$Jet.AI (JTAI.US)$ Summary by Moomoo AIJet.AI Inc. reported ...

Summary by Moomoo AIJet.AI Inc. reported financial results for the quarter ended September 30, 2024, with revenues of $3.9 million, a slight increase from $3.4 million in the same period last year. The company experienced a gross loss of $13,886 compared to a gross profit of $170,441 in the previous year, primarily due to increased operational costs. Operating expenses decreased by $1.6 million, largely due to a reduction in general and administrative expenses, including stock-based compensation. The operating loss for the quarter was $2.9 million, an improvement from a loss of $4.3 million in the prior year. Other income for the quarter was minimal at $56, compared to an expense of $24,044 in the previous year. The net loss for the quarter was $2.9 million, an improvement from a net loss of $4.3 million in the same quarter last year. The company's cash and cash equivalents stood at $311,883 as of September 30, 2024. Jet.AI Inc. continues to focus on growing its business through aircraft acquisitions, higher average hourly pricing of jet cards, increased charter activity, and software revenues. However, the company acknowledges the need for additional capital to support its operations and growth plans. In terms of business development, Jet.AI Inc. has expanded its fleet and increased charter activity, as well as introduced new software offerings. Looking ahead, the company's future plans include continuing to drive revenue and operating profit growth from various initiatives, although it expects to incur operating losses in the near term.HelpfulNot Helpful