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    Volato Reports Second Quarter 2024 Results

    8/14/24 7:00:00 AM ET
    $SOAR
    Transportation Services
    Consumer Discretionary
    Get the next $SOAR alert in real time by email

    Grew Flight Hours 5% and Blended Yield 6% Year-over-Year

    Expect Delivery of 10-12 New Aircraft in FY 2024

    Volato Group, Inc. (NYSE:SOAR) ("Volato" or the "Company"), a leading private aviation company and the largest HondaJet operator in the United States, today announced results for the second quarter ended June 30, 2024.

    Second Quarter 2024 Financial Highlights

    • Total revenue was $15.1 million
      • Aircraft usage revenue was $12.5 million
      • Managed services revenue was $2.7 million
    • Net loss was $16.9 million, including the impact of a $2.8 million non-cash charge
    • Adjusted EBITDA1 was a loss of $11.4 million

    [1] Adjusted EBITDA is a non-GAAP measure. Please refer to the tables and related notes in this press release for a reconciliation and definition of non-GAAP financial measures.

    Financial and Operational Highlights

    • Subsequent to quarter end, took delivery of one HondaJet and one Gulfstream G280 as supply chain issues subside
    • Grew aircraft usage revenue 28% year-over-year in the second quarter of 2024
    • Grew flight hours 5% and blended yield 6% year-over-year in the second quarter of 2024
    • Achieved demand mix of 44% owner and 56% program & ad hoc in the second quarter, reflecting strong demand and contributing to blended yield
    • Strengthened leadership team with industry veterans Luis Garcia (EVP of Sales) and Mark Ozenick (President of Volato Aircraft Management Services)
    • Subsequent to quarter end, launched the first Gulfstream G280 fractional ownership program in the United States
    • Vaunt, Volato's subscription platform for connecting travelers to empty leg private flights, reached $1 million of annual recurring revenue
    • Company completed $4 million in debt financing and is evaluating additional sources of liquidity to support working capital and growth ahead of remaining aircraft deliveries in 2024

    Company Commentary

    Matt Liotta, Co-Founder and Chief Executive Officer of Volato, commented, "Volato made significant progress with increased flight hours and improvements in blended yield in the second quarter. However, our ability to fully capitalize on our operational strengths was impacted by ongoing delays in plane deliveries. We are optimistic that as plane deliveries resume and are fully sold, our enhanced operations will help advance our path to profitability."

    Mark Heinen, Chief Financial Officer, commented, "In addition to our positive operating results, after quarter end we strengthened our cash position and took delivery of several aircraft. Our fleet growth, in combination with the previously announced cost saving measures, should enable us to achieve positive EBITDA by the fourth quarter of 2024."

    Key Metrics

    (financial metrics in thousands, except KPIs)

     

    Three Months Ended

     

     

    June 30, 2024

    June 30, 2023

    Change YoY

    Financial Metrics:

    Revenue:

     

     

     

    Aircraft sales

    $ -

    $ -

    -

    Aircraft Usage

    12,457

    9,717

    28%

    Managed aircraft

    2,674

    3,298

    (19%)

    Total Revenue

    15,131

    13,015

    16%

    Net Loss

    (16,918)

    (9,862)

    72%

    Adjusted EBITDA

    (11,436)

    (7,585)

    51%

     

     

     

     

    Key Performance Indicators (KPIs):

     

     

     

    Total Flight Hours

    3,052

    2,919

    5%

    Empty Percentage

    36.1%

    39.6%

    -3.5 pp

    Demand Mix

     

     

     

    Owner

    44%

    45%

    -1 pp

    Non-Owner

    56%

    55%

    +1 pp

    Blended Yield

    $5,330

    $5,042

    6%

    Floating Fleet

    25

    18

    +7

    Light Jet Market Share

    2.5%

    2.5%

    -

    Net Promoter Score

    86

    89

    -3

    Second Quarter 2024 Financial Summary

    Total revenue for the second quarter increased 16% year-over-year, primarily from growth in aircraft usage revenue. On a sequential basis, second quarter revenue increased 14.5% when compared with first quarter revenue due to growth in both aircraft usage revenue and managed aircraft revenue.

    Net Loss for the second quarter increased 72% year-over-year and Adjusted EBITDA loss for the second quarter increased 51% primarily due to the costs associated with being a publicly traded company. On a sequential basis, second quarter net loss declined 2.7% when compared with first quarter net loss due to the cost savings measures implemented during the quarter, offset by a $2.8 million non-cash charge related to the fair value of our forward purchase agreement. Excluding the impact of the non-cash charge, second quarter net loss declined 17.5% when compared to first quarter net loss. Second quarter Adjusted EBITDA loss declined 12.7% when compared to first quarter Adjusted EBITDA loss as a result of the cost savings measures implemented during the quarter.

    Demand mix continues to improve with 56% of flight hours represented by higher yielding non-owner flights, increasing the second quarter 2024 blended yield to $5,330, 6% higher than the prior year.

    Balance Sheet and Liquidity

    The Company ended the second quarter 2024 with $5.4 million of cash, and cash equivalents. Subsequent to quarter end, Volato entered into a term loan agreement providing $4.0 million of gross proceeds.

    Conference Call

    Volato will host a conference call to discuss its Second Quarter 2024 results at 8:00 AM ET on Wednesday, August 14, 2024.

    Interested parties can access the conference call by dialing (866) 605-1830 for toll free access or +1 (215) 268-9881. The live call will also be available via webcast on Volato's Investor Relations website: https://ir.flyvolato.com/.

    A replay of the call will be available until August 28, 2024, and can be accessed by dialing (877) 660-6853 or (201) 612-7415 and using the Access ID: 13746297.

    About Volato

    Volato (NYSE:SOAR) is a leader in private aviation, redefining air travel through modern, efficient, and customer-designed solutions. Volato provides a fresh approach to fractional ownership, aircraft management, jet card, deposit and charter programs, all powered by advanced, proprietary mission control technology. Volato's fractional programs uniquely offer flexible hours and a revenue share for owners across the world's largest fleet of HondaJets, which are optimized for missions of up to four passengers. For more information visit www.flyvolato.com.

    All Volato Part 135 charter flights are operated by its DOT/FAA-authorized air carrier subsidiary (G C Aviation, Inc. d/b/a Volato) or by an approved vendor air carrier.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management or the Board's current expectations or predictions of future conditions, events, or results. All statements that address operating performance, events, or developments that may occur in the future are forward-looking statements, including statements regarding the challenges associated with executing our growth strategy, including expected deliveries of aircraft and related sales, and developing, marketing and consistently delivering high-quality services that meet customer expectations. All forward-looking statements speak only as of the date they are made and reflect the Company's good faith beliefs, assumptions, and expectations, but they are not guarantees of future performance or events. Furthermore, Volato disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond Volato's control, that are described in Volato's periodic reports filed with the SEC including its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023, and other factors that Volato may describe from time to time in other filings with the SEC. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

    VOLATO GROUP, INC.

    CONSOLIDATED BALANCE SHEETS

    (Amounts in thousands, except par value amounts)

     

     

    June 30, 2024 (unaudited)

    ​

    December 31, 2023

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash

    $

    5,407

     

     

    $

    14,486

     

    Restricted cash

     

    1,842

     

     

     

    —

     

    Accounts receivable, net

     

    2,050

     

     

     

    2,990

     

    Deposits

     

    48,594

     

     

     

    25,125

     

    Prepaid expenses and other current assets

     

    3,146

     

     

     

    3,897

     

    Total current assets

     

    61,039

     

     

     

    46,498

     

     

     

     

     

    Property and equipment, net

     

    829

     

     

     

    846

     

    Operating lease, right-of-use assets

     

    1,117

     

     

     

    1,278

     

    Equity-method investment

     

    162

     

     

     

    154

     

    Deposits

     

    191

     

     

     

    15,691

     

    Forward purchase agreement

    —

    2,982

    Restricted cash

     

    —

     

     

     

    2,237

     

    Intangibles, net

     

    1,361

     

     

     

    1,391

     

    Goodwill

     

    635

     

     

     

    635

     

    Total assets

    $

    65,334

     

     

    $

    71,712

     

     

     

     

     

    LIABILITIES AND SHAREHOLDERS' EQUITY

     

     

     

    Current liabilities:

     

     

     

    Accounts payable and accrued liabilities

    $

    13,143

     

     

    $

    8,588

     

    Loan from related party

    —

    1,000

    Operating lease liability

     

    350

     

     

     

    326

     

    Merger transaction costs payable in shares

     

    —

     

     

     

    4,250

     

    Credit facility and other loans

     

    36,732

     

     

     

    20,616

     

    Customer deposits and deferred revenue

     

    29,024

     

     

     

    12,857

     

    Total current liabilities

     

    79,249

     

     

     

    47,637

     

     

     

     

     

    Deferred income tax liability

     

    305

     

     

     

    305

     

    Operating lease liability, non-current

     

    783

     

     

     

    965

     

    Credit facility, non-current

    —

    8,054

    Total liabilities

    $

    80,337

     

     

    $

    56,961

     

    COMMITMENTS AND CONTINGENCIES

     

     

     

     

     

     

     

    Shareholders' equity:

     

     

     

    Common Stock Class A, $0.0001 par value; 80,000,000 authorized; 29,517,731 and 28,043,449 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively

     

    3

     

     

     

    3

     

    Additional paid-in capital

     

    82,964

     

     

     

    78,410

     

    Accumulated deficit

     

    (97,970

    )

     

     

    (63,662

    )

    Total shareholders' equity

     

    (15,003

    )

     

     

    14,751

     

    Total liabilities and shareholders' equity

    $

    65,334

     

     

    $

    71,712

     

    VOLATO GROUP, INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (Amounts in thousands, except share and per share data)

    (unaudited)

     

     

    For the Three Months Ended June 30,

     

    Six Months Ended June 30,

     

    2024

     

    2023

     

    2024

     

    2023

    Revenue

    $15,131

     

    $13,015

     

    $28,342

     

    $28,680

     

     

     

     

     

     

     

     

    Costs and expenses:

     

     

     

     

     

     

     

    Cost of revenue

    18,466

     

    16,164

     

    35,958

     

    33,508

    Selling, general and administrative

    9,743

     

    6,132

     

    21,485

     

    12,342

    Total costs and expenses

    28,209

     

    22,296

     

    57,443

     

    45,850

     

     

     

     

     

     

     

     

    Loss from operations

    (13,078)

     

    (9,281)

     

    (29,101)

     

    (17,170)

     

     

     

     

     

     

     

     

    Other income (expenses):

     

     

     

     

     

     

     

    Gain from sale of consolidated entity

    —

     

    —

     

    —

     

    387

    Gain from sale of equity-method investment

    —

     

    20

     

    —

     

    863

    Other income

    154

     

    127

     

    158

     

    168

    Loss from change in fair value forward purchase agreement

    (2,755)

     

    —

     

    (2,982)

     

     

    Interest expense, net

    (1,230)

     

    (728)

     

    (2,368)

     

    (1,622)

    Other expenses

    (3,831)

     

    (581)

     

    (5,192)

     

    (204)

     

     

     

     

     

     

     

     

    Loss before provision for income taxes

    (16,909)

     

    (9,862)

     

    (34,293)

     

    (17,374)

    Provision for incomes taxes

    9

     

    —

     

    15

     

    —

    Net Loss

    $(16,918)

     

    $(9,862)

     

    $(34,308)

     

    $(17,374)

     

     

     

     

     

     

     

     

    Basic and diluted net loss per share

    $(0.58)

     

    $(0.86)

     

    $(1.17)

     

    $(1.53)

     

     

     

     

     

     

     

     

    Weighted average common share outstanding:

     

     

     

     

     

     

     

    Basic and diluted

    29,359,637

     

    11,417,552

     

    29,232,973

     

    11,343,626

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

    We calculate Adjusted EBITDA as net loss adjusted for (i) interest expense, net, (ii) provision for income taxes (benefit) (iii) depreciation and amortization, (iv) equity-based compensation expense, (v) acquisition, integration, and capital raise related expenses, and (vi) other items not indicative of our ongoing operating performance. We include Adjusted EBITDA as a supplemental measure for assessing operating performance.

    The following tables reconcile Adjusted EBITDA to net loss, which is the most directly comparable GAAP measure (in thousands):

     

    Three Months Ended June 30,

     

    Six Months Ended June 30,

    Adjusted EBITDA

    2024

     

    2023

     

    2024

     

    2023

    Net loss

    $(16,918)

     

    $(9,862)

     

    $(34,308)

     

    $(17,374)

    Interest expense, net

    1,230

     

    728

     

    2,368

     

    1,622

    Provision for income tax expense (benefit)

    9

     

    —

     

    15

     

    —

    Loss from change in fair value of forward purchase agreement

    2,755

     

    —

     

    2,982

     

    —

    Depreciation and amortization

    80

     

    60

     

    160

     

    105

    Equity-based compensation expense

    185

     

    15

     

    268

     

    23

    Gain from sale of consolidated entity

    —

     

    —

     

    —

     

    (387)

    Gain from sale of equity-method investment

    —

     

    —

     

    —

     

    (863)

    Other income

    (154)

     

    (127)

     

    (158)

     

    (168)

    Other items not indicative of our ongoing operating performance1

    1,377

     

    1,601

     

    4,142

     

    2,775

    Adjusted EBITDA

    $(11,436)

     

    $(7,585)

     

    $(24,531)

     

    $(14,267)

     

     

     

     

     

     

     

     

    _________________

    1Represents cost incurred related to the cost savings initiative and business realignment.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240813417507/en/

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      Announces $14.5 Million in New Financing Grew Flight Hours 39% and Blended Yield 8% Year-over-Year Expect Delivery of 10-12 New Aircraft in FY 2024 Volato Group, Inc. (NYSE:SOAR) ("Volato" or the "Company"), a leading private aviation company and the largest HondaJet operator in the United States, today announced results for the first quarter ended March 31, 2024. First Quarter 2024 Financial Highlights Total revenue was $13.2 million Aircraft usage revenue was $11.5 million Managed services revenue was $1.7 million Net loss was $17.4 million, including the impact of a $0.2 million non-cash charge Adjusted EBITDA1 was a loss of $13.1 million [1] Adjusted EBITDA

      5/15/24 7:00:00 AM ET
      $SOAR
      Transportation Services
      Consumer Discretionary

    $SOAR
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    • Chief Commercial Officer Cooper Nicholas James sold $119,525 worth of shares (459,005 units at $0.26), decreasing direct ownership by 12% to 3,353,560 units (SEC Form 4)

      4 - Volato Group, Inc. (0001853070) (Issuer)

      12/31/24 4:03:02 PM ET
      $SOAR
      Transportation Services
      Consumer Discretionary
    • Chief Operating Officer Prachar Michael Patrick exercised 8,813 shares at a strike of $0.14 (SEC Form 4)

      4 - Volato Group, Inc. (0001853070) (Issuer)

      12/12/24 2:19:55 PM ET
      $SOAR
      Transportation Services
      Consumer Discretionary
    • Chief Executive Officer Liotta Matthew exercised 235,050 shares at a strike of $0.38, increasing direct ownership by 3% to 5,314,474 units (SEC Form 4)

      4 - Volato Group, Inc. (0001853070) (Issuer)

      12/12/24 2:11:53 PM ET
      $SOAR
      Transportation Services
      Consumer Discretionary