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 ...

Core Insights - Jet.AI Inc. is advancing its proprietary technology stack, including CharterGPT, DynoFlight, and Reroute AI, to enhance private aviation services and integrate artificial intelligence into revenue-generating tasks [1][2] Product Growth Metrics - CharterGPT has expanded its user base from 6,038 to 33,088 within a year, processing $5.5 million in RFQs in August 2024, and achieving 1,852 monthly active users with 4,318 User API actions [3] - DynoFlight V2 has improved processing speed by 10 times, increased carbon credit projects by 100 times, and integrated with FL3XX in Q2 2024 [3] - Reroute AI has analyzed 18,796 flight requests and matched 2,029 trip needs with 13,909 empty legs in the last 45 days [3][6] Upcoming Product Launches - CharterGPT Version 2 is set to launch in Q4 2024, featuring enhanced voice interaction capabilities and improved user experience through 1:1 parity between AI, API, and GUI options [4] Integration and Sustainability Efforts - DynoFlight V2 now integrates with FL3XX, providing real-time predictions and tools for users to engage in carbon credit projects, emphasizing the company's commitment to sustainability [5] - Reroute AI will soon integrate with CharterGPT to help users find affordable flights by utilizing empty leg inventories, enhancing operational efficiency [6] Company Overview - Jet.AI operates in two segments: Software and Aviation, with the Software segment focusing on the B2C CharterGPT app and the B2B Jet.AI Operator platform, aimed at improving the private jet booking experience and maximizing efficiency for charter providers [7]

LAS VEGAS, Aug. 23, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ: JTAI), an innovative private aviation and artificial intelligence company, announced its entry with Continental Stock Transfer & Trust Company on August 21, 2024 into: (i) the 2021 Warrant Agreement Amendment, which governs the terms and conditions of the Company's redeemable warrants to purchase shares of Company common stock, par value $0.0001 per share (the "common stock"), which warrants trade on The Nasdaq Cap ...

LAS VEGAS, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Jet.AI (the "Company") (Nasdaq: JTAI), an innovative private aviation and artificial intelligence ("AI") company, today announced financial results for the second quarter ended June 30, 2024. Second Quarter 2024 and Recent Operational Highlights Launched DynoFlight 2.0 platform, an advanced AI web-based solution for aviation carbon management Commenced and successfully completed exchange offer and consent solicitation relating to its outstanding warrants Announce ...

Revenue Performance - Revenues for the three months ended June 30, 2024, were $3,083,884, representing an increase of 10.4% compared to $2,792,808 for the same period in 2023[9]. - Total revenue for the six months ended June 30, 2024, was $6,932,482, up 48.5% from $4,668,316 in the same period of 2023[42]. - Revenue from Software App and Cirrus Charter for Q2 2024 was $1,610,899, a 3.2% increase from $1,558,697 in Q2 2023[42]. - Revenue from Software App and Cirrus Charter for the six months ended June 30, 2024, was $3,981,990, up from $2,552,950 in 2023, marking a growth of 56%[42]. - Jet Card and Fractional Programs revenue decreased to $558,560 in Q2 2024 from $811,140 in Q2 2023, representing a decline of 31%[42]. - Management and Other Services revenue increased significantly to $914,425 in Q2 2024 from $422,971 in Q2 2023, marking a growth of 116%[42]. Profitability and Losses - Gross loss for the six months ended June 30, 2024, was $(541,352), compared to a gross loss of $(275,841) for the same period in 2023, indicating a decline in profitability[9]. - Net loss for the three months ended June 30, 2024, was $(2,448,704), compared to a net loss of $(6,449,605) for the same period in 2023, showing an improvement in loss[10]. - For the six months ended June 30, 2024, Jet.AI reported a net loss of $6,449,605, compared to a net loss of $5,168,226 for the same period in 2023, indicating an increase in losses of approximately 24.7%[12]. - The net loss attributable to common stockholders for the three months ended June 30, 2024, was $2,448,704, compared to a loss of $6,509,060 in 2023, reflecting a reduction of approximately 62.4%[10]. - The company incurred an operating loss of $2,448,704 for the three months ended June 30, 2024, compared to a loss of $6,370,411 in the same period of 2023, showing an improvement of approximately 61.6%[10]. Expenses and Cash Flow - Total operating expenses for the three months ended June 30, 2024, were $2,247,881, up from $1,348,043 in the same period of 2023, reflecting a 66.7% increase[10]. - The company utilized $4,705,433 in cash for operating activities during the first half of 2024, compared to $1,919,226 in the same period of 2023, indicating a substantial increase in cash outflow[12]. - Advertising costs totaled $549,070 for the six months ended June 30, 2024, compared to $223,708 in the same period of 2023, reflecting an increase of 145%[52]. - Stock-based compensation expenses for the six months ended June 30, 2024, were $2,401,046, compared to $2,755,087 in the same period of 2023, showing a decrease of approximately 12.9%[12]. - Total lease expense for the six months ended June 30, 2024, was $701,550, compared to $550,634 for the same period in 2023, reflecting an increase of approximately 27.4%[63]. Shareholder Equity and Stock Information - The total stockholders' equity at June 30, 2024, was $(4,169,820), a decrease from $(525,120) at June 30, 2023, reflecting a significant decline in equity[11]. - Weighted average shares outstanding for the three months ended June 30, 2024, were 12,906,352, compared to 4,520,625 for the same period in 2023, indicating a significant increase in shares[10]. - The company reported a total of 14,755,144 common shares outstanding as of June 30, 2024, an increase from 4,520,625 shares at June 30, 2023[11]. - The Company issued 3,200,000 shares of common stock during the six months ended June 30, 2024, for total consideration of $1.7 million under the Share Purchase Agreement with GEM[65]. - As of June 30, 2024, the total number of outstanding warrants was 25,221,406, with exercise prices ranging from $8.40 to $15.00[97]. Future Outlook and Strategic Initiatives - The company anticipates continued growth in revenues driven by new product launches and market expansion strategies[6]. - The company is exploring potential mergers and acquisitions to enhance its market position and expand its product offerings[6]. - The Company plans to fund operations through capital from operations, drawdowns under its Share Purchase Agreement, and proceeds from warrant exercises, while also exploring potential sources of outside capital[20]. - The Company has the ability to reduce cash burn to preserve capital if necessary[20]. Operational and Development Activities - Research and development expenses for the six months ended June 30, 2024, were $69,942, compared to $64,955 for the same period in 2023, indicating a focus on innovation[10]. - The Company has capitalized approximately $398,000 of internal software development costs, with amortization expense for the six months ended June 30, 2024, being $66,351[33]. - The Company operates a proprietary booking platform (the "App") for arranging private jet travel, alongside selling fractional and whole interests in aircraft and jet cards[18]. - Research and development costs are primarily related to third-party software development and are expensed as incurred until the product is ready for commercial use[53]. Debt and Financing Activities - The Company recognized interest expense of $79,314 for the six months ended June 30, 2024, related to the Bridge Notes[60]. - The Company entered into an accounts payable financing agreement for up to $1,500,000 to pay outstanding vendors, convertible to common stock at a 28% discount[103]. - The Company has accrued $300,000 as of June 30, 2024, related to the GEM Registration Rights Agreement due to delays in the effectiveness of the registration statement[66]. - The Company recognized a debt discount of $168,250 from the Bridge Notes, with $80,761 amortized during the six months ended June 30, 2024[60]. Concerns and Risks - The Company has incurred losses from operations since inception, raising concerns about its ability to continue as a going concern[19]. - The Company has a limited operating history and has generated limited revenue from intended operations, making it sensitive to general business and economic conditions[28].

LAS VEGAS, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ:JTAI), an innovative private aviation and artificial intelligence ("AI") company, announced the launch of its all-new DynoFlight 2.0 platform, a revolutionary web-based solution that redefines aviation carbon management. Completely rebuilt and filled with cutting-edge AI technology, DynoFlight delivers powerful tools designed to allow users to (1) sync fleet data with FL3XX with the touch of a button (2) visualize e ...

Concurrently with the Offer, the Company is also soliciting consents from holders of the redeemable warrants and the private placement warrants to amend the warrant agreement that governs the redeemable warrants and the private placement warrants (the "2021 Warrant Agreement") to permit the Company to require that each redeemable warrant and each private placement warrant that is outstanding upon the closing of the Offer to be exchanged for 0.2749 shares of common stock, which is a ratio 10% less than the e ...

LAS VEGAS, June 12, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ: JTAI), an innovative private aviation and artificial intelligence ("AI") company, today announced that Jet Card holders are expected to benefit from a new source of private jet inventory. The new source of inventory is Reroute AI, the Company's proprietary AI powered empty leg tool. Each time a Jet Card customer requests a trip, it is now cross-referenced with thousands of empty legs from hundreds of operators to f ...

The new source of inventory is Reroute AI, the Company's proprietary AI powered empty leg tool. Each time a Jet Card customer requests a trip, it is now cross-referenced with thousands of empty legs from hundreds of operators to find simulated alternatives. The new trip may then be offered to the customer for a substantially lower cost than their fixed hourly Jet Card rate. To make an appointment to speak with a company representative about the new Jet.AI Jet Card click here. A video demonstration of Rerout ...

LAS VEGAS, June 04, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ: JTAI), an innovative private aviation and artificial intelligence ("AI") company, announced the arrangement of non-binding, non-recourse, debt financing related to the proposed purchase of Bombardier Challenger 3500 aircraft valued at approximately US$280 million based on today's list prices. The debt financing arrangement, in conjunction with the previously announced Ionic Ventures LLC financing, positions the Com ...