Jet.AI Inc. reported its financial results for the first quarter of 2025, revealing a revenue of $3.47 million, a decrease of 9.7% from $3.85 million in the same period of 2024. The company experienced a gross loss of $115,514, slightly improved from a loss of $124,356 in the prior year. Operating expenses rose marginally to $3.06 million from $3.03 million, primarily due to increased general and administrative costs, which included stock-based compensation of $550,936, down from $1.2 million in the previous year. The net loss attributable to common stockholders was $3.17 million, compared to $3.26 million in the first quarter of 2024.
The company noted significant changes in its revenue streams, with software-related revenue from its proprietary booking platform declining to $1 million, a 39% drop from $1.7 million in the first quarter of 2024. This decline was attributed to reduced marketing efforts and a general decrease in private jet travel demand. Conversely, revenue from aircraft management services increased by 60% to $1.3 million, driven by a new management agreement and the addition of a second managed aircraft. The Jet Card and fractional programs generated $343,345, reflecting a decrease in flight hours sold compared to the previous year.
In terms of strategic developments, Jet.AI is in the process of a significant merger with flyExclusive, which is expected to close in the second or third quarter of 2025. This merger will involve the distribution of shares of a new subsidiary, Jet.AI SpinCo, to existing stockholders, effectively separating the company's jet charter business from its software and technology operations. The company anticipates that this strategic move will allow it to focus on its software and AI initiatives while ceasing operations in the fractional and jet card business.
Operationally, Jet.AI's cash and cash equivalents stood at $12.25 million as of March 31, 2025, a significant increase from $5.87 million at the end of 2024. The company raised $11 million through the issuance of Series B Preferred Stock during the quarter, which contributed to the cash increase. However, Jet.AI continues to face challenges, including an accumulated deficit of $55.7 million and ongoing operating losses. The company plans to fund its operations through capital raises and has entered into a non-binding term sheet for a proposed $50 million financing transaction.
Looking ahead, Jet.AI's management remains cautious, indicating that while they expect revenue growth from strategic initiatives, they anticipate continued operating losses for at least the next 12 months. The company is exploring various funding options to support its operations and may reduce cash burn if necessary. The outlook remains contingent on the successful execution of its strategic plans and the overall market conditions affecting the private aviation sector.
About Jet.AI Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.