Jet.AI Inc. reported its financial results for the second quarter and first half of 2025, revealing a decline in revenue and an increase in net losses compared to the same periods in 2024. For the three months ended June 30, 2025, the company generated revenues of $2.23 million, a decrease of 28% from $3.08 million in the prior year. The six-month revenue also fell to $5.70 million from $6.93 million, marking a 17.8% decline. The gross loss for the second quarter was approximately $110,300, an improvement from a gross loss of $416,996 in the same quarter of 2024. However, the operating loss increased to $2.48 million from $3.22 million year-over-year.
The company's financial performance was impacted by several factors, including a significant reduction in revenue from its Cirrus Charter services and Jet Card programs, which were down by $488,000 and $137,000, respectively. This decline was attributed to clients scaling back commitments in anticipation of the sale of the company's aviation business assets. In contrast, revenue from software-related sales increased by $149,000, reflecting a growing emphasis on its software offerings. The company also reported a net loss of $2.39 million for the second quarter, compared to a net loss of $3.22 million in the same period last year.
In terms of strategic developments, Jet.AI is in the process of transitioning its business model. The company has entered into a merger agreement with flyExclusive, which will result in the distribution of its jet charter business to a new subsidiary, Jet.AI SpinCo. This transaction is expected to close in the third quarter of 2025, subject to shareholder approval. Additionally, Jet.AI has formed a joint venture with Consensus Core Technologies to develop data centers, contributing $300,000 to the venture and acquiring a 0.5% equity interest.
Operationally, Jet.AI's total assets increased to $14.47 million as of June 30, 2025, up from $10.80 million at the end of 2024. The company reported a cash balance of $8.27 million, bolstered by $11 million raised through the issuance of Series B Preferred Stock. However, the company continues to face challenges, including an accumulated deficit of $58.1 million and ongoing operating losses. Looking ahead, Jet.AI anticipates further revenue declines in the third quarter as it finalizes the sale of its aviation assets, but it remains optimistic about future growth driven by its software initiatives and strategic partnerships.
About Jet.AI Inc.
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