The company's solvency is under pressure as shareholder equity shifted from a positive $14.8 million in 2023Q4 to a deficit of $446,000 by 2026Q1, alongside a precarious current ratio of 0.69.
| Total Current Assets | 5.73M | 9.81M | 43.31M | 46.5M | 10.7M | 4.11M |
| Cash & Short-Term Investments | 1.9M | 7.63M | 2.16M | 14.49M | 5.78M | 1.61M |
| Cash Only | 1.9M | 4.7M | 2.16M | 14.49M | 5.78M | 1.61M |
| Short-Term Investments | 0 | 2.94M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.96M | 943K | 2K | 2.99M | 1.88M | 422.79K |
| Days Sales Outstanding | 8.75 | 4.38 | 0.02 | 30.68 | 7.1 | 146.15 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 1.87M | 1.23M | 5.15M | 25.13M | 833K | 1.5M |
| Total Non-Current Assets | 2.17M | 2.14M | 2.98M | 25.21M | 19.56M | 10.88M |
| Property, Plant & Equipment | 501K | 451K | 850K | 2.12M | 1.92M | 10.5M |
| Fixed Asset Turnover | 108.04x | 174.19x | 54.46x | 16.75x | 50.32x | 0.10x |
| Goodwill | 0 | 0 | 635K | 635K | 635K | 0 |
| Intangible Assets | 0 | 0 | 1.2M | 1.39M | 1.61M | 163K |
| Long-Term Investments | 3.42M | 1.69M | 0 | 154K | 1.16M | 163K |
| Other Non-Current Assets | 1.67M | 0 | 300K | 20.91M | 2.1M | 57.73K |
| Total Assets | 7.91M | 11.95M | 46.3M | 71.71M | 30.26M | 14.99M |
| Asset Turnover | 4.65x | 6.57x | 1.00x | 0.50x | 3.20x | 0.07x |
| Asset Growth % | -292.08% | -74.18% | -35.44% | 137.01% | 101.84% | - |
| Total Current Liabilities | 8.28M | 13.72M | 62.2M | 47.64M | 30.16M | 7.08M |
| Accounts Payable | 0 | 3.39M | 5.71M | 9.86M | 3.66M | 519.24K |
| Days Payables Outstanding | 14.14 | 19.4 | 53.73 | 116.97 | 14.18 | 222.11 |
| Short-Term Debt | 292K | 4.27M | 32.91M | 20.34M | 24.05M | 6M |
| Deferred Revenue (Current) | 15M | 2.82M | 11.54M | 0 | 2.16M | 0 |
| Other Current Liabilities | 4.56M | 1.59M | 12.01M | 17.11M | 0 | 546K |
| Current Ratio | 0.69x | 0.72x | 0.70x | 0.98x | 0.35x | 0.58x |
| Quick Ratio | 0.69x | 0.72x | 0.70x | 0.98x | 0.35x | 0.58x |
| Cash Conversion Cycle | -5.4 | - | - | - | - | - |
| Total Non-Current Liabilities | 73K | 85K | 433K | 9.32M | 5.77M | 1 |
| Long-Term Debt | 73K | 0 | 0 | 8.05M | 4.17M | 0 |
| Capital Lease Obligations | 192K | 85K | 128K | 965K | 1.29M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 305K | 305K | 305K | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 1 |
| Total Liabilities | 8.35M | 13.8M | 62.63M | 56.96M | 35.93M | 7.08M |
| Total Debt | 365K | 4.36M | 33.07M | 29.68M | 29.8M | 6M |
| Net Debt | -1.54M | -340K | 30.91M | 15.2M | 24.02M | 4.39M |
| Debt / Equity | -0.82x | - | - | 2.01x | - | 0.76x |
| Debt / EBITDA | -0.54x | 1.01x | - | - | - | - |
| Net Debt / EBITDA | 2.28x | -0.08x | - | - | - | - |
| Interest Coverage | 3.40x | 1.22x | -1.99x | -1.32x | -9.92x | -25.03x |
| Total Equity | -446K | -1.85M | -16.33M | 14.75M | -5.67M | 7.91M |
| Equity Growth % | 359.69% | 88.68% | -210.73% | 360.2% | -171.67% | - |
| Book Value per Share | -0.00 | -0.00 | -9.81 | 12.09 | -6.29 | 5.73 |
| Total Shareholders' Equity | -446K | -1.85M | -16.33M | 14.75M | -5.67M | 3.61M |
| Common Stock | 6K | 5K | 5K | 3K | 1K | 7.12K |
| Retained Earnings | -103.41M | -100.77M | -104.31M | -63.66M | -10.84M | -1.47M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | -50K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 4.3M |
Liquidity and solvency constraints
As evidenced by the quarterly financial data, the company's equity position has deteriorated significantly, shifting from a positive $14.8 million in 2023Q4 to a deficit of $446,000 by 2026Q1, signaling a persistent erosion of shareholder value driven by recurring net losses and aggressive fleet expansion.
The consistent negative trend in retained earnings, which reached -$103.4 million in 2026Q1, suggests that the business model has struggled to achieve the scale necessary to offset its fixed cost base. Investors should monitor whether this trajectory indicates a structural inability to reach profitability or merely a temporary phase of capital-intensive growth.
Based on reported financial statements, the company's current ratio has remained consistently below 1.0 for most of the observed period, reaching 0.69 in 2026Q1, which highlights a significant mismatch between short-term obligations and the available cash buffer required to sustain flight operations.
With cash reserves dwindling to $1.9 million as of 2026Q1, the company appears to have minimal room for operational error or unexpected maintenance costs. This liquidity profile suggests that the firm may be forced to rely on external financing or further customer deposit inflows to maintain its current operational tempo.
According to recent SEC filings, the company's debt profile has fluctuated significantly, with total debt peaking at $37.9 million in 2024Q2 before moderating to $365,000 by 2026Q1, reflecting a volatile approach to financing its fleet and operational requirements during a period of rapid expansion.
The sharp reduction in debt levels appears to coincide with the depletion of cash reserves, which may indicate that the company has been utilizing available capital to pay down obligations rather than reinvesting in growth. This shift warrants further investigation into whether the firm has lost access to traditional credit markets or is intentionally deleveraging to preserve its remaining liquidity.
As indicated by the financial data, the company's reliance on deferred revenue, which stood at $3.4 million in 2026Q1, suggests that customer prepayments are being utilized as a critical, yet potentially volatile, source of working capital to bridge the gap between operational cash burn and revenue recognition.
This reliance on unearned revenue creates a hidden risk, as any slowdown in new fractional share sales or jet card purchases could lead to a rapid liquidity crunch. Investors should interpret this as a sign that the balance sheet is highly sensitive to customer sentiment and the timing of new contract acquisitions.
Quick answers to the most common questions about buying SOAR stock.
As of 2025, Volato Group, Inc. (SOAR) had total assets of $12.0M including $9.8M in current assets.
Volato Group, Inc. (SOAR) carries total debt of $4.4M, offset by $7.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Volato Group, Inc. (SOAR) has total shareholders' equity (book value) of $-1.8M ($-0.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Volato Group, Inc. (SOAR) reported a current ratio of 0.72x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.