On Wednesday, August 14, Volato, a fast-growing private jet charter company, officially revealed its financial results for the second quarter of this year. Overall, the company experienced a growth in revenue, reaching a total revenue of over $15 million. However, the company still realized a net loss for the quarter. The Atlanta, Georgia-based company still expects to reach profitability by the fourth quarter of this year, based on a wide range of predicted metrics.

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Second-quarter financial results

During this year’s second quarter, Volato saw a total revenue of $15.1 million. This was a 16% increase year-over-year, as it saw a revenue of $13 million during last year’s second quarter. This was mostly in part due to a 28% increase in revenue from aircraft usage, as this year’s second quarter nearly reached $12.5 million. The company still reported a revenue of over $2.6 million from its managed aircraft business segment, although it was a slight decrease from last year’s quarterly revenue of $3.3 million.

Photo: Volato

Although Volato recognized a revenue increase, the company also saw its net loss grow year-over-year. Last year, Volato saw a net loss of just under $10 million in the second quarter. This year, Volato saw a net loss of just under $17 million for the quarter. Volato primarily attributed this growing loss to the growing costs of becoming a publicly traded company, which includes a non-cash charge related to a previously decided forward purchase agreement. Even so, Volato still expects to reach profitability in the near future, as Volato executives mentioned achieving a positive EBITDA by the fourth quarter of this year.

The Co-Founder and Chief Executive Officer (CEO) of Volato, Matt Liotta, spoke about this year’s financial results. Liotta stated,

“Volato made significant progress with increased flight hours and improvements in blended yield in the second quarter. However, our ability to fully capitalize on our operational strengths was impacted by ongoing delays in plane deliveries. We are optimistic that as plane deliveries resume and are fully sold, our enhanced operations will help advance our path to profitability.”

Other key performance indicators (KPIs)

Volato’s growth continued during the second quarter. Its flight hours increased by 5% year over year and reached over 3,000 quarterly flight hours. Its empty flight percentage dropped by 3.5%. The company also saw its fleet grow by seven aircraft, as it reached a fleet size of 25 aircraft. Overall, the company expects 10-12 new business jets to be delivered by the year’s end, which will continue growing the company’s fleet.

Other highlights of this year’s second quarter include the launch of the first fractional ownership program of the Gulfstream G280, which it recently acquired. Its recently launched subscription program, Vaunt, which connects travelers to empty-leg flights, reached $1 million in annual recurring revenue.

The Chief Financial Officer (CFO) at Volato, Mark Heinen, spoke about the outlook of the company. He stated,

“In addition to our positive operating results, after quarter end, we strengthened our cash position and took delivery of several aircraft. Our fleet growth, in combination with the previously announced cost-saving measures, should enable us to achieve positive EBITDA by the fourth quarter of 2024.”