Summary by Moomoo AI
Volato Group, a private aviation company, reported a decrease in total revenue to $13.2 million for the first quarter of 2024, a 16% drop compared to the same period in 2023. This decline was attributed to a $5.7 million decrease in plane sales due to delivery delays, despite a 72% increase in revenue from aircraft usage. The company experienced a significant net loss of $17.4 million, a $9.9 million increase over the previous year, primarily due to the lower plane sales and increased costs associated with scaling and public company operations. Adjusted negative EBITDA also worsened, reaching $13.1 million compared to $6.7 million in the prior year. Volato's business development is centered around its aircraft ownership program, which operates a fleet of 24 HondaJets and 6 managed aircraft, and offers charter...Show More