Jet.AI (Nasdaq: JTAI) announced a correction to its first quarter financial results for 2024. The original release on May 15, 2024, inaccurately reported raising $16.5 million from Ionic Ventures The updated statement clarifies that the company has entered into a $16.5 million convertible preferred agreement with Ionic Ventures and has so far received $1.5 million. This correction does not affect the company's financials, and the original financial statements remain accurate.
Jet.AI (Nasdaq: JTAI) reported its Q1 2024 financial results, showing a 105% year-over-year revenue increase to $3.8 million. Key revenue drivers included significant increases in Software App and Management and Other Services revenues. The company's net margin improved by 17% points after adjusting for stock option expenses. Jet.AI maintained its cash and cash equivalents at $2.1 million. Operational highlights include the launch of the National Jet Card Program, a partnership with FL3XX for the DynoFlight carbon removal platform, and the introduction of the Reroute AI software tool. The company also added a King Air 350i to its managed fleet and raised $16.5 million through a convertible preferred sale to Ionic Ventures Despite these positive developments, operating losses increased to $3.1 million due to higher professional services and insurance costs.
Jet.AI Inc. announced the launch of its national jet card program, providing private jet services across the continental U.S. with guaranteed rates, availability, and a 48-hour call out. The program features an optional escrow, only 44 peak days, and aims to leverage existing jet card buyers for cross-sales.
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