Volato Group Files Q3 2024 10-Q

Ticker: SOARW · Form: 10-Q · Filed: Nov 19, 2024 · CIK: 1853070

Volato Group, Inc. 10-Q Filing Summary
FieldDetail
CompanyVolato Group, Inc. (SOARW)
Form Type10-Q
Filed DateNov 19, 2024
Risk Levelmedium
Pages16
Reading Time19 min
Key Dollar Amounts$0.0001, $11.50, $2.0 million, $4.0 million
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, air-transportation, financials

TL;DR

Volato Group's Q3 2024 10-Q is in, check financials for air transport performance.

AI Summary

Volato Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and business segments are presented, reflecting the company's activities in the nonscheduled air transportation sector.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for Volato Group, Inc., crucial for understanding the company's performance and future outlook in the air transportation market.

Risk Assessment

Risk Level: medium — As a publicly traded company in the volatile air transportation sector, Volato Group faces inherent risks related to market conditions, operational costs, and regulatory changes.

Key Numbers

  • 2024 Q3 — Reporting Period (Covers the third quarter of 2024.)
  • 12/31 — Fiscal Year End (Indicates the company's fiscal year concludes on December 31st.)

Key Players & Entities

  • Volato Group, Inc. (company) — Filer of the 10-Q
  • PROOFS Acquisition Corp I (company) — Former name of Volato Group, Inc.
  • 20240930 (date) — End of the reporting period
  • 20241119 (date) — Filing date

FAQ

What is the primary business of Volato Group, Inc.?

Volato Group, Inc. is engaged in nonscheduled air transportation, as indicated by its SIC code [4522].

When was the company formerly known as PROOF Acquisition Corp I renamed Volato Group, Inc.?

The date of the name change from PROOF Acquisition Corp I to Volato Group, Inc. was March 24, 2021.

What is the filing date of this 10-Q report?

This 10-Q report was filed on November 19, 2024.

What period does this 10-Q filing cover?

This 10-Q filing covers the period ending September 30, 2024.

Where is Volato Group, Inc. headquartered?

Volato Group, Inc.'s business address is located at 1954 Airport Road, Suite 124, Chamblee, GA 30341.

Filing Stats: 4,725 words · 19 min read · ~16 pages · Grade level 15.6 · Accepted 2024-11-19 16:15:03

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 SOARWS OTC Markets Group, Inc. Secur
  • $2.0 million — to have stockholders equity of at least $2.0 million if it has reported losses from continui
  • $4.0 million — o have stockholders' equity of at least $4.0 million if it has reported losses from continui

Filing Documents

Financial Statements

Financial Statements 4 Consolidated Balance Sheets 4 Consolidated Statements of Operations 6 Consolidated Statements of Changes In Shareholders' Equity (Deficit) 7 Consolidated Statements of Cash Flows 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 44 Item 6 Exhibits 44

Signatures

Signatures 46 Table of Contents Special 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: "Risk Factors" (Part I, Item 1A of this Form 10-Q), and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (Part II, Item 2 of this Form 10- Q). 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," or the negative of these terms or similar expressions used in this report or incorporated by reference in this report, but the absence of these terms does not mean that a statement is not forward-looking. 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" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this report and similarly titled sections in and the section entitled "Quantitative and Qualitative Disclosures about Market Risk" of our most recent Annual Report on 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

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 4 Table of Contents VOLATO GROUP, INC. CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except par value amounts) (unaudited) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash $ 3,759 $ 14,486 Restricted cash 1,840 — Accounts receivable, net 118 442 Deposits 36,020 25,125 Prepaid expenses and other current assets 1,184 2,238 Current assets - discontinued operations 901 4,207 Total current assets 43,822 46,498 Property and equipment, net 796 846 Operating lease, right-of-use assets 176 — Deposits 99 15,691 Forward purchase agreement — 2,982 Restricted cash — 2,237 Intangibles, net 1,345 1,391 Goodwill 635 635 Non-current assets - discontinued operations 1,061 1,432 Total assets $ 47,934 $ 71,712 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 7,646 $ 5,229 Loan from related party — 1,000 Operating lease liability 37 — Merger transaction costs payable in shares — 4,250 Credit facility and other loans 30,594 20,616 Customer deposits and deferred revenue 11,774 2,830 Current liabilities - discontinued operations 16,354 13,712 Total current liabilities 66,405 47,637 Deferred income tax liability 305 305 Operating lease liability, non-current 139 — Credit facility, non-current — 8,054 Non-current liabilities - discontinued operations 719 965 Total liabilities $ 67,568 $ 56,961 COMMITMENTS AND CONTINGENCIES Shareholders' equity: Common Stock Class A, $ 0.0001 par value; 80,000,000 authorized; 29,534,339 and 28,043,449 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 3 3 Additional paid-in capital 82,768 78,410 Accumulated deficit ( 102,405 ) ( 63,662 ) Total shareholders' equity ( 19,634 ) 14,751 Total liabilities and shareholders' equity $ 47,934 $ 71,712 The accompanying notes are an integral part of these consolidated financial statements . 5 Table of Contents VOLAT

View Full Filing

View this 10-Q filing on SEC EDGAR

View on ReadTheFiling | About | Contact | Privacy | Terms

Data from SEC EDGAR. Not affiliated with the SEC. Not investment advice. © 2026 OpenDataHQ.