Volato provides update on path forward

The company said, “In the third quarter of 2024, Volato (SOAR) initiated the transition of its Fleet Operations to flyExclusive, with the transition anticipated to conclude in the fourth quarter of 2024. As part of this process, customer relationships, have been transferred from Volato to flyExclusive to ensure continuity and quality of service. This resulted in the reduction of Insider Card deposit liability of $4.1 million in the third quarter of 2024 and is expected to be even greater in the fourth quarter of 2024. As part of its turnaround, Volato is broadening the reach of its proprietary software, Mission Control, originally built specifically to support Volato’s operations as a large-scale operator. Now chosen by one of the industry’s largest operators, Mission Control has proven its flexibility and effectiveness in addressing varied operational needs. This choice over existing commercial software underscores a significant gap in the market-most available software doesn’t meet the specialized requirements of large operators, leaving only a few with the capacity to create custom solutions. This adoption by a top-tier operator not only confirms Mission Control’s adaptability but also serves as a proof of concept for broader industry use. Volato aims to extend Mission Control to other operators who need a strong, adaptable management solution, positioning it as a leading choice in aviation software.”