Wed, Mar 26, 9:23 PM (31 days ago)
Jet.AI Inc. (JTAI) reported a net loss of $12.7 million for the fiscal year 2024, compared to a net loss of $12.6 million in 2023. The company's revenue increased by 1.8 million to $14.0 million in 2024, primarily driven by software-related revenue and charter bookings. Operating expenses decreased by $730,000 due to a reduction in general and administrative expenses, offset by an increase in sales and marketing expenses. The company's gross loss was $965,000 for 2024, compared to $178,000 in 2023, due to increased maintenance costs and lower utilization of HondaJet Elites. Jet.AI's financial condition remains challenging, with an accumulated deficit of $52.5 million as of December 31, 2024. The company plans to rely on funds from share issuances, warrant exercises, and other potential sales of equity and debt securities to meet its funding obligations. Jet.AI is also considering a strategic transaction with flyExclusive, which could result in a divestment of its fractional and jet card business and a focus on AI operations. The company's market position is subject to risks, including competition, regulatory changes, and economic conditions. Jet.AI's future outlook depends on its ability to execute its business plan, secure additional financing, and adapt to market changes.