Wed, May 15, 11:13 AM (306 days ago)
Volato Group, Inc.'s quarterly report for the period ending March 31, 2024, highlights a decrease in total revenue by $2.5 million (16%) year-over-year, driven by lower aircraft sales. The company reported a net loss of $17.4 million, up from $7.5 million in the same period last year, attributed to increased selling, general, and administrative expenses, including higher advertising and marketing costs. Cash and restricted cash decreased to $8.3 million from $16.7 million at the start of the year. Operating cash flow was negative $7.7 million, and financing activities used $684 thousand. Key concerns include liquidity, with a negative working capital of $11.7 million and an accumulated deficit of $81.1 million, raising substantial doubt about the company's ability to continue as a going concern. The company plans to address its liquidity needs through debt or equity financing and cost-saving measures.