Revenue growth remains erratic, swinging from a 529.9% expansion in 2025Q1 to a 96.1% contraction in 2026Q1, while gross margins fluctuate wildly between -22.0% and 70.5%.
| Sales/Revenue | 54.07M | 78.56M | 46.29M | 35.57M | 96.71M | 1.06M |
| Revenue Growth % | -34.3% | 69.72% | 30.12% | -63.22% | 9059.07% | - |
| Cost of Goods Sold | 43.18M | 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 | 10.89M | 14.69M | 7.5M | 4.79M | 2.43M | 202.56K |
| Gross Margin % | 20.15% | 18.7% | 16.19% | 13.48% | 2.51% | 19.18% |
| Gross Profit Growth % | - | 95.94% | 56.36% | 97.61% | 1097.66% | - |
| Operating Expenses | 11.81M | 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 | 11.81M | 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 | 0 | 97K | 56K | 0 | 0 |
| R&D % of Revenue | - | - | 0.21% | 0.16% | - | - |
| Other Operating Expenses | -61K | 0 | -97K | -57K | 0 | 26.24K |
| Operating Income | -913K | 3.96M | -9.37M | -4.44M | -9.19M | -2.19M |
| Operating Margin % | -1.69% | 5.04% | -20.23% | -12.48% | -9.5% | -207.88% |
| Operating Income Growth % | - | 142.29% | -110.92% | 51.66% | -318.47% | - |
| EBITDA | -674K | 4.3M | -8.99M | -4.3M | -9.02M | -2.17M |
| EBITDA Margin % | -1.25% | 5.47% | -19.42% | -12.08% | -9.33% | -205.39% |
| EBITDA Growth % | 93.99% | 147.79% | -109.26% | 52.39% | -316.07% | - |
| D&A (Non-Cash Add-back) | 239K | 336K | 375K | 144K | 162K | 26.24K |
| EBIT | 4.26M | 5.91M | -14.94M | -4.44M | -8.59M | -1.45M |
| Net Interest Income | -1.23M | -4.85M | -7.49M | -3.36M | -866K | -57.91K |
| Interest Income | 27K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.26M | 4.85M | 7.49M | 3.36M | 866K | 57.91K |
| Other Income/Expense | -1.06M | -2.9M | -13.07M | -16.19M | -270K | 687.7K |
| Pretax Income | -1.98M | 1.06M | -22.43M | -20.63M | -9.46M | -1.51M |
| Pretax Margin % | -3.65% | 1.35% | -48.46% | -58% | -9.78% | -142.75% |
| Income Tax | 114K | 207K | -507K | 2K | -55K | 0 |
| Effective Tax Rate % | -5.77% | 19.51% | 2.26% | -0.01% | 0.58% | 0% |
| Net Income | 2.08M | 5.17M | -40.65M | -52.82M | -9.37M | -1.47M |
| Net Margin % | 3.85% | 6.58% | -87.81% | -148.49% | -9.69% | -139.54% |
| Net Income Growth % | 109.14% | 112.73% | 23.05% | -463.92% | -535.77% | - |
| Net Income (Continuing) | -2.09M | 854K | -21.93M | -20.64M | -9.4M | -1.51M |
| Discontinued Operations | 868K | 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 % | 110.98% | 100% | -44.33% | -62.85% | -871.03% | - |
| EPS (Basic) | - | 1.18 | -24.42 | -16.92 | -10.39 | -1.07 |
| Diluted Shares Outstanding | 14.86B | 4.39B | 1.66M | 1.22M | 901.51K | 1.38M |
| Basic Shares Outstanding | 4.39M | 4.39M | 1.66M | 1.22M | 901.51K | 1.38M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Liquidity and operational scale
As evidenced by the quarterly financial data, SOAR exhibits extreme revenue volatility, with growth rates swinging from a 529.9% expansion in 2025Q1 to a 96.1% contraction in 2026Q1, suggesting that the company's top-line performance is heavily dependent on lumpy, non-recurring fractional share sales rather than consistent service demand.
The dramatic fluctuations in quarterly revenue indicate that the business model lacks a stable recurring revenue base, making it difficult to forecast future performance. Investors should interpret these swings as a sign that the company is highly sensitive to the timing of capital-intensive fractional ownership transactions.
Based on reported income statements, gross margins have fluctuated wildly between a negative 22.0% in 2024Q2 and a peak of 70.5% in 2026Q1, highlighting the inherent difficulty in maintaining consistent profitability within a high-fixed-cost aviation model that relies on variable flight activity and fleet utilization.
The inconsistency in gross margins suggests that the company struggles to effectively absorb fixed operational costs during periods of lower flight volume. This volatility implies that the current cost structure is not yet optimized to support a predictable margin profile, leaving the firm vulnerable to operational inefficiencies.
According to the provided financial filings, SG&A expenses have remained persistently elevated, often exceeding $3 million per quarter, which significantly outpaces the company's ability to generate consistent operating income and places immense pressure on the firm's limited cash reserves during periods of operational underperformance.
The high level of administrative overhead relative to revenue suggests that the company is carrying a heavy fixed-cost burden that is not scaling efficiently with its current fleet size. This cost structure warrants further investigation into whether management can achieve the necessary economies of scale to reach sustainable profitability.
As reported in financial statements, the company's precarious cash position relative to its operational scale suggests that the current growth trajectory may be unsustainable without further dilutive financing, as the firm has struggled to maintain positive operating income across the majority of the observed ten-quarter period.
The persistent net losses and the reliance on capital-intensive fleet expansion create a significant risk of liquidity constraints. Investors should monitor the company's ability to manage its cash burn, as the current financial profile appears to prioritize rapid growth over the establishment of a durable, self-funding business model.
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.