Summary by Moomoo AI
Jet.AI Inc., an innovative private aviation and artificial intelligence company, announced its financial results for the third quarter ending September 30, 2024, on November 14, 2024. The company reported revenues of $3.9 million, marking an increase from the previous year and the preceding quarter, primarily due to additional service revenue from managing a second customer aircraft. Despite the revenue increase, the company experienced a gross loss of approximately $14,000, attributed to reduced flights for jet card customers without a corresponding decrease in fixed costs. Operating expenses saw a decrease from the same period last year, resulting in a reduced operating loss of approximately $2.9 million. As of September 30, 2024, Jet.AI had cash and cash equivalents of around $312,000, which increased to $2.5 million by November 14, 2024. Additionally, the company...Show More
