Volato Reports Operational KPIs for the First Quarter 2024

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ATLANTA, April 18, 2024--(BUSINESS WIRE)--Volato Group, Inc. ("Volato," or the "Company") (NYSE American: SOAR), a leading private aviation company and the largest HondaJet operator in the United States, today announced key performance indicators (KPIs) for the first quarter 2024.

Mark Heinen, Volato’s Chief Financial Officer, commented, "We continue to focus on growing our flight hours and optimizing our demand mix to achieve a higher blended yield and lower empty percentage, all while maintaining a world-class Net Promoter Score. We are pleased the blended yield remained strong despite the impact of winter weather and fewer peak calendar days in Q1. These continued positive results illustrate our commitment to delivering an unparalleled flying experience to customers as well as improvements on our operational goals."

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Total Flight Hours

1,199

1,307

1,712

2,103

2,919

2,747

3,504

2,926

Empty Percentage

41.1%

40.2%

39.0%

41.2%

39.6%

36.6%

37.9%

35.1%

Demand Mix:

Owner

88%

80%

67%

55%

45%

55%

52%

50%

Program & Ad Hoc

12%

20%

33%

45%

55%

45%

48%

50%

Blended Yield

$4,665

$4,512

$4,926

$4,927

$5,042

$4,913

$5,348

$5,313

Floating Fleet

10

11

11

15

18

20

24

26

Light Jet Market Share

0.9%

1.1%

1.3%

1.7%

2.5%

2.5%

2.9%

2.5%

Net Promoter Score

N/A

N/A

N/A

86

89

90

88

82

Empty Percentage

The Company defines Empty Percentage as non-occupied aircraft flight hours related to fulfillment of owner, program charter, and ad hoc charter flights divided by total flight hours related to this customer flying. All hours not related to customer flying, including but not limited to Vaunt, training, and maintenance flights, are excluded from the empty percentage calculation. The Company believes Empty Percentage is a useful metric to measure the efficiency of its fleet.

Demand Mix

The Company defines Demand Mix as the number of flight hours flown by owners or non-owners divided by the total number of flight hours. The Company believes Demand Mix is a useful metric to measure improvement in margin.

Blended Yield

The Company defines Blended Yield as the average occupied price per hour across all Volato product types: owner, program and ad hoc. The Company believes Blended Yield is a useful metric to measure revenue per flight hour.

Light Jet Floating Fleet

The Company defines Light Jet Floating Fleet as the fleet of light jet aircraft flown as directed exclusively by Volato at the end of the quarter.

Total Flight Hours

The Company defines Total Flight Hours as the actual flight time from the moment of aircraft lift-off at the departure airport until it touches ground at the end of a flight as measured by ARGUS. The Company believes Total Flight Hours are a useful metric to measure the usage of our programs and the scale of its fleet and revenue growth.