Jet.AI (NASDAQ: JTAI) shows Q1 2026 loss but boosts cash and SpaceX stake
Rhea-AI Filing Summary
Jet.AI Inc. reported first quarter 2026 revenue of $1.68 million, down from $3.47 million a year earlier, and a net loss of $2.68 million versus $3.17 million. Cash rose to about $13.5 million with no debt, supported by $19.8 million of common stock sale proceeds.
The company highlighted a proposed merger with flyExclusive, with the related Form S-4 declared effective and a stockholder vote set for June 11, 2026. It also emphasized data center joint venture milestones, a $5 million economic interest in SpaceX-related entities, and ownership of AI Infrastructure Acquisition Corp. valued around $17.23 million.
Jet.AI’s board approved a $5 million share repurchase authorization. The firm amended employment agreements for its executive chairman and interim CFO, extending post-termination non-compete and non-solicitation periods to two years and adding expanded clawback provisions for incentive-based compensation.
Positive
- Strengthened liquidity with no debt: Cash and cash equivalents increased to about $13.5 million as of March 31, 2026, from $1.8 million at December 31, 2025, and the company reported no debt on the balance sheet.
- Valuable strategic holdings: Jet.AI reports a $5.0 million economic interest in SpaceX-related entities and approximately $17.23 million of AI Infrastructure Acquisition Corp. securities, providing meaningful non-core asset value.
- Advancing strategic merger and capital return: The flyExclusive Form S-4 is effective with a June 11, 2026 stockholder vote scheduled, and the board approved a $5 million share repurchase authorization.
Negative
- Sharp revenue decline and ongoing losses: Q1 2026 revenue fell to $1.68 million from $3.47 million in the prior-year quarter, with a gross loss and a net loss of $2.68 million, indicating the business is not yet profitable.
- Disclosure of going concern and listing risks: The company highlights risks around its ability to continue as a going concern and to maintain the listing of its common stock on the Nasdaq Stock Market LLC, which may concern investors.
Insights
Jet.AI strengthened its balance sheet and assets but faces shrinking revenue and continued losses.
Jet.AI ended Q1 2026 with about $13.5 million in cash and no debt, mainly from $19.8 million of common stock proceeds. It also reports sizeable strategic holdings, including a $5.0 million economic interest in SpaceX-related entities and $17.23 million in AI Infrastructure Acquisition Corp. securities.
Operating performance is weaker: quarterly revenue fell to $1.68 million from $3.47 million, with a gross loss and a net loss of $2.68 million. The company invested $1.9 million into its data center joint venture Convergence Compute and is progressing milestones across multiple North American sites, which could be critical for its AI infrastructure strategy.
The proposed merger with flyExclusive advanced after the Form S-4 became effective, with a stockholder vote scheduled for June 11, 2026. Future filings about the merger’s closing and updates on monetizing data center capacity and strategic investments will further clarify the sustainability of Jet.AI’s current cash position and business trajectory.
Jet.AI tightened executive post-employment restrictions and added stronger compensation clawbacks.
The company amended employment agreements for Executive Chairman and Interim CEO Michael Winston and Interim CFO George Murnane. Non-compete and non-solicitation periods were extended from one to two years after termination, with each executive receiving a one-time $1,000 bonus for accepting these enhanced restrictions.
A new clawback provision allows recovery of incentive-based pay, bonuses, equity-linked awards, and other financial benefits if an executive breaches specified restrictive covenants. This applies for two years following separation and supplements Jet.AI’s existing clawback policy adopted on March 14, 2025, signaling a more robust approach to protecting the company if contractual obligations are violated.
8-K Event Classification
Key Figures
Key Terms
Registration Statement on Form S-4 regulatory
Special Purpose Vehicle (SPV) financial
Convergence Compute LLC technical
clawback regulatory
emerging growth company regulatory
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 2.02 | Results of Operations and Financial Condition. |
On May 15, 2026, Jet.AI Inc. (the “Company”) issued a press release announcing its financial results for the quarter ending March 31, 2026, and other recent operational highlights. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Forward Looking Statements
This Current Report on Form 8-K contains certain statements that may be deemed to be “forward-looking statements” within the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our industry, our beliefs and our assumptions. Such forward-looking statements include, but are not limited to, statements regarding our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to a number of risks and uncertainties (some of which are beyond our control) that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements. These risks include risks relating to agreements with third parties; our ability to obtain necessary stockholder approvals and the possibility that any proposed transactions do not close when expected or at all because any required approvals or other conditions to closing are not received or satisfied on a timely basis or at all; our ability to raise funding in the future, as needed, and the terms of such funding, including potential dilution caused thereby; our ability to continue as a going concern; security interests under certain of our credit arrangements; our ability to maintain the listing of our common stock on the Nasdaq Stock Market LLC; claims relating to alleged violations of intellectual property rights of others; the outcome of any current legal proceedings or future legal proceedings that may be instituted against us; unanticipated difficulties or expenditures relating to our business plan; and those risks detailed in our most recent Annual Report on Form 10-K and subsequent reports filed with the SEC.
Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as otherwise provided by law.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May 18, 2026, the Company entered into amendments to the existing amended and restated employment agreements (the “Employment Agreement Amendments”) with Michael Winston, the Company’s Executive Chairman and Interim Chief Executive Officer, and George Murnane, the Company’s Interim Chief Financial Officer.
Each Employment Agreement Amendment has the following effect on the existing employment agreements:
| ● | The Restricted Periods (as defined in Sections 5(a) and 5(c) of each respective employment agreement) during which the employee may not compete with the Company and may not solicit the Company’s customers and vendors has been extended from one year following the employee’s termination to two years following the employee’s termination. The Company agreed to pay to each employee a one-time bonus in the amount of $1,000 in exchange for such employee’s agreement to abide by the restrictive covenants in each employment agreement following the employee’s termination from the Company. | |
| ● | Each executive is subject to a new provision allowing for the clawback of incentive-based compensation, bonuses, or other financial benefits previously awarded to the respective executive in the event such executive breaches any of the restricted covenants set forth in Sections 5, 17, and 19 of his respective employment agreement. This recovery may include, but is not limited to, repayment of cash bonuses, cash payments representing synthetic equity or performance share unit awards, forfeiture of stock options, and reimbursement of any other incentive-based compensation, and is in addition to the Jet.AI Inc. Clawback Policy, as adopted March 14, 2025. The new clawback provision is effective for two years following the executive’s separation from the Company. |
Except as described above, each employment agreement remains unmodified and in full force and effect in accordance with its original terms.
The foregoing summary of the terms of the Employment Agreement Amendments does not purport to be a complete description and is qualified in its entirety by reference to the full text of the Employment Agreement Amendments, which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and are incorporated by reference herein.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. | Description | |
| 10.1 | First Amendment to Amended and Restated Employment Agreement dated May 18, 2026, by and between the Company and Michael Winston. | |
| 10.2 | First Amendment to Amended and Restated Employment Agreement dated May 18, 2026, by and between the Company and George Murnane. | |
| 99.1 | Press Release, dated May 15, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| JET.AI INC. | ||
| By: | /s/ George Murnane | |
| George Murnane | ||
| Interim Chief Financial Officer | ||
| May 21, 2026 | ||
Exhibit 99.1
Jet.AI Reports First Quarter 2026 Financial Results
LAS VEGAS, May 15, 2026 (GLOBE NEWSWIRE) — Jet.AI Inc. (“Jet.AI” or the “Company”) (Nasdaq: JTAI), an emerging provider of high-performance GPU infrastructure and AI cloud services, today announced financial results for the first quarter ended March 31, 2026.
General Company Update
| ● | As of March 31, 2026, the Company had approximately $13.5 million in cash and no debt, compared to $1.8 million in cash as of December 31, 2025. | |
| ● | The proposed merger with flyExclusive remains on track for a shareholder vote on June 11, 2026. Subsequent to quarter end, the Company sold one of its HondaJet aircraft in coordination with flyExclusive and in preparation for the anticipated closing of the transaction. | |
| ● | Following quarter end, the Company also announced the acquisition of a $5 million economic interest in SpaceX, which has recently been widely reported to be pursuing an IPO in June/July. | |
| ● | Consensus Compute JV secured natural gas supply equivalent to 500MW of generation capacity for the Manitoba campus, along with the environmental permits required to use the gas for power generation. The 395-acre Manitoba campus continues to attract significant interest from hyperscalers, and this achievement marked completion of the JV’s third milestone. The next major phase of the project is expected to include turbine acquisition aligned with a tenant commitment, along with additional formal project milestones. The power study for the Moapa data center remains ongoing and the company maintains a robust pipeline of North American data center projects. | |
| ● | The AI Infrastructure Acquisition Corp. (NYSE:AIIA), valued at approximately $17.2 million on the balance sheet, is actively engaged with several targets, and outreach remains ongoing. | |
| ● | During the quarter, the Board approved a $5 million share repurchase authorization. |
Proposed Merger with flyExclusive
On May 1, 2026, Jet.AI announced that the Registration Statement Form S-4 (File No. 333-284960) filed by flyExclusive, Inc. (“flyExclusive”) related to the proposed merger transaction has been declared effective by the Securities and Exchange Commission (the “SEC”), formally advancing the transaction into its stockholder approval and closing phases.
Jet.AI and flyExclusive continue to expect to close the proposed merger in the second quarter of 2026, with Jet.AI’s special meeting of its stockholders scheduled on June 11, 2026. Jet.AI stockholders of record as of the record date, May 8, 2026, are entitled to vote on the proposed transaction at the meeting. The definitive proxy statement for the special meeting was filed with the SEC and can be found on the SEC’s website here. The Company mailed the definitive proxy materials on or about May 13th, 2026. The definitive proxy materials contain important information regarding the special meeting and the proposed transactions, including voting procedures and risk factors.
Strategic Holdings
| ● | The Company holds a $5.0 million economic interest in SpaceX and its related subsidiaries (including but not limited to xAI/Grok, Starlink, and X/Twitter) from an investment made through a Special Purpose Vehicle (SPV) that held equity in xAI prior to its acquisition by SpaceX. It has been widely reported that SpaceX is planning an IPO this summer and market speculation that it would price at a level significantly higher than that paid by the Company. | |
| ● | As of March 31, 2026, the aggregate value of the shares the Company holds of AI Infrastructure Acquisition Corp. (“AIIA”) was approximately $17.23 million, consisting of AIIA Class A Ordinary Shares and Rights valued at $1.35 million and AIIA Class B Ordinary Shares valued at $15.88 million. The SPAC is actively engaged with numerous targets, and outreach remains ongoing. |
Data Center Updates
In March 2026, Jet.AI and Consensus Core Technologies, Inc. (“Consensus Core”) completed the third set of milestones for the Midwestern and Maritime hyperscale data center campuses by their joint venture, Convergence Compute LLC (“Convergence Compute”). The completed milestones included:
| ● | Midwestern Campus |
| ○ | Submission of a Transmission Power Load Study Application by Convergence Compute | |
| ○ | Natural gas supply confirmation for up to six turbines at the Midwestern campus |
| ● | Maritime Campus |
| ○ | Executed letter of intent for Convergence Compute to acquire power from hydro and the producer’s proposed wind farm for use by the Maritime campus (the “Wind Power Project”) | |
| ○ | Assignment of all of Consensus Core’s rights to lease the Maritime project property to Convergence Compute |
The upcoming fourth milestone includes the following:
| ● | Midwestern Campus |
| ○ | Obtaining of any necessary environmental permits or studies | |
| ○ | Delivery of site plans for establishment of utility/energy generation to the Midwest Data Center Project property, including any gas lines |
| ● | Maritime Campus |
| ○ | Obtaining of any necessary environmental permits or studies | |
| ○ | Delivery of site plans for establishment of utility/energy generation to the Maritime Data Center Project property, including any gas lines | |
| ○ | Execution of a definitive agreement with respect to the Wind Power Project |
The power study for the Moapa data center project remains ongoing and the company maintains a robust pipeline of North American data center projects.
Jet.AI Founder and Executive Chairman Mike Winston added: “In just the past three months, Jet.AI has advanced major AI data center milestones across three North American sites (totaling over 1 GW capacity), secured a $5.0 million strategic economic interest in xAI/SpaceX, reported a profitable full-year 2025 with strong cash position, authorized a $5.0 million share repurchase program, and cleared key regulatory hurdles toward closing our transformative merger with flyExclusive in Q2 2026, positioning us as a pure-play leader in powered land for AI infrastructure.”
Additional information regarding the Company’s financial results for the first quarter ended March 31, 2026 can be found in the Form 10-Q filed with the U.S. Securities and Exchange Commission here.
About Jet.AI
Jet.AI Inc. is a technology-driven company focused on deploying artificial intelligence tools and infrastructure to enhance decision-making, efficiency, and performance across complex systems. The Company is listed on the NASDAQ Capital Market under the ticker symbol “JTAI.”
Additional Information and Where to Find It
In connection with the transactions contemplated by the Amended and Restated Agreement and Plan of Merger and Reorganization, dated May 6, 2025, between Jet.AI, flyExclusive, FlyX Merger Sub, Inc., and Jet.AI SpinCo, Inc. (as amended, the “Merger Agreement”), flyExclusive has filed a Registration Statement on Form S-4 (File No. 333-284960) (as amended, the “Registration Statement”) to register the shares of flyExclusive common stock that will be issued in connection with the proposed transactions. The Registration Statement was declared effective on April 30, 2026 and includes a preliminary proxy statement of the Company and a preliminary prospectus of flyExclusive. Jet.AI and flyExclusive filed a definitive proxy statement and final prospectus, respectively (together, the “Proxy Statement/Prospectus”), with the SEC and they each may file with the SEC other relevant documents concerning the proposed transactions. The definitive proxy statement and other relevant documents will be mailed to Jet.AI stockholders as of May 8, 2026, the record date established for voting on the proposed transactions, in connection with Jet.AI’s solicitation of proxies for the special meeting. This communication is not a substitute for the Registration Statement, the Proxy Statement/Prospectus, or any other document that the parties have filed or will file with the SEC, or send to stockholders, in connection with the proposed transactions.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTIONS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, FLYEXCLUSIVE, AND THE PROPOSED TRANSACTIONS AND RELATED MATTERS.
A copy of the Registration Statement, Proxy Statement/Prospectus, as well as other filings containing information about the Company, may be obtained, free of charge, at the SEC’s website at www.sec.gov when they are filed. You will also be able to obtain these documents, when they are filed, free of charge, from the Company by accessing the Company’s website at investors.jet.ai. Copies of the Registration Statement, the Proxy Statement/Prospectus and the filings with the SEC that are incorporated by reference therein can also be obtained, without charge, by directing a request to the Company at 10845 Griffith Peak Drive, Suite 200, Las Vegas, NV 89135, Attention: Board Secretary, or by phone at (702) 747-4000. The information on the Company’s website is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either company makes with the SEC.
Participants in the Solicitation of Proxies
Jet.AI, flyExclusive, and certain of their respective directors and officers may be deemed participants in the solicitation of proxies from Jet.AI’s stockholders in connection with the proposed transactions. Jet.AI’s stockholders and other interested persons may obtain, without charge, more detailed information regarding the names and interests in the proposed transactions of Jet.AI’s directors and officers in the parties’ filings with the SEC, including Jet.AI’s annual reports on Form 10-K and quarterly reports on Form 10-Q. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Jet.AI’s stockholders in connection with the proposed transactions and a description of their direct and indirect interests is included in the definitive proxy statement/prospectus relating to the proposed transactions. Stockholders, potential investors and other interested persons should read the definitive proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.
No Offer or Solicitation
This communication is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. The proposed transactions are expected to be implemented solely pursuant to the legally binding definitive agreement, and which contains the material terms and conditions of the proposed transactions. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. The forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry in which we operate and management’s beliefs and assumptions. Forward-looking statements may be identified by the use of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “outlook,” “projects,” “forecasts,” “aim” and similar expressions but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions, and involve certain known and unknown risks and uncertainties that are difficult to predict, many of which are beyond our control. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated or expected. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. For more information on these risks, uncertainties and other factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2025, under the heading “Risk Factors” in Item 1A, and also in subsequent reports filed by Jet.AI with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date of this press release. Readers are cautioned not to put undue reliance on forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as provided by law.
Jet.AI Investor Relations:
Gateway Group, Inc.
949-574-3860
Jet.AI@gateway-grp.com
JET.AI, INC.
CONSOLIDATED BALANCE SHEETS
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 13,497,732 | $ | 1,819,503 | ||||
| Accounts receivable | 318,505 | 97,331 | ||||||
| Other assets | 215,504 | 248,724 | ||||||
| Total current assets | 14,031,741 | 2,165,558 | ||||||
| Property and equipment, net | 1,868 | 2,505 | ||||||
| Intangible assets, net | 86,745 | 86,745 | ||||||
| Right-of-use lease asset | 371,317 | 508,707 | ||||||
| Investment in joint venture | 2,765,000 | 865,000 | ||||||
| Deposit on aircraft | 4,050,000 | 4,050,000 | ||||||
| Deposits and other assets | 868,561 | 868,561 | ||||||
| Other investments | 17,231,000 | 17,137,000 | ||||||
| Total assets | $ | 39,406,232 | $ | 25,684,076 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,352,473 | $ | 1,621,379 | ||||
| Accrued liabilities | 1,251,345 | 1,148,782 | ||||||
| Deferred revenue | 465,365 | 443,126 | ||||||
| Operating lease liability | 361,917 | 495,782 | ||||||
| Total current liabilities | 3,431,100 | 3,709,069 | ||||||
| Commitments and contingencies (Note 2, 5, and 6) | - | - | ||||||
| Stockholders’ Equity | ||||||||
| Preferred Stock, 4,000,000 shares authorized, par value $0.0001, 0 issued and outstanding | - | - | ||||||
| Series B Convertible Preferred Stock, 5,000 shares authorized, par value $0.0001, 0 and 750 issued and outstanding | - | - | ||||||
| Common stock, 1,000,000 shares authorized, par value $0.0001, 639,738 and 31,413 issued and outstanding | 63 | 2 | ||||||
| Subscription receivable | (6,724 | ) | (6,724 | ) | ||||
| Additional paid-in capital | 86,619,499 | 69,938,333 | ||||||
| Accumulated deficit | (50,637,706 | ) | (47,956,604 | ) | ||||
| Total stockholders’ equity | 35,975,132 | 21,975,007 | ||||||
| Total liabilities and stockholders’ equity | $ | 39,406,232 | $ | 25,684,076 | ||||
JET.AI, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenues | $ | 1,681,236 | $ | 3,474,638 | ||||
| Cost of revenues | 1,915,459 | 3,590,152 | ||||||
| Gross loss | (234,223 | ) | (115,514 | ) | ||||
| Operating Expenses: | ||||||||
| General and administrative (including stock-based compensation of $64,382 and $550,936, respectively) | 2,225,862 | 2,652,427 | ||||||
| Sales and marketing | 306,387 | 294,408 | ||||||
| Research and development | 99,080 | 108,924 | ||||||
| Total operating expenses | 2,631,329 | 3,055,759 | ||||||
| Operating loss | (2,865,552 | ) | (3,171,273 | ) | ||||
| Other income: | ||||||||
| Other income | 90,450 | 1,469 | ||||||
| Unrealized gain on other investments | 94,000 | - | ||||||
| Total other income | 184,450 | 1,469 | ||||||
| Loss before provision for income taxes | (2,681,102 | ) | (3,169,804 | ) | ||||
| Provision for income taxes | - | - | ||||||
| Net Loss | $ | (2,681,102 | ) | $ | (3,169,804 | ) | ||
| Weighted average shares outstanding - basic and diluted | 401,302 | 8,557 | ||||||
| Net loss per share - basic and diluted | $ | (6.68 | ) | $ | (370.43 | ) | ||
JET.AI, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (2,681,102 | ) | $ | (3,169,804 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Unrealized gain on other investments | (94,000 | ) | - | |||||
| Amortization and depreciation | 637 | 638 | ||||||
| Stock-based compensation | 64,382 | 550,936 | ||||||
| Non-cash operating lease costs | 137,390 | 133,439 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (221,174 | ) | (266,643 | ) | ||||
| Other current assets | 33,220 | 21,059 | ||||||
| Accounts payable | (268,906 | ) | 271,350 | |||||
| Accrued liabilities | 102,563 | 446,080 | ||||||
| Deferred revenue | 22,239 | (37,349 | ) | |||||
| Operating lease liability | (133,865 | ) | (129,914 | ) | ||||
| Net cash used in operating activities | (3,038,616 | ) | (2,180,208 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Investment in joint venture | (1,900,000 | ) | - | |||||
| Deposit on aircraft | - | (1,100,000 | ) | |||||
| Deposits and other assets | - | (77,000 | ) | |||||
| Net cash used in investing activities | (1,900,000 | ) | (1,177,000 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Offering costs | (3,196,913 | ) | (1,270,000 | ) | ||||
| Proceeds from exercise of Series B Convertible Preferred Stock warrants | - | 11,000,000 | ||||||
| Proceeds from sale of Common Stock | 19,813,758 | - | ||||||
| Net cash provided by financing activities | 16,616,845 | 9,730,000 | ||||||
| Increase in cash and cash equivalents | 11,678,229 | 6,372,792 | ||||||
| Cash and cash equivalents, beginning of period | 1,819,503 | 5,872,627 | ||||||
| Cash and cash equivalents, end of period | $ | 13,497,732 | $ | 12,245,419 | ||||
| Supplemental disclosures of cash flow information: | ||||||||
| Cash paid for interest | $ | - | $ | - | ||||
| Cash paid for income taxes | $ | - | $ | - | ||||
| Non-cash financing activities: | ||||||||
| Issuance of Common Stock for Series B Preferred Stock conversion | $ | 20 | $ | - | ||||