“We are thrilled to have Kompass Kapital join the Airshare ownership group and strongly believe its investment will have a material impact on our future,” said John Owen, CEO, Airshare.

“Kompass’ reputation is impeccable, and their track record in helping businesses flourish is well known. Additionally, they have already demonstrated great success in partnering with our legacy ownership group through other investments.”

Airshare has grown significantly in recent months. After acquiring Wheels Up aircraft management business last year, the company nearly doubled in size and now operates almost 150 aircraft. The aviation company’s current fleet comprises of 14 Phenom 300s and seven Challenger 3500s. 

Airshare offers a variety of private aviation services, including aircraft management, charter flights, and fractional ownership programs.

“We are very excited to partner with Airshare, where we join a talented team dedicated to serving the private aviation needs of business and leisure customers both domestically and internationally,” said Bradley Berger, managing partner, Kompass Kapital.

Jefferies acted as exclusive financial advisor to Airshare. Lathrop GPM served as legal counsel to Airshare, and Spencer Fane served as legal counsel to Kompass Kapital.

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Embraer first entered into a SAF agreement with Avfuel in July 2021 under which it received one 8,000-gallon truckload of Neste MY SAF per quarter to Sheltair MLB, the FBO that provides storage and handling services for Embraer.  

Under the new agreement, the Avfuel will make weekly SAF deliveries from April onwards. The partnership is expected to result in a total of 240,000 gallons of SAF delivered to Embraer in 2024.

“Embraer’s collaboration with Avfuel and Sheltair marks a pivotal milestone in our journey toward net-zero emission flight operations,” said Michael Amalfitano, president and CEO, Embraer Executive Jets. “Our continued investment in SAF demonstrates our dedication to reducing emissions today and driving the industry closer to the net-zero aviation goal by 2050.”

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The company did not book any revenue from aircraft sales owing to push back in delivery dates by OEMs due to supply chain challenges.

However, the company saw strong growth of 72% year-over-year in aircraft usage revenue reaching $11.5m from $6.7m in the corresponding period last year. This was due to 39% growth in flight hours and 7%YoY increase in blended yield. In addition, the company achieved demand mix of 50% owner and 50% program & ad hoc in the first quarter.

Meanwhile, revenue from the managed aircraft segment nearly halved to $1.7m from $3.3m a year ago.

Overall, the company’s first quarter revenue stood at $13.2m, down 16%YoY from $15.7m.

“While OEM aircraft delivery delays put pressure on our revenue in the first quarter, we achieved strong year-over-year growth across our key metrics as we executed on our strategy to drive more favorable demand mix and higher yield per flight hour,” said Matt Liotta, co-founder and CEO, Volato.

In terms of expenses, the company’s cost of services remained relatively stable at $17.5m from a year ago while the first quarter SG&A expenses witnessed a sharp uptick of 89%YoY to $11.7m from $6.2m in Q1 23.  

Volato ended the quarter with $6.4m of cash, and cash equivalents.

The company said it is optimistic on deliveries in the second quarter. “Given the well-known OEM supply chain challenges which have pushed back delivery dates, we continue to expect the delivery of 8 to 10 HondaJets but now expect delivery of two Gulfstream G280s in 2024 [instead of four announced earlier]. These deliveries, including 2-3 HondaJets which we are scheduled to receive in the second quarter, will provide us with an immediate cash benefit as we execute on our backlog of fractional sales,” said CEO Liotta.

Subsequent to quarter end, Volato also signed a term sheet for $14.5m in financing, including a $13.0m financing to unlock deposits for its Gulfstream G280 orders and a $1.5m equity commitment.

“Our aircraft deliveries in 2024 will provide additional cash as well as more capacity to grow our network and better leverage our cost base. With an expected revenue of over $120m this year from fractional sales alone, continued revenue growth from aircraft usage and our cost-savings measures, we expect that we can achieve positive gross margin and EBITDA in the fourth quarter of 2024,” said the company’s CFO Mark Heinen.

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“In the quarter, we saw profit growth across our Aviation, Bell, and Systems businesses,” said Scott C. Donnelly, chairman and CEO, Textron. “At Aviation, we saw continued strong market demand which contributed to $177m in backlog growth. At Bell, we saw revenue growth driven by the FLRAA program.”

The company said that the Textron Aviation’s revenues increased by $39m from last year’s first quarter, reflecting higher pricing of $48m, partially offset by lower volume and mix of $9m.

Meanwhile, Textron Aviation delivered 36 jets in the quarter, up from 35 in the first quarter of 2023, and 20 commercial turboprops, down from 34 in last year’s first quarter.

In terms of profitability, the aviation segment’s profit increased by $18m to $143m during the quarter under review driven by the favourable impact from pricing, net of inflation of $14m.

The segment’s backlog at the end of the first quarter was $7.3bn.

Overall, Textron’s revenue increased by 4%YoY to $3.1bn with a major boost of this coming from the higher sales in aviation and helicopters segment (Bell). This translated in to net income of $1.03 per share, as compared to $0.92 per share in the first quarter of 2023.

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The FBO operator signed an agreement with Titan Fuel Services which will provide the SAF at its Palm Springs, California base.

“We are delighted to provide an option for aircraft management clients and FBO customers who desire to use a renewable alternative fuel source for their aircraft through our Desert Jet Center FBO. Offering SAF to our clients is a significant milestone as we continue to lead the way in sustainable aviation practices,” said Jared Fox, CEO, Desert Jet.

Titan Aviation will supply SAF produced by World Energy – a low-carbon and eco-friendly alternative to traditional Jet-A fuel.

The SAF is agricultural waste and residues converted into a renewable fuel source that can reduce carbon emissions significantly compared to fossil-based jet fuel.

Commenting on the agreement, Mike Allen, EVP of Titan Aviation Fuels, said: “We at Titan Fuels look forward to working with Desert Jet to support their SAF initiative by providing a source for their current and future sustainable fuel needs.”

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The rule requires incorporating improved fuel-efficient technologies for airplanes manufactured after January 1, 2028, and for subsonic jet airplanes and large turboprop and propeller airplanes that are not yet certified.

The work on this rule began in 2016, when the International Civil Aviation Organization (ICAO) adopted standards for new aircraft to be 10% more fuel-efficient than previous models. The FAA, working in conjunction with industry stakeholders, then embarked on a multi-year process to develop its own, tailored rule specifically for the US market.

“We are taking a large step forward to ensure the manufacture of more fuel-efficient airplanes, reduce carbon pollution, and reach our goal of net-zero emissions by 2050,” said Mike Whitaker, administrator, FAA.

This rule applies to a wide range of aircraft, including popular models like the Boeing 777-X, Airbus A330-neo, and even business jets such as Cessna Citation and civil turboprop airplanes like ATR 72 and the Viking Air Limited Q400. Notably, it doesn’t impact currently flying aircraft, but focuses on shaping the future of a cleaner aviation industry.

This new rule is expected to deliver significant environmental benefits. Estimates suggest it could reduce carbon dioxide emissions by as much as 1.4bn tons over the next 50 years, equivalent to planting 74bn trees.

But the impact goes beyond just the environment. Airlines are likely to see cost savings from improved fuel efficiency, and the development of new technologies could boost innovation and create jobs in the aerospace sector.

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The companies include Priester Aviation as its Midwest base, Mayo Aviation as its Rocky Mountain West base, and Hill Private Aviation, its Southeast base. George J. Priester Aviation will serve as the parent company for future business and expansion initiatives while the three companies will retain their individual names for customer services and signage.

“For years, we’ve worked to uphold and build upon the legacy that my grandfather created and my father expanded,” said Andy Priester, chairman and CEO, George J. Priester Aviation. “It matters to us that the branding and story behind our parent company unites our businesses while honoring the pillars on which all companies were founded.”

The brand includes a stylised icon representing 1944 Beechcraft Staggerwing, bought by George in 1953 after purchasing Palwaukee Airport, now Chicago Executive Airport.

“It’s critically important that the family of companies maintains what makes them special: building relationships,” Priester said. “It’s why the Mayo family has connected with customers in the Rocky Mountain region and why Guy Hill Sr. and Jr. have been an aviation mainstay in Atlanta. Being part of a larger George J. Priester Aviation organization allows people to immediately see the connection to a group with the nationwide resources and capabilities to serve their aviation needs anywhere.”

George J. Priester Aviation company manages more than 80 aircraft among its companies and operates charter service globally through its bases and partnerships.

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