Shares of Volato Group (SOAR) slid 7% to $0.16 after its August 14 quarterly filing exposed just how little revenue remains now that the company has shed most of its original aviation operations. Q2 2026 revenue came in at just $965,000 with a net loss of $2.05 million, reflecting a sharp decline in aircraft sales versus the year-ago quarter. For context, Q2 2025 revenue was $24.9 million — meaning roughly 96% of top-line revenue has evaporated in twelve months.
The Old Business Is Gone, and the New One Barely Registers The collapse isn't a mystery. In October 2025, flyExclusive acquired Volato's aircraft sales division — which had been generating $6–8 million in quarterly profit — for just $2.1 million in stock.
Volato had already transitioned its fleet operations to flyExclusive in late 2024 , leaving the company as essentially a software startup. The quarterly revenue number now reflects that reality.
The Company's Own Spin Doesn't Match the Filing In a July 6 preliminary update, management touted "strong" results. Vaunt's annual recurring revenue — the yearly value of its subscriptions — was projected at roughly $4.7 million, up 250% year-over-year.
Paid members reached approximately 2,743, up 71% year-over-year. Those growth rates sound impressive, but the actual GAAP revenue of under $1 million and a $4.7 million six-month net loss show that subscriptions are not yet close to covering costs.
Cash Runway Is the Immediate Question
Volato ended Q2 with roughly $8.4 million in cash and no convertible notes, after total liabilities excluding deferred revenue fell about 75% year-over-year to approximately $5 million. That sounds tidy — until you consider the company is burning around $2 million per quarter. At that pace, the cash cushion lasts roughly a year without new financing or a deal closing.
A Merger Is the Wild Card
Management is pursuing a potential strategic merger transaction targeted for Q3 2026. Whether that deal materializes — and at what terms — will likely determine if SOAR survives as a going concern. With a market capitalization hovering near $4 million and just 13 employees, investors are essentially betting on a deal, not a business.