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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2025

Dec. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF ESTIMATED USEFUL LIVES OF FIXED ASSETS

Fixed assets are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three to seven years:

 SUMMARY OF ESTIMATED USEFUL LIVES OF FIXED ASSETS

Classification		Life
Machinery and equipment		3-7 years
Automobiles		5 years
Computer and office equipment		5 years
Website development costs		3 years

Fixed assets are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three to seven years:

 SUMMARY OF ESTIMATED USEFUL LIVES OF FIXED ASSETS

Classification		Life
Machinery and equipment		3-7 years
Automobiles		5 years
Computer and office equipment		5 years
Website development costs		3 years

SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS

The following table presents balances of the fair value instruments as of September 30, 2025 and December 31, 2024, in thousands:

 SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS

		Fair Value Measurements as of September 30, 2025
		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Financial liabilities:
Third Tranche Note		$	—			$	—			$	3,066			$	3,066
Financial assets:
Investment in M2i		$	—			$	1,910			$	—			$	1,910

		Fair Value Measurements as of December 31, 2024
		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
2024 Convertible Note		$	—			$	—			$	4,050			$	4,050
Total		$	—			$	—			$	4,050			$	4,050

The following table presents balances of the fair value instruments as of December 31, 2024, in thousands:

 SCHEDULE OF FAIR VALUE ASSETS MEASURED ON RECURRING BASIS

		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
		Fair Value Measurements as of December 31, 2024
		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Forward Purchase Agreement		$	—			$	—			$	—			$	—
2024 Convertible Notes			—				—				4,050				4,050
Total		$	—			$	—			$	4,050			$	4,050

SCHEDULE OF FAIR VALUE LIABILITIES MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION

The following table presents changes of all convertible notes issued under the Securities Purchase Agreement (see Note 10) with significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2025, in thousands:

 SCHEDULE OF FAIR VALUE LIABILITIES MEASURED UNOBSERVABLE INPUT

		2024 Convertible Note
Balance at December 31, 2024		$	4,050
Change in fair value			849
Balance at March 31, 2025			4,899
Change in fair value			(99	)
Conversions			(4,676	)
Additions			1,350
Balance at June 30, 2025			1,474
Change in fair value			384
Conversions			(1,492	)
Additions			2,700
Balance at September 30, 2025		$	3,066

The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the year ended December 31, 2024 and 2023, in thousand:

 SCHEDULE OF FAIR VALUE LIABILITIES MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION

		Forward Purchase Agreement
Balance at December 31, 2022		$	—
Cash funded			18,911
Proceeds			(2,525	)
Change in fair value			(13,403	)
Balance December 31, 2023		$	2,983
Cash funded			—
Proceeds			—
Change in fair value			(2,983	)
Balance December 31, 2024		$	—

SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES

The Company measured the Third Tranche Note using a Monte Carlo simulation valuation model using the following assumptions:

 SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES

		Three and Nine months ended September 30, 2025
Volume Weighted average stock price (“VWAP”)		$	1.80
Simulation Period			0.81 year
Expected Volatility			115.1	%
Credit risk-adjusted rate			18.6	%
Risk-free Rate			3.7	%

The Company measured the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions:

 SCHEDULE OF FAIR VALUE MEASUREMENT INPUTS AND VALUATION TECHNIQUES

		For the Year Ended December 31, 2023
Volume Weighted average stock price (“VWAP”)		$	3.82
Initial Price		$	10.81
Expected Volatility			87.0	%
Term			1.92
Risk-free Rate			4.2	%

SCHEDULE OF FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION

The following table represents the change of the Investment in M2i (Level 2) for the three and nine months ended September 30, 2025, in thousands:

 FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION

		Investment in M2i
Balance at June 30, 2025		$	—
Additions			1,950
Change in fair value			(40	)
Balance at September 30, 2025		$	1,910

The following table presents changes of the Convertible Notes with significant unobservable inputs (Level 3) for the year ended December 31, 2024, in thousand:

 SCHEDULE OF FAIR VALUE, ASSETS MEASURED ON RECURRING BASIS, UNOBSERVABLE INPUT RECONCILIATION

		Convertible Notes
Balance at December 31, 2023		$	—
Fair value at issuance			4,050
Change in fair value			—
Balance at December 31, 2024		$	4,050

SCHEDULE OF DISAGGREGATION OF REVENUE

The Company generated revenue during the three and nine months ended September 30, 2025 and 2024, broken down as follows, in thousands:

 SCHEDULE OF DISAGGREGATION OF REVENUE

		2025				2024				2025				2024
		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Aircraft sales		$	—			$	38,150			$	49,600			$	38,150
Subscription			381				316				1,119				545
Total		$	381			$	38,466			$	50,719			$	38,695

The Company has generated revenue during the year ended December 31, 2024 and December 31, 2023, broken down as follows, in thousands:

 SCHEDULE OF DISAGGREGATION OF REVENUE

		2024				2023
		Year ended December 31,
		2024				2023
Aircraft sales		$	38,150			$	21,443
Managed Aircraft			7,224				14,107
Subscription			914				23
Total		$	46,288			$	35,573

SCHEDULE OF CHANGES IN DEFERRED REVENUE

The following table provides a rollforward of deferred revenue for the nine months ended September 30, 2025:

 SCHEDULE OF CHANGES IN DEFERRED REVENUE

		Amount
Balance as of December 31, 2024		$	696
Revenue recognized			(1,119	)
Revenue deferred			2,195
Balance as of September 30, 2025		$	1,772

SCHEDULE OF RELATED AMORTIZATION EXPENSES

The following tables present the asset balances and related amortization expense for the contract assets:

 SCHEDULE OF RELATED AMORTIZATION EXPENSES

		Contract assets				Amount Capitalized				Amortization				Contract assets
		As of and for the nine months ended September 30, 2025
		Beginning Balance				Amount Capitalized				Amortization				Ending Balance
Contract assets		$	—			$	579			$	(129	)		$	450

SUMMARY OF SUBSIDIARY OWNERSHIP INTEREST

The Company’s consolidated subsidiaries were as follows:

 SUMMARY OF SUBSIDIARY OWNERSHIP INTEREST

Name of Consolidated Subsidiaries or Entities		State or Other Jurisdiction of Incorporation or Organization		Attributable Interest
Volato, Inc. (Legacy Volato)		Georgia			100	%
Gulf Coast Aviation, Inc.		Texas			100	%
G C Aviation, Inc.		Texas			100	%
Fly Vaunt, LLC		Georgia			100	%
Fly Dreams, LLC (until March 3, 2023)		Georgia			100	%

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