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Volato Group Inc. (SOARW) 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).
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.