This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management or the Board's current expectations or predictions of future conditions, events, or results. All statements that address operating performance, events, or developments that may occur in the future are forward-looking statements, including statements regarding the challenges associated with executing our growth strategy, including expected deliveries of aircraft and related sales, and developing, marketing and consistently delivering high-quality services that meet customer expectations. All forward-looking statements speak only as of the date they are made and reflect the Company's good faith beliefs, assumptions, and expectations, but they are not guarantees of future performance or events. Furthermore, Volato disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond Volato's control, that are described in Volato's periodic reports filed with the SEC including its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023, and other factors that Volato may describe from time to time in other filings with the SEC. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
VOLATO GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except par value amounts)
(unaudited)
September 30, December 31,
2024 2023
--------------- -----------------
ASSETS
Current assets:
Cash $ 3,759 $ 14,486
Restricted cash 1,840 --
Accounts receivable, net 118 442
Deposits 36,020 25,125
Prepaid expenses and other current
assets 1,184 2,238
Current assets - discontinued
operations 901 4,207
---------- ----------
Total current assets 43,822 46,498
Property and equipment, net 796 846
Operating lease, right-of-use assets 176 --
Deposits 99 15,691
Forward purchase agreement -- 2,982
Restricted cash -- 2,237
Intangibles, net 1,345 1,391
Goodwill 635 635
Non-current assets - discontinued
operations 1,061 1,432
---------- ----------
Total assets $ 47,934 $ 71,712
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
liabilities $ 7,646 $ 5,229
Loan from related party -- 1,000
Operating lease liability 37 --
Merger transaction costs payable in
shares -- 4,250
Credit facility and other loans 30,594 20,616
Customer deposits and deferred
revenue 11,774 2,830
Current liabilities - discontinued
operations 16,354 13,712
---------- ----------
Total current liabilities 66,405 47,637
Deferred income tax liability 305 305
Operating lease liability, non-current 139 --
Credit facility, non-current -- 8,054
Non-current liabilities - discontinued
operations 719 965
---------- ----------
Total liabilities $ 67,568 $ 56,961
---------- ----------
COMMITMENTS AND CONTINGENCIES
Shareholders' equity:
Common Stock Class A, $0.0001 par
value; 80,000,000 authorized;
29,534,339 and 28,043,449 shares
issued and outstanding as of
September 30, 2024 and December 31,
2023, respectively 3 3
Additional paid-in capital 82,768 78,410
Accumulated deficit (102,405) (63,662)
---------- ----------
Total shareholders' equity (19,634) 14,751
---------- ----------
Total liabilities and shareholders'
equity 47,934 $ 71,712
========== ==========
VOLATO GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
(unaudited)
For the Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------- ----------------------------
2024 2023 2024 2023
---------- ---------- ---------- ----------
Revenue $ 40,269 $ 3,654 $ 44,866 $ 15,933
Costs and
expenses:
Cost of revenue 33,768 3,335 37,812 14,633
Selling,
general and
administrative 4,649 2,152 13,484 5,782
---------- ---------- ---------- ----------
Total costs
and
expenses 38,417 5,487 51,296 20,415
Operating income
(loss) 1,852 (1,833) (6,430) (4,482)
Other income
(expenses):
Gain from sale of
consolidated
entity -- -- -- 387
Other income 56 76 214 243
Loss from change
in fair value
forward purchase
agreement -- -- (2,982) --
Interest expense,
net (3,234) (805) (5,603) (2,427)
---------- ---------- ---------- ----------
Other income
(expenses) (3,178) (729) (8,371) (1,797)
Loss before
provision for
income taxes and
discontinued
operations (1,326) (2,562) (14,801) (6,279)
Provision for
incomes taxes 11 -- 26 --
---------- ---------- ---------- ----------
Net loss from
continuing
operations (1,337) (2,562) (14,827) (6,279)
Net loss from
discontinued
operations (3,098) (9,263) (23,917) (22,924)
---------- ---------- ---------- ----------
Net loss $ (4,435) $ (11,825) $ (38,744) $ (29,203)
========== ========== ========== ==========
Basic and diluted
net loss per
share:
Net loss per
share from
continuing
operations,
basic and
diluted $ (0.05) $ (0.15) $ (0.50) $ (0.48)
Net loss per
share from
discontinued
operations,
basic and
diluted (0.10) (0.55) (0.81) (1.74)
Net loss per
share, basic and
diluted (0.15) (0.71) (1.32) (2.22)
Weighted average
common shares
outstanding:
Basic and diluted 29,514,044 16,747,063 29,446,332 13,165,308
ADJUSTED EBITDA
We calculate Adjusted EBITDA as net loss adjusted for (i) interest expense, net, (ii) provision for income taxes (benefit) (iii) depreciation and amortization, (iv) equity-based compensation expense, and other non-operating items. We include Adjusted EBITDA as a supplemental measure for assessing operating performance.
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