Summary by Futu AI
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