Jet AI (JTAI) Q1 2025 earnings summary

Executive summary

• Signed LOI for joint venture with Consensus Core Technologies to develop two hyperscale data center campuses in Canada.

• Announced strategic shift to AI data center investment, including a 50MW project in Nevada.

• Entered definitive agreement to divest jet card and fractional aviation business via spin-merge, expected to close Q2 2025.

Financial highlights

• Q1 2025 revenues were $3.5M, down from $3.8M year-over-year, mainly due to lower software app, charter, and jet card revenues.

• Gross loss was $116K, a slight improvement from $124K loss in Q1 2024.

• Operating expenses rose to $3.1M from $3.0M, driven by higher G&A and R&D, offset by lower sales and marketing.

• Operating loss was $3.2M, compared to $3.1M in Q1 2024.

• Net loss to common stockholders was $3.17M, or $(1.85) per share.

• Cash balance as of March 31, 2025, was $12.2M with no debt.

Outlook and guidance

• Management expects long-term value creation from AI data center investments and joint ventures.

• Spin-merge of aviation business anticipated to close in Q2 2025.