Latest news with #Liotta
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):
Forbes
30-04-2025
- Business
- Forbes
Gen Z And The Empathy Expectation: What Workplace Leaders Need To Know
Few things can get senior leaders worked up more than talking about Gen-Z. The stereotypes abound: They are lazy, entitled and demand constant validation and empathy. Is Gen Z really that selfish and demanding—or do they perhaps have different encoding and context around their expectations of empathy for colleagues and leaders? A Deloitte Digital study clearly shows the expectation divide. In the study, Gen Z ranks empathy as the second most important trait in a boss, while leaders placed it a distant fifth. Anna Liotta, the author of Unlocking Generational CODES, speaks and consults with companies to navigate generational conflicts. Working with thousands of Gen-Z leaders and employees across organizations, her research has found that Gen-Z is fiercely values-driven, deeply resourceful and highly sensitive to hypocrisy. They are not afraid of hard work; they just refuse to burn out for a system that doesn't seem to care about them. It's not disrespect, as some have perceived. "The truth is they crave human-centered, transparent leadership, but they won't stick around for performative empathy or outdated hierarchies,' Liotta wrote in an email interview. "Strongly and differently, Gen Z's empathy often shows up as systemic compassion rather than traditional emotional caretaking, 'Liotta continued. "They deeply feel the ripple effects of injustice, inequity, and trauma in ways older generations may have been conditioned to ignore.' Liotta also points out that this generation has grown up digitally, which sometimes limits in-person social skill development. 'It's not a lack of empathy, 'she says, 'it's a different calibration.' Here's what savvy leaders need to know about navigating and managing Gen-Z employees to tap into the talents of this unique generation. Clarity Is Everything Many forget that Gen-Z do not have a shared history of common experience with their seasoned leaders. Those in high school and college around the pandemic had very different academic and workplace experiences from previous generations. Jonni Ressler, CEO and founder of Eleven 11 solutions, manages Gen-Z consultants, and is also raising two Gen-Z children. She shares in a video interview that we must remember they came up very isolated. They didn't get what she calls the 'osmosis' training of watching their workmates to see how things are done: how we dress, where we go to lunch, how we talk here. "When we say things like 'Bring your whole self to work' be careful,' Ressler says, 'What does that mean? Gen-Z echoes this desire for clarity. Isaiah Phillips, a business development manager for a larger healthcare organization, wrote in an email, 'I believe our generation needs more clear, defined expectations for organizational progression.' He mentioned that a handful of industries have defined targets for promotions, wage increases and more, but this is not consistent. 'Outside of sales organizations, many individuals may jump from job to job when maybe they were a few months away from a promotion, but they walked away because they were unaware.' Lead Gen-Z By Example Gen-Z craves leaders who showcase their knowledge through constant coaching and view mistakes as opportunities to learn. "One of the things I highly value in a leader is authenticity,' Harman Kaler, a franchise performance manager at a Canadian fast food chain, shared over email. 'Taking accountability, openly communicating, sharing both positive and constructive feedback, and fostering a healthy environment that encourages you to step out of your comfort zone to grow as a professional all ladder into being authentic.' Liotta's research supports this. 'They want leadership to be human, not heroic. Not flawless, but authentic. ' Mentorship Matters Investing in employees rather than mere cogs in a wheel is especially important to Gen-Z, and top performers will seek out companies who do so. Kaelie Randolph, a legal assistant for a statewide pro bono association, adores her boss as the definition of an empathetic leader. In an email, she shared that her boss is constantly advocating for her when others try to step on Randolph's boundaries. "She views me as an individual with my own career path, recommending various programs and trainings so I can continue to grow.' Focus On Mission And Purpose "My generation is more connected to their personal mission and personal/professional aspirations,' wrote Phillips. He states they are less willing to be content somewhere they are not happy, unfulfilled or don't feel valued, even if they are compensated well. Liotta shared her firm's SHA Pulse Surveys found the No. 1 factor tied to Gen-Z engagement and retention is 'I feel seen and heard by my leaders." Several Gen-Zers supported this finding. Randolph wrote about her highly empathetic boss, "She makes me feel like a valued employee every day. She encourages me to pitch new ideas, trusts me to handle important tasks, and manage my own workload without her sitting over my shoulder.' Audrey Redell, a 25-year-old marketing operations specialist for a tech company, wrote in an email that her manager balances empathy and performance very well, by checking in on how she's doing personally, not just tasks and deadlines. 'At the same time, she's committed to helping me grow by providing constructive feedback and encouraging me to push my limits in a supportive manner.' 'Trust Me. Seriously.' Like many in the workplace, regardless of generation, Gen-Z simply wants to be treated with respect. This respect shows up as flexibility and autonomy. Phillips stated that as a remote employee who travels 50% of the time, he and his superiors have an understanding around flexible schedules. He can go to a funeral if needed or take a half-day Friday after a very busy week. "But during the busy week, you perform and are never 'off' because you're at home.' "We need leaders who create a culture of openness and flexibility without judgment,' wrote Sam Bryant-Nichols, a dual enrollment student attending both community college and high-school classes. Surveillance is out. Check-ins are in. Bryant-Nchols states that simple dialogue changes, such as "How's everything going?' rather than 'Why isn't this done?' show you value your employees as people, not just workers. 'It looks like a mentor, not just a shift-leader.' Gen-Z's Efficiency Does Not Equal Laziness As a group, Gen-Z often tries to find the most efficient solution to a problem, and this can lead managers to think they are trying to cut corners. On the contrary, Ressler has found that while they may question just about everything, they are extremely innovative. 'They are very willing to look at a thorny problem. They have ideas and ways of approaching problems that have maybe been done the same way for twenty years,' she wrote. And with that creative thinking comes questioning everything and rationalizing why things are done the way they are done. 'They want to understand where the rules come from,' she wrote. 'I think it's a feeling that everything's malleable and everything's up for debate, including their hours, what they wear, how they talk, where they work.' Harnessing The Potential Of The Gen-Z Workforce Gen-Z is transforming workplace culture and it benefits us all. They are showing us how to show up with boundaries and demand respect. And forcing companies to create mutually beneficial career relationships where both employer and employee can thrive. As Randolph wrote about her entire generation, 'Empathy can absolutely go a long way toward building our trust and loyalty with the employer.' So leaders must decide if they want to keep complaining about the way things used to be or adapt with empathy and harness the potential of this unique generation.
Yahoo
10-04-2025
- Business
- Yahoo
State investigating St. John's County Airport Authority executive over use of tenant planes
Controversy is once again surrounding the St. Johns County Airport Authority, with questions now centering on former Interim Executive Director Jaime Topp. The State Attorney's Office investigation and subpoenas are all detailed in this April 14th meeting agenda for the airport authority board. It lists demands for: 'Any and all account records pertaining to the following personnel and expenditures: 1. Timesheets and salary information for interim executive director Jaime Topp; 2. Travel vouchers, expense vouchers, reimbursement receipts, for fuel, rental, lease and/or use of any airplane owned by Modern Aero or any of its subsidiaries used by Jaime Topp; 3. Flight log/plans for Jaime Topp flying Cirrus Planes owned, leased, managed or otherwise operated by Modern Aero or any of its subsidiaries.' However, Topp said in an interview with Action News Jax Wednesday morning he has no knowledge of these subpoenas. 'I did interview with the state's attorney, but there was never any mention of a subpoena,' Topp said. Current airport authority board member Jennifer Liotta told Action News Jax this inquiry comes after it was brought to light Topp may have used those Modern Aero planes to fly to Miami for personal business during working hours. Liotta said, if true, it could be a violation of his employment contract. Related: New details in claims of unethical conduct by St. Johns County Airport Authority board members 'I found out through speaking with the staff at Modern Aero that Mr. Topp had been renting an aircraft for Modern Aero during business days, sometimes multiple days in a row,' Liotta explained. 'And records show that aircraft was going down to South Florida. It's my understanding that Mr. Top has a business interest in the Miami area.' Topp denied the claim of violating his contract, although he admitted to using the plane as Liotta mentioned. 'Did you use those planes - I guess even if you were working remotely - during your scheduled work day with the airport authority? Because I guess that's the issue Liotta was raising,' Action News Jax Logan MacDonald asked. 'Yeah, but I paid for it myself, the airport didn't pay for it,' Topp replied. 'But her assertion is that it violated your employment contract,' MacDonald added. 'No,' replied Topp. Liotta, however, said she's not aware of any remote work agreement ever being permitted by the board. Action News Jax also reached out to the State Attorney's Office for more background on the reason for these subpoenas as well as the ongoing investigation at hand, but have yet to hear back. [SIGN UP: Action News Jax Daily Headlines Newsletter] Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.
Yahoo
22-02-2025
- Yahoo
Law firm drops St. Johns County Airport Authority over allegations of law violations
Action News Jax has learned The St. Johns County Airport Authority is in need of new legal representation after its law firm accused some members of the governing board of violating the state's Sunshine Law. Action News Jax obtained a letter sent to board members by Douglas Law Firm, in which the firm accused two board members of violating public meetings and records laws and Florida's voting conflicts law. [DOWNLOAD: Free Action News Jax app for alerts as news breaks] 'Our firm has repeatedly advised of the consequences that could endanger the Airport Authority,' wrote the firm. 'Those warnings and legal advice have been ignored.' In a press release Saturday, the airport responded, saying it is aware of the law firm's withdrawal and, 'The staff of the Northeast Florida Regional Airport remains focused on the safe and orderly operation of the Airport while the Board of Directors addresses this matter at their next regularly scheduled board meeting. This matter has no impact on the day-to-day operations of the Airport'. A special board meeting was previously scheduled for Monday, but was canceled by the board chair without explanation. The next regular board meeting is March 10th. Board member Jennifer Liotta told Action News Jax she found out about the press release from one of our reporters, not from her four fellow board members. She's calling for a full investigation into the allegations laid out in the law firm's letter, adding that the lack of legal council is 'detrimental' to the board's operations. 'Do the proper interviews, document reviews, whatever's necessary and come back with a report. And that may potentially lead to referrals to the Florida Commission on Ethics or potentially law enforcement,' said Liotta. Read: St. Johns County Sheriff's Office votes NO to unionization We've learned the state attorney's office has been notified about the allegations and could review the case for potential criminal charges. Action News Jax has reached out to the two board members named in the letter, but we have not heard back. Read: St. Augustine study shows need for better street lighting downtown [SIGN UP: Action News Jax Daily Headlines Newsletter] Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.
