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Jet.AI (JTAI) - 2024 Q3 - Quarterly Results
JTAIJet.AI (JTAI)2024-11-19 13:30

Revenue Performance - Revenues for Q3 2024 were 3.9million,anincreaseof3.9 million, an increase of 0.5 million year-over-year and 0.8millionquarter−over−quarter[6].−SoftwareAppandCirrusCharterrevenuetotaled0.8 million quarter-over-quarter[6]. - Software App and Cirrus Charter revenue totaled 2.4 million, up 0.5millioncomparedtothesameperiodlastyear[7].−ManagementandOtherServicesrevenuereached0.5 million compared to the same period last year[7]. - Management and Other Services revenue reached 960,000, compared to 775,000inthesameperiodlastyear[8].−RevenuesforQ32024reached775,000 in the same period last year[8]. - Revenues for Q3 2024 reached 3,917,393, a 16.3% increase from 3,367,189inQ32023[20].OperatingPerformance−Operatinglossdecreasedtoapproximately3,367,189 in Q3 2023[20]. Operating Performance - Operating loss decreased to approximately 2.9 million, down from 4.3millioninthesameperiodlastyear[12].−GrosslossforQ32024wasapproximately4.3 million in the same period last year[12]. - Gross loss for Q3 2024 was approximately 14,000, compared to a gross profit of 170,000inthesameperiodlastyear[11].−GrosslossprofitforQ32024was170,000 in the same period last year[11]. - Gross loss profit for Q3 2024 was (13,886), compared to a profit of 170,441inQ32023[20].−Totaloperatingexpensesdecreasedto170,441 in Q3 2023[20]. - Total operating expenses decreased to 2,868,052 in Q3 2024 from 4,436,956inQ32023,areductionof35.44,436,956 in Q3 2023, a reduction of 35.4%[20]. - Net loss for Q3 2024 was (2,881,882), an improvement from (4,290,559)inQ32023,representinga32.7(4,290,559) in Q3 2023, representing a 32.7% reduction[20]. - Net loss per share for Q3 2024 was (43.82), an improvement from (137.55)inQ32023[20].CashandFinancing−CashandcashequivalentsasofSeptember30,2024,wereapproximately(137.55) in Q3 2023[20]. Cash and Financing - Cash and cash equivalents as of September 30, 2024, were approximately 312,000, down from 528,000asofJune30,2024[13].−CashusedinoperatingactivitiesfortheninemonthsendedSeptember30,2024,was528,000 as of June 30, 2024[13]. - Cash used in operating activities for the nine months ended September 30, 2024, was (4,840,533), compared to (2,744,630)inthesameperiodof2023[22].−Cashandcashequivalentsattheendoftheperiodwere(2,744,630) in the same period of 2023[22]. - Cash and cash equivalents at the end of the period were 311,883, down from 903,909in2023[22].−Netcashprovidedbyfinancingactivitieswas903,909 in 2023[22]. - Net cash provided by financing activities was 3,064,795 in 2024, compared to 2,290,678in2023,anincreaseof342,290,678 in 2023, an increase of 34%[22]. - Stock-based compensation for the nine months ended September 30, 2024, was 3,714,404, down from 5,424,158in2023[22].ShareholderActions−Thecompanyauthorizeda5,424,158 in 2023[22]. Shareholder Actions - The company authorized a 2 million share repurchase program and completed a reverse stock split[4]. - Weighted average shares outstanding increased to 78,523 in Q3 2024 from 31,192 in Q3 2023[20]. Future Plans - Jet.AI plans to develop CharterGPT into an 'AI agent' for independent booking processes over the next few quarters[5]. - The company entered an agreement with Textron Aviation to purchase three Cessna Citation CJ4 jets, with deliveries scheduled for 2026[5]. Liabilities - Total liabilities as of September 30, 2024, were 8.39million,downfrom8.39 million, down from 9.68 million at the end of the previous year[18].