Volato Group, Inc.

Listed Company

SOARCIK 0001853070NYSENon-AcceleratedSmaller ReportingEmerging GrowthAir Transportation, NonscheduledDelawareFY ends Dec 31

Period

FY 2025

Revenue

$78.56M

Net Income

$5.20M

Total Assets

$11.95M

Equity

$-1.85M

Shares Out

38.90M

Op. Cash Flow

$3.49M

Business

Volato Group, Inc. is an aviation company that develops technology and provides on-demand private flight access and related aviation services. It offers proprietary software and consumer platforms, including Mission Control for flight management and Vaunt for empty-leg consumer bookings, alongside aircraft ownership, charter, management and aircraft sales activities. Its key business segments include aviation software (Mission Control), consumer access and membership services (Vaunt), and aircraft sales/ownership-related services. Volato primarily serves U.S. Part 135 operators and private travelers through B2B integrations and mobile app distribution on iOS and Android.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Revenue	79	39	36	97
Cost of revenue	64	32	31	94
Selling, general and administrative	11	16	9	12
Total costs and expenses	75	48	40	106
Operating income (loss)	4	−9	−4	−9
Other income, net	10	212,000	—	—
Other expense	−6	0	—	—
Loss from change in fair value of financial instruments	−2	−3	—	—
Loss on extinguishment of debt	0	−3	0	—
Interest expense, net	−5	−7	−3	−866,000
Other income (expenses), net	−3	−13	−16	−270,000
Income (loss) before provision for income taxes and discontinued operations	1	−22	−21	−9
Provision for (benefit from) incomes taxes	207,000	−507,000	2,000	−55,000
Net income (loss) from continuing operations	854,000	−21	−21	—
Net income (loss) from discontinued operations, net of taxes	4	−19	−32	—
Net income (loss)	5	−41	−53	−9
Net income (loss) per share from continuing operations, basic (in dollars per share)	0.19	−12.73	−33.84	—
Net income (loss) per share from continuing operations, diluted (in dollars per share)	0.19	−12.73	−33.84	—
Net income (loss) per share from discontinued operations, basic (in dollars per share)	0.98	−11.69	−52.78	—
Net income (loss) per share from discontinued operations, diluted (in dollars per share)	0.98	−11.69	−52.78	—
Net income (loss) per share, basic (in dollars per share)	1.18	−24.42	−86.62	−0.83
Net income (loss) per share, diluted (in dollars per share)	1.18	−24.42	−86.62	−0.83
Weighted average common share outstanding, basic (in shares)	4	2	609,800	11
Weighted average common share outstanding, diluted (in shares)	4	2	609,800	11

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-09-30
Cash	5	2	14	6	—
Restricted cash	0	2	0	—	—
Accounts receivable, net	101,000	2,000	442,000	2	—
Contract assets, net	636,000	0	—	—	—
Deposits	70,000	36	25	833,000	—
Note receivable, current	206,000	0	—	—	—
Aviation asset option	324,000	0	—	—	—
Prepaid expenses and other current assets	572,000	1	2	2	—
Current assets - discontinued operations	267,000	2	5	—	—
Total current assets	10	43	46	11	2
Property and equipment, net	323,000	680,000	846,000	348,000	—
Operating lease, right-of-use assets	128,000	167,000	0	2	—
Deposits	0	300,000	15	12	—
Note receivable, non-current	2	0	—	—	—
Non-current assets - discontinued operations	0	2	2	—	—
Total assets	12	46	72	30	285
Accounts payable and accrued liabilities	3	5	4	4	—
Dividend payable	2	0	—	—	—
Convertible notes, net	4	4	0	19	—
Operating lease liability	43,000	39,000	0	283,000	—
Credit facility and other loans	0	29	—	—	—
Customer deposits and deferred revenue	3	11	—	—	—
Current liabilities - discontinued operations	2	12	15	—	—
Total current liabilities	14	62	48	30	—
Operating lease liability, non-current	85,000	128,000	0	1	—
Non-current liabilities - discontinued operations	0	305,000	965,000	—	—
Total liabilities	14	63	57	36	—
COMMITMENTS AND CONTINGENCIES (Note 15)	—	—	—	—	—
Common Stock Class A, $0.001 par value; 200,000,000 authorized; 7,435,756 and 1,843,852 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	5,000	5,000	3,000	1,000	—
Additional paid-in capital	99	88	78	5	—
Accumulated deficit	−101	−104	−64	−11	−7
Total shareholders deficit	−2	−16	15	−6	−7
Total liabilities and shareholders equity	12	46	72	30	285

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Depreciation and amortization expense	297,000	341,000	200,000	162,000
Non-monetary exchange	238,000	0	—	—
Stock compensation expense	605,000	211,000	82,000	17,000
Loss (gain) from sale of property and equipment	6,000	−2,000	0	—
Loss on impairment of intangible assets	0	130,000	0	—
Loss from sale of consolidated entity	35,000	0	—	—
Gain on settlement of liabilities	−10	—	—	—
Amortization right-of-use asset	39,000	34,000	0	0
Amortization of debt discount	283,000	301,000	183,000	42,000
Change in fair value forward purchase agreement	0	3	13	—
Change in fair value of convertible notes	1	0	—	—
Gain on aviation asset option	−324,000	0	—	—
Accounts receivable	−199,000	0	296,000	−2
Contract assets, net	−636,000	0	—	—
Prepaid and other current assets	459,000	751,000	−2	−2
Deposits	8	4	−3	−11
Account payable and accrued liabilities	−110,000	3	2	2
Operating lease liability	0	−34,000	0	0
Customers deposits and deferred revenue	38,000	9	2	1
Net cash provided by operating activities from continuing operations	8	3	—	—
Net cash used in operating activities from discontinued operations	−5	−20	9	—
Net cash provided by (used in) operating activities	3	−17	−30	−21
Payoff of liability issued for flyExclusive investment	−8	—	—	—
Cash payment for property and equipment	−211,000	−145,000	−637,000	−259,000
Proceeds from the sale of property and equipment	30,000	33,000	0	—
Interests on Note receivable	−99,000	0	—	—
Cash used in investing activities - discontinued operations	0	−3,000	2	—
Net cash used in investing activities	−8	−115,000	2	5
Principal payment on lease obligations	−39,000	0	—	—
Repayments of lines of credit	0	−1	0	−6
Proceeds from issuance of term loan	0	4	0	—
Proceeds from issuance of convertible notes, net	6	4	13	19
Proceeds from issuance of shares under at-the-market sales plan	463,000	—	—	0
Costs of share issuance	−66,000	0	—	—
Repayment on loans	−1	−3	−787,000	−6,000
Proceeds from exercise of stock options	0	94,000	23,000	0
Cash provided by financing activities - discontinued operations	0	95,000	—	—
Net cash provided by financing activities	5	4	37	23
Net increase (decrease) in cash	698,000	−13	9	6
Cash paid for interest	989,000	6	2	61,000
Cash paid for income taxes	497,000	0	0	0
Note receivable from sale of GC Aviation, Inc.	2	0	—	—
Non-cash interest	4	0	—	—
Credit facility for the aircraft deposits	−29	0	—	—
In-kind dividend payable	2	0	—	—
Issuance of shares for convertible notes	7	0	—	—
Investment in M2i - share exchange	−2	0	—	—
Investment in flyExclusive	−2	0	—	—
Liability issued for flyExclusive investment	8	0	—	—
Financing for aircraft purchase	56	0	—	—
Settlement on liability for aircraft purchase	−56	0	—	—
Financed deposits on aircraft	29	0	—	—
Issuance of shares in exchange for debt reduction	523,000	0	—	—
Proceeds from settlement of net payable	100,000	—	—	—
Initial recognition of right-of-use asset	0	201,000	0	2

Filings

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