Jet.AI Inc., a private aviation services company, reported a significant decrease in revenue for the fiscal year ended December 31, 2023, with total revenues of $12.2 million compared to $21.9 million in the previous year. The decline was primarily due to the absence of aircraft sales, which contributed $17.2 million to the 2022 revenue. The company's cost of revenue increased to $12.4 million in 2023, up from $4.4 million in 2022, excluding the cost of aircraft sales. This increase was attributed to higher pilot wages, training costs, and subcharter expenses. As a result, Jet.AI experienced a gross loss of approximately $179,000 in 2023, compared to a gross profit of approximately $2.1 million in 2022. Operating expenses rose by $2.4 million, driven by a $2.5 million increase in general and administrative expenses, including a...Show More

Jet.AI Inc., a private aviation services company, reported a significant decrease in revenue for the fiscal year ended December 31, 2023, with total revenues of $12.2 million compared to $21.9 million in the previous year. The decline was primarily due to the absence of aircraft sales, which contributed $17.2 million to the 2022 revenue. The company's cost of revenue increased to $12.4 million in 2023, up from $4.4 million in 2022, excluding the cost of aircraft sales. This increase was attributed to higher pilot wages, training costs, and subcharter expenses. As a result, Jet.AI experienced a gross loss of approximately $179,000 in 2023, compared to a gross profit of approximately $2.1 million in 2022. Operating expenses rose by $2.4 million, driven by a $2.5 million increase in general and administrative expenses, including a $1.4 million rise in professional service expenses related to the company's business combination. The company's net loss widened to $12.6 million, up from $7.7 million in the previous year. Jet.AI's cash and equivalents stood at $2.1 million as of December 31, 2023. The company plans to fund future operations through revenue from operations, drawdowns under a share purchase agreement with GEM, and other financing arrangements. Jet.AI has also launched new software platforms, including CharterGPT, DynoFlight, and Reroute AI, to drive revenue growth and improve operational efficiency.