Volato Group, Inc. SOAR
Volato is an aviation technology company that connects travelers to private, on-demand flight access and develops proprietary software platforms for enterprise and operational applications. Historically, we generated revenue through our aircraft ownership program, a focused commercial strategy that included deposit products, charter flights, and aircraft management services. Our aviation experience led to the development of proprietary software products and applications, including "Mission Control," "Vaunt," and "Parslee." Mission Control is an internal operations platform that supports the management of fractional ownership, charter, and related aviation services. Vaunt is an experiential private aviation platform that connects travelers to private, empty leg flights and is our primary revenue-generating business. During the fiscal year ended December 31, 2024, we began to generate revenue through the Vaunt platform. Additionally, Vaunt has surpassed 190,000 app downloads and completed 1,145 flights in 2025, reinforcing its role as a key growth driver for Volato. Parslee is an enterprise AI platform that deploys autonomous agents within Microsoft 365 environments to automate workflows, synthesize information across systems, and execute multi-step business processes; the platform includes optional deterministic document processing capabilities for applications requiring enhanced reliability and auditability, such as contract analysis and regulatory filings. During the third quarter of 2025, Parslee entered its first paying pilot programs with external customers. From time to time, we may also explore the potential development of other ancillary services or revenue-generating activities. With a commitment to advanced technology and customer-focused solutions, we are building scalable tools to elevate service quality and operational effectiveness in private aviation and enterprise software. Through its proposed merger with M2i Global, Inc., if consummated, Volato would expand into the critical minerals sector — leveraging its software expertise to bring greater transparency, traceability, and operational intelligence to supply chains essential for U.S. national security and advanced technologies.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $78.6M | $39.1M | $35.6M | $96.7M | — | — |
| Cost of revenue | $63.9M | $32.2M | $30.8M | $94.3M | — | — |
| Gross profit | $14.7M | $6.9M | $4.8M | $2.4M | — | — |
| SG&A | $10.7M | $15.5M | $9.2M | $11.6M | — | — |
| Total operating expenses | $74.6M | $47.7M | $40.0M | $105.9M | — | — |
| Operating income | $4.0M | -$8.6M | -$4.4M | -$9.2M | — | — |
| Pre-tax income | $1.1M | -$21.7M | -$20.6M | -$9.5M | — | — |
| Income tax | $1.0M | $507.0K | $2.0K | $55.0K | — | — |
| Net income | $5.2M | -$40.6M | -$52.8M | -$9.4M | — | — |
| EPS, basic | 1.18 | -24.42 | -86.62 | -0.83 | — | — |
| EPS, diluted | 1.18 | -24.42 | -86.62 | -0.83 | — | — |
| Shares, diluted (wtd. avg.) | 4.4M | 1.7M | 609,800 | 11.3M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $4.7M | $4.0M | $16.7M | $7.9M | $1.6M | $0 |
| Receivables | $101.0K | $2.0K | $442.0K | $1.9M | — | — |
| Total current assets | $9.8M | $43.3M | $46.5M | $10.7M | $3.6M | — |
| Goodwill | — | $635.0K | $635.0K | $635.0K | — | — |
| Other intangibles | — | $1.2M | $1.4M | $1.6M | — | — |
| Total assets | $12.0M | $46.3M | $71.7M | $30.3M | $285.1M | — |
| Accounts payable | $3.4M | $5.5M | $4.3M | $3.7M | — | — |
| Total current liabilities | $13.7M | $62.2M | $47.6M | $30.2M | $159.6K | — |
| Total liabilities | $13.8M | $62.6M | $57.0M | $35.9M | $9.8M | — |
| Retained earnings | -$100.8M | -$104.3M | -$63.7M | -$10.8M | -$6.2M | — |
| Total equity | -$1.8M | -$16.3M | $14.8M | -$5.7M | $7.9M | $0 |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | $3.5M | -$16.9M | -$30.4M | -$21.4M | — | — |
| Depreciation and amortisation | $297.0K | $341.0K | $200.0K | $162.0K | — | — |
| Stock-based compensation | $605.0K | $211.0K | $82.0K | $17.0K | — | — |
| Capital expenditure | $211.0K | $145.0K | $637.0K | $259.0K | — | — |
| Investing cash flow | -$8.1M | -$115.0K | $1.8M | $5.1M | — | — |
| Financing cash flow | $5.3M | $4.3M | $37.5M | $22.6M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-020422.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | — | $96.7M | $35.6M | $39.1M | $78.6M |
| Gross profit | — | — | $2.4M | $4.8M | $6.9M | $14.7M |
| Net income | — | — | -$9.4M | -$52.8M | -$40.6M | $5.2M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement signed Item 1.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed Item 1.01
- Officer or director change Item 5.02
- Material agreement signed Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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