Latest news with #GulfstreamG280
Broadcast Pro
22-05-2025
- Business
- Broadcast Pro
Viasat expands coverage of in-flight connectivity service
Business aviation customers using the Global Aero Terminal 5510 have benefitted from their high-performance connectivity being extended into the Middle East and South America. Viasat has announced that business aviation customers using its in-flight connectivity solution on super-midsized private jets are now benefitting from expanded coverage into the Middle East and South America. The service enhancement is available to current and future customers using Viasats Global Aero Terminal (GAT) 5510, which already provides high-performance connectivity with uncapped speeds over North and Central America, the Caribbean, North Atlantic flight tracks and Europe. Expanded coverage into the Middle East and South America has been delivered by optimising the use of Viasats satellite network assets and management tools, with existing customers only requiring a simple over-the-air software download and remote configuration. The compact GAT 5510 terminal is certified on a range of different private jets. Available as a linefit option on the Gulfstream G280, Bombardier C3500 and Embraer Praetors, it is also a retrofit option through Viasats network of authorised dealers, with Supplemental Type Certificate (STCs) on several popular airframes. Kai Tang, Head of Business Aviation at Viasat, said: 'Viasat has a successful track record of delivering high-performance connectivity to a large number of super-midsized private jets, allowing passengers to seamlessly access the most data-hungry applications, such as high-definition video conferencing, content streaming and bulk file transfers. This is a very important segment of our market and has shown significant growth, driven by large fleet operators who have emphasized the importance of coverage into the Middle East and South America. Weve received extremely positive feedback since responding to that need and look forward to building on this momentum with other strategic coverage extensions soon. 'This also marks an important step in harmonising Viasat business aviation solutions following our acquisition of Inmarsat. As our service for super-midsized private jets continues to evolve, it has also transitioned from its former name of Viasat Ka and is now part of our next generation JetXP in-flight connectivity brand. As a result, the total number of JetXP customers now exceeds 600 worldwide, signaling a strong and rapid uptake in the market.' JetXP became commercially available at the end of last year, with the launch of new service plans for Viasats legacy Jet ConneX solution. Hundreds of customers have already upgraded to the JetXP service plans, enjoying a range of premium benefits, such as uncapped speeds, expanded capacity and increased network prioritisation. Todays announcement marks another milestone, as customers of the legacy Viasat Ka business aviation service have now also transitioned to JetXP, following the introduction of expanded capacity. This supports Viasats continued focus on taking business aviation in-flight connectivity to the next level by unleashing the full power of its global Ka-band network and building on a successful track record for delivering consistent, reliable and seamless global connectivity, complemented by the white-glove customer service and 24/7 support of its distribution partners – Collins Aerospace, Gogo and Honeywell. The service was developed following extensive consultation with customers, partners and research agencies, in addition to detailed analysis of usage trends over recent years. The results indicated that expectations around business aviation connectivity have evolved considerably. Traditional speed-based plans are now outdated, especially those that advertise a top-speed without details around when, where and how frequently it will be achieved. Instead, the business aviation industry has broadened its focus to the overall experience. Tang added: 'This sentiment has also been reflected by insights from our annual industry survey, which asked business aviation professionals to share their views on in-flight connectivity. Reliability, coverage, consistency and overall experience including white-glove customer service and 24/7 global support were found to be the most important factors, followed by speed. So while were consistently seeing speeds that exceed 100Mbps over Europe and other regions, these survey results highlight the markets understanding that beyond a certain bandwidth threshold, high speed tests do not reflect the actual passenger experience. Instead, you need a combination of several different factors and thats where JetXP really excels. 'It combines a range of strengths after our acquisition of Inmarsat to offer the best of both worlds: from our global coverage and powerful capacity to our advanced network management techniques, trusted expertise and world-class innovation. We also continue to invest heavily in customer support for our partners, ensuring they have the best tools and resources necessary to provide a reliable and robust connectivity experience.'
India.com
21-05-2025
- Business
- India.com
Mystery Bengaluru man buys Rs 200 crore private jet, hires Mukesh Ambani and Nita Ambani's family panditji for..., WATCH viral video
We're all used to seeing people perform pujas for their new cars, bikes, or even trucks. But recently, a video has taken the internet by surprise this time, the puja wasn't for a car, but for a private jet. Yes, you read that right. A Gulfstream G280 jet worth nearly Rs. 200 crore was the center of a full-fledged Hindu puja ceremony, carried out by none other than Pandit Chandrashekhar Sharma, one of India's well-known priests. The video was shared on Instagram by the panditji himself which showed him walking towards the private jet, which was parked at an airport in Bengaluru, Karnataka. He then sits down in front of the aircraft and begins the rituals right there on the tarmac. The ceremony included all the traditional steps: lighting the holy fire, chanting mantras, and performing the usual prayers. Next, the priest moved to the front of the jet and applied a tilak (vermilion mark) on it, a common part of many Indian rituals. He also went inside the aircraft to continue the ceremony. Inside, small idols of Lord Ganesha, Goddess Lakshmi, and Goddess Saraswati were worshipped, seeking blessings for safe journeys and prosperity. The video even shows the pilot and the jet's owner sitting in the cockpit, quietly watching as the puja continued. At the end of the ceremony, a garland was placed on the exterior of the aircraft, and the owner joined in for the final rituals. He was later seen clicking a cheerful selfie with the Pandit. Jet owner still a mystery While the video reveals a lot about the ceremony, the identity of the jet's owner hasn't been made public. What is known is that the jet is registered under Empire Aviation, based in San Marino, California, USA. The puja, however, was held in India, indicating the buyer could be an Indian entrepreneur or high-net-worth individual. Gulfstream G280: A luxurious private jet with powerful features The Gulfstream G280 is a high-end private jet that offers seating for up to 10 people. This sleek aircraft comes with a hefty price tag ranging from Rs. 150 crore to Rs. 200 crore. It's powered by two Honeywell HTF7250G turbofan engines, each capable of producing up to 33 kilonewtons of thrust, giving it the strength and speed you'd expect from a world-class jet. In terms of technology, the G280 doesn't disappoint. It features the advanced Rockwell Collins ProLine Fusion avionics suite, complete with moving map displays, cursor control devices, and a standby multifunction controller. This jet can fly up to 900 km/h and has a range of about 6,667 kilometers, making it perfect for long-distance travel in style and comfort. The man behind the ritual: Pandit Chandrashekhar Sharma The priest seen performing the ritual in the viral private jet video is Pandit Chandrashekhar Sharma, a well-known spiritual guide and astrologer in India. He's respected for conducting important Hindu rituals for many well-known families and business tycoons. In fact, he also officiated the wedding of Anant Ambani, the youngest son of Mukesh Ambani, India's richest man. Earlier such pujas This isn't the first time a luxury flying machine has been blessed with a traditional Hindu ceremony. Earlier, a businessman from Hyderabad, Boinpally Srinivas Rao, took his brand-new Airbus ACH-135 helicopter, worth around Rs. 50 crore to the Sri Lakshmi Narasimha Swamy Temple in Yadadri for a Vahan Puja. Rao, who heads the Prathima Group, made sure the new helicopter was blessed before its maiden flight. It's not just billionaires and big jets getting all the attention. Last year, an Indian aircraft owner performed Hindu rituals for a Piper Cherokee 140, a small light aircraft built for training, personal flying, and air taxi services. These aircraft typically seat two to four people and are ideal for private use.
Business Wire
15-05-2025
- Business
- Business Wire
Volato Reports Positive Net Income in Q1 2025 and Over $20 Million in Debt Reduction; Targets Additional Settlements and Capital Raise to Extend Operating Runway
ATLANTA--(BUSINESS WIRE)--Volato Group, Inc. (NYSE American: SOAR) ('Volato' or the 'Company'), a private aviation innovator, today announced financial results for the first quarter of 2025, achieving profitability from continuing operations and reducing total liabilities by over $20 million. The Company also disclosed its intention to raise additional equity and continue settling outstanding liabilities in order to extend its operating runway beyond 12 months. For the quarter ended March 31, 2025, Volato reported $25.5 million in revenue and net income of $0.5 million, or $0.03 per diluted share. Total liabilities declined from $62.6 million as of December 31, 2024 to $39.2 million, primarily as a result of disciplined debt reduction and asset sales. 'We executed with focus and urgency in Q1,' said Matt Liotta, CEO of Volato. 'Profitability from continuing operations, major liability reductions, and operational growth across our platforms are all signals that our strategy is working — even as we continue to navigate through a complex financial environment.' Active Plan to Extend Runway and Optimize Capital Structure The Company confirmed it is actively negotiating additional creditor settlements and plans to raise approximately $8.0 million in outside capital during the coming months under its existing financing arrangement. These efforts are designed to address remaining short-term liabilities and position Volato to operate with a 12-month runway. 'Settling liabilities at a discount and executing on a targeted equity raise is a clear path to stability without excessive dilution,' added Liotta. 'We've built momentum. Now we're using that position to strengthen the business long-term.' Volato also provided an update on its convertible debt facility with JAK Opportunities: 'As of March 31, 2025, we had drawn $4.5 million from the $36.0 million convertible facility announced in Q4 2024,' said Liotta. 'The fair value of that balance, including a non-cash mark-to-market adjustment for embedded derivative features, is recorded at $4.9 million. We expect this drawn amount to convert to equity in Q2 under the agreed terms.' 'We're managing cash tightly and prioritizing commitments that move the company forward,' said Mark Heinen, Chief Financial Officer of Volato. 'The combination of operational discipline, creditor engagement, and a focused capital raise is designed to extend our runway and position Volato for long-term financial sustainability.' Outlook and Operational Momentum The Company expects to remain profitable in Q2 and Q4 of 2025, with Q3 projected to be negative based on aircraft delivery timing. Vaunt, Volato's experiential travel platform, continues to operate at cash flow breakeven and is expected to generate full-year profitability in 2025. In April, Volato received delivery of its third Gulfstream G280 aircraft from its four-aircraft order. The Company anticipates this aircraft will contribute to second quarter revenue and margin in a manner consistent with Q1 2025 performance, further supporting near-term profitability and liquidity. First Quarter 2025 Financial Highlights Total revenue was $25.5 million, primarily from aircraft sales Gross profit of $4.5 million Net income of $0.5 million, versus a net loss of $17.4 million in Q1 2024 Net income per diluted share of $0.03 compared to net loss per diluted share of $14.93 in Q1 2024 EBITDA (1) of $2.7 million, compared to an EBITDA loss of $4.2 million in Q1 2024 $23.4 million reduction in total liabilities quarter over quarter Vaunt at breakeven, on track for full-year profitability (1) EBITDA is a non-GAAP measure. Please refer to the tables and related notes in this press release for a reconciliation and definition of non-GAAP financial measures. The full quarterly report is available in the Company's Form 10-Q filed with the SEC today. For more information, please visit or contact investors@ About Volato Volato (NYSE American: SOAR) is an aviation company advancing the industry with innovative solutions in aviation software and on-demand flight access. Volato's proprietary Mission Control software drives efficiency across operations and supports operators in managing fractional ownership, charter, and other services. Volato's Vaunt platform connects travelers with available private flights, offering a flexible option for on-demand travel. With a commitment to advanced technology and customer-focused solutions, Volato is building scalable tools to elevate service quality and operational effectiveness in private aviation. For more information visit Forward Looking Statements This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management or the Board's current expectations or predictions of future conditions, events, or results. All statements that address operating performance, events, or developments that may occur in the future are forward-looking statements, including statements regarding the challenges associated with executing our growth strategy, including expected deliveries of aircraft and related sales, and developing, marketing and consistently delivering high-quality services that meet customer expectations. All forward-looking statements speak only as of the date they are made and reflect the Company's good faith beliefs, assumptions, and expectations, but they are not guarantees of future performance or events. Furthermore, Volato disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond Volato's control, that are described in Volato's periodic reports filed with the SEC including its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024, and other factors that Volato may describe from time to time in other filings with the SEC. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties. We calculate EBITDA as net loss adjusted for (i) interest expense, net, (ii) provision for income taxes (benefit) (iii) depreciation and amortization, and (iv) equity-based compensation expense. We include EBITDA as a supplemental measure for assessing operating performance. The following table reconciles EBITDA to net loss, which is the most directly comparable GAAP measure (in thousands):
