FlyExclusive Takes Over Management of Volato’s Fleet and Operations

(Kinston, North Carolina) flyExclusive, Inc. (NYSEAMERICAN: FLYX) announced yesterday (Sept. 3) that it has signed an agreement to manage Volato Group’s, Inc. (NYSEAMERICAN: SOAR) fleet and much of its business operations.

Photo of a Volato Honda Jet courtesy of AIN.

According to the terms of the deal, flyExclusive will oversee flight operations, sales and expenses for Volato’s 13 fully fractionalized aircraft, eight leased aircraft, and four managed aircraft, per flyExclusive.

Volato, which is known for operating the largest HondaJet fleet in the U.S. – and which recently added Gulfstream’s G280 to its fractional lineup – has faced its fair share of challenges. As reported in August, the company reduced its fleet by five aircraft as part of efforts to improve efficiency and profitability following a reported net loss of $34.3 million in the first half of the year, according to AIN Online.

flyExclusive CEO Jim Segrave said, “As a fully integrated operator, flyExclusive is well-positioned to offer synergistic value to Volato’s clients and deliver enhanced value for our overall growing customer base. Over the years, we’ve made strategic investments to remove industry bottlenecks and grow and maintain a leading, consistent customer experience. We’re proud to welcome Volato’s customers and look forward to offering them access to our growing fleet of light, midsize and super-midsize jets.”

flyExclusive plans to transition Volato’s aircraft to its operating certificate over the next few months, according to the company. During that time, flyExclusive will serve Volato’s fractional owners, block customers, and other clients. The agreement also grants flyExclusive access to Volato’s technology through a software license.

Investing.com previously reported (on Aug. 26) that Volato had entered into indemnification agreements with its directors and executive officers, according to an 8-K filing with the Securities and Exchange Commission (SEC).

Volato has only been a publicly traded company for less than a year; in December of 2023, the company merged with special acquisition company (SPAC) Proof Acquisition Corp. (PACI) and began trading on the New York Stock Exchange (NYSE) under the ticker SOAR.

As of today’s close, SOAR shares are trading at $0.42, after reaching a 52-week high of $17 late in 2023 and ultimately falling below $1 earlier this spring.

FLYX shares closed at $4.37 today, up 2.58% on the day and 12.05% from one month ago.

** Not investment advice; The FLY Report is not a registered investment advisor.