Fleet Refresh and Modernization
Sold or eliminated 20 of 37 nonperforming aircraft; introduced Challenger 300s and 350s with over 80% dispatch availability, contributing $8-10 million in annual revenue per aircraft.
Membership Growth
Jet Club membership grew 26% year-over-year to 1,195 members, with a significant 19% increase from Q3 to Q4.
Revenue and Operational Growth
Q4 revenue up 20% year-over-year to $91 million despite a 17% reduction in fleet size; flight hours increased by 36%.
Financial Improvements
Gross margin improved to 18% in Q4, up from 11% in Q3; adjusted EBITDA loss narrowed from $19 million in Q1 to $6 million in Q4.
MRO and Ancillary Business Growth
MRO revenue grew by $2.6 million, a 55% increase over 2023, becoming a revenue driver.
Strategic Partnerships
Agreement with Volato brought in nearly 200 new members; proposed merger with Jet.AI aims to expand capital base and customer reach.