April 19, 2024
Scottsdale, Arizona-based Set Jet is planning to start service in Texas and between New York and South Florida following its SPAC IPO.
Set Jet, the Scottsdale, Arizona-based by-the-seat flight provider, has revealed insights into its business as part of an investor presentation.
The company announced an IPO via SPAC merger with Revelstone Capital Acquisition Corp. in July.
According to the filing with the SEC, Set Jet had 2,899 active members at the end of June 2023.
That was up from 2,673 at the end of 2022 and 2,638 at the close of 2021.
The company offers monthly membership options of $99 or $999.95 per month.
The more expensive Elite memberships provide complimentary flight changes, cancelations, 30-day limited guest memberships, priority boarding, and waived pet fees.
Entry membership can be canceled month-to-month, while the more expensive version requires a 12-month commitment.
At the end of June, Set Jet had $327,500 in recurring monthly membership revenue.
Domestic flights start at $750 per seat, while international flights cost $1,550 per seat.
The current network includes flights from Scottsdale and Las Vegas to Aspen, Salt Lake City, Los Angeles, Orange County, San Diego, and Los Cabos, as well as Los Angeles to Los Cabos.
The deck shows management believes the by-the-seat segment has an addressable market valued at $1 billion.
Expansion plans show new routes from Las Vegas to Dallas, flights between Dallas, Austin, and Houston, plus routes from Los Angeles to New York and New York to Miami and Palm Beach.
The new routes will put it into increased competition with JSX and Vista Global’s XO when it reaches the East Coast.
Set Jet currently uses four Challenger 850s it doesn’t own or operate.
They have 13-to-15 seats.
Revenue through the first six months of 2023 was $7.0 million, down 1% from 2022.
Operating loss slimmed from $6.9 million to $5.5 million year-over-year through June.
Revenue in 2022 was $12.9 million, up 36% from $9.5 million in 2021.
