Summary by Moomoo AI
Volato Group reported Q2 2024 revenue of $15.1 million, up 16% year-over-year, driven by a 28% increase in aircraft usage revenue as its floating fleet expanded to 25 aircraft from 18 in the prior year. The company achieved improved blended yield of $5,330 per hour, compared to $5,042 in Q2 2023. However, net loss widened to $16.9 million from $9.9 million last year.Operating expenses increased significantly, with selling, general and administrative costs rising 59% to $9.7 million due to higher salaries, public company expenses, and marketing costs. The company implemented cost-saving measures in May 2024 to support its path to profitability, which would have reduced Q2 expenses to $8.3 million on a proforma basis.Looking ahead, Volato has orders for 22 HondaJet Elite IIs and four Gulfstream G280 jets with deliveries expected through 2025. While the company ended Q2 with $7.2 million in cash, management acknowledged substantial doubt about its ability to continue as a going concern, citing the need to raise additional capital. The company believes its current cash position and planned aircraft sales will be sufficient for at least 12 months.
