Summary by Moomoo AI
Jet.AI Inc., a private aviation services company, reported its annual financial performance for the fiscal year ended December 31, 2023. The company experienced a decrease in revenues from $21.9 million in 2022 to $12.2 million in 2023, primarily due to the absence of aircraft sales which contributed $17.2 million in the previous year. The company's cost of revenues was $12.4 million, leading to a gross loss of approximately $179,000 for 2023, compared to a gross profit of $2.1 million in 2022. Operating expenses increased by $2.4 million, largely due to a $2.5 million rise in general and administrative expenses, including a $1.4 million increase in professional service expenses related to the Business Combination. The company's net loss widened to $12.6 million in 2023 from $7.7 million in 2022. Jet.AI Inc. also raised approximately $1.5 million in...Show More