Saker Aviation Services, Inc. reported mixed financial results for the three and nine months ended September 30, 2024, compared to the same periods in 2023. For the three months, revenue decreased by 3.1% to $2,505,488 from $2,584,755. In contrast, revenue for the nine months increased by 2.4% to $6,466,973, up from $6,318,488. The decline in quarterly revenue was attributed to a 0.8% decrease in jet fuel sales and a 1.2% drop in services and supply items, alongside a significant 75.8% reduction in other revenue.

Gross profit for the three months fell sharply by 37.9% to $1,259,626, resulting in a gross margin of 50.3%, down from 78.4% in the prior year. For the nine months, gross profit decreased by 26.1% to $3,283,555, with a gross margin of 50.8%, compared to 70.3% in 2023. The total cost of revenue surged, increasing by 123.6% for the three months and 69.7% for the nine months, reflecting rising operational costs.

Operating income also declined, with a three-month figure of $803,494 compared to $1,548,699 in 2023, and a nine-month total of $1,900,270, down from $2,412,043. Net income for the three months ended September 30, 2024, was $580,885, a significant drop from $1,172,591 in the previous year. For the nine months, net income decreased to $736,868 from $1,764,289, with basic net income per share falling to $0.75 from $1.81.

Cash flow showed a negative trend, with net cash used in operating activities for the nine months at $(912,541), compared to a positive $2,629,098 in 2023. The company also reported a net change in cash and cash equivalents of $(1,853,283) for the nine months, ending with $5,078,426 in cash.

Strategically, Saker Aviation has been involved in various agreements, including a Temporary Use Authorization Agreement and an Interim Concession Agreement for the Downtown Manhattan Heliport, which has incurred significant fees. The company faced a legal ruling in favor of Empire Aviation, resulting in a $1.4 million judgment for unpaid management fees, which was paid in July 2024. The management agreement with Empire Aviation was terminated in April 2023, and the company does not plan to appeal the arbitration decision.

As of September 30, 2024, Saker Aviation reported a working capital surplus of $9,091,941 and an accumulated deficit reduced to $(10,876,247) from $(12,295,270) in the previous year.