Jet.AI Inc., an innovative private aviation and artificial intelligence company, announced its financial results for the third quarter ending September 30, 2024, on November 14, 2024. The company reported revenues of $3.9 million, marking an increase from the previous year and the preceding quarter, primarily due to additional service revenue from managing a second customer aircraft. Despite the revenue increase, the company experienced a gross loss of approximately $14,000, attributed to reduced flights for jet card customers without a corresponding decrease in fixed costs. Operating expenses saw a decrease from the same period last year, resulting in a reduced operating loss of approximately $2.9 million. As of September 30, 2024, Jet.AI had cash and cash equivalents of around $312,000, which increased to $2.5 million by November 14, 2024. Additionally, the company...Show More

Jet.AI Inc., an innovative private aviation and artificial intelligence company, announced its financial results for the third quarter ending September 30, 2024, on November 14, 2024. The company reported revenues of $3.9 million, marking an increase from the previous year and the preceding quarter, primarily due to additional service revenue from managing a second customer aircraft. Despite the revenue increase, the company experienced a gross loss of approximately $14,000, attributed to reduced flights for jet card customers without a corresponding decrease in fixed costs. Operating expenses saw a decrease from the same period last year, resulting in a reduced operating loss of approximately $2.9 million. As of September 30, 2024, Jet.AI had cash and cash equivalents of around $312,000, which increased to $2.5 million by November 14, 2024. Additionally, the company's Board of Directors authorized a share repurchase program, allowing for the buyback of up to $2 million in common stock through December 31, 2025. The repurchase program is flexible and may be modified or discontinued at any time. The company also highlighted operational achievements, including the authorization of a $2 million share repurchase program, the withdrawal of an S-1 registration statement, a reverse stock split, and advancements in their proprietary software solutions. Jet.AI's CEO Mike Winston expressed optimism about the company's direction, citing improvements in key financial metrics and plans for future aircraft purchases to maintain a 'capital-light' model in private aviation. The company also aims to further develop its AI-based booking technology, CharterGPT, to handle booking processes with minimal human oversight.