Revenue Performance - Revenues for Q3 2024 were $3.9 million, an increase of $0.5 million year-over-year and $0.8 million quarter-over-quarter[6]. - Software App and Cirrus Charter revenue totaled $2.4 million, up $0.5 million compared to the same period last year[7]. - Management and Other Services revenue reached $960,000, compared to $775,000 in the same period last year[8]. - Revenues for Q3 2024 reached $3,917,393, a 16.3% increase from $3,367,189 in Q3 2023[20]. Operating Performance - Operating loss decreased to approximately $2.9 million, down from $4.3 million in the same period last year[12]. - Gross loss for Q3 2024 was approximately $14,000, compared to a gross profit of $170,000 in the same period last year[11]. - Gross loss profit for Q3 2024 was $(13,886), compared to a profit of $170,441 in Q3 2023[20]. - Total operating expenses decreased to $2,868,052 in Q3 2024 from $4,436,956 in Q3 2023, a reduction of 35.4%[20]. - Net loss for Q3 2024 was $(2,881,882), an improvement from $(4,290,559) in Q3 2023, representing a 32.7% reduction[20]. - Net loss per share for Q3 2024 was $(43.82), an improvement from $(137.55) in Q3 2023[20]. Cash and Financing - Cash and cash equivalents as of September 30, 2024, were approximately $312,000, down from $528,000 as of June 30, 2024[13]. - Cash used in operating activities for the nine months ended September 30, 2024, was $(4,840,533), compared to $(2,744,630) in the same period of 2023[22]. - Cash and cash equivalents at the end of the period were $311,883, down from $903,909 in 2023[22]. - Net cash provided by financing activities was $3,064,795 in 2024, compared to $2,290,678 in 2023, an increase of 34%[22]. - Stock-based compensation for the nine months ended September 30, 2024, was $3,714,404, down from $5,424,158 in 2023[22]. Shareholder Actions - The company authorized a $2 million share repurchase program and completed a reverse stock split[4]. - Weighted average shares outstanding increased to 78,523 in Q3 2024 from 31,192 in Q3 2023[20]. Future Plans - Jet.AI plans to develop CharterGPT into an 'AI agent' for independent booking processes over the next few quarters[5]. - The company entered an agreement with Textron Aviation to purchase three Cessna Citation CJ4 jets, with deliveries scheduled for 2026[5]. Liabilities - Total liabilities as of September 30, 2024, were $8.39 million, down from $9.68 million at the end of the previous year[18].
Jet.AI (JTAI) - 2024 Q3 - Quarterly Results