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10-Q: Q2 2024 Earnings Report

SEC ·  Aug 14, 2024 20:31

Summary by Moomoo AI

Jet.AI reported Q2 2024 revenue of $3.1 million, a 10% increase from $2.8 million in Q2 2023, driven by a $500,000 rise in aircraft management services revenue and increased chartering of its Citation CJ4. However, the company's gross loss widened to $417,000 from $201,000 year-over-year, primarily due to reduced jet card customer flights without corresponding fixed cost reductions.Operating expenses increased by $556,000 to $2.8 million, mainly due to higher professional service expenses of $364,000 related to legal costs and SEC filings, along with increased wages of $294,000 from expanded headcount. The operating loss expanded to $3.2 million from $2.4 million in Q2 2023, reflecting higher administrative costs post-Business Combination.As of June 30, 2024, cash and equivalents stood at $528,117, including $500,000 restricted cash. The company raised approximately $1.7 million through share issuances and $1.5 million from preferred stock sales during Q2. Management plans to fund operations through existing facilities while pursuing cost reduction measures if needed, though additional capital may be required for growth.
Jet.AI reported Q2 2024 revenue of $3.1 million, a 10% increase from $2.8 million in Q2 2023, driven by a $500,000 rise in aircraft management services revenue and increased chartering of its Citation CJ4. However, the company's gross loss widened to $417,000 from $201,000 year-over-year, primarily due to reduced jet card customer flights without corresponding fixed cost reductions.Operating expenses increased by $556,000 to $2.8 million, mainly due to higher professional service expenses of $364,000 related to legal costs and SEC filings, along with increased wages of $294,000 from expanded headcount. The operating loss expanded to $3.2 million from $2.4 million in Q2 2023, reflecting higher administrative costs post-Business Combination.As of June 30, 2024, cash and equivalents stood at $528,117, including $500,000 restricted cash. The company raised approximately $1.7 million through share issuances and $1.5 million from preferred stock sales during Q2. Management plans to fund operations through existing facilities while pursuing cost reduction measures if needed, though additional capital may be required for growth.
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