Hello Everyone,
We have another profile for you to research ahead of Today's session.
Pull up JTAI right away and put it on your screen.
This one is splitting on Tuesday. We want you to be aware of that first and foremost. It is not uncommon to see some volatility post split.
Jet.AI operates in two segments, Software and Aviation, respectively. The Software segment features the B2C CharterGPT app and the B2B Jet.AI Operator platform. The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience. The Jet.AI operator platform offers a suite of stand-alone software products to enable FAA Part 135 charter providers to add revenue, maximize efficiency, and reduce environmental impact. The Aviation segment features jet aircraft share ownership, jet card, on-fleet charter, management, and buyer’s brokerage. Jet.AI is an official partner of the Las Vegas Golden Knights, 2023 NHL Stanley Cup® champions.
Jet.AI Inc. Announces Reverse Stock Split
LAS VEGAS, NV, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. (Nasdaq: JTAI) (the “Company”), today announced that the Company has determined to effect a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-225. The reverse stock split is expected to take effect before markets open on Tuesday, November 12, 2024. The Company’s common stock will continue to be traded on the Nasdaq Capital Market under the symbol JTAI and will begin trading on a split-adjusted basis when the market opens on Tuesday, November 12, 2024. The new CUSIP number for the Company’s common stock following the reverse stock split will be 47714H308.
The reverse stock split is intended to enable the Company to achieve several important corporate objectives, including enabling the Company to regain compliance with the minimum bid price requirement under Nasdaq’s continued listing criteria and making additional shares of common stock available for future issuance.
At the effective time of the reverse stock split, every 225 shares of the Company’s issued and outstanding common stock will be converted automatically into one issued and outstanding share of common stock without any change in the par value per share. Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-225 reverse stock split. The reverse split will not result in any change in the par value per share or the total number of authorized shares of common stock.
The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. Any fractional share of a stockholder resulting from the reverse stock split will be rounded up to a whole share. Proportional adjustments will be made to the number of shares of the Company’s common stock issuable upon exercise or conversion of the Company’s equity awards, convertible preferred stock and warrants, as well as the applicable exercise or conversion price. Stockholders with shares in brokerage accounts should direct any questions concerning the reverse stock split to their broker; all other stockholders may direct questions to the Company’s transfer agent, Continental Stock Transfer & Trust.
Second Quarter 2024 Financial Results
LAS VEGAS, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Jet.AI (the “Company”) (Nasdaq: JTAI), an innovative private aviation and artificial intelligence (“AI”) company, today announced financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 and Recent Operational Highlights
- Launched DynoFlight 2.0 platform, an advanced AI web-based solution for aviation carbon management
- Commenced and successfully completed exchange offer and consent solicitation relating to its outstanding warrants
- Announced AI-Powered Jet Card with Empty Leg Benefit, as a result of Reroute AI
- Announced non-recourse debt financing related to the proposed purchase of Bombardier Challenger 3500 aircraft
- Released the National Jet Card Program which offers all categories of private jet for service within the continental U.S., guaranteed rates, guaranteed availability, and a 48-hour call out
Second Quarter 2024 Financial Results
Revenues were $3.1 million, an increase of $0.3 million compared to the same period last year. The primary reason was due to additional service revenue arising from an additional management agreement for customer aircraft and increased chartering of the Company’s Citation CJ4.
Software App and Cirrus Charter revenue, the gross amount of charters booked through CharterGPT and Cirrus, was $1.6 million, a slight increase compared to the same period last year.
Management and Other Services revenue, which is comprised of revenues generated from managing and chartering our customer aircrafts, totaled $914,000 compared to $423,000 in the same period last year.
Jet Card and Fractional Programs revenue, which is generated from the sale and use of jet cards and service revenue related to ongoing utilization by the Company’s fractional customers, totaled $559,000 compared to $811,000 in the same period last year.
Cost of revenues totaled $3.5 million compared to $3.0 million in the same period last year. The increase is primarily due to an increase in Cirrus charter flight activity, costs related to the operation of aircraft and payments to Cirrus for their management.
Gross loss totaled approximately $417,000 compared to $201,000 in the same period last year. The increase was largely driven by reduced flights performed for the Company’s jet card customers without a corresponding reduction in fixed costs.
Operating expenses totaled $2.8 million compared to $2.2 million in the same period last year. The increase was primarily due to an increase in general and administrative expenses, research and development costs, offset by slightly lower sales and marketing expenses.
Operating loss was approximately $3.2 million compared to $2.4 million in the same period last year. The increase was primarily due to the increase in general and administrative expenses resulting from the increase in professional service expenses and wages following the Business Combination.
As of June 30, 2024, the Company had cash and cash equivalents of approximately $528,000 compared to $595,555 as of March 31, 2024.
Management Commentary“In the second quarter, we made significant progress in our anticipated fleet deal with Bombardier, as we announced a non-binding, non-recourse debt financing arrangement, alongside securing $16.5 million in financing from Ionic Ventures LLC,” said Founder and Executive Chairman Mike Winston. “Additionally, we successfully completed the warrant exchange offer, eliminating potentially dilutive warrant overhang and simplifying our capital structure.”
“We received an unsolicited bid for one of our HondaJets at a price that would imply a net economic benefit compared to its continued use in the fleet and so have entered into a contract to sell it as part of our gradual reorientation of the fleet toward the higher margin Challenger 3500 aircraft. We separately have made several advancements on our software business, including the implementation of Reroute AI for our Jet Card holders offering empty leg benefits, and the launch of our enhanced DynoFlight 2.0 platform, which integrates AI and synced fleet data with our partner, FL3XX. These two solutions, along with CharterGPT, continue to attract market interest. We remain cautiously optimistic and look forward to announcing further news on our proposed fleet deal.”
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Insider Financial
1337 Mass. AveBox 211
Arlington, MA 02476
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