Summary by Moomoo AI
Jet.AI Inc. reported annual revenue of $14.0 million for fiscal year 2024, representing a 15% increase from $12.2 million in 2023. The growth was primarily driven by software and charter services revenue of $8.1 million and aircraft management services revenue of $3.6 million. However, the company recorded a net loss of $12.7 million, slightly higher than the $12.6 million loss in 2023, with gross loss widening to $965,000 due to increased maintenance costs and lower aircraft utilization.The company strengthened its financial position by raising approximately $11.9 million through share issuances and $5.5 million through Series B Preferred Stock offerings during 2024. Additionally, Jet.AI secured a significant aircraft purchase agreement with Textron for three Citation CJ4 aircraft valued at approximately $40.5 million, with deliveries expected in 2026.In February 2025, Jet.AI announced plans to strategically pivot its business model by entering into a merger agreement with flyExclusive. Under the agreement, Jet.AI will spin off its charter business operations while retaining its AI and software assets to focus on expanding its artificial intelligence capabilities. The transaction is expected to close in Q2 2025, subject to shareholder approval.
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