Company Overview - Jet.AI Inc. is an innovative private aviation and artificial intelligence company, founded in 2018, with headquarters in Las Vegas, Nevada, and San Francisco, California [3] - The company operates in two segments: Software and Aviation [3] - The Software segment includes the B2C CharterGPT app and the B2B Jet.AI Operator platform, which enhance the private jet booking experience and provide tools for FAA Part 135 charter providers [3] - The Aviation segment offers services such as jet aircraft fractions, jet cards, on-fleet charter, management, and buyer's brokerage [3] - Jet.AI is an official partner of the Las Vegas Golden Knights, the 2023 NHL Stanley Cup champions [3] Industry Event Participation - Jet.AI will participate in the 2024 NBAA Business Aviation Convention & Exhibition (NBAA-BACE) from October 22-24, 2024, at the Las Vegas Convention Center [1] - NBAA-BACE is recognized as the world's largest business aviation event, showcasing advanced air mobility vehicles and innovations aimed at enhancing aviation safety, sustainability, and accessibility [2]

LAS VEGAS, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ: JTAI), an innovative private aviation and artificial intelligence company, invites users to beta test the web version of JetLeg.AI, designed as an iOS/Android app that redirects previously wasted empty private flights into new lower cost charters. The easy-to-use app features AI trip finding, matching, and suggestions. Users may sign up and explore JetLeg.AI's capabilities in advance of live connectivity to the ai ...

Core Insights - Jet.AI Inc. is advancing its proprietary technology stack, including CharterGPT, DynoFlight, and Reroute AI, to enhance private aviation services and integrate artificial intelligence into revenue-generating tasks [1][2] Product Growth Metrics - CharterGPT has expanded its user base from 6,038 to 33,088 within a year, processing $5.5 million in RFQs in August 2024, and achieving 1,852 monthly active users with 4,318 User API actions [3] - DynoFlight V2 has improved processing speed by 10 times, increased carbon credit projects by 100 times, and integrated with FL3XX in Q2 2024 [3] - Reroute AI has analyzed 18,796 flight requests and matched 2,029 trip needs with 13,909 empty legs in the last 45 days [3][6] Upcoming Product Launches - CharterGPT Version 2 is set to launch in Q4 2024, featuring enhanced voice interaction capabilities and improved user experience through 1:1 parity between AI, API, and GUI options [4] Integration and Sustainability Efforts - DynoFlight V2 now integrates with FL3XX, providing real-time predictions and tools for users to engage in carbon credit projects, emphasizing the company's commitment to sustainability [5] - Reroute AI will soon integrate with CharterGPT to help users find affordable flights by utilizing empty leg inventories, enhancing operational efficiency [6] Company Overview - Jet.AI operates in two segments: Software and Aviation, with the Software segment focusing on the B2C CharterGPT app and the B2B Jet.AI Operator platform, aimed at improving the private jet booking experience and maximizing efficiency for charter providers [7]

LAS VEGAS, Aug. 23, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ: JTAI), an innovative private aviation and artificial intelligence company, announced its entry with Continental Stock Transfer & Trust Company on August 21, 2024 into: (i) the 2021 Warrant Agreement Amendment, which governs the terms and conditions of the Company's redeemable warrants to purchase shares of Company common stock, par value $0.0001 per share (the "common stock"), which warrants trade on The Nasdaq Cap ...

Core Insights - Jet.AI reported financial results for Q2 2024, highlighting a revenue increase and operational advancements in AI and private aviation services [1][3][8]. Operational Highlights - Launched the DynoFlight 2.0 platform for aviation carbon management [2] - Completed an exchange offer and consent solicitation for outstanding warrants [2] - Introduced an AI-Powered Jet Card with Empty Leg Benefit through Reroute AI [2] - Secured non-recourse debt financing for the purchase of Bombardier Challenger 3500 aircraft [2] - Released the National Jet Card Program, ensuring guaranteed rates and availability for private jet services in the continental U.S. [2] Financial Performance - Revenues reached $3.1 million, up from $2.8 million year-over-year, driven by increased service revenue from management agreements and chartering [3] - Software App and Cirrus Charter revenue totaled $1.6 million, showing a slight increase compared to the previous year [3] - Management and Other Services revenue rose to $914,000 from $423,000 year-over-year [4] - Jet Card and Fractional Programs revenue decreased to $559,000 from $811,000 year-over-year [4] - Cost of revenues increased to $3.5 million from $3.0 million, primarily due to higher charter flight activity [5] - Gross loss was approximately $417,000, compared to $201,000 in the same period last year [5] - Operating expenses totaled $2.8 million, up from $2.2 million, mainly due to increased general and administrative expenses [6] - Operating loss was approximately $3.2 million, compared to $2.4 million in the same period last year [7] Cash Position - As of June 30, 2024, cash and cash equivalents were approximately $528,000, down from $2.1 million at the end of Q1 2024 [7][12] Management Commentary - The company made significant progress in fleet deals and secured $16.5 million in financing from Ionic Ventures LLC [8] - Successfully completed a warrant exchange offer to simplify capital structure [8] - Entered into a contract to sell a HondaJet to reorient the fleet towards higher-margin aircraft [8] - Advancements in software business include the implementation of Reroute AI and the launch of DynoFlight 2.0 [9]

Revenue Performance - Revenues for the three months ended June 30, 2024, were $3,083,884, representing an increase of 10.4% compared to $2,792,808 for the same period in 2023[9]. - Total revenue for the six months ended June 30, 2024, was $6,932,482, up 48.5% from $4,668,316 in the same period of 2023[42]. - Revenue from Software App and Cirrus Charter for Q2 2024 was $1,610,899, a 3.2% increase from $1,558,697 in Q2 2023[42]. - Revenue from Software App and Cirrus Charter for the six months ended June 30, 2024, was $3,981,990, up from $2,552,950 in 2023, marking a growth of 56%[42]. - Jet Card and Fractional Programs revenue decreased to $558,560 in Q2 2024 from $811,140 in Q2 2023, representing a decline of 31%[42]. - Management and Other Services revenue increased significantly to $914,425 in Q2 2024 from $422,971 in Q2 2023, marking a growth of 116%[42]. Profitability and Losses - Gross loss for the six months ended June 30, 2024, was $(541,352), compared to a gross loss of $(275,841) for the same period in 2023, indicating a decline in profitability[9]. - Net loss for the three months ended June 30, 2024, was $(2,448,704), compared to a net loss of $(6,449,605) for the same period in 2023, showing an improvement in loss[10]. - For the six months ended June 30, 2024, Jet.AI reported a net loss of $6,449,605, compared to a net loss of $5,168,226 for the same period in 2023, indicating an increase in losses of approximately 24.7%[12]. - The net loss attributable to common stockholders for the three months ended June 30, 2024, was $2,448,704, compared to a loss of $6,509,060 in 2023, reflecting a reduction of approximately 62.4%[10]. - The company incurred an operating loss of $2,448,704 for the three months ended June 30, 2024, compared to a loss of $6,370,411 in the same period of 2023, showing an improvement of approximately 61.6%[10]. Expenses and Cash Flow - Total operating expenses for the three months ended June 30, 2024, were $2,247,881, up from $1,348,043 in the same period of 2023, reflecting a 66.7% increase[10]. - The company utilized $4,705,433 in cash for operating activities during the first half of 2024, compared to $1,919,226 in the same period of 2023, indicating a substantial increase in cash outflow[12]. - Advertising costs totaled $549,070 for the six months ended June 30, 2024, compared to $223,708 in the same period of 2023, reflecting an increase of 145%[52]. - Stock-based compensation expenses for the six months ended June 30, 2024, were $2,401,046, compared to $2,755,087 in the same period of 2023, showing a decrease of approximately 12.9%[12]. - Total lease expense for the six months ended June 30, 2024, was $701,550, compared to $550,634 for the same period in 2023, reflecting an increase of approximately 27.4%[63]. Shareholder Equity and Stock Information - The total stockholders' equity at June 30, 2024, was $(4,169,820), a decrease from $(525,120) at June 30, 2023, reflecting a significant decline in equity[11]. - Weighted average shares outstanding for the three months ended June 30, 2024, were 12,906,352, compared to 4,520,625 for the same period in 2023, indicating a significant increase in shares[10]. - The company reported a total of 14,755,144 common shares outstanding as of June 30, 2024, an increase from 4,520,625 shares at June 30, 2023[11]. - The Company issued 3,200,000 shares of common stock during the six months ended June 30, 2024, for total consideration of $1.7 million under the Share Purchase Agreement with GEM[65]. - As of June 30, 2024, the total number of outstanding warrants was 25,221,406, with exercise prices ranging from $8.40 to $15.00[97]. Future Outlook and Strategic Initiatives - The company anticipates continued growth in revenues driven by new product launches and market expansion strategies[6]. - The company is exploring potential mergers and acquisitions to enhance its market position and expand its product offerings[6]. - The Company plans to fund operations through capital from operations, drawdowns under its Share Purchase Agreement, and proceeds from warrant exercises, while also exploring potential sources of outside capital[20]. - The Company has the ability to reduce cash burn to preserve capital if necessary[20]. Operational and Development Activities - Research and development expenses for the six months ended June 30, 2024, were $69,942, compared to $64,955 for the same period in 2023, indicating a focus on innovation[10]. - The Company has capitalized approximately $398,000 of internal software development costs, with amortization expense for the six months ended June 30, 2024, being $66,351[33]. - The Company operates a proprietary booking platform (the "App") for arranging private jet travel, alongside selling fractional and whole interests in aircraft and jet cards[18]. - Research and development costs are primarily related to third-party software development and are expensed as incurred until the product is ready for commercial use[53]. Debt and Financing Activities - The Company recognized interest expense of $79,314 for the six months ended June 30, 2024, related to the Bridge Notes[60]. - The Company entered into an accounts payable financing agreement for up to $1,500,000 to pay outstanding vendors, convertible to common stock at a 28% discount[103]. - The Company has accrued $300,000 as of June 30, 2024, related to the GEM Registration Rights Agreement due to delays in the effectiveness of the registration statement[66]. - The Company recognized a debt discount of $168,250 from the Bridge Notes, with $80,761 amortized during the six months ended June 30, 2024[60]. Concerns and Risks - The Company has incurred losses from operations since inception, raising concerns about its ability to continue as a going concern[19]. - The Company has a limited operating history and has generated limited revenue from intended operations, making it sensitive to general business and economic conditions[28].

Core Viewpoint - Jet.AI Inc. has launched the DynoFlight 2.0 platform, which utilizes advanced AI technology to enhance aviation carbon management and streamline operations for users [1][4]. Group 1: Product Features - DynoFlight 2.0 offers tools for syncing fleet data with FL3XX, visualizing emission levels, querying AI about aircraft emissions, purchasing carbon offset credits, and ensuring compliance with NBAA sustainable flight standards [1][3]. - The platform includes features such as FL3XX synchronization for operational efficiency, NBAA compliance support, comprehensive activity tracking, mobile support, and performance speeds up to 10 times faster than previous versions [3][4]. Group 2: Environmental and Economic Impact - By optimizing fuel usage and streamlining operations, DynoFlight helps users reduce their carbon footprint while achieving significant cost savings, thereby enhancing return on investment (ROI) and supporting environmental, social, and governance (ESG) efforts [3][4]. - The integration with FL3XX allows operators to adopt DynoFlight seamlessly, enabling them to generate new revenue and manage net emissions effectively [5]. Group 3: Company Overview - Jet.AI operates in two segments: Software and Aviation, with offerings that include the B2C CharterGPT app and the B2B Jet.AI Operator platform, aimed at maximizing efficiency and reducing environmental impact [6]. - The company was founded in 2018 and is headquartered in Las Vegas, NV, and San Francisco, CA, and has established itself as a partner in the aviation industry [6].

Core Viewpoint - Jet.AI Inc. has initiated an exchange offer and consent solicitation to simplify its capital structure and mitigate the potential dilutive impact of its outstanding warrants [19]. Group 1: Exchange Offer and Consent Solicitation - The Company is offering holders of redeemable warrants and private placement warrants the opportunity to exchange each warrant for 0.2749 shares of common stock, which is 10% less than the exchange ratio applicable to the Offer [1]. - Holders of merger consideration warrants are offered the chance to exchange each warrant for 0.9120 shares of common stock, also at a 10% reduction from the applicable exchange ratio [1]. - The Offer and Consent Solicitation will expire at 11:59 p.m. Eastern Time on July 25, 2024, unless extended by the Company [8]. Group 2: Company Overview - Jet.AI operates in two segments: Software and Aviation, with products including the B2C CharterGPT app and the B2B Jet.AI Operator platform [9]. - The Company was founded in 2018 and is based in Las Vegas, NV, and San Francisco, CA [9]. - As of June 26, 2024, Jet.AI has 12,755,144 shares of common stock outstanding, along with 9,859,220 redeemable warrants, 7,433,405 merger consideration warrants, and 5,760,000 private placement warrants [12].

Core Insights - Jet.AI has introduced a new AI-powered tool called Reroute AI, which helps Jet Card customers find alternative flight options at lower costs by cross-referencing their requests with available empty legs from various operators [1][6][7] Company Overview - Jet.AI operates in two segments: Software and Aviation. The Software segment includes the B2C CharterGPT app and the B2B Jet.AI Operator platform, which enhance the private jet booking experience and provide tools for charter providers [3] - The Aviation segment encompasses jet aircraft fractions, jet card services, on-fleet charter, management, and buyer's brokerage [3] - The company was founded in 2018 and is headquartered in Las Vegas, NV, and San Francisco, CA [3] Product and Service Details - Reroute AI identifies opportunities for rerouting empty legs, suggests pricing to operators, and facilitates smooth bookings for customers [7] - The CharterGPT app utilizes natural language processing and machine learning to improve the booking process for private jets [3] Market Position - Jet.AI is positioned as an innovative player in the private aviation and AI sectors, with a partnership with the Las Vegas Golden Knights, the 2023 NHL Stanley Cup champions [3]

Core Insights - Jet.AI Inc. has introduced a new source of private jet inventory for Jet Card holders through its proprietary AI tool, Reroute AI, which cross-references customer trip requests with available empty legs from operators to offer cost-effective alternatives [1][2]. Company Overview - Jet.AI operates in two segments: Software and Aviation. The Software segment includes the B2C CharterGPT app and the B2B Jet.AI Operator platform, which enhance the private jet booking experience and provide tools for charter providers [4]. - The Aviation segment encompasses jet aircraft fractions, jet card services, on-fleet charter, management, and buyer's brokerage [4]. - The company was founded in 2018 and is headquartered in Las Vegas, NV, and San Francisco, CA [4]. Product Features - Reroute AI identifies opportunities for rerouting flights, suggests pricing to operators, and facilitates smooth booking processes for customers [3]. - The CharterGPT app utilizes natural language processing and machine learning to improve the booking experience for private jet customers [4]. Strategic Partnerships - Jet.AI is an official partner of the Las Vegas Golden Knights, the 2023 NHL Stanley Cup champions, indicating its engagement in high-profile partnerships [4].