DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

In September 2024, the Company entered into an agreement with flyExclusive to transition our aircraft ownership program fleet operations to flyExclusive. This move is expected to provide Volato with the opportunity to focus on what it believes to be its high-growth areas, including aircraft sales and proprietary software. We will continue to take delivery of new aircraft, while also generating revenue from our proprietary software, including the Vaunt platform, Volato’s successful empty leg consumer app.

Major classes of line items constituting loss from discontinued operations is as follows:


	Year Ended December 31,
	2024		2023
Revenue - Aircraft usage	$	32,546	$	37,765
Costs of Revenue - Aircraft usage	43,488		51,245
Selling, general and administrative	17,679		19,592
Gain (loss) from sale of equity method investment	—		886
Other Income from discontinued operations	9,902		—
Loss from discontinued operations	$	(18,719)	$	(32,186)

As part of the agreement with flyExclusive they assumed liabilities for insider cards generating a gain of $10.0 million for the Company that is included in discontinued operations.

Carrying amounts and major classes of assets included as part of discontinued operations is as follows:


	December 31, 2024		December 31, 2023
Accounts receivable	$	1,027	$	2,548
Prepaid and other assets	1,215		2,024
Operating lease, right-of-use assets	—		1,278
Equity-method investment	—		154
Deposits	—		441
Total assets associated with discontinued operations	$	2,242	$	6,445

Carrying amounts and major classes of liabilities included as part of discontinued operations is a follows:


	December 31, 2024		December 31, 2023
Accounts payable and accrued liabilities	$	6,086	$	4,333
Operating lease liability	—		1,291
Credit facility and other loans	918		509
Customer deposits and deferred revenue	5,004		10,026
Total liabilities associated with discontinued operations	$	12,008	$	16,159