Volato(SOAR) - 2025 Q4 - Annual Report

Revenue and Financial Performance - Volato generated over $1.5 million in annual recurring revenue (ARR) from its Vaunt platform, which has surpassed 190,000 app downloads and completed 1,145 flights in 2025[18]. - The company sold its former subsidiary, GC Aviation, Inc., for $2.0 million, with $1.8 million recorded as a note receivable[27]. - A merger with M2i Global, Inc. is expected to result in M2i's stockholders owning approximately 85% of the combined company upon completion[28]. Software Development and Platforms - The company has committed to developing proprietary software solutions to meet the unique needs of private aviation operators, including the launch of its Vaunt and Mission Control platforms[20]. - Volato's proprietary flight management system, Mission Control, was developed to address operational challenges in private aviation, enhancing efficiency and fleet utilization[21]. - Volato's Parslee platform combines document intelligence with autonomous workflow agents, targeting enterprise applications within Microsoft 365[29]. - Mission Control, a cloud-based software developed by Volato, aims to streamline operations for Part 135 operators, enhancing data transparency and customer engagement[32]. - The platform includes key modules such as Flight Scheduling and Optimization, Integrated Crew Management, and Real-Time Analytics, which collectively improve operational efficiency and service quality[33][37]. - Mission Control's omnichannel communication system consolidates customer interactions, improving service consistency and reducing response times[35]. - The platform has been commercialized with flyExclusive as the first third-party user, addressing gaps in the aviation software market[41]. - Vaunt, a new platform targeting empty leg flights, aims to attract a broader market segment, providing affordable access to private aviation[46]. - Vaunt members pay an annual fee for access to empty leg flights, with a proprietary algorithm determining waitlist priority based on various factors[48][49]. - Parslee, an enterprise AI platform, is currently in beta and entered its first paying pilot programs in Q3 2025, featuring integrations with Microsoft 365[53]. - Volato's flexible subscription model for Mission Control enhances customer engagement and operational tools, setting a new standard in private aviation software[43]. Operational Changes and Management - Volato's aircraft ownership program transitioned management to flyExclusive, resulting in substantial cost savings and allowing the company to focus on high-growth areas[23]. - The company signed an amendment to its Aircraft Management Services Agreement with flyExclusive, which included a $2,000,000 payment in shares for asset options[25]. - The company has 13 full-time employees as of March 3, 2026, all located in the United States, with no current labor organization representation[61]. Intellectual Property and Technology Strategy - Volato employs various strategies to protect its intellectual property, including trademarks and confidentiality agreements, while also evaluating technology development initiatives[64].