Summary by Moomoo AI
Volato Group, a private aviation company, reported a mixed financial performance in its latest quarterly report. For the three months ended June 30, 2024, the company saw a 16% increase in total revenue, reaching $15.1 million, compared to the same period in 2023. This was driven by a 28% rise in revenue from aircraft usage. However, the company also reported a net loss of $16.9 million, which is a $7.1 million increase in loss year-over-year, attributed to higher marketing spend and costs associated with scaling the business. Adjusted negative EBITDA also widened to $11.4 million from $7.6 million in the previous year. Over the six-month period, total revenue slightly decreased by 1% to $28.3 million, with a net loss of $34.3 million, marking a $16.9 million increase in loss from the...Show More
