Revenue has contracted significantly over the last ten quarters, while the company continues to struggle with negative gross margins that reached -13.9% in 2026Q1.
Jet.AI Inc. (JTAI) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 10.48M | 9.18M | 14.02M | 12.21M | 21.86M | 0 | 4.78K |
| Revenue Growth % | -18.08% | -34.55% | 14.8% | -44.13% | - | -100% | - |
| Cost of Goods Sold | 10.97M | 9.48M | 14.99M | 12.39M | 19.8M | 0 | 0 |
| COGS % of Revenue | - | 103.27% | 106.88% | 101.46% | 90.58% | - | - |
| Gross Profit | -492.2K | -300.04K | -964.62K | -178.53K | 2.06M | 0 | 4.78K |
| Gross Margin % | -4.7% | -3.27% | -6.88% | -1.46% | 9.42% | - | 100% |
| Gross Profit Growth % | - | 68.9% | -440.3% | -108.67% | - | -100% | - |
| Operating Expenses | 9.47M | 9.77M | 11.6M | 12.33M | 9.79M | 85.52K | 2.57M |
| OpEx % of Revenue | - | 106.45% | 82.74% | 100.96% | 44.8% | - | 53649.51% |
| Selling, General & Admin | 9.23M | 9.53M | 11.44M | 12.17M | 9.66M | 85.52K | 2.55M |
| SG&A % of Revenue | - | 103.79% | 81.58% | 99.64% | 44.17% | - | 53286.7% |
| Research & Development | 248.83K | 244.24K | 162.15K | 160.86K | 137.28K | 0 | 17.35K |
| R&D % of Revenue | - | 2.66% | 1.16% | 1.32% | 0.63% | - | 362.81% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -9.97M | -10.07M | -12.57M | -12.51M | -7.74M | -85.52K | -2.56M |
| Operating Margin % | -95.12% | -109.72% | -89.62% | -102.42% | -35.38% | - | -53549.51% |
| Operating Income Growth % | - | 19.87% | -0.45% | -61.72% | -8946.14% | 96.66% | - |
| EBITDA | -9.96M | -10.07M | -12.56M | -12.38M | -7.6M | -3.54M | 0 |
| EBITDA Margin % | -95.09% | -109.69% | -89.6% | -101.32% | -34.77% | - | - |
| EBITDA Growth % | 15.88% | 19.87% | -1.53% | -62.8% | -114.62% | - | - |
| D&A (Non-Cash Add-back) | 2.55K | 2.55K | 2.56K | 135.25K | 134.38K | 0 | 2.56M |
| EBIT | 5.19M | 4.59M | -12.57M | -12.51M | -7.74M | -3.54M | -2.56M |
| Net Interest Income | 0 | 0 | -167.05K | -103.61K | 0 | 443 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 443 | 0 |
| Interest Expense | 0 | 0 | 167.05K | 103.61K | 0 | 0 | 0 |
| Other Income/Expense | 15.15M | 14.66M | -166.83K | -103.5K | 3 | -3.46M | 0 |
| Pretax Income | 5.19M | 4.59M | -12.73M | -12.61M | -7.74M | -3.54M | -2.56M |
| Pretax Margin % | 49.5% | 50.01% | -90.81% | -103.27% | -35.38% | - | -53549.51% |
| Income Tax | 0 | 0 | 0 | 2.46K | 2.4K | 0 | 1.87K |
| Effective Tax Rate % | 0% | 0% | 0% | -0.02% | -0.03% | 0% | -0.07% |
| Net Income | 5.19M | 4.59M | -12.73M | -12.62M | -7.74M | -3.54M | -2.56M |
| Net Margin % | 49.5% | 50.01% | -90.81% | -103.29% | -35.39% | - | -53588.54% |
| Net Income Growth % | 143.81% | 136.04% | -0.93% | -63.04% | -118.48% | -38.18% | - |
| Net Income (Continuing) | 5.19M | 4.59M | -12.73M | -12.62M | -7.74M | -3.54M | -2.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.91 | 66.68 | -9586.00 | -58624.98 | -40094.32 | -10999.00 | -242000.00 |
| EPS Growth % | 102.68% | 100.7% | 83.65% | -46.22% | -264.53% | 95.45% | - |
| EPS (Basic) | - | 303.29 | -9586.00 | -58624.98 | -40094.32 | -10999.00 | -242000.00 |
| Diluted Shares Outstanding | 1.33M | 68.83K | 1.4K | 216 | 193 | 322 | 11 |
| Basic Shares Outstanding | 1.33M | 15.13K | 1.4K | 216 | 193 | 322 | 11 |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying JTAI stock.
For fiscal year 2025, Jet.AI Inc. (JTAI) reported total revenue of $9.2M. This represents a 191783.1% increase compared to $0.0M in 2020.
Jet.AI Inc. (JTAI) is profitable, generating $4.6M in net income for the fiscal year ending 2025 with a net profit margin of 50.0%.
Jet.AI Inc. (JTAI) reported an operating income of $-10.1M, resulting in an operating profit margin of -109.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Jet.AI Inc. (JTAI) generated $-0.3M in gross profit for the year, representing a gross profit margin of -3.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Imminent liquidity and dilution
Metrics are mathematically derived from official filings.
Persistent Revenue Contraction Trends
As reported in recent financial filings, Jet.AI has experienced a severe revenue decline, with quarterly figures dropping to $1.7M in 2026Q1 from $4.2M in 2023Q4, representing a sustained contraction that suggests the company's current charter-focused business model is failing to gain necessary market traction.
The consistent quarter-over-quarter revenue decay indicates that the company's value proposition is struggling to resonate within the competitive private aviation landscape. This downward trajectory suggests that the firm may be losing market share or intentionally scaling back operations to mitigate losses, neither of which provides a clear path to top-line stabilization.
Structural Inability to Generate Margin
Based on the provided income statement data, Jet.AI consistently reports negative gross margins, including a -13.9% margin in 2026Q1, which implies that the direct costs of fulfilling charter services currently exceed the revenue generated, leaving no room for operating expenses or long-term profitability.
The persistent failure to achieve positive gross margins suggests that the company's pricing power is effectively non-existent in its current charter-heavy segment. Investors should monitor whether the software-as-a-service components can eventually scale to offset these fulfillment costs, as the current structure appears fundamentally unsustainable.
Operating Leverage Remains Deeply Negative
According to historical income statements, Jet.AI maintains an operating margin of -170.4% as of 2026Q1, demonstrating that the company's fixed overhead and SG&A costs are significantly outpacing its shrinking revenue base, thereby preventing any meaningful progress toward achieving operational scale or efficiency.
The lack of operating leverage suggests that the company's cost structure is too rigid for its current volume of business. Without a drastic reduction in SG&A or a massive surge in high-margin software revenue, the company appears trapped in a cycle of high fixed-cost burn relative to its diminishing top-line.
Accounting Artifacts Mask Operational Reality
As evidenced by the 2025Q4 net income of $12.1M despite an operating loss of $2.4M, Jet.AI's bottom-line results are heavily influenced by non-operating items, which obscures the underlying cash-burning nature of the business and warrants extreme caution when evaluating the firm's true financial health.
The massive discrepancy between operating and net income suggests that one-time accounting adjustments, such as warrant revaluations or debt restructuring, are creating a misleading picture of profitability. Analysts should focus exclusively on operating cash flow and core revenue trends to assess the company's viability, as these headline net income figures appear disconnected from operational performance.
Liquidity Constraints Threaten Future Viability
Based on the reported cash reserves of $1.8M and persistent quarterly operating losses exceeding $2M, Jet.AI faces a critical liquidity risk that suggests the company may be forced to pursue dilutive equity financing in the near term to sustain its current operational footprint.
The combination of declining revenue and a thin cash cushion creates a precarious environment where the company has little room for error. While the software-enabled charter bridge offers theoretical optionality, the immediate financial reality suggests that the firm's survival is contingent upon external capital infusions rather than internal cash generation.