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Volato Group Inc. Class A (SOAR+2.18%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $46.3 million for 2024, a 30% increase from $35.6 million in 2023. This increase was primarily due to a rise in aircraft sales, which grew by $16.7 million.
Net loss from continuing operations was $21.9 million in 2024, compared to $20.6 million in 2023. The overall net loss for 2024 was $40.6 million, down from $52.8 million in 2023.
Volato's cost of revenue increased by 26% to $38.8 million in 2024, primarily due to higher costs associated with aircraft sales.
Selling, general, and administrative expenses rose by 83% to $16.9 million in 2024, driven by higher professional fees and costs associated with being a public company.
The company reported a loss of $2.8 million on the extinguishment of debt and a $3.0 million loss from changes in the fair value of a forward purchase agreement.
Volato Group's liquidity position includes $2.2 million in cash and $1.8 million in restricted cash as of December 31, 2024. The company plans to fund operations through aircraft sales and potential additional financing.
The filing outlines potential risks, including reliance on Gulfstream aircraft, the need for additional capital, and the impact of economic conditions on private aviation demand.
Volato continues to focus on its proprietary software platforms, Mission Control and Vaunt, which are designed to improve operational efficiency and customer engagement in the private aviation sector.
The company has transitioned its aircraft ownership program fleet operations to flyExclusive, aiming to reduce costs and focus on high-growth areas such as aircraft sales and software solutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Volato Group Inc. Class A annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.