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DISCONTINUED OPERATIONS | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2025 | Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |  |
DISCONTINUED OPERATIONS | NOTE 3 – DISCONTINUED OPERATIONS In September 2024, the Company entered into an agreement with flyExclusive to transition our aircraft ownership program fleet operations to flyExclusive. We have continued to take delivery of new aircraft, while also generating revenue from our proprietary software, including the Vaunt platform, Volato’s empty leg consumer app. In March 2025, the Company sold GC Aviation, Inc., which holds the FAA Part 135 certificate, therefore items related to managed aircraft are included in discontinued operations. Major classes of line items constituting net income (loss) from discontinued operations are as follows: SCHEDULE OF NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenue - Aircraft usage |  | $ | 6 |  |  | $ | 8,731 |  |  | $ | 87 |  |  | $ | 32,476 |
Revenue - Managed aircraft |  |  | — |  |  |  | 1,803 |  |  |  | — |  |  |  | 6,171 |
Costs of Revenue - Aircraft usage |  |  | — |  |  |  | 11,177 |  |  |  | 65 |  |  |  | 43,091 |
Cost of Revenue - Managed aircraft |  |  | — |  |  |  | 1,698 |  |  |  | — |  |  |  | 5,655 |
Selling, general and administrative |  |  | 37 |  |  |  | 5,185 |  |  |  | 343 |  |  |  | 18,543 |
Other income from discontinued operations |  |  | 4,840 |  |  |  | 4,147 |  |  |  | 5,845 |  |  |  | 4,147 |
Income (loss) from discontinued operations before provision for taxes |  |  | 4,809 |  |  |  | (3,379 | ) |  |  | 5,524 |  |  | $ | (24,495 | )
Benefit for taxes from discontinued operations |  |  | (5 | ) |  |  | — |  |  |  | (304 | ) |  |  | — |
Net income (loss) from discontinued operations, net |  | $ | 4,814 |  |  | $ | (3,379 | ) |  | $ | 5,828 |  |  | $ | (24,495 | )
Carrying amounts and major classes of assets included as part of discontinued operations are as follows:
|  | September 30, 2025 |  |  | December 31, 2024 |
Accounts receivable, net |  | $ | 100 |  |  | $ | 1,027 |
Prepaid and other assets |  |  | 649 |  |  |  | 1,254 |
Property and equipment, net |  |  | — |  |  |  | 3 |
Intangibles, net |  |  | — |  |  |  | 1,200 |
Goodwill |  |  | — |  |  |  | 635 |
Total assets associated with discontinued operations |  | $ | 749 |  |  | $ | 4,119 |
Carrying amounts and major classes of liabilities included as part of discontinued operations are as follows:
|  | September 30, 2025 |  |  | December 31, 2024 |
Accounts payable and accrued liabilities |  | $ | 1,104 |  |  | $ | 6,344 |
Credit facility and other loans |  |  | 298 |  |  |  | 918 |
Customer deposits and deferred revenue |  |  | 308 |  |  |  | 5,156 |
Deferred income tax liability |  |  | — |  |  |  | 305 |
Total liabilities associated with discontinued operations |  | $ | 1,710 |  |  | $ | 12,723 |
| NOTE 5 – DISCONTINUED OPERATIONS In September 2024, the Company entered into an agreement with flyExclusive to transition our aircraft ownership program fleet operations to flyExclusive. This move is expected to provide Volato with the opportunity to focus on what it believes to be its high-growth areas, including aircraft sales and proprietary software. We will continue to take delivery of new aircraft, while also generating revenue from our proprietary software, including the Vaunt platform, Volato’s successful empty leg consumer app. Major classes of line items constituting loss from discontinued operations is as follows: SCHEDULE OF NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS
|  | 2024 |  |  | 2023 |
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Revenue - Aircraft usage |  | $ | 32,546 |  |  | $ | 37,765 |
Costs of Revenue - Aircraft usage |  |  | 43,488 |  |  |  | 51,245 |
Selling, general and administrative |  |  | 17,679 |  |  |  | 19,592 |
Gain (loss) from sale of equity method investment |  |  | — |  |  |  | 886 |
Other Income from discontinued operations |  |  | 9,902 |  |  |  | — |
Loss from discontinued operations |  | $ | (18,719 | ) |  | $ | (32,186 | )
As part of the agreement with flyExclusive they assumed liabilities for insider cards generating a gain of $10.0 million for the Company that is included in discontinued operations. Carrying amounts and major classes of assets included as part of discontinued operations is as follows:
|  | December 31, 2024 |  |  | December 31, 2023 |
Accounts receivable |  | $ | 1,027 |  |  | $ | 2,548 |
Prepaid and other assets |  |  | 1,215 |  |  |  | 2,024 |
Operating lease, right-of-use assets |  |  | — |  |  |  | 1,278 |
Equity-method investment |  |  | — |  |  |  | 154 |
Deposits |  |  | — |  |  |  | 441 |
Total assets associated with discontinued operations |  | $ | 2,242 |  |  | $ | 6,445 |
Carrying amounts and major classes of liabilities included as part of discontinued operations is a follows:
|  | December 31, 2024 |  |  | December 31, 2023 |
Accounts payable and accrued liabilities |  | $ | 6,086 |  |  | $ | 4,333 |
Operating lease liability |  |  | — |  |  |  | 1,291 |
Credit facility and other loans |  |  | 918 |  |  |  | 509 |
Customer deposits and deferred revenue |  |  | 5,004 |  |  |  | 10,026 |
Total liabilities associated with discontinued operations |  | $ | 12,008 |  |  | $ | 16,159 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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