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Volato Group Inc. (SOARW-14.53%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a significant increase in revenue to $40.3 million from $3.7 million in the same quarter the previous year, primarily due to aircraft sales.
Cost of revenue for the quarter was $33.8 million, reflecting the costs associated with increased aircraft sales.
The company reported an operating income of $1.9 million for the quarter, compared to an operating loss of $1.8 million in the previous year.
Interest expense for the quarter was $3.2 million, primarily due to financing arrangements related to aircraft purchases.
Net loss for the quarter was $4.4 million, compared to a net loss of $11.8 million in the previous year.
Cash used in operating activities was $11.1 million for the nine months ended September 30, 2024, compared to $24.1 million in the previous year.
Volato had $5.6 million in cash and restricted cash as of September 30, 2024.
The filing outlines a transition of fleet operations to flyExclusive, expected to reduce operational costs and focus on high-growth areas such as aircraft sales and proprietary software.
The company acknowledges substantial doubt about its ability to continue as a going concern due to its financial condition and is seeking to raise additional capital.
Volato has entered into a settlement agreement with Sunpeak Holdings Corporation to settle outstanding claims by issuing shares of common stock.
The filing also details various financial agreements, including a business loan and security agreement with TVT Capital Sources LLC and aircraft purchase agreements with Gulfstream Aerospace, LP (GD+0.39%).
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. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.