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