Volato begins ground-based Bitcoin mining operations

ATLANTA - Volato Group, Inc. (NYSE American: SOAR), a private aviation company with a current market capitalization of $5.59 million, has announced the commencement of its ground-based Bitcoin mining operations, a move that positions the company to add Bitcoin to its balance sheet for the first time in Q1 2025. This initiative is part of Volato’s strategy to explore the integration of cryptocurrency mining with aviation technology. According to InvestingPro data, the company has demonstrated strong revenue growth of 97.25% in the last twelve months, despite operating with significant debt challenges.

The company is currently developing a patent-pending aviation Bitcoin mining technology, and it has selected the Cessna Citation CJ series as the first aircraft platform for this endeavor. The Cessna Citation CJ series, which includes models CJ1 through CJ4, has a fleet of over 2,100 active aircraft, making it one of the most utilized light jets globally. InvestingPro analysis reveals the company faces operational challenges with negative EBITDA of -$39.21 million, highlighting the importance of this strategic pivot.

Volato’s CEO, Matt Liotta, emphasized the significance of the ground-based mining operations as a foundational step towards in-flight mining. He highlighted the Citation CJ series as an ideal candidate due to its large installed base, efficient certification path for modifications, consistent electrical power availability, and high utilization rates among owners and operators.

The company’s move comes at a time when Bitcoin miners are facing increased energy costs and regulatory challenges, sparking interest in alternative mining models. Volato’s aviation-integrated mining concept has already garnered attention from large-scale miners curious about the potential role of aviation in the future of the industry.

Volato, known for its innovative solutions in aviation software and on-demand flight access, is also the creator of the proprietary Mission Control software, which enhances operational efficiency for operators handling fractional ownership, charter, and other services. Additionally, the company operates the Vaunt platform, which connects travelers to available private flights.

Volato has committed to providing further updates as its cryptocurrency mining technology development progresses. The information reported is based on a press release statement. InvestingPro data shows the company maintains a weak financial health score of 1.23, with 13 additional key insights available to subscribers seeking deeper analysis of the company’s financial position and market performance.

In other recent news, Volato Group, Inc. announced a 1-for-25 reverse stock split of its Class A common stock, aiming to comply with NYSE American LLC’s per-share price requirements. This decision will reduce the total number of outstanding shares from approximately 46.1 million to about 1.8 million. In a separate development, Volato introduced a new technology that allows aircraft to mine Bitcoin during flights, leveraging excess electricity and unused capacity. This initiative aligns with sustainability goals by potentially funding the purchase of Sustainable Aviation Fuel or carbon offset programs. Additionally, Volato disclosed a Settlement Agreement with Sunpeak Holdings Corporation to settle certain outstanding payables, totaling approximately $4.7 million, in exchange for shares of Volato’s common stock. Furthermore, the company announced the resignation of its Chief Commercial Officer, Nicholas Cooper, effective November 30, 2024, due to personal reasons. Volato has not yet named a successor for Cooper, and details of any transitional arrangements are currently undisclosed. These developments highlight Volato’s ongoing efforts in corporate governance and technological innovation.

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