$SOAR

Volato Group, Inc.

CIK:0001853070|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 965	$ 24,855	$ 1,967	$ 50,338
Costs and expenses:
Cost of revenue	292	21,088	586	42,075
Selling, general and administrative	3,193	2,895	6,243	4,865
Total costs and expenses	3,485	23,983	6,829	46,940
Operating income (loss)	(2,520)	872	(4,862)	3,398
Other income (expenses):
Other income (loss), net	(86)	3,130	(116)	4,311
Gain (loss) on sale of asset	(264)		830
Gain (loss) from change in fair value of financial instruments	(218)	99	(1,596)	(750)
Gain from termination of certain Investment shares in M2i	959		959
Interest income (expense), net	(26)	(1,229)	1	(3,629)
Other income (expenses), net	365	2,000	78	(68)
Income (loss) before provision for income taxes and discontinued operations	(2,155)	2,872	(4,784)	3,330
Provision for income taxes	(1)	189	4	287
Net income (loss) from continuing operations	(2,154)	2,683	(4,788)	3,043
Net income (loss) from discontinued operations, net of taxes	103	919	103	1,014
Net income (loss)	$ (2,051)	$ 3,602	$ (4,685)	$ 4,057
Basic and diluted net income (loss) per share:
Net income (loss) per share from continuing operations, basic	$ (0.06)	$ 1.03	$ (0.18)	$ 1.36
Net income (loss) per share from continuing operations, diluted	(0.06)	0.55	(0.18)	0.85
Net income (loss) per share from discontinued operations, basic	0.00	0.35	0.00	0.45
Net income (loss) per share from discontinued operations, diluted	0.00	0.20	0.00	0.23
Net income (loss) per share, basic	(0.06)	1.39	(0.17)	1.82
Net income (loss) per share, diluted	$ (0.06)	$ 0.75	$ (0.17)	$ 1.08
Weighted average common shares outstanding:
Basic	34,809,790	2,592,878	27,125,094	2,229,573
Diluted	34,809,790	4,661,101	27,125,094	4,506,376

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income (loss) from continuing operations	$ (4,788)	$ 3,043
Net income from discontinued operations	(103)	(1,014)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation and amortization expense	120	169
Non-monetary exchange	32	54
Stock compensation expense	30	603
Gain from sale of contract asset	(830)
(Gain) loss from disposal property and equipment	26	6
Loss from sale of consolidated entity		35
Gain on settlement of liabilities	(108)	(4,324)
Loss on dividend payable	101
Amortization right-of-use asset	21	19
Amortization of debt discount		283
Change in fair value of convertible notes	63	750
Loss on investment in M2i	981
Gain on termination of certain investment shares of M2i	(959)
Loss on investment in flyExclusive	128
Loss on aviation asset option	324
Changes in assets and liabilities:
Accounts receivable	89	(30)
Contract assets, net	(468)	(211)
Prepaid and other current assets	(237)	73
Deposits	17	5,237
Account payable and accrued liabilities	467	(914)
Deferred revenue and customers’ deposits	1,798	(1,511)
Change in assets and liabilities of discontinued operations	(235)	3,760
Net cash (used in) provided by operating activities from continuing operations	(3,193)	3,282
Net cash provided by (used in) operating activities from discontinued operations	338	(2,746)
Net cash (used in) provided by operating activities	(2,855)	536
Investing activities:
Cash payment for property and equipment	(356)
Proceeds from the sale of property and equipment		30
Net cash (used in) provided by investing activities	(356)	30
Financing activities:
Principal payment on lease obligations	(21)	(19)
Repayment of loans		(1,124)
Proceeds from the issuance of convertible notes, net		1,350
Proceeds from the issuance of shares under “at the market”	3,585
Proceeds from PIPE	2,210
Proceeds from Registered Direct offering	1,621
Costs of common stock issuance	(442)	(66)
Net cash provided by financing activities	6,953	141
Net increase in cash	3,742	707
Cash, beginning of period	4,698	4,000
Cash, end of period	8,440	4,707
Supplemental disclosure of cash flow information:
Cash paid for interest	1	1,652
Cash paid for income taxes	252	165
Non-Cash Investing and Financing Activities:
Note receivable from sale of GC Aviation, Inc.		1,800
Non-cash interest		1,977
In-kind dividend paid	(1,738)
Credit facility for aircraft deposit		(28,000)
Issuance of shares for convertible notes	4,293	4,676
Investment in flyExclusive	1,738
Issuance of flyExclusive shares as part of PIPE	967
Financing for aircraft purchase		37,506
Payment on liability for aircraft purchase		(37,595)
Deposits on aircraft		$ 28,500

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash	$ 8,440	$ 4,698
Accounts receivable, net	12	101
Equity contribution receivable	200
Contract assets, net	840	636
Deposits	53	70
Note receivable, current	138	206
Investment in M2i	643	1,197
Investment in flyExclusive		1,739
Aviation asset option		324
Prepaid expenses and other current assets	800
Total current assets	11,158	9,810
Property and equipment, net	502	323
Operating lease, right-of-use assets	107	128
Note receivable, non-current	1,770	1,693
Total assets	13,537	11,954
Current liabilities:
Accounts payable and accrued liabilities	5,309	3,394
Dividend payable		1,637
Convertible notes, net		4,230
Operating lease liability	46	43
Deferred revenue and customer deposits	4,621	2,823
Current liabilities - discontinued operations	35	1,591
Total current liabilities	10,011	13,718
Operating lease liability, non-current	61	85
Total liabilities	10,072	13,803
Shareholders’ equity (deficit):
Common Stock Class A, $0.0001 par value; 200,000,000 authorized; 53,183,044 and 9,510,784 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	10	5
Additional paid-in capital	108,911	98,917
Accumulated deficit	(105,456)	(100,771)
Total shareholders’ equity (deficit)	3,465	(1,849)
Total liabilities and shareholders’ equity	13,537	11,954
Previously Reported [Member]
Current assets:
Prepaid expenses and other current assets	800	572
Current assets - discontinued operations	$ 32	$ 267