Revenue exhibits extreme quarterly volatility, collapsing from $27.8M in 2025Q4 to $965K in 2026Q2, while gross margins swing wildly from 22.2% to 69.7% depending on the revenue mix, highlighting a highly unpredictable operational profile.
Volato Group, Inc. (SOAR) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Sales/Revenue | 30.18M | 78.56M | 46.29M | 35.57M | 96.71M | 1.06M |
| Revenue Growth % | -67.2% | 69.72% | 30.12% | -63.22% | 9059.07% | - |
| Cost of Goods Sold | 22.38M | 63.87M | 38.79M | 30.78M | 94.28M | 853.29K |
| COGS % of Revenue | - | 81.3% | 83.81% | 86.52% | 97.49% | 80.82% |
| Gross Profit | 7.8M | 14.69M | 7.5M | 4.79M | 2.43M | 202.56K |
| Gross Margin % | 25.85% | 18.7% | 16.19% | 13.48% | 2.51% | 19.18% |
| Gross Profit Growth % | - | 95.94% | 56.36% | 97.61% | 1097.66% | - |
| Operating Expenses | 12.11M | 10.73M | 16.86M | 9.23M | 11.61M | 2.4M |
| OpEx % of Revenue | - | 13.66% | 36.43% | 25.96% | 12.01% | 227.06% |
| Selling, General & Admin | 12.11M | 10.73M | 16.86M | 9.23M | 11.61M | 2.37M |
| SG&A % of Revenue | - | 13.66% | 36.43% | 25.96% | 12.01% | 224.58% |
| Research & Development | 61K | 97K | 97K | 56K | 0 | 0 |
| R&D % of Revenue | - | 0.12% | 0.21% | 0.16% | - | - |
| Other Operating Expenses | -61K | -97K | -97K | -57K | 0 | 26.24K |
| Operating Income | -4.3M | 3.96M | -9.37M | -4.44M | -9.19M | -2.19M |
| Operating Margin % | -14.26% | 5.04% | -20.23% | -12.48% | -9.5% | -207.88% |
| Operating Income Growth % | - | 142.29% | -110.92% | 51.66% | -318.47% | - |
| EBITDA | -4.09M | 4.3M | -8.99M | -4.3M | -9.02M | -2.17M |
| EBITDA Margin % | -13.54% | 5.47% | -19.42% | -12.08% | -9.33% | -205.39% |
| EBITDA Growth % | -253.76% | 147.79% | -109.26% | 52.39% | -316.07% | - |
| D&A (Non-Cash Add-back) | 218K | 336K | 375K | 144K | 162K | 26.24K |
| EBIT | 3M | 5.91M | -14.94M | -4.44M | -8.59M | -1.45M |
| Net Interest Income | -1.27M | -4.85M | -7.49M | -3.36M | -866K | -57.91K |
| Interest Income | 27K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.3M | 4.85M | 7.49M | 3.36M | 866K | 57.91K |
| Other Income/Expense | -2.7M | -2.9M | -13.07M | -16.19M | -270K | 687.7K |
| Pretax Income | -7M | 1.06M | -22.43M | -20.63M | -9.46M | -1.51M |
| Pretax Margin % | -23.2% | 1.35% | -48.46% | -58% | -9.78% | -142.75% |
| Income Tax | -76K | 207K | -507K | 2K | -55K | 0 |
| Effective Tax Rate % | 1.09% | 19.51% | 2.26% | -0.01% | 0.58% | 0% |
| Net Income | -3.57M | 5.17M | -40.65M | -52.82M | -9.37M | -1.47M |
| Net Margin % | -11.82% | 6.58% | -87.81% | -148.49% | -9.69% | -139.54% |
| Net Income Growth % | -56.6% | 112.73% | 23.05% | -463.92% | -535.77% | - |
| Net Income (Continuing) | -6.93M | 854K | -21.93M | -20.64M | -9.4M | -1.51M |
| Discontinued Operations | 52K | 4.32M | -18.72M | -32.19M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 4.3M |
| EPS (Diluted) | -0.00 | 0.00 | -24.42 | -16.92 | -10.39 | -1.07 |
| EPS Growth % | 175.68% | 100% | -44.33% | -62.85% | -871.03% | - |
| EPS (Basic) | - | 1.18 | -24.42 | -16.92 | -10.39 | -1.07 |
| Diluted Shares Outstanding | 34.81B | 4.39B | 1.66M | 1.22M | 901.51K | 1.38M |
| Basic Shares Outstanding | 3.48M | 4.39M | 1.66M | 1.22M | 901.51K | 1.38M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Quick answers to the most common questions about buying SOAR stock.
For fiscal year 2025, Volato Group, Inc. (SOAR) reported total revenue of $78.6M. This represents a 7340.4% increase compared to $1.1M in 2021.
Volato Group, Inc. (SOAR) is profitable, generating $5.2M in net income for the fiscal year ending 2025 with a net profit margin of 6.6%.
Volato Group, Inc. (SOAR) reported an operating income of $4.0M, resulting in an operating profit margin of 5.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Volato Group, Inc. (SOAR) generated $14.7M in gross profit for the year, representing a gross profit margin of 18.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Severe cash burn and operational volatility
Metrics are mathematically derived from official filings.
Extreme Revenue Volatility Obscures Trend
Volato's revenue trajectory is defined by extreme quarterly volatility, with recent quarters showing a collapse to under $1M from prior quarters exceeding $25M, suggesting a highly lumpy, transactional sales model rather than a predictable growth path.
The reported 69.7% YoY revenue growth for 2025 is misleading when viewed against the sequential quarterly data, which shows revenue plummeting from $27.8M in 2025Q4 to just $997K in 2025Q1 and $965K in 2026Q2. This pattern indicates that top-line performance is driven by the timing of large fractional share sales, not steady charter or management fees. The business appears to be in a constant cycle of customer acquisition, making the durability of any single quarter's growth highly questionable.
Margin Structure Highly Sensitive to Revenue Mix
Gross margins swing wildly from negative to over 70% depending on the quarter, indicating that profitability is entirely dependent on the mix of high-margin service revenue versus lower-margin fractional share sales in any given period.
The reported 18.7% gross margin is a blended average that masks severe instability; 2024Q2 saw a -22.0% gross margin, while 2026Q2 posted 69.7%. This suggests that when revenue is dominated by charter and management fees (likely the low-revenue quarters), gross margins are high, but when large fractional share sales are recognized (high-revenue quarters), the associated cost of sales compresses margins significantly. The structural cost base appears fixed, meaning any softness in the high-margin service revenue stream would immediately pressure overall profitability.
Operating Leverage Remains Unrealized
Despite revenue scaling to over $25M in some quarters, operating income remains negative or minimal, indicating that SG&A and overhead costs are growing in tandem with revenue and failing to demonstrate scalable efficiency.
The company's operating margin has been negative in 6 of the last 10 quarters, with the best result being 11.2% in 2025Q4. SG&A expenses have consistently ranged between $2M and $4.6M per quarter, regardless of whether revenue is $40K or $40M. This implies that the administrative infrastructure is not being leveraged; instead, it appears to be a fixed cost that must be covered by volatile revenue streams. The path to sustainable operating profitability requires a significant and sustained increase in fleet utilization and management fee revenue.
Net Income Distorted by Non-Operating Items
Reported net income is frequently positive even when operating income is deeply negative, such as the $7.1M net income in 2025Q3 on a -$2.6M operating loss, suggesting significant non-operating gains or tax benefits that obscure core operational performance.
The disconnect between operating and net income is stark; in 2025Q3, a $7.1M net profit was generated despite a $2.6M operating loss, implying over $9.7M in non-operating income. Similarly, the net margin of 6.58% cited in the company intelligence is higher than the 5.04% operating margin, confirming the presence of non-recurring items. Investors should focus on operating income as the true measure of the business's health, as net income appears heavily influenced by factors outside of core flight operations.
Fixed Cost Base Creates High Operational Risk
The cost structure is dominated by a large, fixed SG&A expense base that consumes all gross profit in low-revenue quarters, leaving the company with minimal flexibility to weather demand downturns or operational disruptions.
SG&A expenses have remained elevated, averaging over $3M per quarter even when revenue fell below $1M. This indicates a high fixed-cost overhead for pilot training, maintenance infrastructure, and corporate functions that cannot be easily scaled down. The primary risk is that a sustained period of low fractional share sales or reduced charter demand would lead to severe cash burn, as the company cannot quickly reduce these core operational expenses. The current cash balance of $4.7M appears dangerously low relative to this quarterly cost structure.
Liquidity Crisis May Force Dilutive Actions
The most significant challenge to the income statement narrative is the severe cash burn implied by the recent quarters, where operating losses and minimal revenue suggest the company's current cash position may be insufficient to fund operations without immediate external financing.
In the two most recent quarters (2025Q1 and 2026Q2), the company generated less than $2M in total revenue while incurring over $5M in combined SG&A and R&D expenses. This operational cash burn, combined with a starting cash balance of only $4.7M, creates a high probability of a liquidity shortfall within the next few quarters. The negative operating income trend suggests that the business is not yet self-funding, and any future capital raise would likely be highly dilutive to existing shareholders, undermining the value proposition of the current growth trajectory.