LAS VEGAS - Jet.AI Inc. (NASDAQ: JTAI), a company operating at the intersection of private aviation and artificial intelligence, has announced the beta release of the web version of its JetLeg.AI app, which aims to repurpose empty private flights into cost-effective charters. The announcement was made today, inviting users to explore the app's features ahead of its integration with the aircraft operator community. This web version release precedes the app's expected rollout on iOS and Android platforms in the fourth quarter of 2024.
JetLeg.AI utilizes AI to provide trip suggestions tailored to users' travel preferences and learns from user behavior to refine its recommendations over time. By matching travelers with unsold private jet flight time, the app offers a more customized and potentially more affordable travel experience.
Mike Winston, Founder and Executive Chairman of Jet.AI, emphasized the mutual benefits for consumers and operators, stating, "Both consumer and operator are better off for using JetLeg.AI. The consumer saves money, and the jet operator gets a completely new source of profitable revenue."
The app is powered by Jet.AI's Reroute AI technology, which is part of the company's broader suite of software products aimed at improving efficiency and revenue for FAA Part 135 charter providers, as well as reducing environmental impact.
Jet.AI, founded in 2018 and headquartered in Las Vegas and San Francisco, operates in software and aviation segments, offering products such as the CharterGPT app for private jet bookings and the Jet.AI operator platform, which provides software solutions for charter providers.
This press release contains forward-looking statements regarding Jet.AI's products, services, and projected results, which are subject to risks and uncertainties that could cause actual outcomes to differ materially from those anticipated. The company cautions against placing undue reliance on these forward-looking statements, which speak only as of their date.
The information for this article is based on a press release statement from Jet.AI Inc.
In other recent news, Jet.AI Inc. has announced a series of significant developments. The company's flagship AI solution, CharterGPT, is set to launch its second version in Q4 2024, featuring enhanced voice interaction capabilities and improved AI, API, and GUI options. CharterGPT has grown its user base from 6,038 to 33,088 in less than a year, processing $5.5 million in requests for quotes in August 2024 alone.
Jet.AI has also entered into a settlement agreement with Sunpeak Holdings Corporation, resolving outstanding claims by issuing equity. In a strategic move for fleet expansion, the company has secured a $280 million debt financing arrangement for the acquisition of Bombardier (OTC:BDRBF) Challenger 3500 aircraft, with deliveries expected to commence in 2026.
Jet.AI has announced amendments to its corporate agreements and securities, affecting shareholder rights and the conversion price of its preferred stock. These changes include "leak-out" restrictions and a revision to the quorum requirement for shareholder meetings, with one-third of the voting power of all shares entitled to vote now constituting a quorum. These are the recent developments from Jet.AI as the company continues to navigate its strategic and financial operations.
InvestingPro Insights
As Jet.AI Inc. (NASDAQ: JTAI) ventures into new territory with the beta release of its JetLeg.AI app, the company's financial metrics provide additional context for potential investors and industry observers. According to recent data from InvestingPro, Jet.AI's financial health has room for improvement. The company's Price/Earnings (P/E) Ratio stands at -0.22, indicating that investors are currently attributing a negative value to earnings, which could suggest skepticism about the company's profitability prospects in the near term.
Moreover, Jet.AI's Revenue Growth has seen a decline of 22.94% in the last twelve months as of Q2 2024, revealing challenges in expanding its top-line sales. This is contrasted by a quarterly revenue growth of 10.42%, showing some signs of recovery in the short term. However, the company's Gross Profit Margin is currently negative at -3.07%, pointing to difficulties in maintaining profitability after accounting for the costs of goods sold.
InvestingPro Tips highlight the importance of considering both revenue growth and profit margins when evaluating a company's performance. In Jet.AI's case, the contrast between quarterly revenue growth and a negative gross profit margin may indicate operational challenges that could impact the company's financial stability and its ability to capitalize on the new app's market entry. For a deeper analysis, InvestingPro offers additional tips on how to interpret these financial metrics within the broader context of the industry and specific company strategies.
Jet.AI investors and potential stakeholders might also be interested to know that InvestingPro lists a total of 15 additional tips that can further guide their investment decisions, providing a more comprehensive understanding of the company's financial health and market position.
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