Jet.AI Inc. reported a revenue of $14.0 million for the fiscal year ending December 31, 2024, marking an increase of $1.8 million from $12.2 million in 2023. The company experienced a gross loss of $964,617, compared to a smaller gross loss of $178,533 in the previous year. Operating expenses decreased to $11.6 million from $12.3 million, primarily due to a reduction in general and administrative costs. However, the overall operating loss slightly increased to $12.6 million from $12.5 million in 2023. The net loss attributable to common stockholders was $13.4 million, up from $12.7 million in the prior year, reflecting ongoing challenges in achieving profitability.
In terms of strategic developments, Jet.AI underwent a significant business combination in August 2023, merging with Oxbridge Acquisition Corp. and subsequently rebranding itself. The company has also focused on enhancing its software offerings, launching two AI-driven booking applications, CharterGPT and Ava, which are expected to streamline charter booking processes and improve customer engagement. Additionally, Jet.AI is in the process of divesting its fractional and jet card business to flyExclusive, a move aimed at concentrating its efforts on artificial intelligence and software solutions.
Operationally, Jet.AI's customer base has shown growth, with revenues from its software applications and charter services reaching approximately $8.1 million in 2024. The company reported a total of 285 prepaid flight hours sold under its jet card and fractional programs, generating $1.7 million in revenue. The management of customer aircraft also contributed significantly, with service revenue increasing to $3.6 million, up from $2.2 million in 2023. The company’s total aircraft fleet currently consists of five aircraft, including three HondaJet Elites and a Citation CJ4 Gen 2, which are managed by Cirrus Aviation.
Looking ahead, Jet.AI anticipates continued operating losses as it invests in expanding its AI capabilities and enhancing its software platforms. The company plans to leverage its existing assets to penetrate the AI sector further, although it acknowledges the risks associated with this transition, including competition and the need for substantial capital investment. Jet.AI's management remains focused on securing additional funding through share issuances and other financing arrangements to support its growth strategy and operational needs.
About Jet.AI Inc.
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