash as of September 30, 2024, and it plans to manage liquidity through aircraft sales and potential future debt and/or equity financings.