Volato Group (SOAR) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was $1.0 million, a 96% decrease year-over-year, primarily due to the absence of aircraft sales compared to the prior year, partially offset by growth in software subscription revenue.

• Net loss for Q1 2026 was $2.6 million, compared to net income of $0.5 million in Q1 2025, driven by lower revenue and increased SG&A expenses.

• The company transitioned its aircraft operations to flyExclusive in late 2024, focusing on higher-margin software and aircraft sales.

• A merger with M2i Global, Inc. was approved in May 2026, with M2i shareholders expected to own 85% of the combined entity.

Financial highlights

• Revenue declined to $1.0 million from $25.5 million year-over-year, with aircraft sales dropping from $25.1 million to zero and subscription revenue rising to $1.0 million.

• Cost of revenue fell to $0.3 million from $21.0 million, reflecting the end of aircraft sales.

• SG&A expenses increased 55% to $3.1 million, mainly due to higher professional fees and software development costs.

• Operating loss was $2.3 million, compared to operating income of $2.5 million in Q1 2025.

• Net loss from continuing operations was $2.6 million, with basic and diluted EPS of $(0.18).

• Cash at quarter-end was $1.9 million, down from $4.7 million at year-end 2025.

Outlook and guidance

• No additional aircraft deliveries are expected in 2026; focus is on software and subscription revenue growth.

• Management plans to fund operations through cash on hand, future debt/equity financings, and prudent expense management.

• Substantial doubt exists about the company's ability to continue as a going concern without additional capital.