Volato Group, a private aviation company, reported a mixed financial performance in its latest quarterly report. For the three months ended June 30, 2024, the company saw a 16% increase in total revenue, reaching $15.1 million, compared to the same period in 2023. This was driven by a 28% rise in revenue from aircraft usage. However, the company also reported a net loss of $16.9 million, which is a $7.1 million increase in loss year-over-year, attributed to higher marketing spend and costs associated with scaling the business. Adjusted negative EBITDA also widened to $11.4 million from $7.6 million in the previous year. Over the six-month period, total revenue slightly decreased by 1% to $28.3 million, with a net loss of $34.3 million, marking a $16.9 million increase in loss from the...Show More

Volato Group, a private aviation company, reported a mixed financial performance in its latest quarterly report. For the three months ended June 30, 2024, the company saw a 16% increase in total revenue, reaching $15.1 million, compared to the same period in 2023. This was driven by a 28% rise in revenue from aircraft usage. However, the company also reported a net loss of $16.9 million, which is a $7.1 million increase in loss year-over-year, attributed to higher marketing spend and costs associated with scaling the business. Adjusted negative EBITDA also widened to $11.4 million from $7.6 million in the previous year. Over the six-month period, total revenue slightly decreased by 1% to $28.3 million, with a net loss of $34.3 million, marking a $16.9 million increase in loss from the prior year. The company's business development efforts include an asset-lite aircraft ownership program, expansion of its HondaJet fleet, and the introduction of new Gulfstream G280 jets expected in 2024 and 2025. Looking ahead, Volato plans to continue investing in technology and systems to improve fleet utilization and is exploring cost-saving measures to support profitability. The company acknowledges the need to raise additional capital to fund future operations and has expressed concerns about its ability to continue as a going concern.