ATLANTA – Volato Group, Inc. (NYSE American: SOAR), a commercial airline company with a market capitalization of $7.76 million, recently announced the development of new technology that will allow aircraft to specifically mine cryptocurrencies while in flight. This patent-pending system leverages excess power generated during normal airline operations and unused capacity, such as empty seats and cargo space, to generate digital assets without incurring additional costs or resource demands. I will. According to InvestingPro data, the company has experienced rapid revenue growth of 97.25% over the past 12 months, although it faces cash management challenges.
The technology utilizes specialized mining hardware that is optimized for performance at high altitudes, resulting in higher efficiency than traditional ground-based mining setups. Volato CEO Matt Liotta said this innovation is a step toward allowing aircraft to go beyond just transporting people and goods to creating value through advanced computing. InvestingPro's analysis reveals 14 additional key insights into Volato's financial health and market position, made available to subscribers.
Volato’s efforts align with the aviation industry’s sustainability efforts, as proceeds from Bitcoin mining could potentially fund the purchase of sustainable aviation fuel (SAF) and carbon offset programs. . This allows you to increase profitability while reducing your environmental impact.
The company is looking for partners in the aviation and cryptocurrency sectors to further improve and expand the applications of this technology. The system's potential extends to civil, commercial, and cargo aviation operations, with a total (EPA:) addressable market (TAM) of approximately 25,600 aircraft, presenting significant opportunities for scalability.
The announcement comes as Bitcoin has seen significant price growth over the past year, highlighting the airline industry's potential to tap into an underutilized resource and be at the forefront of crypto innovation. I'm doing it.
Volato is listed on the NYSE American as SOAR and is known for its contributions to aviation software and on-demand flight access. The company's proprietary mission control software and Vaunt platform aim to improve efficiency and quality of service in civil aviation. Despite its innovative approach, the stock has experienced significant volatility over the past year, down 98.2%, according to InvestingPro data. Although the company's stock appears to be currently undervalued based on InvestingPro's fair value analysis, investors should note that the company's financial health score is weak at 1.45 out of 5.
The content of this announcement is based on a press release from Volato Group, Inc.
In other recent news, Volato Group has made a series of important developments. The company announced that its chief commercial officer, Nicholas Cooper, is stepping down due to personal reasons. Additionally, Volato Group entered into an agreement with Sunpeak Holdings Corporation to resolve outstanding claims and issue Volato common stock in exchange for claims of approximately $4.7 million.
Volato Group will also increase its share count from 81 million shares to 201 million shares, which may facilitate capital raising activities, stock-based compensation or future acquisitions. The company secured a $4 million loan from TVT Capital Source LLC, which was to be repaid in full by January 2025.
Regarding the partnership, Volato has entered into an agreement with flyExclusive, Inc., making flyExclusive the exclusive provider of certain aircraft management services. The agreement includes an option for flyExclusive to enter into a merger with a Volato subsidiary within the next 12 months.
Volato Group's compliance plan has been approved by NYSE American, ensuring continued listing on the exchange. The company currently has until December 2025 to comply with the exchange's listing standards regarding shareholders' equity.
Finally, Volato Group stockholders approved major corporate changes, including a reverse stock split, an increase in the number of authorized shares of Class A common stock, and a provision for stockholders to act by written consent. These are Volato Group's recent developments.
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