share_log

JETAI INC C/WTS 26/07/28 (TO PUR COM) | 10-K: FY2023 Annual Report

SEC ·  Apr 2, 2024 04:23

Summary by Moomoo AI

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.

This announcement is a separate document:

Doc 1

Doc 2

Doc 3

Doc 4

Doc 5

Doc 6

Doc 7

Doc 8

Doc 9

Doc 10

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Related Stocks Related Stocks
    Symbol Mini Chart Price
    Alibaba
    BABA
    -- 124.730
    Tesla
    TSLA
    -- 355.840
    NVIDIA
    NVDA
    -- 138.850
    Intel
    INTC
    -- 23.600
    PDD Holdings
    PDD
    -- 124.160
    Log In for the Full List
    Reassessing Chinese Assets
    Following the introduction of China's groundbreaking DeepSeek technology, Wall Street giants have revised their investment outlooks for the Chinese market.
    Discussing
    Big Tech’s earnings season in full swing! Nvidia is the only one left
    On Thursday, $Amazon (AMZN.US)$ stock fell after the firm reported Q4 adjusted earnings of $1.86/share, vs estimates of $1.50/share, on reve Show More
    AMZN earnings preview: Grab rewards by guessing the opening price!