February 14, 2025
As it prepares to sell its aviation division to FlyExclusive, Jet AI announced its 2024 full year financial results.
Jet.AI, which announced last month that it was selling its aviation division to FlyExclusive, announced financial results for 2024.
Revenues were $14.0 million, an increase of $1.8 million compared to 2023.
The increase was primarily due to increased software app, Cirrus charter, and management and other services revenues.
Software App and Cirrus Charter revenue, the gross amount of charters booked through CharterGPT and Cirrus, was $8.1 million.
It was an increase of $1.0 million compared to the prior year.
Management and Other Services revenue, which is comprised of revenues generated from managing and chartering our customer aircraft, totaled $3.6 million.
It was an increase of $1.4 million year over year.
Jet Card and Fractional Programs revenue totaled $2.3 million compared to $2.8 million in 2023.
The cost of revenues totaled $15 million compared to $12.4 million the prior year.
The increase was primarily due to the increased fleet, the rise in jet card and Cirrus charter flight activity.
Startup expenses for introducing the King Air 350i to the company’s fleet also impacted costs.
Gross loss was $965,000 compared to $179,000 in 2023.
The result was primarily due to increased maintenance costs and lower utilization of its HondaJet fleet.
Operating expenses decreased to $11.6 million compared to $12.3 million.
The decrease was primarily due to a reduction in general and administrative expenses.
Operating loss was $12.6 million compared to $12.5 million.
As of March 25th, 2025, Jet AI had a cash balance of $12.5 million and no debt.
It also had $4.2 million in aircraft-related deposits.
The total of $16.7 million satisfies the minimum cash condition of its proposed transaction with FlyExclusive.
Founder and Executive Chairman Mike Winston said, “2024 – and the first stretch of 2025 – was about laying the foundation for something new.”
He continued, “We spent the year redefining Jet AI’s long-term vision and charting a path toward a future centered on AI data centers.”
Winston commented:
‘Along the way, we continued to invest in our software platform, enhancing existing tools and launching Ava – our agentic AI model that simplifies private jet booking. It’s a product we’re proud of and one we believe speaks to where intelligent systems are headed. The back half of the year was focused on cleaning up our capitalization structure following the 2023 de-SPAC transaction. At the same time, our aviation business continued to attract strong interest. That effort culminated in a definitive agreement in February 2025 to divest the segment to FlyExclusive through an all-stock spin-off deal. It’s a win-win. Our shareholders retain their Jet.AI holdings and will receive flyExclusive shares at closing, giving them a seat at two tables: aviation and artificial intelligence.’
The JetAI Executive Chairman added:
‘Looking forward, our attention is fully on building the AI infrastructure we believe is essential for scaling our platform and unlocking the next phase of value. Data centers are central to that strategy, and we’re moving quickly – just a few months into the year, we’ve already signed a letter of intent for our first 50-megawatt project. It’s the anchor of a 120-acre campus with the potential to grow into a full gigawatt capacity over time. To get it done right, we’ve brought in a seasoned group of folks who’ve built data centers before and know how to keep timelines tight and budgets in check. In parallel, we’re evaluating acquisitions, strategic partnerships, and additional development sites to keep the momentum going. Our leadership team is focused, our plan is clear, and we’re committed to executing with discipline. With this pivot, we believe Jet.AI is well positioned for long-term success in AI infrastructure and intelligent systems.’
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