Altair International Corp. Reports $1.2 Million Net Loss in Q1 2025 Amid Increased Costs

Altair International Corp. reported a net loss of $1.2 million for the first quarter of 2025, a significant decline from a net income of $52,922 in the same period of 2024. Revenue for the quarter totaled $5.88 million, slightly down from $5.89 million year-over-year. The decrease in profitability was attributed to increased operational costs, including approximately $460,000 in pre-charter revenue operating costs for newly acquired aircraft and $280,000 related to grounded aircraft undergoing major maintenance. The company's cost of sales rose to $5.73 million, up from $5.02 million, reflecting the impact of these additional expenses.

The company experienced a notable increase in operating expenses, which rose to $1.00 million from $741,311 in the previous year. This increase was primarily driven by higher consulting fees related to the merger with Premier Air Charter and increased salaries to support operations. As a result, Altair's loss from operations for the quarter was $855,678, compared to a profit of $129,595 in the prior year. The company also reported a significant rise in interest expenses, which contributed to the overall net loss.

In terms of strategic developments, Altair completed the acquisition of Premier Air Charter on March 11, 2025, which was accounted for as a reverse recapitalization. This merger has positioned Altair to expand its operations in the aviation sector, focusing on private charter flights and aircraft management services. Following the merger, the total number of shares outstanding increased to 279,848,293, reflecting the issuance of shares to former Premier shareholders.

Operationally, Altair's current assets decreased to $844,776 as of March 31, 2025, down from $997,117 at the end of 2024, while current liabilities rose to $7.51 million from $5.36 million. The company’s financial health is under scrutiny, as it owes approximately $7.5 million to related parties, raising concerns about its liquidity and ability to continue as a going concern. The management indicated that future operations will depend on generating additional charter revenue and securing cost-effective financing.

Looking ahead, Altair's management expressed uncertainty regarding its ability to secure additional funding necessary for ongoing operations. The company plans to rely on related party support and potential equity sales to meet its financial needs. However, there is no assurance that these efforts will be successful, and the company may need to implement cost-cutting measures if it cannot secure adequate financing. The outlook remains cautious as Altair navigates the challenges of integrating Premier and addressing its financial obligations.