Volato(US:SOAR)2024-11-19 21:15Revenue Performance - Revenue for the three months ended September 30, 2024, was $40.27 million, a significant increase from $3.65 million in the same period last year, representing an increase of approximately 1003%[17] - Total revenue for the three months ended September 30, 2024, was $40.3 million, an increase of $36.6 million, or 1002%, compared to the same period in 2023, primarily due to an increase in aircraft sales of $38.2 million[199] - The company generated total revenue of $44.9 million for the nine months ended September 30, 2024, compared to $15.9 million for the same period in 2023, representing a growth of approximately 182%[73] Operating Income and Loss - Operating income for the three months ended September 30, 2024, was $1.85 million, compared to an operating loss of $1.83 million for the same period last year[17] - Net loss for the three months ended September 30, 2024, was $4.44 million, a decrease from a net loss of $11.83 million in the same period last year[17] - Loss from continuing operations for the nine months ended September 30, 2024, was $6.4 million, a $1.9 million decrease in loss compared to the prior year[200] Assets and Liabilities - Total current assets decreased to $43.82 million as of September 30, 2024, down from $46.50 million as of December 31, 2023[12] - Total liabilities increased to $67.57 million as of September 30, 2024, compared to $56.96 million as of December 31, 2023, reflecting a rise of approximately 18.6%[12] - Total shareholders' equity as of September 30, 2024, was $(19.63) million, a decline from $14.75 million as of December 31, 2023[12] Cash Flow and Financing - Cash and cash equivalents decreased to $3.76 million as of September 30, 2024, down from $14.49 million as of December 31, 2023[12] - The company reported a net cash used in operating activities of $(11,115) million for the nine months ended September 30, 2024, an improvement from $(24,119) million in the prior year[26] - The company reported a net cash provided by financing activities of $136 million for the nine months ended September 30, 2024, a significant decrease from $24,958 million in the prior year[26] Customer Deposits and Revenue Recognition - Customer deposits and deferred revenue increased to $11.77 million as of September 30, 2024, compared to $2.83 million as of December 31, 2023[12] - The company follows ASC 606 for revenue recognition, which includes recognizing contract assets and liabilities based on the transfer of goods and services[71] Stock and Equity - The company has 1,607,534 outstanding stock options and 1,238,873 restricted stock units as of September 30, 2024[82] - The Company has reserved a pool of 5,608,690 shares of Common Stock for issuance under the 2023 Stock Incentive Plan, with 3,128,555 shares available for issuance as of September 30, 2024[162] Business Operations and Strategy - In September 2024, Volato announced a transition of fleet operations to flyExclusive, expected to yield substantial cost savings and focus on high-growth areas[32] - The Company completed a business combination on December 1, 2023, resulting in a name change to Volato Group, Inc. and retroactive adjustments to its equity structure[30] Expenses and Costs - The company recorded stock compensation expenses of $69 million for the nine months ended September 30, 2024, compared to $63 million in the same period of 2023[26] - Advertising costs for the three months ended September 30, 2024, were $236,000, down from $806,000 in the same period of 2023, a decrease of approximately 71%[91] Tax and Compliance - The effective tax rate for the three and nine months ended September 30, 2024, was zero percent, differing from the federal statutory rate of 21% due to a change in the valuation allowance for deferred assets[157] - The Company submitted a plan to regain compliance with NYSE American listing standards, which requires stockholders' equity of at least $2.0 million[37] Discontinued Operations - The company reported a loss from discontinued operations of $3.10 million for the three months ended September 30, 2024, compared to a loss of $9.26 million in the same period last year[17] - As of September 30, 2024, total assets associated with discontinued operations amounted to $1.96 million, down from $5.64 million as of December 31, 2023[103]