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Volato Group, Inc. (AMEX:SOAR) shares are jumping premarket Thursday after the company disclosed an agreement with flyExclusive, Inc. (NYSE:FLYX) to transition the management of its fleet operations to flyExclusive.
As per the Aircraft Management Services Agreement (AMS), flyExclusive will assume full responsibility for operating Volato’s fleet, encompassing both revenue and expenses.
This move is expected to yield significant cost savings for Volato and allow the company to concentrate on its growth areas, including aircraft sales and proprietary software.
This transition will enable Volato to lower its cost base by shifting operational duties to flyExclusive, which expects the fleet to be profitable under its management.
Volato will continue acquiring new HondaJets and Gulfstream G280s, which will join flyExclusive’s managed fleet, letting Volato benefit from aircraft sales while avoiding operational costs. It will also earn revenue from its Vaunt program.
FlyExclusive will add some of its empty-leg flights to Vaunt, potentially increasing the inventory by up to 500%.
Additionally, Volato and flyExclusive are considering a merger to strengthen their position in private aviation.
Matt Liotta, CEO of Volato, said, “By shifting fleet operations to flyExclusive, we reduce our operational costs while continuing to focus on delivering value through our aircraft sales and expanding our software solutions, such as the Vaunt empty leg program.”
Price Action: SOAR shares are up 16.5% at $0.4871 premarket at the last check Thursday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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