Summary by Moomoo AI
Jet.AI reported Q3 2024 revenues of $3.9M, up $0.5M YoY and $0.8M QoQ, driven by increased service revenue from managing a second customer aircraft. Software App and Cirrus Charter revenue rose to $2.4M, while operating loss decreased to $2.9M from $4.3M YoY. The company had $2.5M in cash as of November 14, 2024.The company authorized a $2M share repurchase program through December 2025 and plans to purchase three Cessna Citation CJ4 jets for delivery in 2026, followed by a proposed deal with Bombardier for Challenger 3500 jets in 2027. The company expects to regain NASDAQ compliance by November 26th.Management is focusing on developing CharterGPT into an autonomous AI booking agent to handle both customer-facing and backend processes. The company aims to expand sales through AI-driven brokers rather than traditional human brokers, testing this approach as a low-cost strategy to find product-market fit.
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