Summary by Moomoo AI
Volato Group, a private aviation company, reported a challenging financial year for 2023 with total revenue dropping by 24% to $73.3 million compared to the previous year. The decrease was primarily due to a 68% reduction in plane sales, despite a 162% increase in revenue from aircraft usage. The company experienced a significant net loss of $52.8 million, a substantial increase from the prior year's $9.4 million loss, largely attributed to the decline in plane sales and increased costs associated with scaling and becoming a publicly traded entity. Adjusted negative EBITDA also worsened, reaching $32.1 million compared to $9.0 million in the previous year. Despite these financial setbacks, Volato Group saw a 124% year-over-year growth in total flight hours. The company operates a fleet of 24 HondaJets and...Show More