Volato Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Volato Group, Inc. has filed its 2023 10-K annual report, detailing financial performance and corporate structure.</b>

AI Summary

Volato Group, Inc. (SOARW) filed a Annual Report (10-K) with the SEC on March 26, 2024. Volato Group, Inc. filed its annual report for the fiscal year ending December 31, 2023. The company is incorporated in Delaware and operates in the Air Transportation, Nonscheduled sector. The filing is a 10-K, indicating a comprehensive annual financial disclosure. The company's business address is located at 1954 Airport Road, Suite 124, Chamblee, GA 30341. The filing includes financial data for the fiscal years 2023, 2022, and 2021, with specific details on common stock, warrants, and additional paid-in capital.

Why It Matters

For investors and stakeholders tracking Volato Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Volato Group's financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future prospects. The detailed financial data, including equity and capital accounts across multiple years, allows for trend analysis and comparison, aiding in investment decisions.

Risk Assessment

Risk Level: low — Volato Group, Inc. shows low risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies and does not inherently contain new, high-risk information.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Volato Group's financial position and operational challenges for FY2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-26 — Filing Date (Date of submission)
• 142 — Public Document Count (Number of documents in the filing)
• 0001853070 — Central Index Key (Unique identifier for the filer)

Key Players & Entities

• Volato Group, Inc. (company) — Filer name
• 1954 Airport Road, Suite 124, Chamblee, GA 30341 (company) — Business address
• 20231231 (date) — Fiscal year end
• 20240326 (date) — Filing date
• PRO Sebelumnya Acquisition Corp I (company) — Former company name

FAQ

Industry Context

Volato Group operates in the Air Transportation, Nonscheduled sector, which involves providing air transport services on a charter or contract basis rather than on fixed schedules.

Regulatory Implications

As a public company, Volato Group is subject to the regulations of the Securities and Exchange Commission (SEC), requiring regular filings like the 10-K to ensure transparency for investors.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for FY2023.
2. Review any disclosed risk factors to understand potential challenges.
3. Examine executive compensation details if available in the full filing.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-26: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Volato Group, Inc. as a public entity, detailing its financial performance for the fiscal year 2023.

Key Financial Figures

• $0.0001 — hich registered Class A Common stock, $0.0001 par value per share SOAR NYSE American
• $11.50 — A common stock at an exercise price of $11.50 SOAR.WS NYSE American LLC Securities
• $29.0 billion — rowing. In 2022, private aviation was a $29.0 billion-dollar market globally, and was forecas
• $38.0 billion — globally, and was forecasted to grow to $38.0 billion in 2029 4 . Private aviation has tradit
• $25.1 billion — vate aircraft sales and charter totaled $25.1 billion in 2021 5 . However, aircraft sales and

Filing Documents

• soar-20231231.htm (10-K) — 1526KB
• soar-form10xkxex4x4descrip.htm (EX-4.4) — 54KB
• soar-form10xkxex214864x750.htm (EX-21.1) — 5KB
• soar-20231231xexx311.htm (EX-31.1) — 9KB
• soar-20231231xexx312.htm (EX-31.2) — 9KB
• soar-20231231xexx321.htm (EX-32.1) — 4KB
• soar-20231231xexx322.htm (EX-32.2) — 4KB
• volatogroup-form10xkxex97c.htm (EX-97.1) — 36KB
• soar-20231231_g1.jpg (GRAPHIC) — 160KB
• soar-20231231_g10.jpg (GRAPHIC) — 26KB
• soar-20231231_g11.jpg (GRAPHIC) — 3KB
• soar-20231231_g2.jpg (GRAPHIC) — 161KB
• soar-20231231_g3.jpg (GRAPHIC) — 91KB
• soar-20231231_g4.jpg (GRAPHIC) — 91KB
• soar-20231231_g5.jpg (GRAPHIC) — 96KB
• soar-20231231_g6.jpg (GRAPHIC) — 250KB
• soar-20231231_g7.jpg (GRAPHIC) — 158KB
• soar-20231231_g8.jpg (GRAPHIC) — 138KB
• soar-20231231_g9.jpg (GRAPHIC) — 307KB
• 0001628280-24-012994.txt (&nbsp;) — 13639KB
• soar-20231231.xsd (EX-101.SCH) — 86KB
• soar-20231231_cal.xml (EX-101.CAL) — 99KB
• soar-20231231_def.xml (EX-101.DEF) — 513KB
• soar-20231231_lab.xml (EX-101.LAB) — 772KB
• soar-20231231_pre.xml (EX-101.PRE) — 736KB
• soar-20231231_htm.xml (XML) — 1032KB

Business

Business 4 Information about our Executive Officers 20 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 38 Item 1 C Cybersecurity 38 Item 2.

Properties

Properties 39 Item 3.

Legal Proceedings

Legal Proceedings 39 Item 4. Mine Safety Disclosures 39 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 40 Item 6. [Reserved] 41 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 93 Item 9A.

Controls and Procedures

Controls and Procedures 93 Report of Management on Internal Control over Financial Reporting 93 Report of Independent Registered Public Accounting Firm 94 Item 9B. Other Information 95 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 95 PART III Item 10. Directors, Executive Officers, and Corporate Governance 95 Item 11.

Executive Compensation

Executive Compensation 95 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 95 Item 13. Certain Relationships and Related Transactions, and Director Independence 95 Item 14. Principal Accountant Fees and Services 95 PART IV Item 15. Exhibit and Financial Statement Schedules 96 Item 16. Form 10-K Summary 98

Signatures

Signatures 99 Table of Contents Note About Forward-Looking Statements This report includes estimates, projections, statements relating to our business plans, objectives, and expected operating results that are "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward- looking statements may appear throughout this report, including the following sections: "Business" (Part I, Item 1 of this Form 10- K), "Risk Factors" (Part I, Item 1A of this Form 10-K), and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (Part II, Item 7 of this Form 10- K). These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward -looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. We describe certain risks and uncertainties that could cause actual results and events to differ materially in the sections entitled "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosures about Market Risk" (Part II, Item 7A of this Form 10 -K). Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise. 3 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS Overview Our mission is to empower people to live their best lives while creating more time for the rest of their lives by providing convenient and high-quality travel services. Through our focus on the development of proprietary technology and evolution of aircraft ownership and use models, combined with our commitment to an exceptional customer experience using the "Right Aircraft for the Mission," we are able to achieve a more efficient private jet experience, without sacrificing luxury. Our History Volato Group, Inc. ("Volato Group" "we" or "us") is a private aviation company founded in January 2021. That year, we entered the private jet charter and fractional ownership market with our Part 135 HondaJet ownership program, taking delivery of our first jet in August 2021 and completing our first Part 135 charter flight in October of 2021. The HondaJet is manufactured by Honda Aircraft Company ("Honda"). We took delivery of three HondaJets in 2021. In 2022, we continued to build our fleet of HondaJets. In March 2022, we acquired Gulf Coast Aviation, Inc., owner of G C Aviation, Inc., a Texas entity and Part 135 air carrier certificate holder. This acquisition added personnel and facilities to support managed aircraft, sales, maintenance, and other operational functions. Also in March 2022, we placed orders for four Gulfstream G280s for delivery in 2024 and 2025. In August of 2022, we launched the Volato Stretch jet card, a differentiated jet card product that provides flight credits for customer itinerary flexibility. In December of 2022, we signed a letter of intent for a multi-year fleet purchase of HondaJets with Honda. In January 2023, we launched our automated dynamic pricing tool for the general charter market. In March of 2023, we introduced the Insider Program, a deposit program for our charter services featuring HondaJet pricing caps in certain geographical areas. In May 2023, we executed a firm order with Honda for 23 HondaJets to b

View Full Filing

View this 10-K filing on SEC EDGAR