Jet.AI Inc. reported a significant increase in revenues for the first quarter of 2024, totaling $3.8 million, compared to $1.9 million in the same period of 2023. This growth was primarily driven by a rise in Software App and Management and Other Services revenues. Despite the revenue growth, the company experienced a gross loss of $124,356 due to increased subcharter costs. Operating expenses also rose, with sales and marketing expenses increasing to $446,600, mainly due to the introduction of CharterGPT and DynoFlight. The company's operating loss widened to approximately $3.1 million, an increase of about $0.4 million from the previous year. Other expenses amounted to $79,253, largely from interest expense related to the Bridge Agreement. Jet.AI Inc. has been actively managing its capital, with recent activities...Show More

Jet.AI Inc. reported a significant increase in revenues for the first quarter of 2024, totaling $3.8 million, compared to $1.9 million in the same period of 2023. This growth was primarily driven by a rise in Software App and Management and Other Services revenues. Despite the revenue growth, the company experienced a gross loss of $124,356 due to increased subcharter costs. Operating expenses also rose, with sales and marketing expenses increasing to $446,600, mainly due to the introduction of CharterGPT and DynoFlight. The company's operating loss widened to approximately $3.1 million, an increase of about $0.4 million from the previous year. Other expenses amounted to $79,253, largely from interest expense related to the Bridge Agreement. Jet.AI Inc. has been actively managing its capital, with recent activities including a private placement with Ionic Ventures, LLC, generating $1.5 million in gross proceeds, and the exercise of warrants contributing to financing activities. The company's cash and equivalents stood at $595,555 as of March 31, 2024, including $500,000 of restricted cash. Looking forward, Jet.AI Inc. plans to fund operations through revenue generation, drawdowns under the Share Purchase Agreement, and proceeds from other financing arrangements, while also prepared to reduce cash burn if necessary to preserve capital.