0001628280-26-017343
SEC filingVolato Group, Inc. reported FY 2025 revenue of $78.6M, a 101% increase from $39.1M in FY 2024, driven by aircraft sales. The company achieved operating income of $4.0M, a significant improvement from an operating loss of $8.6M in the prior year. Net income was $5.2M, a positive swing from a net loss of $40.6M in FY 2024, largely due to gains from settlements of member deposits and liabilities. The company's strategic shift away from aircraft operations to focus on software (Vaunt, Parslee) and aircraft sales is central to its forward-looking strategy, including a proposed merger with M2i Global, Inc. However, the company's independent auditor expressed substantial doubt about its ability to continue as a going concern due to an accumulated deficit and working capital deficit.
Volato Group, Inc. reported a significant financial turnaround for FY 2025. Revenue surged to $78.6M, a 101% increase from $39.1M in FY 2024. This growth was primarily driven by aircraft sales, which increased by $39.0M. The company achieved operating income of $4.0M, a $12.6M improvement from an operating loss of $8.6M in the prior year. Net income was $5.2M, a positive swing of $45.8M from a net loss of $40.6M in FY 2024. Key contributors to net income included a $10.1M gain on settlement of liabilities and $4.3M in net income from discontinued operations. Basic and diluted earnings per share were $1.18, compared to a loss per share of $24.42 in the prior year.
Revenue is generated through two primary streams: aircraft sales and subscription services. Aircraft sales constituted the vast majority of revenue at $77.1M (98% of total), a 102% increase from $38.2M in FY 2024. This increase resulted from the delivery and sale of three Gulfstream G280 aircraft during the year. Subscription revenue, primarily from the Vaunt software platform, was $1.5M, a 60% increase from $0.9M in FY 2024. The Vaunt platform began generating revenue in 2024 and has surpassed 190,000 app downloads and completed 1,145 flights in 2025. The company's Parslee enterprise AI platform entered its first paying pilot programs in Q3 2025.
Gross profit was $14.7M, resulting in a gross margin of 18.7%, a slight improvement from 17.6% in FY 2024. Cost of revenue was $63.9M, a 98% increase that closely tracked the increase in aircraft sales revenue. Selling, general, and administrative expenses decreased by 31% to $10.7M from $15.5M, reflecting cost-saving initiatives implemented in 2024 that continued through 2025, including the transition of fleet operations to flyExclusive. Operating margin was 5.0%, a significant recovery from a negative operating margin in the prior year.
Net cash provided by operating activities was $3.5M, a positive reversal from a $16.9M cash outflow in FY 2024. Key adjustments included a $10.0M gain on settlement of liabilities and an $8.2M decrease in deposits. Net cash used in investing activities was $8.1M, primarily for the payoff of a liability issued for the flyExclusive investment. Net cash provided by financing activities was $5.3M, from proceeds of convertible notes and share issuances. As of December 31, 2025, the company had $4.7M in cash, total assets of $12.0M, total liabilities of $13.8M, and a shareholders' deficit of $1.8M. The company had negative working capital of $3.9M and an accumulated deficit of $100.8M.
The company's strategic focus is on high-growth areas including aircraft sales and proprietary software (Vaunt, Parslee, Mission Control). A key forward-looking event is the proposed merger with M2i Global, Inc., subject to stockholder approval, which would expand the company into the critical minerals sector. Management believes current cash, proceeds from future financings, and prudent expense management will allow it to continue as a going concern for at least the next 12 months, though its independent auditor has expressed substantial doubt. Key risks disclosed include the company's limited operating history, history of net losses, substantial doubt about its ability to continue as a going concern, dependence on third-party operators (flyExclusive) for flights, and reliance on additional funding to finance operations.