Jet.AI Reports Third Quarter 2024 Financial Results

Core Viewpoint - Jet.AI reported financial results for Q3 2024, highlighting growth in revenues and operational advancements, while also addressing strategic initiatives to enhance its business model and compliance with NASDAQ listing standards [1][3]. Financial 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, primarily driven by additional service revenue from managing a second customer aircraft [4]. - Software App and Cirrus Charter revenue totaled $2.4 million, up $0.5 million compared to the same period last year [5]. - Management and Other Services revenue reached $960,000, compared to $775,000 in the same period last year [5]. - Jet Card and Fractional Programs revenue was $547,000, down from $732,000 in the same period last year [6]. - Cost of revenues increased to $3.9 million from $3.2 million in the same period last year, attributed to higher charter flight activity and operational costs [7]. - The gross loss was approximately $14,000, compared to a gross profit of $170,000 in the same period last year [8]. - Operating expenses decreased to $2.9 million from $4.4 million in the same period last year, leading to an operating loss of approximately $2.9 million, down from $4.3 million [9]. Operational Highlights - The company authorized a $2 million share repurchase program and announced a reverse stock split [2]. - Jet.AI participated in key industry events, including the Corporate Jet Investor Miami 2024 and the 2024 NBAA Business Aviation Convention & Exhibition [2]. - New features and advancements were announced for CharterGPT and Reroute AI, alongside the launch of the DynoFlight 2.0 platform for aviation carbon management [2]. - The company aims to develop CharterGPT into an AI agent capable of managing the booking process with minimal human oversight [3]. Cash Position - As of September 30, 2024, cash and cash equivalents were approximately $312,000, down from $528,000 as of June 30, 2024 [10].