NEWS
Volato Reports $40.3 million in Revenue and Confirms NYSE Acceptance of Compliance Plan in Third Quarter 10-Q
Third Quarter 2024 Financial Summary
Total revenue for the third quarter increased $36.6 million year-over-year, primarily from an increase in aircraft sales of $38.2 million and subscription revenue of $308 thousand. The increase in revenue from aircraft sales was the result of the delivery and sale of two HondaJet Elite IIs and one Gulfstream G280 during the third quarter of 2024. We have orders for three additional Gulfstream G280 jets and expect delivery in 2025.
Total revenue for the third quarter increased $36.6 million year-over-year, primarily from an increase in aircraft sales of $38.2 million and subscription revenue of $308 thousand. The increase in revenue from aircraft sales was the result of the delivery and sale of two HondaJet Elite IIs and one Gulfstream G280 during the third quarter of 2024. We have orders for three additional Gulfstream G280 jets and expect delivery in 2025.
Net loss from continuing operations for the third quarter improved to $1.3 million compared to a net loss from continuing operations of $2.6 million in the prior year period.
Adjusted EBITDA in the third quarter was $3.2 million compared to negative Adjusted EBITDA in the prior year period. This improvement in Adjusted EBITDA was primarily due to an improvement in aircraft sales and subscription revenue and additional cost savings measures.
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