Jet.AI Inc. reported financial results for the quarter ended June 30, 2024, with revenues of $3.08 million, a slight increase from $2.79 million in the same period last year. The company experienced a gross loss of $416,996 due to increased costs, compared to a loss of $200,823 in the previous year. Operating expenses rose to $2.8 million, driven by a $548,000 increase in general and administrative expenses. The company's net loss widened to $3.22 million from $2.45 million year-over-year. Jet.AI's business development included the management of customer aircraft, generating $1.7 million in service revenue, and software-related revenue from charter bookings through its app, totaling $2.3 million. The company's future plans involve driving revenue and operating profit growth through aircraft acquisitions, higher average hourly pricing...Show More

Jet.AI Inc. reported financial results for the quarter ended June 30, 2024, with revenues of $3.08 million, a slight increase from $2.79 million in the same period last year. The company experienced a gross loss of $416,996 due to increased costs, compared to a loss of $200,823 in the previous year. Operating expenses rose to $2.8 million, driven by a $548,000 increase in general and administrative expenses. The company's net loss widened to $3.22 million from $2.45 million year-over-year. Jet.AI's business development included the management of customer aircraft, generating $1.7 million in service revenue, and software-related revenue from charter bookings through its app, totaling $2.3 million. The company's future plans involve driving revenue and operating profit growth through aircraft acquisitions, higher average hourly pricing of jet cards, increased charter activity, and SaaS revenues from DynoFlight. However, Jet.AI anticipates continued operating losses for at least the next 12 months. The company intends to fund operations through capital from operations, drawdowns under its Share Purchase Agreement, and proceeds from other financing arrangements. Jet.AI's liquidity and capital resources are a concern, with cash and equivalents of $528,117 as of June 30, 2024, including $500,000 of restricted cash. The company's current liabilities exceed current assets by approximately $3.9 million.