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DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS

NOTE 3 – DISCONTINUED OPERATIONS

 

In September 2024, the Company entered into an agreement with flyExclusive to transition our aircraft ownership program fleet operations to flyExclusive. During 2024 and 2025 we continued 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:

 

 SCHEDULE OF NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS

   2025   2024 
   Twelve Months Ended December 31, 
   2025   2024 
Revenue - Aircraft usage  $89   $32,546 
Revenue - Managed aircraft   —    7,224 
Costs of Revenue - Aircraft usage   65    43,488 
Cost of Revenue - Managed aircraft   —    6,610 
Selling, general and administrative   406    19,035 
Other income from discontinued operations   5,530    9,902 
Income (loss) from discontinued operations before provision for taxes   5,148   $(19,461)
Benefit for taxes from discontinued operations   829    — 
Net income (loss) from discontinued operations, net  $4,319   $(19,461)

 

 

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

 

   December 31, 2025   December 31, 2024 
Accounts receivable, net  $13   $1,027 
Prepaid and other assets   254    1,254 
Property and equipment, net   —    3 
Intangibles, net   —    1,200 
Goodwill   —    635 
Total assets associated with discontinued operations  $267   $4,119 

 

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

 

   December 31, 2025   December 31, 2024 
Accounts payable and accrued liabilities  $1,307   $6,344 
Credit facility and other loans   —    918 
Customer deposits and deferred revenue   284    5,156 
Deferred income tax liability   —    305 
Total liabilities associated with discontinued operations  $1,591   $12,723