Yahoo Finance

“Looking forward, our attention is fully on building the AI infrastructure we believe is essential for scaling our platform and unlocking the next phase of value. Data centers are central to that strategy, and we’re moving quickly - just a few months into the year, we’ve already signed a letter of intent for our first 50-megawatt project. It’s the anchor of a 120-acre campus with the potential to grow into a full gigawatt of capacity over time. To get it done right, we’ve brought in a seasoned group of folks who’ve built data centers before and know how to keep timelines tight and budgets in check. In parallel, we’re evaluating acquisitions, strategic partnerships, and additional development sites to keep the momentum going. Our leadership team is focused, our plan is clear, and we’re committed to executing with discipline. With this pivot, we believe Jet.AI is well positioned for long-term success in AI infrastructure and intelligent systems.”

Full Year 2024 Financial Results

Revenues were $14.0 million, an increase of $1.8 million compared to the same period last year. The increase was primarily due to an increase in software app and Cirrus charter revenues and management and other services revenues.

Software App and Cirrus Charter revenue, the gross amount of charters booked through CharterGPT and Cirrus, was $8.1 million, an increase of $1.0 million compared to the same period last year.

Management and Other Services revenue, which is comprised of revenues generated from managing and chartering our customer aircraft, totaled $3.6 million, an increase of $1.4 million compared to 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 $2.3 million compared to $2.8 million in the same period last year.

Cost of revenues totaled $15 million compared to $12.4 million in the same period last year. The increase was primarily due to the increased fleet and the increase in jet card and Cirrus charter flight activity, as well as the startup expenses relating to the introduction of the King Air 350i managed aircraft to the Company’s fleet.

Gross loss totaled approximately $965,000 compared to a loss of $179,000 in the same period last year. The result was primarily due to increased maintenance costs and lower utilization of the Company’s HondaJet Elites.

Operating expenses decreased to $11.6 million compared to $12.3 million in the same period last year. The decrease was primarily due to a decrease in general and administrative expenses.

Operating loss was $12.6 million compared to a loss of $12.5 million in the same period last year. The slight increase was primarily due to an increase in gross operating loss, offset by reduced general and administrative expenses.

As of March 25^th, 2025, the Company had a cash balance of $12.5 million and no debt.

About Jet.AI

Founded in 2018 and is based in Las Vegas, NV, Jet.AI is the only public pure-play AI data center company. Leveraging a leadership team with deep expertise in data center development and AI-driven technologies, Jet.AI is building a scalable, high-performance infrastructure to support the increasing computational demands of artificial intelligence. Our suite of AI-powered tools stems from our origin as an aviation company, and leverages natural language processing technologies to enhance efficiency, optimize operations, and streamline private jet booking experience.

About flyExclusive

flyExclusive is a vertically integrated, FAA-certificated air carrier providing private jet experiences by offering customers a choice of on-demand charter, Jet Club, and fractional ownership services to destinations across the globe. flyExclusive has one of the world’s largest fleets of Cessna Citation aircraft, and it operates a combined total of approximately 100 jets, ranging from light to large cabin sizes. The company manages all aspects of the customer experience, ensuring that every flight is on a modern, comfortable, and safe aircraft. flyExclusive’s in-house repair station, aircraft paint, cabin interior renovation, and avionics installation capabilities, are all provided from its campus headquarters in Kinston, North Carolina. To learn more, visit www.flyexclusive.com.

Additional Information and Where to Find It

In connection with the proposed transaction, flyExclusive and Jet.AI have filed and intend to file relevant materials with the SEC, including a registration statement on Form S-4, which will include a proxy statement/prospectus. After the registration statement is declared effective by the SEC, the definitive proxy statement/prospectus and other relevant documents will be mailed to the shareholders of Jet.AI as of the record date established for voting on the proposed transaction and will contain important information about the proposed transaction and related matters. Shareholders of Jet.AI and other interested persons are advised to read, when available, these materials (including any amendments or supplements thereto) and any other relevant documents in connection with Jet.AI’s solicitation of proxies for the meeting of shareholders to be held to approve, among other things, the proposed transaction because they will contain important information about Jet.AI, flyExclusive and the proposed transaction. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other relevant materials in connection with the proposed transaction without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: Jet.AI Inc., 10845 Griffith Peak Drive, Suite 200, Las Vegas, NV 89135, Attention: John Yi, email: Jet.AI@gateway-grp.com or Telephone: (949) 574-3860.

Participants in the Solicitation

Jet.AI and its respective directors and executive officers may be deemed participants in the solicitation of proxies from Jet.AI’s shareholders in connection with the proposed transaction. Jet.AI’s shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Jet.AI as reflected in the annual report on Form 10-K for the period ended December 31, 2024. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Jet.AI’s shareholders in connection with the proposed transaction is set forth in the preliminary proxy statement/prospectus for the proposed transaction. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction is included in the preliminary proxy statement/prospectus. You may obtain free copies of these documents as described in the preceding paragraph.

flyExclusive and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Jet.AI in connection with the proposed transaction. A list of the names of such directors and executive officers and information regarding their interests in the proposed transaction is included in the preliminary proxy statement/prospectus.

No Solicitation or Offer

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Forward-Looking Statements

This press release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, 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. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. 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 or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. 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 Company’s most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. 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, except as provided by law.

Jet.AI Investor Relations:
Gateway Group, Inc.
949-574-3860
Jet.AI@gateway-grp.com

JET.AI, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

JET.AI, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

JET.AI, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS