Jet AI revenues grew to $3.85 million as loss in Q1 increased from $2.72 million to $3.15 million.
Jet AI Inc., formerly Jet Token, saw its revenues double in Q1 2024 compared to the same period in 2023.
According to its 10-Q filing this morning, the Las Vegas-based private jet flight provider’s revenue increased from $1.88 million to $3.85 million.
Jet Card and Fractional Program revenues grew from $547,545 to $670,320 in Q1.
Software App and Cirrus Charter revenues jumped from $994,253 to $2,371,091.
The grain reflected increased utilization of Citation CJ4-managed aircraft during the first quarter of 2024 compared to 2023, as well as more than a 200% increase in bookings through its CharterGPT app.
Management and Other Services grew from $333,710 to $800,187.
However, the first quarter’s operating loss increased from $2.72 million to $3.15 million year over year.
According to a press release, the increase was primarily due to increased professional services expenses and D&O insurance costs because of being public.
As of March 31, 2024, Jet AI had deferred $1,207,474 related to prepaid flight hours for its jet card program for travel that had not yet occurred.
As of April 1, it had cash and cash equivalents of $2.1 million, unchanged from December 31, 2023.
“Last quarter, we doubled sales year over year and substantially improved bottom line margin, up 17% points adjusted for option expense. In addition, we closed on the $16.5 million sale of convertible preferred shares to Ionic Ventures LLC, with the goal of positioning the company well financially for the foreseeable future,” said Executive Chairman and Founder Mike Winston.
He added, “On the software side, we launched Reroute AI for operators and did a key integration deal for DynoFlight with a major software provider to the private jet industry.”
Regarding plans to add a fractional super-midsize program, Winston said, “Challenger 3500 fleet financing conversations remain ongoing.”
The Q1 results follow Jet AI’s launch of a national jet card last week.
Winston said, “Looking ahead, we just announced a national jet card program that allows Jet AI to address hundreds of millions of dollars of market potential with little or no incremental capital outlay.”
He said, “In our regional jet card program, we’re limited by the number of planes we control and their range. With the national program, we don’t have those limitations because we use off-fleet jets from safety-vetted operators.”
Winston added, “That frees us to use our regional jet card sales and management capability on a larger scale.”
The new jet card features a unique escrow feature.
