Financial Performance - Revenues for the three months ended September 30, 2024, were $3,917,393, an increase from $3,367,189 in the same period of 2023, representing a growth of 16.3%[8] - Cost of revenues for the three months ended September 30, 2024, was $3,931,279, compared to $3,196,748 in 2023, indicating an increase of 22.9%[8] - The gross loss for the three months ended September 30, 2024, was $(13,886), a significant decline from a gross profit of $170,441 in the same period of 2023[8] - Net loss for the three months ended September 30, 2024, was $(2,881,882), compared to $(4,290,559) in 2023, showing a reduction of 32.8%[9] - The net loss per share for the three months ended September 30, 2024, was $(43.82), an improvement from $(137.55) in the same period of 2023[9] - The operating loss for the three months ended September 30, 2024, was $(2,881,938), an improvement compared to $(4,266,515) in the same period of 2023[9] - The company reported a net loss of $(3,220,556) for the three months ended June 30, 2024, continuing the trend of financial losses[12] - Net loss for the nine months ended September 30, 2024, was $9,331,487, a slight improvement from a net loss of $9,458,785 in the same period of 2023[13] Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were $2,868,052, down from $4,436,956 in 2023, reflecting a decrease of 35.4%[9] - Total operating expenses decreased by approximately $1.6 million in Q3 2024, primarily due to a $1.5 million reduction in general and administrative expenses[170] - Operating expenses for the first nine months of 2024 increased to $11.4 million for 5 aircraft, up from $8.1 million for 4 aircraft in 2023[188] Cash Flow and Liquidity - Net cash used in operating activities increased to $4,840,533 for the nine months ended September 30, 2024, compared to $2,744,630 in 2023, indicating higher cash burn[13] - Cash and cash equivalents at the end of the period were $311,883, down from $903,909 at the end of September 2023[13] - The Company has a liquidity reserve requirement of $500,000 and a maintenance reserve of approximately $690,000 for its leasing arrangement[78] - The Company plans to rely on funds from share issuances and other potential sales of equity and debt securities to meet funding obligations in the next 12 months[197] Revenue Streams - Revenue from software app and Cirrus charter services for the nine months ended September 30, 2024, was $6,391,732, up from $4,413,745 in 2023, reflecting a growth of 44.7%[51] - The Company recognized $1.1 million in revenue from App-generated services and software related to charter bookings in Q3 2024, an increase of $300,000 from the previous year[158] - Revenue generated through direct chartering of HondaJet aircraft by Cirrus increased by $0.7 million, or 31.0%, to approximately $2.9 million in the first nine months of 2024[184] Stock and Equity - The weighted average shares outstanding for the three months ended September 30, 2024, increased to 78,523 from 31,192 in 2023[9] - The Company issued 14,221 shares of common stock during the nine months ended September 30, 2024, for total consideration of $1.7 million[82] - The Company raised approximately $1,727,000 from the issuance of common stock and $1,500,000 from the sale of Series B Preferred Stock during the nine-month period ended September 30, 2024[196] Strategic Initiatives - The company anticipates continued focus on market expansion and new product development in the upcoming quarters[5] - The Company formed a 50/50 joint venture with Great Western Air LLC in January 2023, with no financial activity reported beyond the initial investment[38] - The Company’s SaaS offerings include Reroute AI and DynoFlight, aimed at enhancing operational efficiency and sustainability for aircraft operators[146] Deferred Revenue and Liabilities - As of September 30, 2024, the Company deferred $1,161,367 in revenue related to prepaid flight hours under the jet card program, down from $1,510,976 as of December 31, 2023, indicating a decrease of approximately 23%[46] - Deferred revenue as of September 30, 2024, was $1,206,869, down from $1,779,794 as of December 31, 2023[135] - The total operating lease liabilities amounted to $1,150,274, down from $1,531,364 as of December 31, 2023[79] Business Combination and Corporate Actions - The business combination with Jet Token was completed on August 10, 2023, resulting in the formation of Jet.AI Inc. and a new class of common stock listed on Nasdaq under the ticker "JTAI"[15] - A reverse stock split at a ratio of one-for-225 was announced, effective November 12, 2024, impacting the number of shares and equity-based awards[25] Concerns and Risks - The Company has incurred losses since inception, raising concerns about its ability to continue as a going concern[20] - As of September 30, 2023, the total stockholders' deficit equity was $(4,257,094), with an accumulated deficit of $(36,114,765)[10]

Core Viewpoint - Jet.AI Inc. has announced a share repurchase program authorizing the buyback of up to $2 million of its common stock through December 31, 2025, indicating confidence in its stock valuation and strategic direction [1][4]. Summary by Sections Share Repurchase Program - The company is authorized to repurchase its common stock at its discretion, subject to market conditions, through various methods including open market purchases and block trades [2]. - The program does not obligate the company to buy a specific number of shares and can be modified or suspended at any time [2]. Withdrawal of S-1 Registration Statement - Jet.AI has decided to withdraw its S-1 registration statement for a prospective offering, determining that the terms were not aligned with its current strategic objectives [3]. - The company expects to regain compliance with NASDAQ's listing rule related to stockholders' equity without the offering [3]. Company Overview - Jet.AI operates in two segments: Software and Aviation, with products like the B2C CharterGPT app and the B2B Jet.AI Operator platform aimed at enhancing the private jet booking experience and maximizing efficiency for charter providers [4]. - The company was founded in 2018 and is based in Las Vegas, Nevada, and San Francisco, California, and is an official partner of the Las Vegas Golden Knights [4].

Core Viewpoint - Jet.AI Inc. has announced a reverse stock split at a ratio of 1-for-225, effective before market opening on November 12, 2024, to comply with Nasdaq listing requirements and to facilitate future share issuance [1][2]. Group 1: Reverse Stock Split Details - The reverse stock split will convert every 225 shares of common stock into one share, maintaining the par value per share [3]. - Stockholders will see their shares automatically adjusted in brokerage accounts, and no fractional shares will be issued; instead, cash payments will be provided for any fractional shares [4]. - The reverse stock split will not change stockholders' percentage interest in the company's equity, except for fractional shares [4]. Group 2: Company Overview - Jet.AI operates in two segments: Software and Aviation, with offerings including the CharterGPT app and a suite of software products for charter providers [5]. - The company was founded in 2018 and is based in Las Vegas, NV, and San Francisco, CA, and is an official partner of the Las Vegas Golden Knights [5].

LAS VEGAS, NV, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. (Nasdaq: JTAI) (the “Company”), today announced that the Company has determined to effect a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-225. The reverse stock split is expected to take effect before markets open on Tuesday, November 12, 2024. The Company’s common stock will continue to be traded on the Nasdaq Capital Market under the symbol JTAI and will begin trading on a split-adjusted basis when the market ...

LAS VEGAS, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ: JTAI), an innovative private aviation and artificial intelligence company, announced it will participate in Corporate Jet Investor Miami 2024 ("CJI Miami") on November 11-13, 2024, at the Fontainebleau Miami Beach. Company Founder and Executive Chairman Mike Winston is scheduled to be a speaker at the event. CJI Miami has been a premier event for networking and knowledge sharing in business aviation, offering a pla ...

LAS VEGAS, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ: JTAI), an innovative private aviation and artificial intelligence company, today announced that it has entered into a securities purchase agreement with certain institutional investors to purchase approximately 15.6 million shares of common stock in a registered direct offering at a purchase price of $0.096 per share. The gross proceeds to the Company from the registered direct offering are estimated to be approxim ...

Las Vegas, NV, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ: JTAI), an innovative private aviation and artificial intelligence company, today announced significant advancements in its AI-driven software offerings — CharterGPT and Reroute AI. The new features are in their final QA cycles before release, set to debut at the 2024 NBAA Business Aviation Convention & Exhibition, with rollouts planned from now through November 2024. CharterGPT: Ushering in the Era of Human-Lik ...

LAS VEGAS, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ: JTAI), an innovative private aviation and artificial intelligence company, today announced that it has entered into a securities purchase agreement with certain institutional investors to purchase approximately 26.6 million shares of common stock in a registered direct offering at a purchase price of $0.09 per share. The gross proceeds to the Company from the registered direct offering are estimated to be approxima ...

LAS VEGAS, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ: JTAI), an innovative private aviation and artificial intelligence company, announced today that it will be participating in the 2024 NBAA Business Aviation Convention & Exhibition ("NBAA-BACE") on October 22-24, 2024 at the Las Vegas Convention Center in Las Vegas, Nevada. NBAA-BACE is the world's largest business aviation event, bringing together cutting-edge business aircrafts, leading advanced air mobility vehic ...

LAS VEGAS, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ: JTAI), an innovative private aviation and artificial intelligence company, invites users to beta test the web version of JetLeg.AI, designed as an iOS/Android app that redirects previously wasted empty private flights into new lower cost charters. The easy-to-use app features AI trip finding, matching, and suggestions. Users may sign up and explore JetLeg.AI's capabilities in advance of live connectivity to the ai ...