Jet.AI Reports Second Quarter 2024 Financial Results

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]