Former HondaJet fractional jet operator Volato posted a small net profit in the first quarter of 2025 on the back of aircraft sales.
Former HondaJet fractional and jet card operator Volato Group, Inc. said it is “achieving profitability from continuing operations while reducing total liabilities by over $20 million.”
The company, which still operates the Vaunt empty-leg program, said it “needs to raise additional equity and continue settling outstanding liabilities to extend its operating runway beyond 12 months.”
Volato reported $25.5 million in revenue and net income of $0.5 million for the first quarter of 2025.
Total liabilities declined from $62.6 million as of December 31, 2024, to $39.2 million.
It credited “disciplined debt reduction and asset sales” for the improved results.
CEO Matt Liotta said, “We executed with focus and urgency in Q1.”
He added, “Profitability from continuing operations, major liability reductions, and operational growth across our platforms are all signals that our strategy is working — even as we continue navigating a complex financial environment.”
Volato suspended its fractional and jet card programs in August 2024.
It gave customers several options for moving to FlyExclusive.
However, it is currently involved in litigation from former fractional and jet card clients.
READ: Volato’s Q1 2025 Financials
Volato said it is “actively negotiating additional creditor settlements and plans to raise approximately $8 million in outside capital during the coming months under its existing financing arrangement.”
The raise will “address remaining short-term liabilities and position Volato to operate with a 12-month runway.”
Liotta said, “Settling liabilities at a discount and executing on a targeted equity raise is a clear path to stability without excessive dilution.”
He added, “We’ve built momentum. Now we’re using that position to strengthen the business long-term.”
As of March 31, 2025, Volato had drawn $45 million from the $36 million convertible debt facility announced in 2024 with JAK Opportunity.
Liotta snoted, “The fair value of that balance, including a non-cash mark-to-market adjustment for embedded derivative features, is $4.9 million. We expect this drawn amount to convert to equity in Q2 under the agreed terms.”
Volato now “expects to remain profitable in Q2 and Q4 of 2025, with Q3 projected to be negative based on aircraft delivery timing.”
Vaunt continues to operate at cash flow breakeven and is expected to generate full-year profitability in 2025.
In April, the Atlanta-based private aviation company received delivery of its third Gulfstream G280 aircraft from its four-aircraft order.
It anticipates that the tail will contribute to second-quarter revenue and margin in a manner consistent with Q1 2025 performance.
READ: Jet It Lesson: What happens when your fractional provider fails?
Total revenue was $25.5 million, primarily from aircraft sales.
Aircraft sales accounted for $25.1 million.
Subscription revenue from Vaunt tallied $383,000 in the quarter.
Gross profit of $4.5 million
Net income of $0.5 million, versus a net loss of $17.4 million in Q1 2024
EBITDA was a positive $2.7 million, compared to an EBITDA loss of $4.2 million in Q1 2024
$23.4 million reduction in total liabilities quarter over quarter
Vaunt at breakeven, on track for full-year profitability
In addition to the empty-leg program, Volato is building “scalable tools to elevate service quality and operational effectiveness in private aviation.”
It recently said that jet card members can use their unredeemed balance to book ad hoc charter flights based on dynamic pricing.
READ: Private jet provider financial stability – what you said
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