On May 15, 2024, Volato Group, Inc., a leading private aviation company and the largest HondaJet operator in the U.S., reported its financial results for the first quarter ending March 31, 2024. The company announced a total revenue of $13.2 million, with aircraft usage revenue at $11.5 million and managed services revenue at $1.7 million. Despite a 39% increase in flight hours and an 8% increase in blended yield year-over-year, Volato experienced a net loss of $17.4 million, which included a $0.2 million non-cash charge, and an Adjusted EBITDA loss of $13.1 million. Volato also disclosed a term sheet for $14.5 million in new financing, which includes $13.0 million to unlock deposits for Gulfstream G280 orders and a $1.5 million equity commitment. The company is exploring additional liquidity sources to support working...Show More

On May 15, 2024, Volato Group, Inc., a leading private aviation company and the largest HondaJet operator in the U.S., reported its financial results for the first quarter ending March 31, 2024. The company announced a total revenue of $13.2 million, with aircraft usage revenue at $11.5 million and managed services revenue at $1.7 million. Despite a 39% increase in flight hours and an 8% increase in blended yield year-over-year, Volato experienced a net loss of $17.4 million, which included a $0.2 million non-cash charge, and an Adjusted EBITDA loss of $13.1 million. Volato also disclosed a term sheet for $14.5 million in new financing, which includes $13.0 million to unlock deposits for Gulfstream G280 orders and a $1.5 million equity commitment. The company is exploring additional liquidity sources to support working capital and growth in anticipation of aircraft deliveries in 2024. Cost-saving measures have been implemented to reduce SG&A expenses by approximately $3 million per quarter. Volato's CEO, Matt Liotta, expressed confidence in the company's growth strategy despite OEM aircraft delivery delays, and CFO Mark Heinen highlighted the steps taken to strengthen the balance sheet. The company forecasts over $120 million in revenue from fractional sales alone for the year and expects positive gross margin and EBITDA in Q4 2024.