December 5, 2024
HondaJet and Gulfstream fractional and jet card operator Volato will announced its latest financials on Aug. 14.
Volato Group, Inc., which trades on the NYSE American under SOAR) will release its financial results for the second quarter ended June 30, 2024, before the market opens on August 14, 2024.
It will host a conference call to discuss the results at 8:00 am ET on that date.
Through the first six months Volato ranked as North America’s 17th-largest charter fractional operator per Argus.
Its first Gulfstream G280 will enter the fleet next week with a series of static displays.
Volato reported revenue for the first quarter of 2024 dropped 16% from $15.7 to $13.2 million.
While Aircraft Usage Revenue jumped 72% from $6.7 million to $11.5 million, revenue from Aircraft Sales and Managed Aircraft both declined.
Aircraft Sales Revenue fell from $5.7 million to $0, indicating that the fractional did not receive any deliveries from OEMs during Q1.
Managed Aircraft Revenue dropped from $3.3 million to $1.7 million.
The result was Net Loss increased to $17.4 million from $7.5 million.
Adjusted EBITDA loss grew from $6.7 million to $13.1 million.
Deferred Revenue, which includes share deposits from fractional customers and prepaid jet cards, increased from $12.9 million to $19.0 million.
In June, Volato said it expected to receive two G280s and eight to 10 HondaJets this year.
Fractional operators cannot report pre-sales of shares until the aircraft are delivered.
Its stock was trading at 47 cents midday.
The 52-week low was 37 cents, and the high was $17.
Volato was one of a series of private flight providers that have gone public via SPAC mergers.
Its SPAC IPO was in December 2023.
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