Jet.AI Inc. (formerly Oxbridge Acquisition Corp.) reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For the three months ended September 30, 2024, Jet.AI generated revenues of $3.9 million, an increase of $550,204 from $3.4 million in the same period of 2023. For the nine months, total revenues reached $10.8 million, up from $8.0 million year-over-year. The growth was primarily driven by increased revenue from the Software App and Cirrus Charter program, which contributed $2.4 million in Q3 2024, compared to $1.9 million in Q3 2023. However, the company reported a gross loss of $(13,886) for Q3 2024, a decline from a gross profit of $170,441 in Q3 2023, and a gross loss of $(555,238) for the nine months, worsening from $(105,400) in the prior year.
Operating expenses for Q3 2024 totaled $2.9 million, significantly reduced from $4.4 million in Q3 2023, contributing to a narrower operating loss of $(2.9 million) compared to $(4.3 million) in the same quarter last year. The net loss for Q3 2024 was $(2.9 million), down from $(4.3 million) in Q3 2023, while the net loss for the nine months was $(9.3 million), slightly improved from $(9.5 million) in the previous year.
As of September 30, 2024, Jet.AI's total assets were $3.4 million, down from $5.7 million at the end of 2023. Current assets also decreased to $1.2 million from $3.2 million. Total liabilities decreased to $8.4 million from $9.7 million, resulting in a total stockholders’ deficit of $(5.0 million), worsening from $(3.9 million) at the end of 2023.
Strategically, Jet.AI has been active in financing and operational adjustments. The company raised approximately $3.1 million through financing activities in the nine months ended September 30, 2024, and has plans to fund operations through capital from operations and various financing agreements. Notably, a reverse common stock split at a ratio of one-for-225 was announced, effective November 12, 2024, aimed at improving the stock's marketability.
The company continues to face challenges, including a significant accumulated deficit of approximately $49.1 million and ongoing operational losses. Jet.AI's management has indicated that it may need to reduce cash burn and adjust its operational scope if it cannot secure sufficient capital.
About Jet.AI Inc.
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