Jet.AI Inc. announces purchase agreement for three Cessna Citation CJ4 Gen2 aircraft to enhance fractional jet ownership program.
Quiver AI Summary
Jet.AI Inc. has entered into a fleet purchase agreement with Textron Aviation Inc. to acquire three Cessna Citation CJ4 Gen2 aircraft, with deliveries slated for 2026. These planes will enhance Jet.AI's fractional jet ownership program, providing customers with flexible private aviation options. Founder Mike Winston expressed enthusiasm for expanding their CJ4 capacity, emphasizing the aircraft's reliability and enhanced features over its 14 years of service. The CJ4 Gen2, designed for comfort and efficiency, offers advanced technology and spacious seating for nine passengers. Jet.AI, which currently operates several aircraft, also provides software solutions to improve the jet booking process and aids charter providers in enhancing their operations. The company, which was established in 2018, has partnerships including one with the Las Vegas Golden Knights.
Potential Positives
- Jet.AI's agreement to purchase three Cessna Citation CJ4 Gen2 aircraft signals a significant expansion of its fleet, enhancing its capabilities in the fractional jet ownership market.
- The addition of the CJ4 Gen2 provides existing customers with an upgraded option, which may increase customer satisfaction and retention.
- The new fleet will support Jet.AI's growth strategy and strengthen its offerings in both business and personal private aviation solutions.
- Jet.AI's partnership with Textron Aviation reflects confidence in their aircraft's reliability and performance, enhancing brand credibility within the private aviation industry.
Potential Negatives
- The announcement of a fleet purchase agreement for three aircraft set to be delivered in 2026 may raise concerns about the company's current financial stability and cash flow, given the long lead time before the new assets are operational.
- Jet.AI's current fleet only consists of three HondaJets, one Citation CJ4, and a King Air 350i, which may suggest limitations in scale and operational capacity compared to competitors in the private aviation market.
- The lengthy timeline for aircraft deliveries (from two to three years out) could indicate potential challenges in meeting immediate customer demands and expectations in the rapidly evolving aviation market.
FAQ
What is Jet.AI's latest aircraft purchase?
Jet.AI has purchased three Cessna Citation CJ4 Gen2 aircraft from Textron Aviation Inc.
When will the new aircraft be delivered?
The deliveries of the new aircraft are scheduled for Q2, Q3, and Q4 of 2026.
What is the purpose of the new CJ4 Gen2 fractional program?
The CJ4 Gen2 fractional program aims to provide flexible and convenient private aviation solutions for individuals and businesses.
What distinguishes the Cessna Citation CJ4 Gen2?
The CJ4 Gen2 is known for its high speed, advanced avionics, luxurious seating, and a high flight ceiling of 45,000 feet.
What other aircraft does Jet.AI operate?
Jet.AI currently operates three HondaJets, one Citation CJ4, and a King Air 350i aircraft in their fleet.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$JTAI Insider Trading Activity
$JTAI insiders have traded $JTAI stock on the open market 3 times in the past 6 months. Of those trades, 3 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $JTAI stock by insiders over the last 6 months:
- MICHAEL D. WINSTON (Exec. Chairman; Interim CEO) purchased 4,130,503 shares.
- GEORGE III MURNANE (Interim CFO) purchased 7 shares.
- PATRICK MCNULTY (Chief Operating Officer) purchased 7 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$JTAI Hedge Fund Activity
We have seen 21 institutional investors add shares of $JTAI stock to their portfolio, and 12 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CCG WEALTH MANAGEMENT, LLC added 181,829 shares (+inf%) to their portfolio in Q3 2024
- CLEAR STREET LLC added 100,110 shares (+inf%) to their portfolio in Q3 2024
- STATE STREET CORP removed 76,558 shares (-99.6%) from their portfolio in Q3 2024
- OCONNOR, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS (LLC) added 58,993 shares (+inf%) to their portfolio in Q3 2024
- UBS GROUP AG added 58,808 shares (+inf%) to their portfolio in Q3 2024
- VANGUARD GROUP INC removed 42,788 shares (-99.6%) from their portfolio in Q3 2024
- TWO SIGMA SECURITIES, LLC added 42,164 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
LAS VEGAS, Nov. 22, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc., an innovative private aviation and artificial intelligence company, announced a fleet purchase agreement with Textron Aviation Inc. for the purchase of three Cessna Citation CJ4 Gen2 aircraft.
With deliveries scheduled for Q2, Q3 and Q4 of 2026, the new aircraft will join the Jet.AI fleet as part of a brand-new CJ4 Gen2 fractional program. Jet.AI offers fractional jet ownership for individuals and businesses seeking flexible and convenient private aviation solutions.
“Because our customers love the Cessna Citation CJ4 we already operate we’re enthusiastic about edging into more capacity in this aircraft – the largest member of Textron Aviation’s legendary CJ family,” said Mike Winston, Founder and Chairman of Jet.AI. “Since its introduction 14 years ago, the CJ4 has been continually improved by Textron Aviation and has established a track record of reliable service. It offers existing light jet customers an excellent upgrade option to serve their travel needs.”
Fractional owners will enjoy guaranteed access to the Citation CJ4 Gen2, a nine-passenger, light jet known for its high speed, 45,000-ft flight ceiling, advanced avionics suite, quiet cabin, luxurious seating, and seamless connectivity. The CJ4 Gen 2 is designed for both comfort and operational efficiency, and fits fractional ownership clients who depend on private aviation for both business and personal use.
Jet.AI currently operates three HondaJets, one Citation CJ4 and a King Air 350i aircraft. This agreement comes in addition to its existing super-mid fleet expansion plan.
About Jet.AI
Jet.AI operates in two segments, Software and Aviation, respectively. The Software segment features the B2C CharterGPT app and the B2B Jet.AI Operator platform. The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience. The Jet.AI operator platform offers a suite of standalone software products to enable FAA Part 135 charter providers to add revenue, maximize efficiency, and reduce environmental impact. The Aviation segment features jet aircraft fractions, jet card, on-fleet charter, management, and buyer’s brokerage. Jet.AI is an official partner of the Las Vegas Golden Knights, 2023 NHL Stanley Cup ® champions. The Company was founded in 2018 and is based in Las Vegas, Nevada and San Francisco, California.
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