LIFT recently filed its semiannual report (Form 1-SA) with the SEC and is thrilled to be sharing some financial highlights for the fiscal six-month period ending June 30, 2023:
Revenues increased by 32% to $2,019,172
GAAP net loss narrowed by 61% to ($638,917)
EBITDA swings from negative ($980,784) to positive $123,264
Total funding surpasses $19M
“It’s quite remarkable and a real testament to our amazing team that we’ve been able to achieve positive EBITDA before even launching our core commercial operations,” says Matt Chasen, CEO of LIFT.
“Our approach to the eVTOL industry has been to enter the market with a simple, ultralight-class, multirotor vehicle designed for personal use vs. most others that require certification of much larger and more complex aircraft along with commercial air taxi operations.”
With certification timelines continuously pushed out by other eVTOL companies, many may not make it through to certification, production, and commercial launch. With less than $20M in funding required to date, LIFT has already produced a fleet of 16 aircraft and is on track to be the first eVTOL company to enter revenue flight operations starting in Q4.
Join us as we build a future where everyone can fly!
Note: LIFT is transitioning from generating revenue from funded research and development contracts to launching commercial operations, which may result in net losses increasing in future periods depending on when Beta customer trials end and how fast it accelerates investment in developing LIFT vertiport locations.
About EBITDA. EBITDA is calculated as operating income excluding non-cash depreciation and amortization expenses. EBITDA is not defined by U.S. generally accepted accounting principles and should be considered in addition to, and not as a substitute for, net income. Please read LIFT’s full semiannual report here: Form 1-SA.