Jet.AI soars in Q1 with 105% revenue increase
Jet.AI reported a strong first quarter of 2024, boasting a 105% year-over-year revenue increase to $3.8m driven by a surge in software app and management and other services revenue.
The company’s Software App and Cirrus Aviation Charter revenue, which includes bookings made through their CharterGPT app and Cirrus Aviation, jumped to $2.4m, a significant increase from $1.0m in Q1 2023. This increase reflects a more than 200% rise in bookings through CharterGPT and increased utilisation of their Citation CJ4 managed aircraft.
Moreover, management and other services revenue, including income from managing and chartering customer aircraft, also saw a substantial rise, reaching $800,000 compared to $334,000 in the same period last year.
Jet Card and Fractional Programs revenue grew slightly to $677,000 from $548,000 year-over-year.
On the other hand, Jet.AI’s cost of revenue doubled to $4m from $2m in Q1 2023. This rise is primarily due to increased fleet utilisation, use of third-party charters, and fees associated with charter flights.
On the bottom line, the company posted a net loss of $3.2m translating into diluted earnings per share of -$0.28.
However, the company’s cash and cash equivalents during the first quarter decreased by $1.5m of $0.6m compared to end of 2023.
During the quarter under review, the company released the National Jet Card Program using third party aircraft and announced partnership with FL3XX to integrate its DynoFlight carbon removal platform.
In addition, the company also raised a $16.5m convertible preferred from Ionic Ventures LLC.
“Last quarter we doubled sales year over year and substantially improved bottom line margin, up 17% points adjusted for option expense. In addition, we closed on the $16.5m sale of convertible preferred shares to Ionic Ventures LLC, with the goal of positioning the company well financially for the foreseeable future,” said Mike Winston, executive chairman and founder, Jet.AI.
“On the software side, we launched Reroute AI for operators and did a key integration deal for DynoFlight with a major software provider to the private jet industry (FL3XX). Challenger 3500 fleet financing conversations remain ongoing.
