The former HondaJet operator wants to move forward as a B2B software provider and to expand its Vaunt empty-leg program.
After transferring fleet management to FlyExclusive in early September, Volato reported its Q3 2024 earnings.
The company showed $40.3 million in total revenue, including $38.2 million from aircraft revenue.
Managed service revenue was $1.8 million, and software subscription revenue was $316,000.
Adjusted EBITDA was $3.2 million.
Net loss in the quarter was $1.13 million.
CEO Matt Liotta said, “The third quarter marks the first phase of our turnaround plan. By transitioning operational responsibilities to FlyExclusive, we’re able to focus on our strengths in aircraft sales and software development, areas that we believe offer significant growth potential.”
He continued, “While we are encouraged by these early steps, we remain committed to our long-term goals as we work toward a stronger financial foundation.”
CFO Mark Heinen added, “We achieved an Adjusted EBITDA positive quarter ahead of our previous forecast as a result of strong aircraft sales, including our first Gulfstream G280 delivery, additional cost savings initiatives, and the transfer of flight operations to flyExclusive.”
Insider jet card clients who moved to FlyExclusive signed a release with Volato.
The result was deposit liability was reduced by $4.1 million in Q3.
According to the company, that number will be “even greater in the fourth quarter of 2024.”
Volato hopes to move forward as a B2B software provider and expand its Vaunt empty-leg membership.
The 2021 start-up quickly became the largest U.S. HondaJet operator before the FlyExclusive deal.
READ: Volato Q3 2024 Financials
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