Volato (SOAR) Recasts 2024 Financials After GC Aviation Sale

Volato Group (NYSE:SOAR) filed an 8-K to reissue and retrospectively recast its FY-2024 Form 10-K after the March 20 2025 divestiture of GC Aviation, the subsidiary that held the FAA Part 135 certificate.

Rhea-AI Filing Summary

Volato Group (NYSE:SOAR) filed an 8-K to reissue and retrospectively recast its FY-2024 Form 10-K after the March 20 2025 divestiture of GC Aviation, the subsidiary that held the FAA Part 135 certificate.

Exhibit 99.1 presents revised Item 7 MD&A and Item 8 audited financials, now showing GC Aviation’s managed-aircraft business as discontinued operations. No other figures were amended and no subsequent events are incorporated. The filing is intended solely to align historical presentation with the company’s current structure, enabling cleaner comparisons of continuing-operations revenue, margins and cash flows.

Insights

Financial Analyst

TL;DR – Recast cleans up comparables; no new earnings data provided.

The 8-K is bookkeeping rather than performance-driven. By moving GC Aviation into discontinued operations, management isolates its core fractional-jet platform and eradicates noise in prior-period P&L lines. That will likely lower historical revenue but may improve reported margins and capital intensity going forward. Because the underlying 2024 numbers are not restated—only reclassified—there is no direct impact on equity or cash-flow metrics. Investors should update models that rely on historical trend analyses, but valuation targets tied to absolute 2024 earnings remain unchanged.

Disclosure Specialist

TL;DR – Technical filing; signals compliance, not strategy shift.

The company avoids a formal restatement, emphasizing that previously audited figures remain valid. This limits litigation or control-deficiency risk normally associated with re-issuances. The exhibit’s scope—Items 7 and 8 only—confirms there were no material weaknesses or accounting errors. The move does, however, underscore management’s strategic exit from charter operations regulated under Part 135, which could reduce regulatory burden. Overall market sensitivity should be low unless the discontinued segment represented a significant revenue share, data not disclosed here.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did SOAR reissue its FY-2024 financial statements?

To classify GC Aviation’s managed-aircraft business as discontinued operations after its sale on March 20 2025.

Which sections of SOAR's 2024 10-K were recast in Exhibit 99.1?

Item 7 Management’s Discussion and Analysis and Item 8 Financial Statements & Supplementary Data.

Does the 8-K change any previously audited numbers for SOAR?

No. The filing states it does not amend or restate figures beyond presenting discontinued operations.

When did Volato sell GC Aviation?

The sale closed on March 20 2025, as previously disclosed.

Will SOAR's continuing operations revenue appear lower after the recast?

Likely yes, because GC Aviation’s results are excluded, but exact figures are not provided in this 8-K.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/27/2025 - 04:05 PM Learn about SEC filing dates

FALSE000185307000018530702025-06-262025-06-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________

FORM 8-K

_________________________________________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): June 26, 2025

_________________________________________________________

VOLATO GROUP, INC.

(Exact name of registrant as specified in its charter)

_________________________________________________________

Delaware

001-41104

86-2707040

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1954 Airport Road, Suite 124

Chamblee, GA 30341

(Address of principal executive offices) (zip code)

844-399-8998

Registrant’s telephone number, including area code

(former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Class A Common Stock			SOAR			NYSE American LLC
Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $287.50			SOARW			OTC Markets Group, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     o

Item 8.01 Other Events.

Discontinued Operations

As previously disclosed in our March 31, 2025 Quarterly report on Form 10-Q, on March 20, 2025, Volato Group, Inc. (“Volato”), sold GC Aviation, Inc. ("GC Aviation"), which held the FAA Part 135 certificate.

The Company is filing this Current Report on Form 8-K to reissue the Company's retrospectively revised and recast historical consolidated financial statements and other information included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 previously filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025 (the “2024 Form 10-K”) to reflect the presentation of the GC Aviation managed aircraft in the Company's discontinued operations. The information in this Current Report on Form 8-K ("Form 8-K"), including the information incorporated herein by reference, is not an amendment to, or restatement of, the 2024 Form 10-K.

The information included in Exhibit 99.1 to this Form 8-K is presented in connection with the reporting changes described above and does not otherwise amend or restate our audited consolidated financial statements that were included in the 2024 Form 10-K. Unaffected items and unaffected portions of the 2024 Form 10-K have been repeated herein to ensure an understanding and completeness of continuing operations, and have not been amended or modified by Exhibit 99.1 to this Form 8-K.

Exhibit 99.1 to this Form 8-K does not reflect events occurring after we filed the 2024 Form 10-K and does not modify or update the disclosures therein in any way, other than to reflect the GC Aviation managed aircraft as discontinued operations. This Form 8-K should be read in conjunction with our other filings made with the SEC, including, and subsequent to, the date of the 2024 Form 10-K.

Exhibit 99.1 of this Form 8-K presents a recast for retrospective revision of the following historical financial information and related disclosures as noted above:

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 8. Financial Statements and Supplementary Data

The entirety of these Items of the 2024 10-K are attached as Exhibit 99.1 hereto and incorporated herein by reference.

Item 9.01.       Financial Statements and Exhibits.

(d)Exhibits.

Exhibit No.						Description
99.1						Retrospective revisions to Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations and Item 8 - Financial Statements and Supplementary Data of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
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.

Date: June 27, 2025

			Volato Group, Inc.
			By:			/s/ Mark Heinen
			Name:			Mark Heinen
			Title:			Chief Financial Officer