v3.25.2
DISCONTINUED OPERATIONS
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
In September 2024, the Company entered into an agreement with flyExclusive to transition our aircraft ownership program fleet operations to flyExclusive. This move is expected to provide Volato with the opportunity to focus on what it believes to be its high-growth areas, including aircraft sales and proprietary software. We will continue to take delivery of new aircraft, while also generating revenue from our proprietary software, including the Vaunt platform, Volato’s empty leg consumer app. In March 2025, the Company sold GC Aviation, Inc., which holds the FAA Part 135 certificate, therefore items related to managed aircraft are included in discontinued operations.

Major classes of line items constituting net income (loss) from discontinued operations are as follows:

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue - Aircraft usage$24 $12,276 $80 $23,745 
Revenue - Managed aircraft — 2,674 — 4,368 
Costs of Revenue - Aircraft usage27 15,985 64 31,914 
Cost of Revenue - Managed aircraft — 2,447 1 3,957 
Selling, general and administrative99 5,945 306 13,358 
Other income (loss) from discontinued operations946 — 1,005 — 
Loss from discontinued operations before provision for taxes 844 (9,427)714 $(21,116)
Benefit for taxes from discontinued operations (75)— (300)— 
Net income (loss) from discontinued operations, net$919 $(9,427)$1,014 $(21,116)
Carrying amounts and major classes of assets included as part of discontinued operations are as follows:
June 30,
2025		December 31,
2024
Accounts receivable, net$493 $1,027 
Prepaid and other assets1,180 1,254 
Property and equipment, net— 3 
Intangibles, net— 1,200 
Goodwill — 635 
Total assets associated with discontinued operations$1,673 $4,119 

Carrying amounts and major classes of liabilities included as part of discontinued operations are as follows:

June 30,
2025		December 31,
2024
Accounts payable and accrued liabilities$3,269 $6,344 
Credit facility and other loans918 918 
Customer deposits and deferred revenue4,164 5,156 
Deferred income tax liability— 305 
Total liabilities associated with discontinued operations$8,351 $12,723