March 26, 2024
Volato also reshuffled its Board of Directors, naming CEO Matt Liotta as Chairman and filing an S-1 with the SEC.
Empty leg app Vaunt, which is wholly owned by Volato, has reached several milestones, according to the company.
March was Vaunt’s first cash-positive month.
It also reached $500,000 in annual recurring revenue.
The annual fee is $995.
Since its launch last year, Vaunt has gained over 25,000 registered users and over 500 paid members.
So far, it has flown over 650 passengers on nearly 300 segments that would normally have flown without passengers.
Our proprietary platform reduces inefficient empty-leg flights, lowering wastage while making private flights a reality for a wider audience,” said Nicholas Cooper, President of Vaunt.
After paying to join, members fly the empty legs for free, although they can pay extra to cut to the front of the line.
An algorithm awards the flight if more than one member has been listed for the flight.
Cooper noted that there has been traction between Volato’s jet card and on-demand charter business and Vaunt.
“We’re seeing a subset of Vaunt subscribers enjoying the Volato customer-centric service so much that they are choosing to become jet card customers of our parent Volato, and vice versa,” Cooper said.
The main Vaunt website now shows how many flights Vaunt has offered per state and airport.
For example, as of February, there were 46 empty legs at Van Nuys Airport in Los Angeles, one of the nation’s busiest airports. San Jose ranked second with 28.
In Texas, Houston Hobby had 96 empty leg flights, followed by Dallas Love Field with 48.
Separately, Volato has streamlined its Board of Directors from seven to five positions, of which three are independent.
Fred Colen will serve as an independent director and Chair of the Audit Committee and has been designated as a financial expert.
Chris Burger will be an independent director and Chair of the Nominating and Corporate Governance Committee.
Michael Nichols has served as an independent director since August of 2021 and has been elected as Lead Independent Director; Mr. Nichols will continue to serve as Chair of the Compensation Committee.
Matthew Liotta, Chief Executive Officer and Co-Founder of Volato, has been elected Chairman of the Board of Directors.
Cooper, also Chief Commercial Officer and co-founder, will continue to serve as a director.
Volato said the departing board members’ resignations are not related to any disagreement with the company regarding operations, policies, or practices.
Liotta said, “This strategic enhancement of our board will sharpen our decision-making and accelerate our financial goals. With their guidance and a more nimble board structure, we are poised to drive Volato forward, reinforcing our commitment to innovation in the private aviation industry.”
Volato also filed an S-1 yesterday, indicating it plans to offer new securities.
