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Volato, a prominent private aviation company and largest HondaJet operator in the U.S., has appointed Luis Garcia as Executive Vice President of Sales. Garcia brings over 19 years of expertise in private aviation sales and operations. His previous roles include Senior Vice President of Sales at Wheels Up and Starbase Jet, where he excelled in membership generation and team development. At Volato, he will drive nationwide sales, enhance market awareness, and expand the sales team as the company receives new HondaJets and Gulfstream G280s. Volato’s CEO, Matt Liotta, emphasized Garcia’s alignment with the company’s modern, customer-focused approach.
Volato Group, a leading private aviation company and the largest HondaJet operator in the US, reported its Q1 2024 results. Total revenue was $13.2 million, with aircraft usage revenue rising 72% to $11.5 million. However, total revenue decreased 16% due to no aircraft deliveries. The net loss increased by 131% to $17.4 million, with an adjusted EBITDA loss of $13.1 million.
The company grew flight hours by 39% and improved blended yield by 8% YoY. Volato also secured $14.5 million in new financing and is implementing cost-saving measures to reduce SG&A expenses by $3 million per quarter. Despite OEM delivery delays, the company expects to receive 10-12 new aircraft in FY 2024 and forecasts positive gross margin and EBITDA by Q4 2024.
Volato Group, Inc. (NYSE American: SOAR) will attend the Sidoti Micro Cap Virtual Conference with CEO Matt Liotta and CFO Mark Heinen presenting on May 8 - 9, 2024. They will discuss Volato's private aviation services and HondaJet operations. Investors can schedule one-on-one meetings and access the webcast through Volato's Investor Relations website.
