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Volato is revealing more details about customer mix, rates, and contribution as part of its report on Q2 2024 KPIs.
Ahead of its Q2 financials, Volato again offers a KPI reveal for several performance metrics.
Its 3,052 light hours across its floating fleet was a 4.3% sequential gain and a 4.6% year-over-year gain.
Its empty-leg percentage moved up a point to 36.1%.
Owner flying made up just 44% of activity, the lowest since Volato started reporting KPIs. However, it was only one point below Q2 2023’s number.
Net Promoter Score increased by four points to 86.
“We were pleased to achieve another quarter of positive, consistent performance across all metrics, reflecting the sustained demand for Volato’s customer-designed, modern, and efficient flying experience,” CFO Mark Heinen said in a press release.
He added, “Notably, we achieved a new record in non-owner demand, which continues to contribute to our blended yield and helps us reward our owners with revenue sharing.”
The floating fleet dipped from 26 to 25 aircraft in the quarter.
Still, the fleet grew 39% year-over-year.
“With the upcoming deliveries of our HondaJet and Gulfstream aircraft, we removed one leased aircraft from our fleet, slightly reducing the size of our floating fleet at quarter-end in anticipation of the substantial number of new aircraft deliveries we expect in the second half of this year,” Heinen said.
He added, “With this visibility into deliveries and strength in our underlying metrics, we believe we have a solid foundation to build on this performance and deliver value to investors and customers.”
Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | |
Total Flight Hours | 1,307 | 1,712 | 2,103 | 2,919 | 2,747 | 3,504 | 2,926 | 3,052 |
Empty Percentage | 40.2% | 39.0% | 41.2% | 39.6% | 36.6% | 37.9% | 35.1% | 36.1% |
Demand Mix: | ||||||||
Owner | 80% | 67% | 55% | 45% | 55% | 52% | 50% | 44% |
Program & Ad Hoc | 20% | 33% | 45% | 55% | 45% | 48% | 50% | 56% |
Blended Yield/Hour | $4,512 | $4,926 | $4,927 | $5,042 | $4,913 | $5,348 | $5,313 | $5,330 |
Contribution/Hour | $(209) | $211 | $153 | $318 | $226 | $516 | $584 | $734 |
Floating Fleet Quarter End | 11 | 11 | 15 | 18 | 20 | 24 | 26 | 25 |
Light Jet Market Share | 1.1% | 1.3% | 1.7% | 2.5% | 2.5% | 2.9% | 2.5% | 2.5% |
Net Promoter Score | N/A | N/A | 86 | 89 | 90 | 88 | 82 | 86 |
Source: Volato
Blended Yield stayed steady at $5,330 per hour, up $17 per hour from Q1.
Blended Yield is the average occupied price per hour across all Volato product types: owner, program, and ad hoc,
Volato also disclosed a new metric, Contribution.
Contribution in Q2 increased to $734 from $584 per hour and more than doubled from $318 year-over-year.
The company defines Contribution as Blended Yield minus the variable unit cost per flight hour.
Votalto says it is a valuable metric for measuring improvements in margin.
What’s in Blended Yield?
Blended Yield includes fuel, maintenance, maintenance programs, lease payments, off-fleet expenses, carbon offset, aircraft supplies, international fees, FBO fees, lavatory emptying services, ground power units, landing fees, and US customs user fees.