Increase in total revenues of 105% year-over-year 17% point increase in net margin, adjusted for stock option expense Cash and cash equivalents of $2.1 million as of April 1st, unchanged from December 31st, 2023 LAS VEGAS, May 15, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. (the "Company") (NASDAQ:JTAI), an innovative private aviation and artificial intelligence ("AI") company, today announced financial results for the first quarter ended March 31, 2024. First Quarter 2024 and Recent Operational Highlights Released the National Jet Card Program using third party aircraft Announced partnership with FL3XX to integrate its DynoFlight carbon removal platform making it an easy option for thousands of FL3XX customers Launched Reroute AI, a web-based software tool designed to transform the way empty flight legs are utilized As previously disclosed, raised a $16.5 million convertible preferred from Ionic Ventures LLC Added a King Air 350i to its managed fleet First Quarter 2024 Financial Results Revenues were $3.8 million, an increase of $1.9 million compared to the same period last year. The primary reason for this increase was due to significant increases in Software App and Management and Other Services revenue. Software App and Cirrus Aviation Charter Revenue, the gross amount of charters booked through CharterGPT and Cirrus Aviation, was $2.4 million compared to $1.0 million in the same period last year. The increase primarily reflects increased utilization of the Company's Citation CJ4 managed aircraft during the first quarter of 2024 compared to 2023 as well as more than a 200% increase in bookings through the CharterGPT app. Management and Other Services revenue, which is comprised of revenues generated from managing and chartering our customer aircrafts, totaled $800,000 compared to $334,000 in the same period last year. Jet Card and Fractional Programs revenue, which is generated from the sale and use of jet cards and service revenue related to ongoing utilization by the Company's fractional customers, totaled $677,000 compared to $548,000 in the same period last year. Cost of revenues totaled $4.0 million compared to $2.0 million in the same period last year. The increase is primarily due to an increase in fleet utilization, third-party charter costs, and merchant fees and federal excise tax relating to charter flights. Operating expenses excluding stock option expense totaled $1.8 million compared to $1.2 million in the same period last year. The increase was primarily due to increased sales and marketing expenses. Option expense in the period related to amortization of prior period grants. Operating loss was approximately $3.1 million compared to $2.7 million in the same period last year. The increase was primarily due to increased professional services expense and D&O insurance costs as a result of being public. Cash and cash equivalents including gross proceeds from the release of a tranche of a convertible preferred with Ionic Ventures, LLC was approximately $2.1 million as of April 1st, 2024, unchanged when compared to $2.1 million as of December 31, 2023. Cash and cash equivalents of approximately $0.6 million at March 31st, 2024 rose to $2.1 million the next day on April 1st as a Subscription Receivable attributable to the Ionic private placement was collected and booked to Cash. Management Commentary"Last quarter we doubled sales year over year and substantially improved bottom line margin, up 17% points adjusted for option expense. In addition, we closed on the $16.5 million sale of convertible preferred shares to Ionic Ventures LLC, with the goal of positioning the company well financially for the foreseeable future," said Mike Winston, Executive Chairman and Founder of Jet.AI. "On the software side, we launched Reroute AI for operators and did a key integration deal for DynoFlight with a major software provider to the private jet industry (FL3XX). Challenger 3500 fleet financing conversations remain ongoing. "Looking ahead, we just announced a national jet card program that allows Jet.AI to address hundreds of millions of dollars of market potential with little or no incremental capital outlay. In our regional jet card program, we're limited by the number of planes we control and their range, with the national program we don't have those limitations because we use off-fleet jets from safety vetted operators. That frees us to use our regional jet card sales and management capability on a larger scale. In addition, next week we expect to launch a new version of Reroute AI geared toward the tens of thousands of charter brokers who routinely search for value on behalf of their customers. Overall, we're headed in the right direction and staying disciplined." About Jet.AIJet.AI operates in two segments, Software and Aviation, respectively. The Software segment features the B2C CharterGPT app and the B2B Jet.AI Operator platform. The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience. The Jet.AI operator platform offers a suite of stand-alone software products to enable FAA Part 135 charter providers to add revenue, maximize efficiency, and reduce environmental impact. The Aviation segment features jet aircraft share ownership, jet card, on-fleet charter, management, and buyer's brokerage. Jet.AI is an official partner of the Las Vegas Golden Knights, 2023 NHL Stanley Cup® champions. The Company was founded in 2018 and is based in Las Vegas, NV and San Francisco, CA. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the products and services offered by Jet.AI and the markets in which it operates, and Jet.AI's projected future results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Registration Statement and the amendments thereto on Form S-4 filed with the Securities and Exchange Commission (File No. 333-270848) and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and Jet.AI assumes no obligation and does not intend to update or revise these forward-looking statements, whether because of new information, future events, or otherwise. Jet.AI Investor Relations:Gateway Group, Inc. JET.AI, INC.CONSOLIDATED BALANCE SHEETS       March 31,2024     December 31,2023       (unaudited)         Assets                 Current assets:                 Cash and cash equivalents   $ 595,555     $ 2,100,543   Accounts receivable     162,962       96,539   Other current assets     104,657       190,071   Prepaid offering costs     800,000       800,000   Subscription receivable     1,500,025       -   Total current assets     3,163,199       3,187,153                     Property and equipment, net     6,967       7,604   Intangible assets, net     53,577       73,831   Right-of-use lease asset     1,442,884       1,572,489   Investment in joint venture     100,000       100,000   Deposits and other assets     798,111       798,111   Total assets   $ 5,564,738     $ 5,739,188                     Liabilities and Stockholders' Deficit                 Current liabilities:                 Accounts payable   $ 1,386,436     $ 1,656,965   Accrued liabilities     2,444,004       2,417,115   Deferred revenue     1,395,285       1,779,794   Operating lease liability     513,869       510,034