Jet.AI Inc. reported annual revenues of $12.2 million for fiscal year 2023, compared to $21.9 million in 2022. The company's revenue mix shifted significantly, with software App and charter services growing to $7.1 million from $2.0 million, while aircraft sales decreased from $17.2 million to zero. The gross margin turned negative with a loss of $178,533, compared to a profit of $2.1 million in the previous year.The company completed several strategic transactions in 2023, including a business combination that resulted in its listing on Nasdaq under the ticker "JTAI". Management secured additional funding through various arrangements, including a $40 million share purchase agreement with GEM and multiple warrant exchange agreements, strengthening its financial position for future growth.Looking ahead, Jet.AI continues to focus on expanding its software and charter services while managing costs. The company faces ongoing challenges with accumulated losses and requires additional capital to fund operations. Recent developments in early 2024 include successful warrant exchanges and new financing arrangements, including a $1.5 million private placement with Ionic Ventures.

Jet.AI Inc. reported annual revenues of $12.2 million for fiscal year 2023, compared to $21.9 million in 2022. The company's revenue mix shifted significantly, with software App and charter services growing to $7.1 million from $2.0 million, while aircraft sales decreased from $17.2 million to zero. The gross margin turned negative with a loss of $178,533, compared to a profit of $2.1 million in the previous year.The company completed several strategic transactions in 2023, including a business combination that resulted in its listing on Nasdaq under the ticker "JTAI". Management secured additional funding through various arrangements, including a $40 million share purchase agreement with GEM and multiple warrant exchange agreements, strengthening its financial position for future growth.Looking ahead, Jet.AI continues to focus on expanding its software and charter services while managing costs. The company faces ongoing challenges with accumulated losses and requires additional capital to fund operations. Recent developments in early 2024 include successful warrant exchanges and new financing arrangements, including a $1.5 million private placement with Ionic Ventures.