July 20, 2024
Volato saw flight hours and Net Promoter Score fall during Q1 2024 as it decreased empty legs and held rates.
Publicly traded Volato has released an update of key performance indicators (KPIs) for its Q1 2024 performance.
Its floating fleet of HondaJets increased by two to 26 of the very light jets from Q4 2023.
That’s up from 15 at the end of Q1 2023.
Flight hours dropped from 3,504 to 2,926 quarter-to-quarter but increased from 2,103 hours year-over-year.
Volato’s empty-leg percentage dipped to 35.1% from 37.9% quarter-to-quarter, the lowest number it has reported.
Its mix of flying between fractional owners versus jet card members plus on-demand flight was evenly split, down two points from Q4 when fractional owners accounted for 52% of activity.
In Q1 2023, fractional owners accounted for 55% of demand.
The blended yield was essentially flat, down $35 per hour to $5,313 per hour, up from $4,927 per hour a year ago.
| Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | |
| Total Flight Hours | 1,199 | 1,307 | 1,712 | 2,103 | 2,919 | 2,747 | 3,504 | 2,926 |
| Empty Percentage | 41.1% | 40.2% | 39.0% | 41.2% | 39.6% | 36.6% | 37.9% | 35.1% |
| Demand Mix: | ||||||||
| Owner | 88% | 80% | 67% | 55% | 45% | 55% | 52% | 50% |
| Program & Ad Hoc | 12% | 20% | 33% | 45% | 55% | 45% | 48% | 50% |
| Blended Yield | $4,665 | $4,512 | $4,926 | $4,927 | $5,042 | $4,913 | $5,348 | $5,313 |
| Floating Fleet | 10 | 11 | 11 | 15 | 18 | 20 | 24 | 26 |
| Light Jet Market Share | 0.9% | 1.1% | 1.3% | 1.7% | 2.5% | 2.5% | 2.9% | 2.5% |
| Net Promoter Score | N/A | N/A | N/A | 86 | 89 | 90 | 88 | 82 |
Source: Volato
Its reported market share among light jet operators dropped from 2.9% to 2.5%.
Volato entered our list of the biggest private jet charter and fractional operators in 2023 at the 16th slot.
Its Net Promoter Score in the quarter dropped to 82 from 88 in Q4 and below 80 a year ago.
“We continue to focus on growing our flight hours and optimizing our demand mix to achieve a higher blended yield and lower empty percentage, all while maintaining a world-class Net Promoter Score,” said Chief Financial Officer Mark Heinen.
He added, “We are pleased the blended yield remained strong despite the impact of winter weather and fewer peak calendar days in Q1. These continued positive results illustrate our commitment to delivering an unparalleled flying experience to customers, as well as improvements on our operational goals.”
In reporting its Q4 2024 financials, the 2021 start-up expects to reach EBITDA profits in 2025.
It is currently offering new fractional HondaJet buyers guaranteed upgrades to six-seat light jets.
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