Charter & Fractional
Aircraft Charter and Frax Firm Volato Reports 2023 Loss
Losses attributed to stalled aircraft sales, delivery delays
Volato jet on runway
A merger with SPAC Proof Acquisition has infused fractional HondaJet operator Volato with nearly $60 million in capital. The company, under the ticker symbol SOAR, made its debut this morning on the New York Stock Exchange. © Curt Epstein

In an earnings call today, Atlanta-based private aviation company Volato reported a net loss of $32.1 million last year. It partially attributed the red ink to a $13.4 million non-cash charge related to the change in fair value of its forward purchase agreement and higher operating, selling, general, and administrative expenses from the growth in its business. The company also cited lower aircraft sales.

Volato co-founder and CEO Matt Liotta said industry factors such as new-production aircraft delivery delays also affected revenue by hobbling fractional share sales. Its reported 2023 revenues were $73.3 million.