Summary by Moomoo AI
Jet.AI reported Q3 2024 revenue of $3.9 million, a 16% increase from $3.4 million in Q3 2023, driven by growth in aircraft management services and software app revenues. The company's operating loss narrowed to $2.9 million from $4.3 million year-over-year, primarily due to reduced general and administrative expenses and lower stock-based compensation costs.The company's software app and Cirrus charter revenue grew to $2.4 million, while management services revenue increased to $960,000 due to additional managed aircraft. However, gross margin turned negative with a $14,000 loss compared to a $170,000 profit last year, impacted by reduced jet card customer flights without corresponding fixed cost reductions.As of September 30, 2024, Jet.AI had $312,000 in cash and faced continued listing compliance challenges with Nasdaq. The company implemented a 1-for-225 reverse stock split in November 2024 to address the minimum bid price requirement and must demonstrate compliance with listing requirements by November 26, 2024.
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