Volato (SOAR) S-1/A 16 Jul 24 IPO registration (amended) Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2024
Cover [Abstract]
Document Type	S-1/A
Amendment Flag	false
Entity Registrant Name	Volato Group, Inc.
Entity Central Index Key	0001853070
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

CONSOLIDATED BALANCE SHEETS (Q1

CONSOLIDATED BALANCE SHEETS (Q1) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash	$ 6,442	$ 14,486
Restricted cash	1,845	0
Accounts receivable, net	2,446	2,990
Deposits	25,200	25,125
Prepaid expenses and other current assets	3,624	3,897
Total current assets	39,557	46,498
Property and equipment, net	837	846
Operating lease, right-of-use assets	1,198	1,278
Equity-method investment	158	154
Deposits	21,656	15,691
Forward purchase agreement	2,755	2,982
Restricted cash	0	2,237
Intangibles, net	1,376	1,391
Goodwill	635	635
Total assets	68,172	71,712
Current liabilities:
Accounts payable and accrued liabilities	10,898	8,588
Convertible notes, net		0
Operating lease liability	338	326
Merger transaction costs payable in shares	0	4,250
Customer deposits and deferred revenue	19,029	12,857
Total current liabilities	51,272	47,637
Deferred income tax liability	305	305
Operating lease liability, non-current	875	965
Credit facility, non-current	14,026	8,054
Total liabilities	66,478	56,961
COMMITMENTS AND CONTINGENCIES
Shareholders' equity:
Common Stock Class A, $0.0001 par value; $80,000,000 authorized; $29,251,629 and $28,043,449 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	3	3
Additional paid-in capital	82,743	78,410
Accumulated deficit	(81,052)	(63,662)
Total shareholders' equity (deficit) attributable to Volato Group, Inc.	1,694	14,751
Total liabilities and shareholders' equity (deficit)	68,172	71,712
Affiliated Entity
Current liabilities:
Credit facility and other loans	1,000	1,000
Nonrelated Party
Current liabilities:
Credit facility and other loans		19,340
Credit facility and other loans	$ 20,007	$ 20,616

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Q1) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Dec. 01, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Number of shares authorized (in shares)	80,000,000	80,000,000	80,000,000	80,000,000
Common stock, shares issued (in shares)	29,251,629	28,043,449		11,268,877
Class A Common Stock outstanding (in shares)	29,251,629	28,043,449		11,268,877

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Q1) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 13,211	$ 15,665	$ 73,338	$ 96,706
Costs and expenses:
Cost of revenue	17,492	17,363	82,025	94,280
Selling, general and administrative	11,742	6,215	28,822	11,611
Total costs and expenses	29,234	23,578	110,847	105,891
Loss from operations	(16,023)	(7,913)	(37,509)	(9,185)
Other income (expenses):
Gain from sale of consolidated entity	0	387	387	0
Gain from sale of equity-method investment	0	863	883	581
Other income	4	42	180	15
Loss from change in fair value forward purchase agreement	(227)	0	(13,403)	0
Interest expense, net	(1,138)	(894)	(3,358)	(866)
Other expenses	(1,361)	398	(15,311)	(270)
Loss before provision for income taxes	(17,384)	(7,515)	(52,820)	(9,455)
Provision for incomes taxes	6	0	2	(55)
Net Loss attributable to Volato Group, Inc.	$ (17,390)	$ (7,515)	$ (52,822)	$ (9,367)
Basic and diluted net loss per share
Basic net loss per share (in dollars per share)	$ (0.6)	$ (0.67)	$ (3.46)	$ (0.83)
Diluted net loss per share (in dollars per share)	$ (0.6)	$ (0.67)	$ (3.46)	$ (0.83)
Weighted average common share outstanding:
Basic (in shares)	29,116,201	11,268,877	15,245,004	11,268,879
Diluted (in shares)	29,116,201	11,268,877	15,245,004	11,268,879

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Q1) - USD ($) $ in Thousands	Total	Class A Common Stock	Additional Paid-in Capital	Subscription Receivable	Retained Deficit
Shares, outstanding, beginning balance (in shares) at Dec. 31, 2021		11,268,877
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 17		$ 17
Net loss	$ (9,367)
Shares, outstanding, ending balance (in shares) at Dec. 31, 2022	11,268,877	11,268,877
Shareholders' equity, ending balance at Dec. 31, 2022	$ (5,669)	$ 1	5,185	$ (15)	$ (10,840)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	8		8
Net loss	(7,515)				(7,515)
Shares, outstanding, ending balance (in shares) at Mar. 31, 2023		11,268,877
Shareholders' equity, ending balance at Mar. 31, 2023	$ (13,176)	$ 1	5,193	(15)	(18,355)
Shares, outstanding, beginning balance (in shares) at Dec. 31, 2022	11,268,877	11,268,877
Shareholders' equity, beginning balance at Dec. 31, 2022	$ (5,669)	$ 1	5,185	$ (15)	(10,840)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	82		82
Issuance of common stock to employees (in shares)		9,441
Net loss	$ (52,822)
Shares, outstanding, ending balance (in shares) at Dec. 31, 2023	28,043,449	28,043,449
Shareholders' equity, ending balance at Dec. 31, 2023	$ 14,751	$ 3	78,410		(63,662)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	83		83
Issuance of common stock to employees (in shares)		1,208,180
Warrant reclass from in-kind liability to APIC	4,250		4,250
Net loss	$ (17,390)				(17,390)
Shares, outstanding, ending balance (in shares) at Mar. 31, 2024	29,251,629	29,251,629
Shareholders' equity, ending balance at Mar. 31, 2024	$ 1,694	$ 3	$ 82,743		$ (81,052)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Q1) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net Loss	$ (17,390)	$ (7,515)	$ (52,822)	$ (9,367)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization expense	80	45	200	162
Stock compensation expense	83	8	82	17
Issuance of common stock to employees			94	0
Gain from sale of equity-method investment	0	(863)	(883)	(581)
Gain from sale of consolidated entity	0	(387)	(387)	0
Gain from equity-method investments	(4)	(22)	(22)	45
Deferred income tax benefit			0	(80)
Amortization right-of-use asset	79	68	296	0
Amortization of debt discount	46	48	183	42
Change in fair value forward purchase agreement	227	0	13,403	0
Changes in assets and liabilities:
Accounts receivable	544	466	(1,111)	(2,223)
Prepaid and other current assets	274	909	(1,642)	(1,586)
Deposits	(40)	(1,250)	(3,858)	(11,399)
Account payable and accrued liabilities	2,311	958	5,662	2,217
Operating lease liability	(78)	(68)	(283)	0
Customer deposits and deferred revenue	6,172	(5)	10,694	1,321
Net cash used in operating activities	(7,696)	(7,608)	(30,394)	(21,432)
Investing activities:
Cash payment for property and equipment	(56)	(270)	(637)	(259)
Proceeds from sale of interest in equity-method investment	0	3,840	4,235	6,575
Payment for acquisition of GCA			0	(1,850)
Payment for the purchase of equity-method investments	0	(1,950)	(2,328)	0
Proceeds from the sale of consolidated entity	0	350	506	0
Cash obtained from acquisition of GCA			0	679
Net cash provided by (used in) investing activities	(56)	1,970	1,776	5,145
Financing activities:
Proceeds from lines of credit	0	1,000	1,000	4,950
Repayments of lines of credit			0	(5,800)
Collection on subscription receivable			15	35
Proceeds from issuance of convertible notes	0	4,750	12,670	18,879
Purchase of forward purchase agreement			(18,911)	0
Proceeds from forward purchase agreement			2,525	0
Proceeds from other loans			0	4,500
Repayment on loans	(684)	(282)	(787)	(6)
Proceeds from business combination			19,081	0
Business combination closing costs			(2,359)	0
Proceeds from the sale of preferred stock			24,204	0
Proceeds from exercise of stock options			23	0
Net cash provided by (used in) financing activities	(684)	5,468	37,461	22,558
Net increase (decrease) in cash	(8,436)	(170)	8,843	6,271
Cash and restricted cash, beginning of year	16,723	7,879	7,879	1,608
Cash and restricted cash, end of period	8,287	7,709	16,723	7,879
Supplemental disclosure of cash flow information:
Cash paid for interest	1,119	257	2,268	61
Non-Cash Investing and Financing Activities:
Credit facility for the aircraft deposits	6,000	0	24,000	0
Original debt discount	$ (45)	$ 0	$ 230	$ 0

CONSOLIDATED BALANCE SHEETS (FY

CONSOLIDATED BALANCE SHEETS (FY) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash	$ 6,442	$ 14,486	$ 5,777
Accounts receivable, net	2,446	2,990	1,880
Deposits	25,200	25,125	833
Prepaid expenses and other current assets	3,624	3,897	2,211
Total current assets	39,557	46,498	10,701
Property and equipment, net	837	846	348
Operating lease, right-of-use assets	1,198	1,278	1,574
Equity-method investment	158	154	1,159
Deposits	21,656	15,691	12,123
Forward purchase agreement	2,755	2,982	0
Restricted cash	0	2,237	2,102
Intangibles, net	1,376	1,391	1,615
Goodwill	635	635	635
Total assets	68,172	71,712	30,257
Current liabilities:
Accounts payable and accrued liabilities	10,898	8,588	3,663
Convertible notes, net		0	18,844
Operating lease liability	338	326	283
Merger transaction costs payable in shares	0	4,250	0
Customer deposits and deferred revenue	19,029	12,857	2,163
Total current liabilities	51,272	47,637	30,160
Deferred income tax liability	305	305	305
Operating lease liability, non-current	875	965	1,291
Credit facility, non-current	14,026	8,054	4,170
Total liabilities	66,478	56,961	35,926
COMMITMENTS AND CONTINGENCIES (Note 18)
Shareholders' equity (deficit):
Common Stock Class A, $0.0001 par value; 80,000,000 authorized; 28,043,449 and 11,268,877 shares issued and outstanding as of December 31, 2023 and 2022, respectively	3	3	1
Additional paid-in capital	82,743	78,410	5,185
Stock subscriptions receivable		0	(15)
Accumulated deficit	(81,052)	(63,662)	(10,840)
Total shareholders' equity (deficit) attributable to Volato Group, Inc.	1,694	14,751	(5,669)
Total shareholders' equity (deficit)		14,751	(5,669)
Total liabilities and shareholders' equity (deficit)	68,172	71,712	30,257
Previously Reported [Member]
Current liabilities:
Accounts payable and accrued liabilities		9,864
Affiliated Entity
Current liabilities:
Credit facility and other loans	1,000	1,000	5,150
Nonrelated Party
Current liabilities:
Credit facility and other loans		19,340	$ 57
Credit facility and other loans	$ 20,007	$ 20,616

CONSOLIDATED BALANCE SHEETS (_3

CONSOLIDATED BALANCE SHEETS (FY) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Dec. 01, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Number of shares authorized (in shares)	80,000,000	80,000,000	80,000,000	80,000,000
Common stock, shares issued (in shares)	29,251,629	28,043,449		11,268,877
Class A Common Stock outstanding (in shares)	29,251,629	28,043,449		11,268,877

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (FY) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 73,338	$ 96,706
Costs and expenses:
Cost of revenue	82,025	94,280
Selling, general and administrative	28,822	11,611
Total costs and expenses	110,847	105,891
Loss from operations	(37,509)	(9,185)
Other income (expenses):
Gain from sale of consolidated entity	387	0
Gain from sale of equity-method investment	883	581
Other income	180	15
Loss from change in fair value forward purchase agreement	(13,403)	0
Interest expense, net	(3,358)	(866)
Other expenses	(15,311)	(270)
Loss before provision for income taxes	(52,820)	(9,455)
Provision for incomes taxes (benefit)	2	(55)
Net Loss before non-controlling interest	(52,822)	(9,400)
Less: Net Loss attributable to non-controlling interest	0	(33)
Net Loss attributable to Volato Group, Inc.	$ (52,822)	$ (9,367)
Basic and Diluted net loss per share
Basic net loss per share (in dollars per share)	$ (3.46)	$ (0.83)
Diluted net loss per share (in dollars per share)	$ (3.46)	$ (0.83)
Weighted average common share outstanding:
Weighted average common share outstanding, basic (in shares)	15,245,004	11,268,879
Weighted average common share outstanding, diluted (in shares)	15,245,004	11,268,879

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (FY) - USD ($) $ in Thousands	Total	Series A-1 Preferred Stock	Series A-2 And A-3 Preferred Stock	Previously Reported	Revision of Prior Period, Adjustment	Series Seed Convertible Preferred Stock	Series Seed Convertible Preferred Stock Previously Reported	Series Seed Convertible Preferred Stock Revision of Prior Period, Adjustment	Class A Common Stock	Class A Common Stock Series A-1 Preferred Stock	Class A Common Stock Series A-2 And A-3 Preferred Stock	Class A Common Stock Previously Reported	Class A Common Stock Revision of Prior Period, Adjustment	Additional Paid-in Capital	Additional Paid-in Capital Series A-1 Preferred Stock	Additional Paid-in Capital Series A-2 And A-3 Preferred Stock	Additional Paid-in Capital Previously Reported	Additional Paid-in Capital Revision of Prior Period, Adjustment	Subscription Receivable	Subscription Receivable Previously Reported	Retained Deficit	Retained Deficit Previously Reported	Non- controlling Interest	Non- controlling Interest Previously Reported
Shares outstanding, beginning balance (in shares) at Dec. 31, 2021						0	3,981,236
Shares outstanding, beginning balance (in shares) (Retroactive application of conversion of Series Seed to Class A Common Stock) at Dec. 31, 2021								(3,981,000)
Shares, outstanding, beginning balance (in shares) at Dec. 31, 2021									11,268,877			7,120,208
Shares, outstanding, beginning balance (in shares) (Retroactive application of conversion of Series Seed to Class A Common Stock) at Dec. 31, 2021													4,041,282
Shares, outstanding, beginning balance (in shares) (Retroactive application of recapitalization (note 1)) at Dec. 31, 2021													107,387
Shareholders' equity, beginning balance at Dec. 31, 2021	$ 7,910			$ 7,910		$ 0	$ 4		$ 1			$ 7		$ 5,134			$ 5,124		$ (50)	$ (50)	$ (1,473)	$ (1,473)	$ 4,298	$ 4,298
Shareholders' equity, beginning balance (Retroactive application of conversion of Series Seed to Class A Common Stock) at Dec. 31, 2021					$ 0			$ (4)										$ 4
Shareholders' equity, beginning balance (Retroactive application of recapitalization (note 1)) at Dec. 31, 2021					$ 0								$ (6)					$ 6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash collected from subscription receivable	35																		35
Stock-based compensation	17													17
Change in ownership interest in former subsidiary	34													34
Deconsolidation of former subsidiaries	$ (4,265)
Exercise of stock options (in shares)	0
Net Loss	$ (9,400)																				(9,367)		(33)
Shares, outstanding, ending balance (in shares) at Dec. 31, 2022	11,268,877								11,268,877
Shareholders' equity, ending balance at Dec. 31, 2022	$ (5,669)								$ 1					5,185					(15)		(10,840)		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 8													8
Shares, outstanding, ending balance (in shares) at Mar. 31, 2023									11,268,877
Shares, outstanding, beginning balance (in shares) at Dec. 31, 2022	11,268,877								11,268,877
Shareholders' equity, beginning balance at Dec. 31, 2022	$ (5,669)								$ 1					5,185					(15)		(10,840)		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash collected from subscription receivable	15																		15
Stock-based compensation	82													82
Change in ownership interest in former subsidiary	0
Issuance of common stock to employees (in shares)									9,441
Issuance of common stock to employees	94													94
Stock issued during period (in shares)									8,650,969
Reverse recapitalization, net of transaction costs	$ 10,462								$ 1					10,461
Exercise of stock options (in shares)	207,392								207,341
Exercise of stock options	$ 23													23
Issuance of preferred Series A-1, A-2, A-3 shares, converted to Class A common stock following business combination (in shares)										2,447,453	5,459,368
Issuance of preferred Series A-1, A-2, A-3 shares, converted to Class A common stock following business combination		$ 24,204	$ 38,362								$ 1				$ 24,204	$ 38,361
Net Loss	$ (52,822)																				(52,822)
Shares outstanding, ending balance (in shares) at Dec. 31, 2023	0
Shares, outstanding, ending balance (in shares) at Dec. 31, 2023	28,043,449								28,043,449
Shareholders' equity, ending balance at Dec. 31, 2023	$ 14,751								$ 3					78,410					$ 0		$ (63,662)		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 83													$ 83
Issuance of common stock to employees (in shares)									1,208,180
Exercise of stock options (in shares)	43,262
Shares, outstanding, ending balance (in shares) at Mar. 31, 2024	29,251,629								29,251,629

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (FY) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net Loss	$ (17,390)	$ (52,822)	$ (9,367)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization expense	80	200	162
Stock compensation expense	83	82	17
Issuance of common stock to employees		94	0
Gain from sale of equity-method investment	0	(883)	(581)
Gain from sale of consolidated entity	0	(387)	0
Gain (loss) from equity-method investments	(4)	(22)	45
Deferred income tax benefit		0	(80)
Amortization right-of-use asset	79	296	0
Amortization of debt discount	46	183	42
Change in fair value forward purchase agreement	227	13,403	0
Changes in assets and liabilities:
Accounts receivable	544	(1,111)	(2,223)
Prepaid and other current assets	274	(1,642)	(1,586)
Deposits	(40)	(3,858)	(11,399)
Account payable and accrued liabilities	2,311	5,662	2,217
Operating lease liability	(78)	(283)	0
Customers' deposits and deferred revenue	6,172	10,694	1,321
Net cash used in operating activities	(7,696)	(30,394)	(21,432)
Investing activities:
Cash payment for property and equipment	(56)	(637)	(259)
Proceeds from sale of interest in equity-method investment	0	4,235	6,575
Payment for acquisition of GCA		0	(1,850)
Payment for the purchase of equity-method investments	0	(2,328)	0
Proceeds from the sale of consolidated entity	0	506	0
Cash obtained from acquisition of GCA		0	679
Net cash provided by (used in) investing activities	(56)	1,776	5,145
Financing activities:
Proceeds from lines of credit	0	1,000	4,950
Repayments of lines of credit		0	(5,800)
Collection on subscription receivable		15	35
Proceeds from issuance of convertible notes	0	12,670	18,879
Purchase of forward purchase agreement		(18,911)	0
Proceeds from forward purchase agreement		2,525	0
Proceeds from other loans		0	4,500
Repayment on loans	(684)	(787)	(6)
Proceeds from business combination		19,081	0
Business combination closing costs		(2,359)	0
Proceeds from the sale of preferred stock		24,204	0
Proceeds from exercise of stock options		23	0
Net cash provided by (used in) financing activities	(684)	37,461	22,558
Net increase (decrease) in cash	(8,436)	8,843	6,271
Cash and restricted cash, beginning of year	16,723	7,879	1,608
Cash and restricted cash, end of period	8,287	16,723	7,879
Supplemental disclosure of cash flow information:
Cash paid for interest	1,119	2,268	61
Cash paid for income taxes		0	0
Non-Cash Investing and Financing Activities:
Credit facility for the aircraft deposits	6,000	24,000	0
Conversion of line of credit to convertible note with related party		6,001	0
Original debt discount	(45)	230	0
Conversion of preferred stock to common stock class A		62,565	0
Merger transaction cost payable in stock		4,250	0
Liabilities assumed in merger transaction unpaid at 12/31/2023		1,722	0
Initial recognition of right-of-use asset		0	1,612
Fair value adjustment to equity-method investment upon deconsolidation		0	34
Acquisition of vehicle - direct finance		0	$ 63
Previously Reported [Member]
Financing activities:
Cash and restricted cash, beginning of year	$ 16,722
Cash and restricted cash, end of period		$ 16,722

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Volato Group, Inc. (“we”, “us”, “the Company”, or “Volato”) was founded in 2021. On December 1, 2023, Volato, Inc. (“Legacy Volato”), a Georgia corporation, PROOF Acquisition Corp I, a Delaware corporation (“PACI”) and PACI Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of PACI (“Merger Sub”), merged with and into Legacy Volato, with Legacy Volato surviving the merger as a wholly-owned subsidiary of PACI. In connection with the consummation of the Business Combination (the “Closing”), PACI changed its name to “Volato Group, Inc.”. Legacy Volato was deemed the accounting acquirer in the business combination. Accordingly, for accounting purposes, the business combination was treated as the equivalent of Legacy Volato issuing stock for the net assets of PACI, accompanied by a recapitalization. Under this method of accounting, PACI who was the legal acquirer, is treated as the “acquired” company (“accounting acquiree”) for financial reporting purposes. The net assets of PACI are stated at historical cost, with no goodwill or other intangible assets recorded. The equity structure has been restated in all comparative periods up to the closing date to reflect the number of shares of the Company’s Common Stock, $0.0001 par value per share, issued to Legacy Volato stockholders in connection with the business combination. As a result of the business combination, the shares and corresponding capital amounts and earnings per share related to Legacy Volato’s common stock prior to the business combination have been retroactively restated as shares reflecting the exchange ratio established in the Merger Agreement. Stock was retroactively adjusted, converted into Common Stock, and reclassified to permanent as a result of the reverse recapitalization. Volato Group, Inc. is a leader in private aviation redefining air travel through modern, efficient, and customer-designed solutions. Volato provides a fresh approach to fractional ownership, aircraft management, jet card, deposits and charter programs all powered by advanced proprietary mission control technology. Volato’s fractional programs uniquely offer flexible hours and a revenue share for owners across the world’s largest fleet of HondaJets which are optimized for missions of up to four passengers.	NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Volato Group, Inc. (“we”, “us”, “the Company”, or “Volato”) is a private aviation company founded in January 2021. That year, we entered the private jet charter and fractional ownership market with our Part 135 HondaJet ownership program, taking delivery of our first jet in August 2021 and completing our first Part 135 charter flight in October of 2021. The HondaJet is manufactured by Honda Aircraft Company (“Honda”). We took delivery of three HondaJets in 2021. In 2022, we continued to build our fleet of HondaJets. In March 2022, we acquired Gulf Coast Aviation, Inc., owner of G C Aviation, Inc., a Texas entity and Part 135 air carrier certificate holder. This acquisition added personnel and facilities to support managed aircraft, sales, maintenance, and other operational functions. Also in March 2022, we placed orders for four Gulfstream G280s for delivery in 2024 and 2025. In August of 2022, we launched the Volato Stretch jet card, a differentiated jet card product that provides flight credits for customer itinerary flexibility. In December of 2022, we signed a letter of intent for a multi-year fleet purchase of HondaJets with Honda. In January 2023, we launched our automated dynamic pricing tool for the general charter market. In March of 2023, we introduced the Insider Program, a deposit program for our charter services featuring HondaJet pricing caps in certain geographical areas. In May 2023, we and Honda executed a firm order for 23 HondaJets to be delivered in 2023 through 2025. On December 1, 2023, Volato, Inc. (“Legacy Volato”), a Georgia corporation, PROOF Acquisition Corp I, a Delaware corporation (“PACI”) and PACI Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of PACI (“Merger Sub”), consummated the previously announced Business Combination Agreement, dated August 1, 2023 (the “Business Combination Agreement”). Pursuant to the terms of the Business Combination Agreement, a business combination between PACI and Legacy Volato was effected through the merger of Merger Sub with and into Legacy Volato, with Legacy Volato surviving the merger as a wholly-owned subsidiary of PACI (the “Business Combination,” and together with the other transactions contemplated by the Business Combination Agreement and the other agreements contemplated thereby, the “Transactions”). In connection with the consummation of the Business Combination (the “Closing”), PACI changed its name to “Volato Group, Inc.”. Legacy Volato was deemed the accounting acquirer in the business combination. This determination was primarily based on Legacy Volato’s stockholders prior to the business combination having a majority of the voting power in the combined company, Legacy Volato having the ability to appoint a majority of the board of directors of the combined company (the “Board”), Legacy Volato’s existing management comprising the senior management of the combined company, Legacy Volato comprising the ongoing operations of the combined company, Legacy Volato being the larger entity based on historical revenues and business operations, and the combined company assuming Legacy Volato’s name. Accordingly, for accounting purposes, the business combination was treated as the equivalent of Legacy Volato issuing stock for the net assets of PACI, accompanied by a recapitalization. Under this method of accounting, PACI who was the legal acquirer, is treated as the “acquired” company (“accounting acquiree”) for financial reporting purposes. The net assets of PACI are stated at historical cost, with no goodwill or other intangible assets recorded. The equity structure has been restated in all comparative periods up to the closing date to reflect the number of shares of the Company’s Common Stock, $0.0001 par value per share, issued to Legacy Volato stockholders in connection with the business combination. As such, the shares and corresponding capital amounts and earnings per share related to Legacy Volato’s common stock prior to the business combination have been retroactively restated as shares reflecting the exchange ratio of approximately 1.01508 pursuant to the terms of the business combination. Legacy Convertible Preferred Stock was retroactively adjusted, converted into Common Stock, and reclassified to permanent as a result of the reverse recapitalization.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Going concern, liquidity, and capital resources The Company has only recently been formed, has limited operating history, has recorded a net loss of $17.4 million for the three months ended March 31, 2024, has a negative working capital of $11.7 million, and has an accumulated deficit of $81.1 million as of March 31, 2024. Net cash used in operating activities for the three months ended March 31, 2024, was $7.7 million. These above matters raise substantial doubt about the Company's ability to continue as a going concern. During the next twelve months, the Company intends to fund its operations through the issuance of financial instruments including debts or equity, extend the use of its line of credit and the sale of aircraft at a premium to cost. The Company also has the ability to reduce cash burn to preserve capital. Accordingly, management believes that its current cash position, along with its anticipated revenue growth and proceeds from future debt and/or equity financings, when combined with greater fleet utilization and prudent expense management, will allow the Company to continue as a going concern and to fund its operations for at least one year from the date these financials are available. There are no assurances, however, that management will be able to raise capital or debt on terms acceptable to the Company. If the Company is unable to obtain sufficient additional capital, the Company may be required to reduce the near-term scope of its planned development and operations, which could delay implementation of the Company’s business plan and harm its business, financial condition, and operating results. The balance sheet does not include any adjustments that might result from these uncertainties. Basis of presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Reclassifications Certain amounts in 2023 have been reclassified to conform with the current year’s presentation. Principles of Consolidation The consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, Volato, Inc., a company incorporated in the State of Georgia, Gulf Coast Aviation, Inc. sometimes referred to as Volato Aircraft Management Service (“VAMS”), a company incorporated in the State of Texas, GC Aviation, Inc., a company incorporated in the State of Texas, Fly Vaunt, LLC, a company incorporated in the State of Georgia, and Fly Dreams LLC, until March 3, 2023. One of the components of the Company’s business model includes the sale of aircraft and ownership program. The aircraft ownership program is a model whereby the Company sells each floating fleet aircraft to a limited liability company (“Plane Co”). The Plane Co, which is owned by third-party owners, leases the aircraft back to the Company for management and charter operations on behalf of the LLC under 14 C.F.R. Part 135 certificate. The Company does not hold any controlling interest in any Plane Co as of March 31, 2024 and December 31, 2023. Each Plane Co is set up to acquire and own one aircraft pursuant to the HondaJet aircraft purchase agreement executed with the Company. Each Plane Co was managed by PDK Management LLC until June 2023, an entity whose sole member is the Company’s Chief Executive Officer, through an operating agreement, and by Volato, Inc starting in July 2023. Fly Dreams holds the Federal Aviation Agency (“FAA”) certificate and conducts air carrier operations through an aircraft charter Management and Dry Lease Agreement with each of the Plane Co’s. On March 3, 2023, Legacy Volato transferred its Fly Dreams LLC operation to GCA and sold all of its membership interest in Fly Dreams LLC, including Fly Dreams FAA part 135 Certificate. Legacy Volato now conducts its operations under GCA FAA Part 135 Certificate. The selling price was $550 thousand, which resulted in the recognition of $387 thousand in gain, which is presented in other income (expense) in the consolidated statement of operations for the three months ended March 31, 2023. The Company does not hold any controlling interest in any limited liability companies as of March 31, 2024 and December 31, 2023, respectively. The Company only holds de minimis interest in one Plane Co as of March 31, 2024, respectively. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Such estimates include: • Useful lives of property, plant, and equipment. • Assumptions used in valuing equity instruments. • Deferred income taxes and related valuation allowance. • Assessment of long-lived assets impairment. • Assumptions used in the valuation of the forward purchase agreement Cash and restricted cash Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At March 31, 2024 and December 31, 2023, the Company had no cash equivalents besides what was in the cash balance as of this date. The Company has $1.8 million and $2.2 million of restricted cash at March 31, 2024 and December 31, 2023, respectively, which serves as collateral for the credit facility with SAC Leasing G280 LLC. Investment - Equity Method The Company accounts for its equity method investment at cost, adjusted for the Company’s share of the investee’s earnings or losses, which is reported under other income (expense) in the consolidated statement of operations. The Company periodically reviews its investment for other than temporary declines in fair value below cost and more frequently when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As of March 31, 2024, and December 31, 2023, the only equity-method investment was Volato 158 LLC with a 3.13% equity interest. As of March 31, 2024 and December 31, 2023, management believes the carrying value of its equity method investments was recoverable in all material respects. Accounts Receivable Accounts receivables are reported on the consolidated balance sheets at the outstanding principal amount adjusted for any allowance for credit losses and any charge offs. The Company provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount that is expected to be collected. This allowance is estimated based on historical collection experience, the aging of receivables, specific current and expected future macro-economic and market conditions, and assessments of the current creditworthiness and economic status of customers. The Company considers a receivable delinquent if it is unpaid after the term of the related invoice has expired. Balances that are still outstanding after management has used reasonable collection efforts are written off. The Company reviews its allowance for credit losses on a quarterly basis. The Company recognized zero of bad debt expense during the three months ended March 31, 2024 and 2023, respectively. 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 : Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Computer Software Development Software development costs are accounted for in accordance with ASC 350-40, Internal Use Software . Internal software development costs are capitalized from the time the internal use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation and software maintenance costs are expensed as incurred. The capitalized computer software development costs are reported under the section fixed assets, net in the consolidated balance sheet and are amortized using the straight-line method over the estimated useful life of the software, generally three years from when the asset is placed in service. The Company capitalized zero and $323 thousand of internal software development costs during the three months ended March 31, 2024 and the twelve months ended December 31 2023, respectively. The Company also expenses internal costs related to minor upgrades and enhancements, as it is impractical to separate these costs from normal maintenance activities. Website development cost The costs incurred for activities during the website application and infrastructure development stage are capitalized in accordance with the guidance on internal-use software in ASC 350-40. The Company capitalized $56 thousand and $241 thousand of website development costs as of March 31, 2024 and December 31, 2023, respectively. The Company recognized $26 thousand and $15 thousand of amortization expense during the three months ended March 31, 2024 and 2023, respectively. Valuation of Long-Lived Assets: In accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 360, property, plant, and equipment, and long-lived assets are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. No impairment was recognized during the three months ended March 31, 2024 and 2023. Fair value of financial instruments The Company adopted the provisions of FASB Accounting Standards Codification (“ASC”) 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. The Company measures fair value under a framework that utilizes a hierarchy prioritizing the inputs to relevant valuation techniques. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs used in measuring fair value are: • Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company as the ability to access. • Level 2: Inputs to the valuation methodology include: • Quoted prices for similar assets or liabilities in active markets. • Quoted prices for identical or similar assets or liabilities in inactive markets. • Inputs other than quoted prices that are observable for the asset or liability. • Inputs that are derived principally from or corroborated by observable market date by correlation or other means; and • If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The fair value of the Company’s recorded forward purchase agreement (“FPA”) is determined based on unobservable inputs that are not corroborated by market data, which require a Level 3 classification. A Monte Carlo simulation model was used to determine the fair value. The Company records the forward purchase agreement at fair value on the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operation. The following table presents balances of the forward purchase agreement with significant unobservable inputs (Level 3) as of March 31, 2024, in thousands: ​ ​ Fair Value Measurements as of March 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 ​ ​ $— ​ ​ $— ​ ​ $2,755 ​ ​ $2,755 Total ​ ​ $— ​ ​ $— ​ ​ $2,755 ​ ​ $2,755 The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the three months ended March 31, 2024, in thousands: ​ ​ Forward Purchase Agreement Balance December 31, 2023 ​ ​ $2,982 Change in fair value ​ ​ (227) Balance March 31, 2024 ​ ​ $2,755 The Company measures the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions: ​ ​ Three months ended March 31, 2024 Volume Weighted average stock price (“VWAP”) ​ ​ $ 3.54 Initial Price ​ ​ $10.81 Expected Volatility ​ ​ 91.0% Term ​ ​ 1.68 Risk-free Rate ​ ​ 4.7% The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid and other assets, accounts payable and accrued expenses, deposits, and members’ deposit approximate their fair value because of the short maturity of those instruments. The Company’s line of credit, convertible notes and other promissory notes approximate the fair value of such liabilities based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements and due to the short-term maturity of these instruments at March 31, 2024 and December 31, 2023, respectively. Commitments and contingencies The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own Common Stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent reporting period end date while the warrants are outstanding. All of the Company’s warrants have met the criteria for equity treatment. Revenue recognition Revenues are recognized on a gross basis and presented on the consolidated statements of operations net of rebates, discounts, and taxes collected concurrent with revenue-producing activities. The transaction price in the Company’s contracts with its customers is fixed at the time control of goods and services are transferred to the customer. Therefore, the Company does not estimate variable consideration or perform a constraint analysis for our contracts. The Company determines revenue recognition pursuant to Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, through the following steps: 1. Identification of the contract, or contracts, with a customer. 2. Identification of the performance obligation(s) in the contract. 3. Determination of the transaction price. 4. Allocation of the transaction to the performance obligation(s) in the contract. The Company generates revenue primarily through three sources: (i) the sale of aircraft, (ii) charter flights which include deposit products, retail and wholesale charter flights and owner flights, and (iii) aircraft management services. Revenue is recognized when control of the promised service is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies, as a performance obligation, each promise to transfer a good or service to a customer that is distinct. To identify its performance obligations, the Company considers all of the goods and services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. For each revenue stream, we evaluate whether our obligation is to provide the good or service itself, as the principal or to arrange for the good or service to be provided by the other party, as the agent, using the control model. For certain services provided to the customer, primarily in our aircraft management services revenue stream, the Company directs third-party providers to assist in our fulfillment of the performance obligation in contracts with our customers. Any cost reimbursements and third-party costs are recognized in revenue on a gross basis as Volato has pre-negotiated these costs and takes a certain amount of risk that it will not fully recover the costs incurred. In such circumstances, the Company is primarily responsible for satisfying the overall performance obligation with the customer and is considered the principal in the relationship because the Company has the ability to direct the third parties to provide services to our customers. Aircraft sales only requires the delivery of the aircraft. Volato also generates revenues from charter flights for owners, deposit products, retail customers and wholesale charter brokers. Deposit products are a complementary set of products available to retail charter customers whereby the customer makes a deposit in exchange for certain charter product offerings of the Company to be provided in the future. Charter flights are flights offered to retail and non-retail charter customers in exchange for a fee. The contracts generally consist of one performance obligation and revenue is recognized upon transfer of control of our promised services, which generally occurs upon the flight hours being used during the period which the chartered flights were operated. The Company’s contract for charter services outlines the transaction price in advance. Non-owner flights typically require payment in advance. Other charter services are due upon completion of the services. The contracts include cancellation penalty charges as a percentage of the original flight based on the time of cancellation and the type of flight. Itinerary changes may result in a price change prior to the occurrence of the flight. If the total flight itinerary cannot be completed due to any reason (other than customer cancellation or no show), the charter customer is responsible for only the portion of the itinerary that can be completed, and any advance payment is refunded. The Company’s aircraft management services are a full-service management and charter operator including dry leasing airplanes from owners, placing aircrafts on our FAA Air Carrier Certificate, operating the aircraft for owner flights and chartering the aircraft to customers. Under the aircraft management services revenues stream, aircraft owners pay management fees to the Company plus all operating expenses for the aircraft, maintenance, crew hiring and management, flight operations, dispatch, hangar, fuel, cleaning, insurance, and aircraft charter marketing. Revenues from aircraft management services consist of one performance obligation to provide management airplane management services. Revenue is partially recognized overtime for the administrative portion of the service, and partially recognized at a point in time, generally upon the transfer of control of the promised services included as part of the management services. Revenue recognized over time was $1.6 million and $1.1 million for the three months ended March 31, 2024 and 2023, respectively. All other revenue was recognized upon the transfer of control of the promised services. The Company’s contracts for managing aircraft provide for fixed monthly management fees and reimbursement of operating expenses at a predetermined margin. Generally, contracts require two months advance deposit of estimated expenses. In accordance with ASC 606, contract assets are to be recognized when an entity has the right to receive consideration in exchange for goods or services that have been transferred to a customer. Also, in accordance with ASC 606, contract liabilities are to be recognized when an entity is obligated to transfer goods or services for which consideration has already been received. The Company recognizes contract liabilities for any advance payments from customers primarily associated with its deposit products and charter flights as well as aircraft management services revenue streams. Deposits that are provided under the Company’s Insider Membership program or the Company’s Stretch Card agreements are treated as contract liabilities when the funds are received and are reduced as the flights are utilized. Any deposits that are not utilized over the 24-month term of the agreements, which end upon being forfeited if the agreements are not renewed, would be recognized as revenues at the time they are forfeited. Occasionally, we offer credits to customers of the Company’s Insider and Stretch Card agreements in excess of the cash deposit received as an incentive offering. These credits are non-refundable and are recorded as a contract liability until they are either used or expired. The Company does not offer their customer a significant financing component as part of the arrangement because the period between the transfer of service to a customer and when the customer pays for the service is one year or less or the timing and the transfer of the services is at the discretion of the customer. Contract liabilities consist of customer prepayments and the aircraft deposits referred to above. Total contract liabilities were $19.0 million and $12.9 million as of March 31, 2024 and December 31, 2023, respectively. The Company generated $13.2 million of revenue during the three months ended March 31, 2024 broken down as follows, in thousands: Aircraft sales ​ ​ $ — Charter flight revenue ​ ​ 11,516 Aircraft Management revenue ​ ​ 1,695 Total ​ ​ $13,211 The Company generated $15.7 million of revenue during the three months ended March 31, 2023 broken down as follows, in thousands: Aircraft sales ​ ​ $ 5,710 Charter flight revenue ​ ​ 6,684 Aircraft management revenue ​ ​ 3,271 Total ​ ​ $15,665 Income taxes The Company follows Section 740-10-30 of the FASB ASC, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company follows the guidance of 740-10-25 of the FASB ASC (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. The Company is subject to tax in the United States (“U.S.”) and files tax returns in the U.S. Federal jurisdiction, and state jurisdictions. The Company is subject to U.S. Federal, state, and local income tax examinations by tax authorities. The Company currently is not under examination by any tax authority. Stock-based compensation The Company accounts for equity-based compensation using the fair value method as set forth in the ASC 718, C ompensation—Stock Compensation , which requires the measurement and recognition of compensation expense for all stock-based payment awards based on estimated fair values. This method requires companies to estimate the fair value of stock-based compensation on the date of grant using an option pricing model. The Company estimates the fair value of each equity-based payment award on the date of grant using the Black-Scholes pricing model. The Black-Scholes model determines the fair value of equity-based payment awards based on the fair value of the underlying common stock on the date of grant and requires the use of estimates and assumptions, including the fair value of the Company’s common stock, exercise price of the stock option, expected volatility, expected life, risk-free interest rate and dividend rate. The Company estimates the expected volatility of its stock options by taking the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options; it is not practical for the Company to estimate its own volatility due to the lack of historical prices. The expected term of the options is determined in accordance with existing equity agreements as the underlying options are assumed to be exercised upon the passage of time. The risk-free interest rate is the estimated average interest rate based on U.S. Treasury zero-coupon notes with terms consistent with the expected life of the awards. The expected dividend yield is zero as the Company does not anticipate paying any recurring cash dividends in the foreseeable future. The Company accounts for forfeitures as they occur. Net loss per share The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of the FASB ASC. Basic earnings per share is computed by dividing net loss available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net loss available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially dilutive debt or equity. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. Securities that are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been antidilutive for the three months ended March 31, 2024, include stock options and convertible debt. The Company has 2,289,159 and 2,478,020 outstanding stock options to purchase an equivalent number of common stock at March 31, 2024, and 2023, respectively. The Company also has 29,026,000 outstanding warrants to purchase an equivalent number of shares of common stock as of March 31, 2024 and 2023, respectively, at a weighted average strike price of $11.50. Concentration of Credit Risk The Company maintains its cash with a major financial institution located in the United States of America which it believes to be creditworthy. Balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At times, the Company may maintain balances in excess of the federally insured limits. Intangible Assets Intangible assets other than goodwill consists of acquired finite-lived customer relationships and acquired indefinite-lived Part 135 air carrier certificate. At initial recognition, intangible assets acquired in a business combination are recognized at their fair value as of the date of acquisition. Following initial recognition, finite-lived intangible assets are carried at cost less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset, which was determined based on management’s estimate of the period over which the asset will contribute to our future cash flows. The Company reviews the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline in operating performance, competition, sale, or disposition of a significant portion of the business, or other factors. If the review indicates the impairment, an impairment loss would be recorded for the difference of the value recorded and the new value. There was no impairment loss recognized for the intangible assets for the three months ended March 31, 2024 and 2023, respectively. Goodwill Goodwill represents the excess of the aggregate purchase price paid over the fair value of the net assets acquired in our business combinations. Goodwill is not amortized and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include a significant adverse change in business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, additional impairment testing is not required. The Company tests for goodwill impairment annually during its fourth quarter on October 1. There was no impairment of goodwill for the three months ended March 31,2024 and 2023, respectively. Segment Reporting The Company identifies operating segments as components	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Going concern, liquidity, and capital resources The Company has only recently been formed, has limited operating history, has recorded a net loss of approximately $53 million for the year ended December 31, 2023, has a limited positive working capital of approximately $3 million, and has an accumulated deficit of approximately $64 million as of December 31, 2023. Net cash used in operating activities for the year ended December 31, 2023, was approximately $30 million. These above matters raise substantial doubt about the Company’s ability to continue as a going concern. During the next twelve months, the Company intends to fund its operations through the issuance of financial instruments including debts or equity, extend the use of its line of credit and the sale of aircraft at a premium to cost. The Company also has the ability to reduce cash burn to preserve capital. Accordingly, management believes that its current cash position, along with its anticipated revenue growth and proceeds from future debt and/or equity financings, when combined with greater fleet utilization and prudent expense management, will allow the Company to continue as a going concern and to fund its operations for at least one year from the date these financials are available. There are no assurances, however, that management will be able to raise capital or debt on terms acceptable to the Company. If the Company is unable to obtain sufficient additional capital, the Company may be required to reduce the near-term scope of its planned development and operations, which could delay implementation of the Company’s business plan and harm its business, financial condition, and operating results. The balance sheet does not include any adjustments that might result from these uncertainties. Basis of presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Reclassifications Certain amounts in 2022 have been reclassified to conform with the current year’s presentation. Principles of Consolidation The consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, Volato, Inc., a company incorporated in the State of Georgia, Gulf Coast Aviation, Inc. , a company incorporated in the State of Texas, GC Aviation, Inc., a company incorporated in the State of Texas, Fly Vaunt, LLC, a company incorporated in the State of Georgia, and Fly Dreams LLC, until March 3, 2023. The Company’s consolidated subsidiaries were as follows: 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% One of the components of the Company’s business model includes the sale of aircraft and ownership program. The aircraft ownership program is a model whereby the Company sells each fleet aircraft to a limited liability company, which was previously referred to as “Plane Co”. The Plane Co, which is owned by third-party owners, leases the aircraft back to the Company for management and charter operations on behalf of the LLC under 14 C.F.R. Part 135 certificate. The Company does not hold any controlling interest in any Plane Co as of December 31, 2023, and 2022. Each Plane Co is set up to acquire and own one aircraft pursuant to the HondaJet aircraft purchase agreement executed with the Company. Each Plane Co is managed by PDK Management LLC until June 2023, an entity whose sole member is the Company’s Chief Executive Officer, through an operating agreement, and by Volato, Inc starting in July 2023. On March 11, 2022, the Company executed a stock purchase agreement pursuant to which the Company acquired all of the issued and outstanding equity shares of Gulf Coast Aviation, Inc. for a total cash consideration of $1.85 million. Gulf Coast Aviation, Inc., is the owner of G C Aviation, Inc., a Texas entity and Part 135 air carrier certificate holder. Fly Dreams holds the Federal Aviation Agency (“FAA”) certificate and conducts air carrier operations through an aircraft charter Management and Dry Lease Agreement with each of the Plane Co’s. On March 3, 2023, Legacy Volato transferred its Fly Dreams LLC operation to GCA and sold all of its membership interest in Fly Dreams LLC, including Fly Dreams FAA part 135 Certificate. Legacy Volato now conducts its operations under GCA FAA Part 135 Certificate. The selling price was $550 thousand, which resulted in the recognition of $387 thousand in gain, which is presented in other income (expense) in the consolidated statement of operations for the year ended December 31, 2023. Other than FlyVaunt, LLC, the Company does not hold any controlling interest in any limited liability companies as of December 31, 2023 and 2022.The Company only holds de minimis interest in one and two Plane Cos as of December 31, 2023 and 2022, respectively. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Such estimates include: • Useful lives of property, plant, and equipment. • Assumptions used in valuing equity instruments. • Deferred income taxes and related valuation allowance. • Assessment of long-lived assets impairment. • Assumptions used in the valuation of the forward purchase agreement Cash and restricted cash Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2023 and 2022, the Company had no cash equivalents besides what was in the cash balance as of this date. The Company has $2.24 million and $2.10 million of restricted cash at December 31, 2023, and 2022, respectively, which serves as collateral for the credit facility with SAC Leasing G280 LLC. Investment - Equity Method The Company accounts for its equity method investment at cost, adjusted for the Company’s share of the investee’s earnings or losses, which is reported under other income (expense) in the consolidated statement of operations. The Company periodically reviews its investment for other than temporary declines in fair value below cost and more frequently when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As of December 31, 2023, the only equity-method investment was Volato 158 LLC with a 3.13% equity interest. As of December 31, 2022, the only equity-method investments were Volato 239 LLC with a 18.75% equity interest and Volato 158 LLC with a 3.13% equity interest. As of December 31, 2023 and 2022, management believes the carrying value of its equity method investments was recoverable in all material respects. Accounts Receivable Accounts receivables are reported on the consolidated balance sheets at the outstanding principal amount adjusted for any allowance for credit losses and any charge offs. The Company provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount that is expected to be collected. This allowance is estimated based on historical collection experience, the aging of receivables, specific current and expected future macro-economic and market conditions, and assessments of the current creditworthiness and economic status of customers. The Company considers a receivable delinquent if it is unpaid after the term of the related invoice has expired. Balances that are still outstanding after management has used reasonable collection efforts are written off. The Company reviews its allowance for credit losses on a quarterly basis. The Company recognized approximately $106 thousand and $5 thousand of bad debt expense during the years ended December 31, 2023 and 2022, respectively. 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 Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Computer Software Development Software development costs are accounted for in accordance with ASC 350-40, Internal Use Software The capitalized computer software development costs are reported under the section fixed assets, net in the consolidated balance sheet and are amortized using the straight-line method over the estimated useful life of the software, generally three years from when the asset is placed in service. The Company determined that there were approximately $323 thousand and $114 thousand of internal software development costs incurred during the year ended December 31, 2023 and 2022, respectively. The Company also expenses internal costs related to minor upgrades and enhancements, as it is impractical to separate these costs from normal maintenance activities. Website development cost The costs incurred for activities during the website application and infrastructure development stage are capitalized in accordance with the guidance on internal-use software in ASC 350-40. The Company capitalized approximately $241 thousand and $114 thousand of website development costs during the year ended December 31, 2023 and December 31, 2022, respectively. The Company recognized approximately $56 thousand and $14 thousand of amortization expense during the year ended December 31, 2023 and December 31, 2022, respectively. Valuation of Long-Lived Assets: In accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 360, property, plant, and equipment, and long-lived assets are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. No impairment was recognized during the years ended December 31, 2023 and 2022. Fair value of financial instruments The Company adopted the provisions of FASB Accounting Standards Codification (“ASC”) 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. The Company measures fair value under a framework that utilizes a hierarchy prioritizing the inputs to relevant valuation techniques. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs used in measuring fair value are: • Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company as the ability to access. • Level 2: Inputs to the valuation methodology include: • Quoted prices for similar assets or liabilities in active markets. • Quoted prices for identical or similar assets or liabilities in inactive markets. • Inputs other than quoted prices that are observable for the asset or liability. • Inputs that are derived principally from or corroborated by observable market date by correlation or other means; and • If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The fair value of the Company’s recorded forward purchase agreement (“FPA”) is determined based on unobservable inputs that are not corroborated by market data, which require a Level 3 classification. A Monte Carlo simulation model was used to determine the fair value. The Company records the forward purchase agreement at fair value on the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operation. The following table presents balances of the forward purchase agreement with significant unobservable inputs (Level 3) as of December 31, 2023, in thousand: ​ ​ Fair Value Measurements as of December 31, 2023 Using ​ ​ 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 ​ ​ $— ​ ​ $— ​ ​ $2,982 ​ ​ $2,982 Total ​ ​ $— ​ ​ $— ​ ​ $2,982 ​ ​ $2,982 The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the year ended December 31, 2023, in thousand: ​ ​ Forward Purchase Agreement Balance December 31, 2022 ​ ​ $ — Cash funded ​ ​ 18,911 Proceeds ​ ​ (2,525) Change in fair value ​ ​ (13,403) Balance December 31, 2023 ​ ​ $ 2,983 The Company measures the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions: ​ ​ 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% The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid and other assets, accounts payable and accrued expenses, deposits, and members’ deposit approximate their fair value because of the short maturity of those instruments. The Company’s line of credit, convertible notes and other promissory notes approximate the fair value of such liabilities based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements and due to the short-term maturity of these instruments at December 31, 2023 and 2022. Commitments and contingencies The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 Distinguishing Liabilities from Equity Derivatives and Hedging Revenue recognition Revenues are recognized on a gross basis and presented on the consolidated statements of operations net of rebates, discounts, and taxes collected concurrent with revenue-producing activities. The transaction price in the Company’s contracts with its customers is fixed at the time control of goods and services are transferred to the customer. Therefore, the Company does not estimate variable consideration or perform a constraint analysis for our contracts. The Company determines revenue recognition pursuant to Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, through the following steps: 1. Identification of the contract, or contracts, with a customer. 2. Identification of the performance obligation(s) in the contract. 3. Determination of the transaction price. 4. Allocation of the transaction to the performance obligation(s) in the contract. The Company generates revenue primarily through three sources: (i) the sale of aircraft, (ii) charter flights which include deposit products, retail and wholesale charter flights and owner flights, and (iii) aircraft management services. Revenue is recognized when control of the promised service is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies, as a performance obligation, each promise to transfer a good or service to a customer that is distinct. To identify its performance obligations, the Company considers all of the goods and services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. For each revenue stream, we evaluate whether our obligation is to provide the good or service itself, as the principal or to arrange for the good or service to be provided by the other party, as the agent, using the control model. For certain services provided to the customer, primarily in our aircraft management services revenue stream, the Company directs third-party providers to assist in our fulfillment of the performance obligation in contracts with our customers. Any cost reimbursements and third-party costs are recognized in revenue on a gross basis as Volato has pre-negotiated these costs and takes a certain amount of risk that it will not fully recover the costs incurred. In such circumstances, the Company is primarily responsible for satisfying the overall performance obligation with the customer and is considered the principal in the relationship because the Company has the ability to direct the third parties to provide services to our customers. Aircraft sales only requires the delivery of the aircraft. Volato also generates revenues from charter flights for owners, deposit products, retail customers and wholesale charter brokers. Deposit products are a complementary set of products available to retail charter customers whereby the customer makes a deposit in exchange for certain charter product offerings of the Company to be provided in the future. Charter flights are flights offered to retail and non-retail charter customers in exchange for a fee. The contracts generally consist of one performance obligation and revenue is recognized upon transfer of control of our promised services, which generally occurs upon the flight hours being used during the period which the chartered flights were operated. The Company’s contract for charter services outlines the transaction price in advance. Non-owner flights typically require payment in advance. Other charter services are due upon completion of the services. The contracts include cancellation penalty charges as a percentage of the original flight based on the time of cancellation and the type of flight. Itinerary changes may result in a price change prior to the occurrence of the flight. If the total flight itinerary cannot be completed due to any reason (other than customer cancellation or no show), the charter customer is responsible for only the portion of the itinerary that can be completed, and any advance payment is refunded. The Company’s aircraft management services are a full-service management and charter operator including dry leasing airplanes from owners, placing aircrafts on our FAA Air Carrier Certificate, operating the aircraft for owner flights and chartering the aircraft to customers. Under the aircraft management services revenues stream, aircraft owners pay management fees to the Company plus all operating expenses for the aircraft, maintenance, crew hiring and management, flight operations, dispatch, hangar, fuel, cleaning, insurance, and aircraft charter marketing. Revenues from aircraft management services consist of one performance obligation to provide management airplane management services. Revenue is partially recognized overtime for the administrative portion of the service, and partially recognized at a point in time, generally upon the transfer of control of the promised services included as part of the management services. Revenue recognized over time was $5.0 million and $2.3 million for the year ended December 31, 2023 and 2022, respectively. All other revenue was recognized upon the transfer of control of the promised services. The Company’s contracts for managing aircraft provide for fixed monthly management fees and reimbursement of operating expenses at a predetermined margin. Generally, contracts require two months advance deposit of estimated expenses. In accordance with ASC 606, contract assets are to be recognized when an entity has the right to receive consideration in exchange for goods or services that have been transferred to a customer. Also, in accordance with ASC 606, contract liabilities are to be recognized when an entity is obligated to transfer goods or services for which consideration has already been received. The Company recognizes contract liabilities for any advance payments from customers primarily associated with its deposit products and charter flights as well as aircraft management services revenue streams. Deposits that are provided under the Company’s Insider Membership program or the Company’s Stretch Card agreements are treated as contract liabilities when the funds are received and are reduced as the flights are utilized. Any deposits that are not utilized over the 24-month term of the agreements, which end upon being forfeited if the agreements are not renewed, would be recognized as revenues at the time they are forfeited. Occasionally, we offer credits to customers of the Company’s Insider and Stretch Card agreements in excess of the cash deposit received as an incentive offering. These credits are non-refundable and are recorded as a contract liability until they are either used or expired. The Company does not offer their customer a significant financing component as part of the arrangement because the period between the transfer of service to a customer and when the customer pays for the service is one year or less or the timing and the transfer of the services is at the discretion of the customer. Contract liabilities consist of customer prepayments and the aircraft deposits referred to above. Total contract liabilities were $12.9 million and $2.2 million as of December 31, 2023 and 2022, respectively. The Company has generated $73.3 million of revenue during the year ended December 31, 2023. The revenue is broken down as follows for the year ended December 31, 2023 in thousands: Aircraft sales ​ ​ $21,443 Charter flight revenue ​ ​ $37,787 Aircraft Management revenue ​ ​ $14,108 Total ​ ​ $73,338 The Company has generated $96.7 million of revenue during the year ended December 31, 2022. The revenue is broken down as follows for the year ended December 31, 2022 in thousands: Aircraft sales ​ ​ $67,695 Charter flight revenue ​ ​ $14,417 Aircraft management revenue ​ ​ $14,594 Total ​ ​ $96,706 Income taxes The Company follows Section 740-10-30 of the FASB ASC, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company follows the guidance of 740-10-25 of the FASB ASC (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. The Company is subject to tax in the United States (“U.S.”) and files tax returns in the U.S. Federal jurisdiction, and state jurisdictions. The Company is subject to U.S. Federal, state, and local income tax examinations by tax authorities. The Company currently is not under examination by any tax authority. Stock-based compensation The Company accounts for equity-based compensation using the fair value method as set forth in the ASC 718, Compensation—Stock Compensation The Black-Scholes model determines the fair value of equity-based payment awards based on the fair value of the underlying common stock on the date of grant and requires the use of estimates and assumptions, including the fair value of the Company’s common stock, exercise price of the stock option, expected volatility, expected life, risk-free interest rate and dividend rate. The Company estimates the expected volatility of its stock options by taking the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options; it is not practical for the Company to estimate its own volatility due to the lack of historical prices. The expected term of the options is determined in accordance with existing equity agreements as the underlying options are assumed to be exercised upon the passage of time. The risk-free interest rate is the estimated average interest rate based on U.S. Treasury zero-coupon notes with terms consistent with the expected life of the awards. The expected dividend yield is zero as the Company does not anticipate paying any recurring cash dividends in the foreseeable future. The Company accounts for forfeitures as they occur. Net loss per share The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of the FASB ASC. Basic earnings per share is computed by dividing net loss available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net loss available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially dilutive debt or equity. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. Securities that are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been antidilutive for the year ended December 31, 2023, include stock options and convertible debt. The Company has 2,369,169 and 2,507,618 outstanding stock options to purchase an equivalent number of common stock at December 31, 2023, and 2022, respectively. The Company also has 29,026,000 outstanding warrants to purchase an equivalent number of shares of common stock as of December 31, 2023 at a weighted average strike price of $11.50. No warrants were issued and outstanding as of December 31, 2022. Concentration of Credit Risk The Company maintains its cash with a major financial institution located in the United States of America which it believes to be creditworthy. Balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At times, the Company may maintain balances in excess of the federally insured limits. Intangible Assets Intangible assets other than goodwill consists of acquired finite-lived customer relationships and acquired indefinite-lived Part 135 air carrier certificate. At initial recognition, intangible assets acquired in a business combination are recognized at their fair value as of the date of acquisition. Following initial recognition, finite-lived intangible assets are carried at cost less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset, which was determined based on management’s estimate of the period over which the asset will contribute to our future cash flows. The Company reviews the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline in operating performance, competition, sale, or disposition of a significant portion of the business, or other factors. If the review indicates the impairment, an impairment loss would be recorded for the difference of the value recorded and the new value. For the years ended December 31, 2023 and 2022, there was no impairment loss recognized for the intangible assets. Goodwill Goodwill represents the excess of the aggregate purchase price paid over the fair value of the net assets acquired in our business combinations. Goodwill is not amortized and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include a significant adverse change in business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, additional impairment testing is not required. The Company tests for goodwill impairment annually during its fourth quarter on October 1. There was no impairment of goodwill for the year ended December 31, 2023 and 2022. Segment Reporting The Company identifies operating segments as components of the Company. for which discrete financial information is available and is regularly reviewed by the chief operating decision maker, or decision-making group, in making decisions regarding resource allocation and performance assessment. The chief oper

BUSINESS COMBINATION (Q1)

BUSINESS COMBINATION (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Reverse Recapitalization [Abstract]
BUSINESS COMBINATION	NOTE 3 – BUSINESS COMBINATION As discussed in Note 1, on December 1, 2023, the Company consummated the business combination pursuant to the merger agreement. The business combination was accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, Proof Acquisition Corp I or PACI, who was the legal acquirer, was treated as the “acquired” company for financial reporting purposes. Accordingly, the business combination was treated as the equivalent of Legacy Volato issuing stock for the net assets of PACI, accompanied by a recapitalization. Upon the closing, holders of Legacy Volato common stock received shares of Common Stock of Volato Group, Inc. in an amount determined by application of the exchange ratio of 1.01508 (the “exchange ratio”). For periods prior to the business combination, the reported share and per share amounts have been retroactively converted by applying the exchange ratio. The consolidated assets, liabilities and results of operations prior to the business combination are those of Legacy Volato.	NOTE 5 – INITIAL PUBLIC OFFERING AND PRIVATE PLACEMENT Pursuant to the Initial Public Offering (“IPO”) in December of 2021, Proof Acquisition Corp I or PACI sold 27,600,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one-half of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 18). At the effective date of the merger on December 1, 2023, 1,767,390 shares were outstanding and not redeemed and were converted into an equivalent number of Class A shares of common stock of Volato Group, Inc. At the time of the merger, 6,883,579 founders’ shares (formerly PACI’s Class B common stock shares) were also outstanding and were converted into an equivalent number of Class A shares of common stock of Volato Group, Inc. Simultaneously with the closing of the IPO in 2021, PACI consummated the private sale to the Sponsor and BlackRock of an aggregate of 15,226,000 private placement warrants. Each private placement warrant is exercisable to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. These warrants are outstanding as of December 31, 2023.

INTANGIBLES (Q1)

INTANGIBLES (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES	NOTE 4 – INTANGIBLES Finite-Lived Intangible Assets The following is a summary of finite-lived intangible assets as of March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(125) ​ ​ $176 ​ ​ $301 ​ ​ $(125) ​ ​ $176 ​ ​ December 31, 2023 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(110) ​ ​ $191 ​ ​ $301 ​ ​ $(110) ​ ​ $191 Intangible asset amortization expense was $15 thousand for the three months ended March 31, 2024, and 2023, respectively. As of March 31, 2024, future amortization expense is expected to be as follows, in thousands: ​ ​ Amount 2024 ​ ​ $ 45 2025 ​ ​ 60 2026 ​ ​ 60 2027 ​ ​ 11 ​ ​ $176 Indefinite - Lived Intangible Assets The following table summarizes the balances as of March 31, 2024 and December 31, 2023, of the indefinite-lived intangible assets, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Intangible asset - Part 135 certificate ​ ​ $1,200 ​ ​ $1,200 The FAA Part 135 certificate for a total amount of $1.2 million relates to the certificate acquired from the GCA acquisition. During the year ended December 31, 2023, the Company transferred its Fly Dreams LLC operations to GCA and sold its membership interest in Fly Dreams LLC, including Fly Dreams FAA Part 135 Certificate, with a carrying balance of $163 thousand, for a selling price of $550 thousand, which resulted in a gain in the amount of $387 thousand, which was reported in other income in the consolidated statement of operations for the year ended December 31, 2023. The Company did not recognize any impairment of the Part 135 certificates as of March 31, 2024 and December 31, 2023.	NOTE 6 – INTANGIBLES Finite-Lived Intangible Assets The following is a summary of finite-lived intangible assets as of December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(110) ​ ​ $191 ​ ​ $301 ​ ​ $(110) ​ ​ $191 ​ ​ December 31, 2022 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(49) ​ ​ $252 ​ ​ $301 ​ ​ $(49) ​ ​ $252 Intangible asset amortization expense was $61 thousand and $49 thousand for the year ended December 31, 2023 and 2022, respectively. As of December 31, 2023, future amortization expense is expected to be as follows, in thousand: Fiscal years ending December 31, ​ ​ Amount 2024 ​ ​ $60 2025 ​ ​ 60 2026 ​ ​ 60 2027 ​ ​ 11 ​ ​ $191 Indefinite - Lived Intangible Assets The following table summarizes the balances as of December 31, 2023 and 2022, of the indefinite-lived intangible assets, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Intangible asset – Part 135 certificate ​ ​ $1,200 ​ ​ $1,363 The FAA Part 135 certificate for a total amount of $1.2 million relates to the certificate acquired from the GCA acquisition. During the year ended December 31, 2023, the Company transferred its Fly Dreams LLC operations to GCA and sold its membership interest in Fly Dreams LLC, including Fly Dreams FAA Part 135 Certificate, with a carrying balance of $163 thousand, for a selling price of $550 thousand, which resulted in a gain in the amount of $387 thousand, which was reported in other income in the consolidated statement of operations for the year ended December 31, 2023. The Company did not recognize any impairment of the Part 135 certificates as of December 31, 2023, and 2022.

MERGER TRANSACTION COSTS PAYABL

MERGER TRANSACTION COSTS PAYABLE (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Merger Transaction Costs Payable	NOTE 5 - MERGER TRANSACTION COSTS PAYABLE Merger transaction cost payable consist of the following as of December 31, 2023, in thousands: ​ ​ December 31, 2023 Transaction costs payable in common stock ​ ​ $4,250 Total ​ ​ $4,250 In connection with the business combination, the Company entered into three agreements (the “Agreements”) with financial institutions, in which a success fee in the aggregate amount of $4.25 million will be paid by the Company to the financial institutions in case the Company consummates the acquisition. The success fees, or portion thereof, were to be paid in the Company’s shares of common stock. ASC 480 Distinguishing Liabilities From Equity requires liability classification for all instruments that embodies an unconditional obligation that the Company must or may settle by issuing a variable number of its equity shares, if, at inception, the monetary value of the obligation is based solely on a fixed monetary amount know at inception. As a result, the Company classified such liability in current liabilities as of December 31, 2023. Subsequent to December 31, 2023, the Company issued an aggregate number of 1,208,180 shares of Class A common stock in full settlement of such liability (see note 20). In January 2024, the Company issued 1,208,180 shares of Class A common stock and 100,000 warrants in full settlement of the merger transaction costs in the amount of $4.25 million which was payable to three ( 3) financial institutions. Such liability was accrued for and reported under merger transaction costs payable in shares in the consolidated balance sheet as of December 31, 2023.	NOTE 7 – Merger transaction cost payable consist of the following as of December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Transaction costs payable in common stock ​ ​ $4,250 ​ ​ $— Total ​ ​ $4,250 ​ ​ $— In connection with the business combination, the Company entered into three agreements (the “Agreements”) with financial institutions, in which a success fee in the aggregate amount of $4.25 million will be paid by the Company to the financial institutions in case the Company consummates the acquisition. The success fees, or portion thereof, are to be paid in the Company’s shares of common stock. ASC 480 Distinguishing Liabilities From Equity

FORWARD PURCHASE AGREEMENT (Q1)

FORWARD PURCHASE AGREEMENT (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FORWARD PURCHASE AGREEMENT	NOTE 6 – FORWARD PURCHASE AGREEMENT On November 28, 2023, PACI, the Company (PACI is referred to as the counterparty prior to the closing while the Company is referred to as the counterparty after the closing) and Vellar Opportunities Fund Master, Ltd. (“Seller”), entered into an agreement (the “Forward Purchase Agreement”) for an OTC Equity Prepaid Forward Transaction (the “Forward Purchase Transaction”). Pursuant to the terms of the Forward Purchase Agreement, the Seller intends, but is not obligated, to purchase prior to the closing up to 2.0 million shares (the “Maximum Number of Shares”) of the Company from third parties through a broker in the open market. The Number of Shares subject to a Forward Purchase Agreement is subject to reduction following a termination of the Forward Purchase Agreement with respect to such shares as described under “Optional Early Termination” in the respective Forward Purchase Agreement. The Forward Purchase Agreement provides that the Seller will be paid directly an aggregate cash amount (the “Prepayment Amount”) equal to the product of (i) the number of shares as set forth in the pricing date notice and (ii) the redemption price paid by the Company on the closing date to holders of its common stock who exercised their redemption rights in connection with the business combination (the “Initial Price”). From time to time and on any date following the business combination, the seller may, in its absolute discretion, terminate the Forward Purchase Agreement in whole or in part by providing written notice to the Counterparty that specifies the quantity by which the number of shares shall be reduced. The valuation date (the “Valuation Date”) for the Forward Purchase Agreement will be the earliest to occur of (a) the date that is 24 months after the closing date, (b) the date specified by seller in a written notice to be delivered to the counterparty at seller’s discretion (which Valuation Date shall not be earlier than the day such notice is effective) after the occurrence of any of (w) a VWAP (“Volume Weighted Average Price”) trigger event (defined when the VWAP price, for any twenty trading days during a thirty consecutive trading-day period, is below $1.00 per share) (x) a delisting event, or (y) a registration failure and (c) the date specified by Seller in a written notice to be delivered to Counterparty at Seller’s sole discretion. On the Cash Settlement Payment Date, which is the 70th trading day immediately following the Maturity Date, Seller shall pay the Company a cash amount equal to (1) the number of shares as of the valuation date multiplied by (2) the closing price of the Shares on the business day immediately preceding the valuation date. In all other cases, the Seller shall pay the Company a cash amount equal to (1) the number of shares as of the valuation date multiplied by the VWAP Price over the valuation period less (2) the settlement amount adjustment. NOTE 6 – FORWARD PURCHASE AGREEMENT (CONTINUED) The settlement amount adjustment is equal to the product of (1) (a) the maximum number of Shares less (b) any terminated shares as of the valuation date, multiplied by (2) $1.50. During the year ended December 31, 2023, the Company paid an aggregate amount of $18.9 million. The Company collected $2.4 million in December 2023, and recognized a loss on the change in fair value of the forward purchase agreement in the aggregated amount of $13.4 million, which was reported in other expenses in the consolidated statement of operations for the year ended December 31, 2023. In the three months ended March 31, 2024, the Company recognized a loss on the change in fair value of $227 thousand reported in other expenses in the consolidated statement of operations.	NOTE 8 – FORWARD PURCHASE AGREEMENT On November 28, 2023, PACI, the Company (PACI is referred to as the counterparty prior to the closing while the Company is referred to as the counterparty after the closing) and Vellar Opportunities Fund Master, Ltd. (“Seller”), entered into an agreement (the “Forward Purchase Agreement”) for an OTC Equity Prepaid Forward Transaction (the “Forward Purchase Transaction”). Pursuant to the terms of the Forward Purchase Agreement, the Seller intends, but is not obligated, to purchase prior to the closing up to 2.0 million shares (the “Maximum Number of Shares”) of the Company from third parties through a broker in the open market. The Number of Shares subject to a Forward Purchase Agreement is subject to reduction following a termination of the Forward Purchase Agreement with respect to such shares as described under “Optional Early Termination” in the respective Forward Purchase Agreement. The Forward Purchase Agreement provides that the Seller will be paid directly an aggregate cash amount (the “Prepayment Amount”) equal to the product of (i) the number of shares as set forth in the pricing date notice and (ii) the redemption price paid by the Company on the closing date to holders of its common stock who exercised their redemption rights in connection with the business combination (the “Initial Price”). From time to time and on any date following the business combination, the seller may, in its absolute discretion, terminate the Forward Purchase Agreement in whole or in part by providing written notice to the Counterparty that specifies the quantity by which the number of shares shall be reduced. The valuation date (the “Valuation Date”) for the Forward Purchase Agreement will be the earliest to occur of (a) the date that is 24 months after the closing date, (b) the date specified by seller in a written notice to be delivered to the counterparty at seller’s discretion (which Valuation Date shall not be earlier than the day such notice is effective) after the occurrence of any of (w) a VWAP (“Volume Weighted Average Price”) trigger event (defined when the VWAP price, for any twenty trading days during a thirty consecutive trading-day period, is below $1.00 per share) (x) a delisting event, or (y) a registration failure and (c) the date specified by Seller in a written notice to be delivered to Counterparty at Seller’s sole discretion. On the Cash Settlement Payment Date, which is the 70th trading day immediately following the Maturity Date, Seller shall pay the Company a cash amount equal to (1) the number of shares as of the valuation date multiplied by (2) the closing price of the Shares on the business day immediately preceding the valuation date. In all other cases, the Seller shall pay the Company a cash amount equal to (1) the number of shares as of the valuation date multiplied by the VWAP Price over the valuation period less (2) the settlement amount adjustment. The settlement amount adjustment is equal to the product of (1) (a) the maximum number of Shares less (b) any terminated shares as of the valuation date, multiplied by (2) $1.50. During the year ended December 31, 2023, the Company paid an aggregate amount of approximately $18.9 million. The Company collected $2.4 million in December 2023, and recognized a loss on the change in fair value of the forward purchase agreement in the aggregated amount of $13.4 million, which was reported in other expenses in the consolidated statement of operations for the year ended December 31, 2023.

FIXED ASSETS (Q1)

FIXED ASSETS (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
FIXED ASSETS	NOTE 7 – FIXED ASSETS Fixed assets consist of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Machine and equipment ​ ​ $ 191 ​ ​ $ 191 Automobiles ​ ​ 102 ​ ​ 102 Website development costs ​ ​ 290 ​ ​ 290 Computer and office equipment ​ ​ 9 ​ ​ 11 Software development costs ​ ​ 493 ​ ​ 437 ​ ​ 1,085 ​ ​ 1,031 Less accumulated depreciation ​ ​ (248) ​ ​ (185) ​ ​ $ 837 ​ ​ $ 846 During the three months ended March 31, 2024 and 2023, the Company recognized $65 thousand and $30 thousand of depreciation, respectively.	NOTE 9– FIXED ASSETS Fixed assets consist of the following at December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Machine and equipment ​ ​ $ 191 ​ ​ $173 Automobiles ​ ​ 102 ​ ​ 63 Website development costs ​ ​ 290 ​ ​ 49 Computer and office equipment ​ ​ 11 ​ ​ 8 Software development costs ​ ​ 437 ​ ​ 114 ​ ​ 1,031 ​ ​ 407 Less accumulated depreciation ​ ​ (185) ​ ​ (59) ​ ​ $ 846 ​ ​ $348 During the years ended December 31, 2023 and 2022, the Company recognized $140 thousand and $112 thousand of depreciation, respectively.

DEPOSITS (Q1)

DEPOSITS (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
DEPOSITS	NOTE 8 – DEPOSITS Deposits consist of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Deposits on aircraft ​ ​ $ 46,450 ​ ​ $ 40,300 Other deposits ​ ​ 406 ​ ​ 516 Total deposits ​ ​ $ 46,856 ​ ​ $ 40,816 Less current portion ​ ​ (25,200) ​ ​ (25,125) Total deposits, non-current ​ ​ $ 21,656 ​ ​ $ 15,691 Below is a breakdown of the deposits on aircraft as of March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Gulfstream aircraft deposits ​ ​ $ 45,000 ​ ​ $ 39,000 Honda aircraft deposits ​ ​ 1,450 ​ ​ 1,300 Total deposits on aircraft ​ ​ 46,450 ​ ​ $ 40,300 Less current portion ​ ​ (25,200) ​ ​ (25,050) Total deposits on aircraft non-current ​ ​ $ 21,250 ​ ​ $ 15,250 Gulfstream Aerospace, LP In 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G 280 aircraft for total consideration of $79 million with expected delivery throughout fiscal year 2025. NOTE 8 – DEPOSITS (CONTINUED) During the three months ended March 31, 2024, the Company funded an additional amount of $6 million, of which $6 million was funded through the SAC Leasing G 280 line of credit. During the three months ended March 31, 2023, the Company funded $4.5 million pursuant to the terms of the executed purchase agreements, of which $3.0 million was funded through SAC leasing G 280 Line of credit and $1.5 million paid directly by the Company. The Company funded an aggregate amount of $45 million and $39 million towards the acquisition price of the four Gulfstream G 280 aircraft in accordance with the scheduled payment terms of the agreements as of March 31, 2024, and December 31, 2023, respectively. HondaJet The Company entered into aircraft purchase agreements with Honda Aircraft Company LLC, under which it paid $1.5 million and $1.3 million of deposits for aircraft not yet delivered at March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2023, the Company took delivery of one aircraft for a purchase price of $5.5 million. In May 2023, the Company and Honda Aircraft Company, LLC entered into a HondaJet Fleet Purchase Agreement for the acquisition of twenty-three (23) HondaJet HA-420 Aircraft for a total aggregate purchase price of $161.1 million for delivery between the fourth fiscal quarter of 2023 and the fourth fiscal quarter of 2025.	NOTE 10 – DEPOSITS Deposits consist of the following at December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Deposits on aircraft ​ ​ $ 40,300 ​ ​ $12,833 Other deposits ​ ​ 516 ​ ​ 123 Total deposits ​ ​ $ 40,816 ​ ​ $12,956 Less current portion ​ ​ (25,125) ​ ​ (833) Total deposits, non-current ​ ​ $ 15,691 ​ ​ $12,123 Below is a breakdown of the deposits on aircraft as of December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Gulfstream aircraft deposits ​ ​ $ 39,000 ​ ​ $12,000 Honda aircraft deposits ​ ​ 1,300 ​ ​ 833 Total deposits on aircraft ​ ​ $ 40,300 ​ ​ $12,833 Less current portion ​ ​ $(25,050) ​ ​ (833) Total deposits on aircraft non-current ​ ​ 15,250 ​ ​ $12,000 Gulfstream Aerospace, LP During the year ended December 31, 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G 280 aircraft for total consideration of $79 million with expected delivery throughout fiscal year 2025. During the year ended December 31, 2023, the Company funded an additional amount of $27 million, of which $24 million was funded through the SAC Leasing G 280 line of credit and $3 million paid directly by the Company. During the year ended December 31, 2022, the Company funded $12 million pursuant to the terms of the executed purchase agreements, of which $4.5 million was funded through SAC leasing G 280 Line of credit. The Company funded an aggregate amount of $39 million and $12 million towards the acquisition price of the four Gulfstream G 280 aircraft in accordance with the scheduled payment terms of the agreements as of December 31, 2023, and December 31, 2022, respectively. HondaJet The Company entered into aircraft purchase agreements with Honda Aircraft Company LLC, under which it paid $1.3 million and $0.8 million of deposits for aircraft not yet delivered at December 31, 2023 and December 31, 2022, respectively. During the year ended December 31, 2023, the Company took delivery of three aircraft for a purchase price of $17.9 million. In May 2023, the Company and Honda Aircraft Company, LLC entered into a HondaJet Fleet Purchase Agreement for the acquisition of twenty-three (23) HondaJet HA-420 Aircraft for a total aggregate purchase price of $161.1 million for delivery between the fourth fiscal quarter of 2023 and the fourth fiscal quarter of 2025.

EQUITY-METHOD INVESTMENT (Q1)

EQUITY-METHOD INVESTMENT (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
EQUITY-METHOD INVESTMENT	NOTE 9 – EQUITY-METHOD INVESTMENT The Company has the following equity method investments at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Investment in Volato 158 LLC ​ ​ $158 ​ ​ $154 ​ ​ $158 ​ ​ $154 The Company has one equity-method investment as of March 31, 2024 and December 31, 2023: Volato 158 LLC, with a membership interest of 3.125%. Volato 158 LLC In August 2021, the Company executed an aircraft purchase agreement with Volato 158 LLC (“158 LLC”) and contributed an aircraft with a carrying amount of $4.2 million to 158 LLC for a 100% membership interest in 158 LLC. The investment in 158 LLC was initially consolidated as the Company had a controlling financial interest in 158 LLC. As of March 31, 2024, and December 31, 2023 the Company had a remaining 3.125% interest in 158 LLC. Based on its equity investment, the Company recorded a gain from its equity-method investment of $4 thousand and $2 thousand for the three months ended March 31, 2024 and 2023, respectively.	NOTE 11 – EQUITY-METHOD INVESTMENT The Company has the following equity method investments at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Investment in Volato 158 LLC ​ ​ $154 ​ ​ $ 152 Investment in Volato 239 LLC ​ ​ — ​ ​ 1,007 ​ ​ $154 ​ ​ $1,159 The Company has one equity-method investment as of December 31, 2023: Volato 158 LLC, with a membership interest of 3.125%. The Company had the following two equity-method investments as of December 31, 2022: Volato 158 LLC, Volato 239 LLC, with a membership interest of 3.125% and 18.75%, respectively. Volato 158 LLC In August 2021, the Company executed an aircraft purchase agreement with Volato 158 LLC (“158 LLC”) and contributed an aircraft with a carrying amount of $4.2 million to 158 LLC for a 100% membership interest in 158 LLC. The investment in 158 LLC was initially consolidated as the Company had a controlling financial interest in 158 LLC. As of December 31, 2023, the Company had a remaining 3.125% interest in 158 LLC. Based on its equity investment, the Company recorded a loss from its equity-method investment of $3 thousand for the year ended December 31, 2023, which decreased the carrying value of its equity-method investment as of December 31, 2023, to $154 thousand. As of December 31, 2022, the Company has a remaining 3.125% interest in 158 LLC. Based on its equity investment, the Company recorded a gain from its equity-method investment of $11 thousand for the year ended December 31, 2022, which increased the carrying value of its equity-method investment as of December 31, 2022 to $152 thousand. Volato 239 LLC During the year ended December 31, 2022, the Company formed Volato 239 LLC (“239 LLC”) in which third-party investors invested an aggregate amount of $6.37 million for 81.25% interest in 239 LLC. The Company retained 0.01% and 18.75% interest in 239 LLC as of December 31, 2023, and December 31, 2022, respectively. The Company elected to account for its investment under the equity method as the Company exercised significant influence through a management agreement with an affiliate of the Company. Based on its equity investment, the Company has recorded a loss from its equity-method investment of $6 thousand for the year ended December 31, 2022. Based on its equity investment, the Company recorded a gain from its equity-method investment of $20 thousand for the year ended December 31, 2023, which is reported as other income in the Company’s consolidated statement of operations for the year ended December 31, 2023. During the year ended December 31, 2023, the Company sold to third-party investors an aggregate amount of $1.47 million for the remaining 18.75% interest in 239 LLC, resulting in the recognition of a profit of $443 thousand, which had been deferred at December 31, 2022. This profit is presented in other income in the consolidated statement of operations for the year ended December 31, 2023. During the year ended December 31, 2023, the Company also purchased membership interest in two LLC’s for an aggregate amount of $2.3 million, which it resold to third party investors for a total consideration of $2.7 million, recognizing a gain of $0.4 million, which is presented in other income in the consolidated statement of operations for the year ended December 31, 2023.

REVOLVING LOAN AND PROMISSORY N

REVOLVING LOAN AND PROMISSORY NOTE - RELATED PARTY (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
REVOLVING LOAN AND PROMISSORY NOTE - RELATED PARTY	NOTE 10 – REVOLVING LOAN AND PROMISSORY NOTE- RELATED PARTY Revolving loan and promissory note with a related party consisted of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Dennis Liotta, March 2023 – 10% interest – promissory note due March 2024 ​ ​ $1,000 ​ ​ $ 1,000 Total notes from related party - current ​ ​ $1,000 ​ ​ $1,000 Dennis Liotta (father of the Company’s Chief Executive Officer) – March 2022 Secured revolving note: On December 9, 2021, the Company entered into a revolving loan agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $8.0 million that matured on January 1, 2023 (“March 2022 note”). The Company was required to make monthly payments of interest at a fixed rate of 4.0% per annum. The Company was required to make principal repayments at fixed scheduled dates. In the event of default, the entire unpaid principal balance together with all accrued but unpaid interest shall be due and payable regardless of the maturity date. If the default occurs and remains uncured beyond the applicable grace period, then the entire unpaid principal balance shall bear interest at a default interest of 500 basis points (5%) over the regular interest or nine percent (9%). Events of default include the failure to make principal or interest payments when due, any judgement in excess of $500, indebtedness cross default, or bankruptcy proceedings. In conjunction with the execution of the revolving note, both parties executed a security agreement, under which the Company granted a continuing security interest in all of the assets of the Company. The Company did not make its interest payments, thus triggering a default and increasing the interest rate to 9% plus an additional 5% on the missed payments. The Company incurred $370 thousand in interest and penalties during the three month ended March 31, 2023. In the first quarter of 2023, the Company converted the unpaid principal balance of this revolving note and accrued interest into a convertible note for total principal balance of $6.0 million. Dennis Liotta (father of the Company’s Chief Executive Officer) – March 2023 promissory note On March 15, 2023, the Company entered into a promissory note agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $1 million, with an effective date of February 27, 2023, which matures on March 31, 2024 (“March 2023 note”). The entire outstanding principal balance together with accrued but unpaid interest are due at the maturity date. The March 2023 note includes a ten percent (10%) interest rate per annum, which will be increased to twenty percent (20%) upon an event of default. Events of default include the failure to make any principal and accrued interest when due, any legal proceedings against the Company or a voluntary federal bankruptcy. The March 2023 note may be prepaid at any time without penalties. Promissory note from related party was $1.0 million as of March 31, 2024, and December 31, 2023, respectively. On April 1, 2024, the Promissory note was paid in full. The Company incurred $23 thousand and $109 thousand of interest expense during the three months ended March 31, 2024 and 2023, respectively. Accrued interest was $109 thousand as of March 31, 2024. NOTE 11 – CREDIT FACILITY AND OTHER LOANS Credit facility and other loans consisted of the following at March 31, 2024 and December 31, 2023, in thousand: ​ ​ March 31, 2024 ​ ​ December 31, 2023 SAC Leasing G280 LLC credit facility, 12.5% interest, net of deposits ​ ​ $33,750 ​ ​ $27,750 Less discounts ​ ​ (374) ​ ​ (376) Total credit facility, net of discount ​ ​ $33,376 ​ ​ 27,374 SAC Leasing G280 LLC Line of credit In December 31, 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G-280 aircraft for total consideration of $79.0 million with expected deliveries in 2024 and 2025, of which an aggregate amount of $45.0 million was funded and paid as of March 31, 2024, partially through a credit facility from SAC leasing G 280. During the period ended March 31, 2024, the Company funded an additional $6.0 million through the SAC Leasing G280 credit facility. During the quarter ended March 31, 2024, the Company increased its SAC leasing G280 line of credit by $6.0 million, which brings the carrying balance at $33.8 million as of March 31, 2024. The Company incurred $45 thousand and $548 thousand of incremental closing costs, which are reported as debt discount against the liability in the consolidated balance sheets as of March 31, 2024, and December 31, 2023, respectively. During the three months ended March 31, 2024 and 2023, the Company amortized to interest expense $47 thousand and $29 thousand of debt discount, respectively. The maturity date is the earlier of the delivery date of the aircraft or September 14, 2025, which is thirty-five (35) months from the date of funding. The purchase agreement contracts were assigned to SAC G280 LLC as collateral on this credit facility. During the three months ended March 31, 2024 and 2023, the Company incurred $1.1 million and $222 thousand of interest under this facility, respectively. The Company entered into the pre-delivery payment agreement on October 5, 2022, with SAC Leasing G280, LLC to obtain loans in the aggregate amount of $40.5 million for the purchase of four (4) Gulfstream G280 aircraft to be delivered in 2024 and 2025. The Board of Directors consented to the participation of Coastal States Bank, as a syndicate lender in the financing of additional aircraft by SAC Leasing G280 LLC. On August 25, 2023, the Company and SAC Leasing V280, LLC entered into the first amendment to pre-delivery payment agreement. As of March 31, 2024, the Company had an aggregate amount of $34.5 million in promissory notes, of which 60% was sole to Coastal States Bank pursuant to the first amendment.	NOTE 12 – REVOLVING LOAN AND PROMISSORY NOTE- RELATED PARTY Revolving loan and promissory note with a related party consisted of the following at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Dennis Liotta, December 2021 – 4 ​ ​ $— ​ ​ $5,150 Dennis Liotta, March 2023 – 10% interest – promissory note due March 2024 ​ ​ 1,000 ​ ​ — Total notes from related party - current ​ ​ $1,000 ​ ​ $5,150 Dennis Liotta (father of the Company’s Chief Executive Officer) – December 2021 Secured revolving note: On December 9, 2021, the Company entered into a revolving loan agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $8.0 million that matured on January 1, 2023 (“December 2021 note”). The Company is required to make monthly payments of interest at a fixed rate of 4.0% per annum. The Company is required to make principal repayments at fixed scheduled dates. In the event of default, the entire unpaid principal balance together with all accrued but unpaid interest shall be due and payable regardless of the maturity date. If the default occurs and remains uncured beyond the applicable grace period, then the entire unpaid principal balance shall bear interest at a default interest of 500 basis points (5%) over the regular interest or nine percent (9%). Events of default include the failure to make principal or interest payments when due, any judgement in excess of $500, indebtedness cross default, or bankruptcy proceedings. In conjunction with the execution of the revolving note, both parties executed a security agreement, under which the Company granted a continuing security interest in all of the assets of the Company. The Company did not make its interest payments, thus triggering a default and increasing the interest rate to 9% plus an additional 5% on the missed payments. The Company incurred approximately $370 thousand and $480 thousand of interest and penalties during the years ended December 31, 2023, and 2022, respectively. During the Company’s first fiscal quarter, the Company converted the unpaid principal balance of this revolving note and accrued interest into a convertible note for total principal balance of $6.0 million. The balance of the December 2021 note was $0 and $5.15 million as of December 31, 2023, and December 31, 2022, respectively. Accrued interest, relating to this line of credit, was approximately $0 and $495 thousand as of December 31, 2023, and December 31, 2022, respectively, which are presented in accrued interest in the consolidated balance sheets. Dennis Liotta (father of the Company’s Chief Executive Officer) – March 2023 promissory note On March 15, 2023, the Company entered into a promissory note agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $1 million, with an effective date of February 27, 2023, which matures on March 31, 2024 (“March 2023 note”). The entire outstanding principal balance together with accrued but unpaid interest are due at the maturity date. The March 2023 note includes a ten percent (10%) interest rate per annum, which will be increased to twenty percent (20%) upon an event of default. Events of default include the failure to make any principal and accrued interest when due, any legal proceedings against the Company or a voluntary federal bankruptcy. The March 2023 note may be prepaid at any time without penalties. Promissory note from related party was $1.0 million and $0 as of December 31, 2023, and December 31, 2022, respectively. The Company incurred $86 thousand of interest during the year ended December 31, 2023. Accrued interest was $86 thousand as of December 31, 2023, which is presented in accounts payable and accrued liabilities in the consolidated balance sheet as of December 31, 2023. NOTE 1 4 – CREDIT FACILITY AND OTHER LOANS Credit facility and other loans consisted of the following at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 SAC Leasing G280 LLC credit facility, 12.5% interest, net of deposits ​ ​ $ 27,750 ​ ​ $4,500 Less discounts ​ ​ (376) ​ ​ (330) Total credit facility, net of discount ​ ​ $27,374 ​ ​ 4,170 SAC Leasing G280 LLC Line of credit During the year ended December 31, 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G-280 aircraft for total consideration of $79.0 million with expected deliveries in 2024 and 2025, of which an aggregate amount of $30.0 million was funded and paid as of December 31, 2023, partially through a credit facility from SAC leasing G 280. During the year ended December 31, 2023, the Company paid an additional $3.0 million towards the purchase agreements and funded an additional $24.0 million through the SAC Leasing G280 credit facility. During the year ended December 31, 2022, the Company funded an aggregate amount of $12 million, of which $4.5 million was funded through a credit facility from SAC leasing and $7.5 million was paid in cash. During the year ended December 31, 2023, the Company increased its SAC leasing G280 line of credit by $24.0 million offset by a deposit funded in the amount of $750 thousand, which brings the carrying balance at $27.75 million as of December 31, 2023. The Company incurred $548 thousand and $357 thousand of incremental closing costs, which are reported as debt discount against the liability in the consolidated balance sheets as of December 31, 2023, and December 31, 2022, respectively. During the year ended December 31, 2023 and 2022, the Company amortized to interest expense $146 thousand and $27 thousand of debt discount, respectively. The maturity date is the earlier of the delivery date of the aircraft or September 14, 2025, which is thirty-five (35) months from the date of funding. The purchase agreement contracts were assigned to SAC G280 LLC as collateral on this credit facility. During the year ended December 31, 2023 and 2022, the Company incurred approximately $2.17 million and $65 thousand of interest under this facility, respectively. The Company entered into the pre-delivery payment agreement on October 5, 2022, with SAC Leasing G280, LLC to obtain loans in the aggregate amount of $40.5 million for the purchase of four (4) Gulfstream G280 aircraft to be delivered in 2024 and 2025. The Board of Directors consented to the participation of Coastal States Bank, as a syndicate lender in the financing of additional aircraft by SAC Leasing G280 LLC. On August 25, 2023, the Company and SAC Leasing V280, LLC entered into the first amendment to pre-delivery payment agreement. As of December 31, 2023, the Company had an aggregate amount of $28.5 million in promissory notes, of which 60% was sole to Coastal States Bank pursuant to the first amendment.

CREDIT FACILITY AND OTHER LOANS

CREDIT FACILITY AND OTHER LOANS (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
CREDIT FACILITY AND OTHER LOANS	NOTE 10 – REVOLVING LOAN AND PROMISSORY NOTE- RELATED PARTY Revolving loan and promissory note with a related party consisted of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Dennis Liotta, March 2023 – 10% interest – promissory note due March 2024 ​ ​ $1,000 ​ ​ $ 1,000 Total notes from related party - current ​ ​ $1,000 ​ ​ $1,000 Dennis Liotta (father of the Company’s Chief Executive Officer) – March 2022 Secured revolving note: On December 9, 2021, the Company entered into a revolving loan agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $8.0 million that matured on January 1, 2023 (“March 2022 note”). The Company was required to make monthly payments of interest at a fixed rate of 4.0% per annum. The Company was required to make principal repayments at fixed scheduled dates. In the event of default, the entire unpaid principal balance together with all accrued but unpaid interest shall be due and payable regardless of the maturity date. If the default occurs and remains uncured beyond the applicable grace period, then the entire unpaid principal balance shall bear interest at a default interest of 500 basis points (5%) over the regular interest or nine percent (9%). Events of default include the failure to make principal or interest payments when due, any judgement in excess of $500, indebtedness cross default, or bankruptcy proceedings. In conjunction with the execution of the revolving note, both parties executed a security agreement, under which the Company granted a continuing security interest in all of the assets of the Company. The Company did not make its interest payments, thus triggering a default and increasing the interest rate to 9% plus an additional 5% on the missed payments. The Company incurred $370 thousand in interest and penalties during the three month ended March 31, 2023. In the first quarter of 2023, the Company converted the unpaid principal balance of this revolving note and accrued interest into a convertible note for total principal balance of $6.0 million. Dennis Liotta (father of the Company’s Chief Executive Officer) – March 2023 promissory note On March 15, 2023, the Company entered into a promissory note agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $1 million, with an effective date of February 27, 2023, which matures on March 31, 2024 (“March 2023 note”). The entire outstanding principal balance together with accrued but unpaid interest are due at the maturity date. The March 2023 note includes a ten percent (10%) interest rate per annum, which will be increased to twenty percent (20%) upon an event of default. Events of default include the failure to make any principal and accrued interest when due, any legal proceedings against the Company or a voluntary federal bankruptcy. The March 2023 note may be prepaid at any time without penalties. Promissory note from related party was $1.0 million as of March 31, 2024, and December 31, 2023, respectively. On April 1, 2024, the Promissory note was paid in full. The Company incurred $23 thousand and $109 thousand of interest expense during the three months ended March 31, 2024 and 2023, respectively. Accrued interest was $109 thousand as of March 31, 2024. NOTE 11 – CREDIT FACILITY AND OTHER LOANS Credit facility and other loans consisted of the following at March 31, 2024 and December 31, 2023, in thousand: ​ ​ March 31, 2024 ​ ​ December 31, 2023 SAC Leasing G280 LLC credit facility, 12.5% interest, net of deposits ​ ​ $33,750 ​ ​ $27,750 Less discounts ​ ​ (374) ​ ​ (376) Total credit facility, net of discount ​ ​ $33,376 ​ ​ 27,374 SAC Leasing G280 LLC Line of credit In December 31, 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G-280 aircraft for total consideration of $79.0 million with expected deliveries in 2024 and 2025, of which an aggregate amount of $45.0 million was funded and paid as of March 31, 2024, partially through a credit facility from SAC leasing G 280. During the period ended March 31, 2024, the Company funded an additional $6.0 million through the SAC Leasing G280 credit facility. During the quarter ended March 31, 2024, the Company increased its SAC leasing G280 line of credit by $6.0 million, which brings the carrying balance at $33.8 million as of March 31, 2024. The Company incurred $45 thousand and $548 thousand of incremental closing costs, which are reported as debt discount against the liability in the consolidated balance sheets as of March 31, 2024, and December 31, 2023, respectively. During the three months ended March 31, 2024 and 2023, the Company amortized to interest expense $47 thousand and $29 thousand of debt discount, respectively. The maturity date is the earlier of the delivery date of the aircraft or September 14, 2025, which is thirty-five (35) months from the date of funding. The purchase agreement contracts were assigned to SAC G280 LLC as collateral on this credit facility. During the three months ended March 31, 2024 and 2023, the Company incurred $1.1 million and $222 thousand of interest under this facility, respectively. The Company entered into the pre-delivery payment agreement on October 5, 2022, with SAC Leasing G280, LLC to obtain loans in the aggregate amount of $40.5 million for the purchase of four (4) Gulfstream G280 aircraft to be delivered in 2024 and 2025. The Board of Directors consented to the participation of Coastal States Bank, as a syndicate lender in the financing of additional aircraft by SAC Leasing G280 LLC. On August 25, 2023, the Company and SAC Leasing V280, LLC entered into the first amendment to pre-delivery payment agreement. As of March 31, 2024, the Company had an aggregate amount of $34.5 million in promissory notes, of which 60% was sole to Coastal States Bank pursuant to the first amendment.	NOTE 12 – REVOLVING LOAN AND PROMISSORY NOTE- RELATED PARTY Revolving loan and promissory note with a related party consisted of the following at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Dennis Liotta, December 2021 – 4 ​ ​ $— ​ ​ $5,150 Dennis Liotta, March 2023 – 10% interest – promissory note due March 2024 ​ ​ 1,000 ​ ​ — Total notes from related party - current ​ ​ $1,000 ​ ​ $5,150 Dennis Liotta (father of the Company’s Chief Executive Officer) – December 2021 Secured revolving note: On December 9, 2021, the Company entered into a revolving loan agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $8.0 million that matured on January 1, 2023 (“December 2021 note”). The Company is required to make monthly payments of interest at a fixed rate of 4.0% per annum. The Company is required to make principal repayments at fixed scheduled dates. In the event of default, the entire unpaid principal balance together with all accrued but unpaid interest shall be due and payable regardless of the maturity date. If the default occurs and remains uncured beyond the applicable grace period, then the entire unpaid principal balance shall bear interest at a default interest of 500 basis points (5%) over the regular interest or nine percent (9%). Events of default include the failure to make principal or interest payments when due, any judgement in excess of $500, indebtedness cross default, or bankruptcy proceedings. In conjunction with the execution of the revolving note, both parties executed a security agreement, under which the Company granted a continuing security interest in all of the assets of the Company. The Company did not make its interest payments, thus triggering a default and increasing the interest rate to 9% plus an additional 5% on the missed payments. The Company incurred approximately $370 thousand and $480 thousand of interest and penalties during the years ended December 31, 2023, and 2022, respectively. During the Company’s first fiscal quarter, the Company converted the unpaid principal balance of this revolving note and accrued interest into a convertible note for total principal balance of $6.0 million. The balance of the December 2021 note was $0 and $5.15 million as of December 31, 2023, and December 31, 2022, respectively. Accrued interest, relating to this line of credit, was approximately $0 and $495 thousand as of December 31, 2023, and December 31, 2022, respectively, which are presented in accrued interest in the consolidated balance sheets. Dennis Liotta (father of the Company’s Chief Executive Officer) – March 2023 promissory note On March 15, 2023, the Company entered into a promissory note agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $1 million, with an effective date of February 27, 2023, which matures on March 31, 2024 (“March 2023 note”). The entire outstanding principal balance together with accrued but unpaid interest are due at the maturity date. The March 2023 note includes a ten percent (10%) interest rate per annum, which will be increased to twenty percent (20%) upon an event of default. Events of default include the failure to make any principal and accrued interest when due, any legal proceedings against the Company or a voluntary federal bankruptcy. The March 2023 note may be prepaid at any time without penalties. Promissory note from related party was $1.0 million and $0 as of December 31, 2023, and December 31, 2022, respectively. The Company incurred $86 thousand of interest during the year ended December 31, 2023. Accrued interest was $86 thousand as of December 31, 2023, which is presented in accounts payable and accrued liabilities in the consolidated balance sheet as of December 31, 2023. NOTE 1 4 – CREDIT FACILITY AND OTHER LOANS Credit facility and other loans consisted of the following at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 SAC Leasing G280 LLC credit facility, 12.5% interest, net of deposits ​ ​ $ 27,750 ​ ​ $4,500 Less discounts ​ ​ (376) ​ ​ (330) Total credit facility, net of discount ​ ​ $27,374 ​ ​ 4,170 SAC Leasing G280 LLC Line of credit During the year ended December 31, 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G-280 aircraft for total consideration of $79.0 million with expected deliveries in 2024 and 2025, of which an aggregate amount of $30.0 million was funded and paid as of December 31, 2023, partially through a credit facility from SAC leasing G 280. During the year ended December 31, 2023, the Company paid an additional $3.0 million towards the purchase agreements and funded an additional $24.0 million through the SAC Leasing G280 credit facility. During the year ended December 31, 2022, the Company funded an aggregate amount of $12 million, of which $4.5 million was funded through a credit facility from SAC leasing and $7.5 million was paid in cash. During the year ended December 31, 2023, the Company increased its SAC leasing G280 line of credit by $24.0 million offset by a deposit funded in the amount of $750 thousand, which brings the carrying balance at $27.75 million as of December 31, 2023. The Company incurred $548 thousand and $357 thousand of incremental closing costs, which are reported as debt discount against the liability in the consolidated balance sheets as of December 31, 2023, and December 31, 2022, respectively. During the year ended December 31, 2023 and 2022, the Company amortized to interest expense $146 thousand and $27 thousand of debt discount, respectively. The maturity date is the earlier of the delivery date of the aircraft or September 14, 2025, which is thirty-five (35) months from the date of funding. The purchase agreement contracts were assigned to SAC G280 LLC as collateral on this credit facility. During the year ended December 31, 2023 and 2022, the Company incurred approximately $2.17 million and $65 thousand of interest under this facility, respectively. The Company entered into the pre-delivery payment agreement on October 5, 2022, with SAC Leasing G280, LLC to obtain loans in the aggregate amount of $40.5 million for the purchase of four (4) Gulfstream G280 aircraft to be delivered in 2024 and 2025. The Board of Directors consented to the participation of Coastal States Bank, as a syndicate lender in the financing of additional aircraft by SAC Leasing G280 LLC. On August 25, 2023, the Company and SAC Leasing V280, LLC entered into the first amendment to pre-delivery payment agreement. As of December 31, 2023, the Company had an aggregate amount of $28.5 million in promissory notes, of which 60% was sole to Coastal States Bank pursuant to the first amendment.

RELATED PARTIES (Q1)

RELATED PARTIES (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTIES	NOTE 12 – RELATED PARTIES Argand Group LLC (jointly owned by the Chief Executive Officer and his wife as Vice President of Legal) As of March 31, 2024, Argand Group LLC owns an aggregate 3,466,153 shares of Class A common stock of Volato Group, Inc. representing 10.8% of the issued and outstanding shares of Class A common stock. PDK Management LLC (Chief Executive Officer is the sole member) The Company facilitates the formation of limited liability plane companies (earlier defined as “Plane Co”), which are then funded by third party members prior to the sale and delivery of an aircraft purchased from Honda Aircraft Company that will enter into the Company’s fractional program. Each Plane Co is governed by an operating agreement and managed by PDK Management LLC, an entity whose sole member is the Company’s Chief Executive Officer until June 2023. The aggregate amount of revenue generated from Plane Co’s totaled $1.2 million and $1.1 million for the three months ended March 31, 2024 and 2023, respectively. Expenses charged to the Company by Plane Co’s totaled $1.2 million and $0.9 million for the three months ended March 31, 2024 and 2023, respectively. Balance due to Plane Cos amounted to $0.4 million and $0.2 million as of March 31, 2024 and December 31, 2023, respectively. Liotta Family Office, LLC (60% owned by the father of the Company’s Chief Executive Officer, 20% owned by the brother of the Company’s Chief Executive Officer and 20% owned by the Company’s Chief Executive Officer) Liotta Family Office, LLC currently owns 1,859,288 shares of Class A common stock, which represents 6.4% of the issued and outstanding Class A common stock as of March 31, 2024. During the year ended December 31, 2023, Liotta Family Office, LLC entered into an unsecured promissory note for a total amount of $1.0 million (Note 10). The Company incurred $23 thousand of interest during the three months ended March 31, 2024. Accrued interest was $109 thousand as of March 31, 2024. Aircraft Lease and Charter Services As part of Volato’s aircraft ownership program, Volato leases a HondaJet HA-420 aircraft from Volato 158, LLC (“158LLC”), the Company’s equity-method investment, which is 25% owned by DCL H&I, LLC (“DCL”). Dennis Liotta (The Company’s Chief Executive Officer’s father) and his spouse own 100% of DCL. Under the terms of an aircraft dry lease, 158 LLC pays Volato a monthly management fee of $38 thousand, and Volato AMS pays 158 LLC an hourly rental rate of $1 thousand per revenue flight hour. The lease expires on August 20, 2026. Hoop Capital, LLC (Controlled by the Company’s Chief Commercial Officer and a director) As of March 31, 2024, Hoop Capital LLC owned an aggregate of 3,466,153 shares of Class A common stock in Volato Group, Inc. which represents 11.8% of outstanding Class A Common stock. Matthew Liotta 2021 Trust (the “Liotta Trust”) As of March 31, 2024, the Liotta Trust owned an aggregate of 174,338 shares of Class A common stock of Volato Group, Inc.	NOTE 15 – RELATED PARTIES Argand Group LLC (jointly owned by Matthew Liotta, Chief Executive Officer, and Jennifer Liotta, General Counsel) As of December 31, 2023, Argand Group LLC owns an aggregate of 3,414,661 shares of Common stock in Legacy Volato. Following the business combination, these shares were converted into 3,466,154 shares of Class A common stock of Volato Group, Inc. representing approximately 12.4% of the issued and outstanding shares of Class A common stock. The Company leases two (2) aircraft from Argand up until July 31, 2023. The total lease expense incurred by the Company was $0 and $56 thousand during the year ended December 31, 2023 and 2022, respectively. There is no balance owed to Argand Group LLC as of December 31, 2023. PDK Management LLC (Matthew Liotta, Chief Executive Officer, is the sole member) The Company facilitates the formation of limited liability plane companies (earlier defined as “Plane Co”), which are then funded by third party members prior to the sale and delivery of an aircraft purchased from Honda Aircraft Company that will enter into the Company’s fractional program. Each Plane Co is governed by an operating agreement and managed by PDK Management LLC, an entity whose sole member is the Company’s Chief Executive Officer until June 2023. The aggregate amount of revenue generated from Plane Cos totaled $5.1 million and $2.2 million for the years ended December 31, 2023 and 2022, respectively. Expenses charged to the Company by Plane Co’s totaled $3.9 million and $2.0 million for the year ended December 31, 2023 and 2022, respectively. Balance due to Plane Cos amounted to $0.2 million and $0.2 million as of December 31, 2023 and 2022, respectively. Liotta Family Office, LLC (60% owned by the father of Matthew Liotta, Chief Executive Officer, 20% beneficially owned by John Liotta, brother of Matthew Liotta, and 20% beneficially owned by Matthew Liotta) During the year ended December 31, 2023, Liotta Family Office, LLC entered into an unsecured promissory note for a total amount of $1.0 million (note 12). The Company incurred approximately $86 thousand of interest during the year ended December 31, 2023. Accrued interest was approximately $86 thousand as of December 31, 2023. During the year ended December 31, 2023, the Company converted the remaining principal, accrued interest and penalties of its line of credit into a convertible note for a total principal of $6.0 million. During the year ended December 31, 2023, the Company converted the principal of $6.0 million into 668,065 shares of Series A-3 preferred stock in Legacy Volato. Following the business combination, the 668,065 shares of Series A-3 preferred stock were converted into 678,139 shares of Class A common stock of Volato Group, Inc. During the year ended December 31, 2023, the Company converted $3.0 million principal and $166 thousand of accrued interest owed to Liotta Family Office, LLC, into 529,190 shares of Series A-2 preferred stock in Legacy Volato, which were converted into 537,170 shares of Class A common stock of Volato Group, Inc. following the business combination. Liotta Family Office, LLC currently owns 1,322,118 shares of Class A common stock, which represents approximately 4.7% of the issued and outstanding Class A common stock as of December 31, 2023. Aircraft Lease and Charter Services As part of Volato’s aircraft ownership program, Volato leases a HondaJet HA-420 aircraft from Volato 158, LLC (“158LLC”), the Company’s equity-method investment, which is 25% owned by DCL H&I, LLC (“DCL”). Dennis Liotta (The Company’s Chief Executive Officer’s father) and his spouse own 100% of DCL. Under the terms of an aircraft dry lease, 158 LLC pays Volato a monthly management fee of $38 thousand, and Volato AMS pays 158 LLC an hourly rental rate of $1 thousand per revenue flight hour. The lease expires on August 20, 2026. Hangar Sublease and Personnel Services The Company leases hangar and office space from Modern Aero, LLC (“Modern Aero”), a Florida limited liability company that operates a flight school at the Northeast Florida Regional Airport in St. Augustine, Florida. The Company’s Chief Executive Officer and his spouse hold a majority interest in Modern Aero. Legacy Volato pays $4 thousand per month in rent under a month-to-month lease arrangement. Hoop Capital, LLC (Controlled by the Company’s Chief Commercial Officer and a director) As of December 31, 2023, Hoop Capital LLC owned an aggregate of 3,414,660 shares of Common stock in Legacy Volato, which were converted into 3,466,153 shares of Class A common stock in Volato Group, Inc. following the business combination. Matthew Liotta 2021 Trust (the “Liotta Trust”) On December 30, 2022, Legacy Volato issued an unsecured convertible note to Matthew Liotta in the amount of $1 million. During the year ended December 31, 2023, Legacy Volato incurred approximately $29 thousand of interest. Following the qualifying financing, Legacy Volato converted the principal and accrued interest of the note in the aggregate amount of $1 million into 171,748 shares of Series A-2 preferred stock, which were converted into 174,338 shares of Class A common stock of Volato Group, Inc., following the business combination.

INCOME TAXES (Q1)

INCOME TAXES (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 13 – INCOME TAXES Management has determined that the Company does not have any uncertain tax positions and associated unrecognized benefits that would impact the consolidated financial statements or related disclosures. The effective tax rate was zero percent for the three months ended March 31, 2024 and 2023, respectively. Our effective tax rate for the three months ended March 31, 2024 differs from the federal statutory rate of 21%, primarily due to a change in the valuation allowance for deferred assets as of March 31, 2024.	NOTE 16 – INCOME TAXES Management has determined that the Company does not have any uncertain tax positions and associated unrecognized benefits that would impact the consolidated financial statements or related disclosures. Deferred income tax assets and liabilities are computed annually for differences between financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company operated at a loss and the deferred tax asset is offset by a corresponding valuation allowance. The net deferred tax assets and liabilities consist of the following amounts at December 31, 2023 and 2022, in thousands: ​ ​ 2023 ​ ​ 2022 Deferred Tax Assets ​ ​ ​ ​ Allowance for doubtful Accounts ​ ​ $ 1 ​ ​ $ 1 Investment in Plane Cos LLC ​ ​ 44 ​ ​ 168 Loss carryforwards ​ ​ 11,521 ​ ​ 2,792 Intangible ​ ​ 626 ​ ​ (347) Interest expense limitations ​ ​ 659 ​ ​ 64 Other ​ ​ 15 ​ ​ 1 Total deferred tax assets ​ ​ 12,866 ​ ​ 2,679 Deferred Tax Liabilities ​ ​ ​ ​ Property and equipment depreciation ​ ​ (74) ​ ​ (399) Valuation allowance ​ ​ (13,096) ​ ​ (2,585) Total deferred tax liabilities ​ ​ (13,170) ​ ​ (2,984) Net deferred tax assets (liabilities) ​ ​ (305) ​ ​ (305) The Company has federal operating losses carryforward of approximately $47 million and $11 million available as of December 31, 2023 and 2022, respectively, to reduce future taxable income at the federal level, and it has net operating losses of approximately $38 million and $9 million at the state level, to offset $38 million and $9 million of future state taxable income, respectively. A reconciliation from the statutory federal income tax rate to the effective income tax rate is as follows: ​ ​ 2023 ​ ​ 2022 Expected federal income taxes at statutory rate ​ ​ 21.00 % ​ ​ 21.00 % State and local income taxes ​ ​ 4.54 % ​ ​ 4.54 % Permanent differences ​ ​ (6.79) % ​ ​ (0.04) % Change in valuation allowance ​ ​ (18.18) % ​ ​ (24.11) % Other ​ ​ (0.69) % ​ ​ (0.83) % Effective income tax rate ​ ​ (0.12) % ​ ​ 0.56 % The primary differences between income tax expense attributable to continuing operations and the amount of income tax expense that would result from applying domestic federal statutory rates to income (loss) before income taxes relate to state income taxes, and the recognition of a valuation allowance for deferred income tax assets. The net deferred tax liabilities relate to long lived assets with an indefinite life.

SHAREHOLDERS' EQUITY (DEFICIT)

SHAREHOLDERS' EQUITY (DEFICIT) (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Equity [Abstract]
SHAREHOLDERS' EQUITY (DEFICIT)	NOTE 14 – SHAREHOLDERS’ EQUITY (DEFICIT) On December 1, 2023, the Company filed its Second Amended and Restated Articles of Incorporation with the State of Delaware. Our Certificate of Incorporation authorizes the issuance of 81,000,000 shares, consisting of 80,000,000 shares of Class A Common Stock, $0.0001 par value per share, and 1,000,000 shares of Preferred Stock, $0.0001 par value per share. The outstanding shares of Common Stock are duly authorized, validly issued, fully paid and non-assessable. Preferred Stock No shares of preferred stock have been issued as of March 31, 2024 and December 31, 2023. Stock Options - Equity Incentive Plans Summary of the 2021 Plan (“2021 Plan”) The 2021 Plan became effective on August 13, 2021, and will remain in effect until August 12, 2031, unless terminated earlier by the Board. As of the effective date of the business combination, each then-outstanding unexercised option (whether vested or unvested) to purchase shares of Legacy Volato Common Stock granted under the 2021 Plan was assumed by Volato Group and was converted into a stock option (a “Volato Group option”) to acquire shares of Class A Common Stock of Volato Group, par value $0.0001 per share, in accordance with the business combination agreement. No shares remained available for the grant of awards. Summary of the 2023 Plan (“2023 Plan”) The 2023 plan was approved at the special meeting of the shareholders of the Company on November 28, 2023. The 2023 Plan provides for the grant of stock options (both incentive stock options and non-qualified stock options) stock appreciation rights, restricted stock, restricted stock units, performance-based awards, and other stock- and cash-based awards. The Company has reserved a pool of shares of Common Stock for issuance pursuant to awards under the 2023 Plan equal to 5,608,690 shares. Stock option activity for the periods presented is as follows (in thousands, except per share value): ​ ​ Options ​ ​ Weighted Average Exercise Price Per Share ​ ​ Weighted Average Remaining Contractual Term (years) ​ ​ Aggregate Intrinsic Value Outstanding at December 31, 2023 ​ ​ 2,369,169 ​ ​ $1.43 ​ ​ 8.8 ​ ​ $6.8 Granted ​ ​ — ​ ​ $ — ​ ​ — ​ ​ Cancelled ​ ​ (36,748) ​ ​ $3.80 ​ ​ — ​ ​ Exercised ​ ​ (43,262) ​ ​ $0.13 ​ ​ — ​ ​ Outstanding at March 31, 2024 ​ ​ 2,289,159 ​ ​ $1.34 ​ ​ 8.5 ​ ​ $6.6 Exercisable as of March 31, 2024 ​ ​ 1,924,903 ​ ​ $0.24 ​ ​ ​ ​ — The aggregate intrinsic value represents the difference between the exercise price and the fair value of the shares underlying common stock. The Black-Scholes option pricing model is used by the Company to determine the weighted-average fair value of share-based payments. The Company’s recognizes forfeitures as they occur. There were no stock options issued in the three months ended March 31, 2024. Stock based compensation expense was $83 thousand and $8 thousand for the three months ended March 31, 2024 and 2023, respectively. Warrants As of March 31, 2024, there were 13,800,000 public warrants and 15,226,000 private placement warrants issued and outstanding. Private placement warrants Simultaneously with the closing of the Initial Public Offering by PACI in 2021, the Company f/k/a Proof Acquisition Corp I consummated the private placement of 15,226,000 private placement warrants at a price of $1.00 per private placement warrant to the sponsor and Blackrock. Each private placement warrant is exercisable for one whole share of Class A common stock at a price of $11.50 per share. Such private warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and will not be redeemable by the Company. The private warrants are all exercisable as of March 31, 2024. There was no activity during the period ended March 31, 2024. Public warrants Pursuant to the Initial Public Offering by PACI in 2021, the Company sold 27,600,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one-half of one redeemable warrant. Each whole public warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. A majority of the shares were redeemed before the merger transaction, but the warrants remain. As a result, there are 13,800,000 warrants outstanding as of March 31, 2024. The public warrants will become exercisable on the later of (a) 30 days after the completion of a business combination and (b) 12 months from the closing of the Initial Public Offering. The public warrants will expire five years after the completion of a business combination or earlier upon redemption or liquidation. The public warrants are all exercisable as of March 31, 2024. There was no activity during the period ended March 31, 2024.	NOTE 17 – SHAREHOLDERS’ EQUITY (DEFICIT) On December 1, 2023, the Company filed its Second Amended and Restated Articles of Incorporation with the State of Delaware. Our Certificate of Incorporation authorizes the issuance of 81,000,000 shares, consisting of 80,000,000 shares of Class A Common Stock, $0.0001 par value per share, and 1,000,000 shares of Preferred Stock, $0.0001 par value per share. The outstanding shares of Common Stock are duly authorized, validly issued, fully paid and non-assessable. The Company has authorized stock which have been designated as follows: ​ ​ Number of Shares Authorized ​ ​ Number of Shares Outstanding As of December 31, 2023 ​ ​ Par Value Class A Common Stock ​ ​ 80,000,000 ​ ​ 28,043,449 ​ ​ $0.0001 Preferred Stock ​ ​ 1,000,000 ​ ​ 0 ​ ​ $0.0001 Preferred Stock No shares of preferred stock have been issued as of December 31, 2023 and 2022. Class A Common Stock Conversion of preferred stock shares (Series Seed, Series A-1, Series A-2 and Series A-3) into the Company’s Class A Common Stock. Series Seed Preferred Stock (Legacy Volato) Legacy Volato issued an aggregate of 3,981,236 series seed shares of preferred stock for total purchase price of $4.585 million, of which $4.585 million was funded up to the business combination. During the year ended December 31, 2023, the Company collected the remaining $15 thousand owed towards the purchase price, which was reported as stock subscription receivable as of December 31, 2022. Following the effective date of the business combination, Legacy Volato converted the 3,981,236 shares of Series Seed Preferred into 4,041,282 shares of Class A Common Stock of Volato Group, Inc. There was no other activity during the years ended December 31, 2023 and 2022. Series A-1 Preferred Stock (Legacy Volato) During the year ended December 31, 2023, the Company issued 2,411,087 shares of Series A-1 for a total cash consideration of $24.2 million. Following the business combination, the Company converted its 2,411,087 shares of Series A-1 preferred stock issued and outstanding into 2,447,453 shares of Class A Common Stock of Volato Group, Inc. based on an exchange ratio of 1.01508. Series A-2 Preferred Stock (Legacy Volato) During the year ended December 31, 2023, the Company issued 3,327,624 Series A-2 shares of preferred stock from the conversion of the 2022 convertible notes (note 14) in the aggregate principal amount of $19.1 million and $0.8 million of accrued but unpaid interest based on an effective conversion price of $5.9820. Following the business combination, the Company converted the 3,327,624 shares of Series A-2 preferred stock issued and outstanding into 3,377,812 shares of Class A Common Stock of Volato Group, Inc. based on an exchange ratio of 1.01508. Series A-3 Preferred Stock (Legacy Volato) During the year ended December 31, 2023, the Company issued 2,050,628 Series A-3 shares of preferred stock from the conversion of the 2023 convertible notes (note 14) in the aggregate principal amount of $18.4 million and $0.1 million of accrued but unpaid interest based on an effective conversion price of $9.00. Following the business combination, the Company converted the 2,050,628 shares of Series A-3 preferred stock into 2,081,556 shares of Class A Common Stock of Volato Group, Inc. based on an exchange ratio of 1.01508. Conversion of PACI Class B Founder Shares into the Company’s Class A common stock The shares of Class B common stock automatically converted into Class A common stock at the time of the closing of the business combination. Upon the business combination, the Company converted 6,883,579 shares of Class B common stock into an equivalent number of the Company’s shares of Class A common stock. Conversion of PACI Class A Public Shares into the Company’s Class A common stock. The Company converted 1,767,390 shares of non-redeemed PACI public shares into an equivalent number of Shares of Class A Common Stock of the Company following the business combination. Stock Options - Equity Incentive Plans Summary of the 2021 Plan (“2021 Plan”) As of the effective date of the business combination, each then-outstanding unexercised option (whether vested or unvested) to purchase shares of Legacy Volato Common Stock granted under the 2021 Plan was assumed by Volato Group and shall be converted into a stock option (a “Volato Group option”) to acquire shares of Class A Common Stock of Volato Group, par value $0.0001 per share, in accordance with the business combination agreement. The 2021 Plan became effective on August 13, 2021, and will remain in effect until August 12, 2031, unless terminated earlier by the Board. The 2021 Plan was amended and restated in connection with the assumption by PACI to reflect the effect of the business combination agreement by modifying eligibility (employees and consultants of Volato Group, Inc.), to reflect PACI’s assumption of the 2021 Plan, to clarify that Common Stock will be issued under the 2021 Plan, and to adjust the number of shares issuable under the 2021 Plan by the exchange ratio of 1.01508. No awards were granted or will be granted under the 2021 Plan after the 2023 Plan Effective Date. Awards granted under the 2021 Plan that will be outstanding on the 2023 Plan Effective Date will be accelerated or continued in accordance with their terms subject to vesting schedules pursuant to the applicable restricted stock award agreement or option agreement. The 2021 Plan authorizes the issuance of 2,724,347 shares (subject to adjustment for anti-dilution purposes), all of which may be issued under the 2021 Plan pursuant to incentive stock options. As of the date of the business combination agreement on December 1, 2023, 2,369,169 shares were subject to outstanding awards, and no shares remained available for the grant of awards. The balance and activity of all stock options outstanding under the 2021 Plan as of December 31, 2023, and 2022, is as follows: ​ ​ Options ​ ​ Weighted Average Exercise Price Per Share ​ ​ Weighted Average Remaining Contractual Term (years) Outstanding at January 1, 2022 ​ ​ 613,463 ​ $0.12 ​ ​ 9.6 Granted ​ ​ 1,894,155 ​ ​ $0.14 ​ ​ — Cancelled ​ ​ 0 ​ ​ $ — ​ ​ — Exercised ​ ​ 0 ​ ​ $ — ​ ​ — Outstanding at December 31, 2022 ​ ​ 2,507,618 ​ ​ $0.14 ​ ​ 9.4 Granted ​ ​ 382,726 ​ ​ $8.21 ​ ​ — Cancelled ​ ​ (313,783) ​ ​ $0.22 ​ ​ — Exercised ​ ​ (207,392) ​ ​ $0.12 ​ ​ — Outstanding as of December 31, 2023 ​ ​ 2,369,169 ​ ​ $1.43 ​ ​ 8.8 Exercisable as of December 31, 2023 ​ ​ 2,232,117 ​ $0.21 ​ ​ The following table summarizes the range of exercise price, weighted average remaining contractual life (“Life”) and weighted average exercise price (“Price”) for all stock options outstanding as of December 31, 2023: ​ ​ Options Outstanding Exercise Price ​ ​ Shares ​ ​ Life (in years) $0.12 ​ ​ 160,856 ​ ​ 7.6 $0.14 ​ ​ 1,594,962 ​ ​ 8.8 $0.16 ​ ​ 235,042 ​ ​ 8.5 $7.21 ​ ​ 76,453 ​ ​ 9.3 $8.40 ​ ​ 101,778 ​ ​ 9.9 $8.52 ​ ​ 200,078 ​ ​ 9.9 ​ ​ 2,369,169 ​ ​ 8.8 The Black-Scholes option pricing model is used by the Company to determine the weighted-average fair value of share-based payments. The weighted average grant date fair value of stock options issued during the year ended December 31, 2023, was $3.81 per share. The Company’s recognizes forfeitures as they occur. The fair value of stock options on the grant date was determined using the following weighted-average assumptions during the year ended December 31, 2023 and 2022: ​ ​ For The Year Ending December31, ​ ​ 2023 ​ ​ 2022 Expected term ​ ​ 2-6 ​ ​ 5.5 6.3 Expected volatility ​ ​ 30%-71% ​ ​ 30% Expected dividends ​ ​ None ​ ​ None Risk-free interest rate ​ ​ 3.6%-4.6% ​ ​ 1.9%-4.0% Forfeitures ​ ​ None ​ ​ None As of December 31, 2023, the unrecognized compensation cost related to non-vested awards was $1.4 million. Summary of the 2023 Plan (“2023 Plan”) The 2023 plan was approved at the special meeting of the shareholders of the Company on November 28, 2023. The 2023 Plan provides for the grant of stock options (both incentive stock options and non-qualified stock options) stock appreciation rights, restricted stock, restricted stock units, performance-based awards, and other stock- and cash-based awards. The Company has reserved a pool of shares of Common Stock for issuance pursuant to awards under the 2023 Plan equal to 5,608,690 shares. Warrants As of December 31, 2023 and 2022, there were 13,800,000 public warrants (note 4) and 15,226,000 private placement warrants (note 5) issued and outstanding. Private placement warrants Simultaneously with the closing of the Initial Public Offering by PACI in 2021, the Company f/k/a Proof Acquisition Corp I consummated the private placement of 15,226,000 private placement warrants at a price of $1.00 per private placement warrant to the sponsor and Blackrock. Each private placement warrant is exercisable for one whole share of Class A common stock at a price of $11.50 per share. Such private warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and will not be redeemable by the Company. The private warrants are all exercisable as of December 31, 2023. There was no activity during the years ended December 31, 2023 and 2022. Public warrants Pursuant to the Initial Public Offering by PACI in 2021, the Company sold 27,600,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one-half of one redeemable warrant. Each whole public warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. A majority of the shares were redeemed before the merger transaction, but the warrants remain. As a result there are 13,800,000 warrants outstanding as of December 31, 2023. The public warrants will become exercisable on the later of (a) 30 days after the completion of a business combination and (b) 12 months from the closing of the Initial Public Offering. The public warrants will expire five years after the completion of a business combination or earlier upon redemption or liquidation. The public warrants are all exercisable as of December 31, 2023. There was no activity during the years ended December 31, 2023 and 2022. The following table is a summary of the Company’s warrant activity during the years ended December 31, 2023 and 2022: ​ ​ Warrants ​ ​ Weighted Average Exercise Price Per Share ​ ​ Weighted Average Remaining Contractual Term (years) Outstanding as of January 1, 2022 ​ ​ 29,026,000 ​ ​ $11.50 ​ ​ 5 Granted ​ ​ 0 ​ ​ ​ Cancelled ​ ​ 0 ​ ​ ​ Exercised ​ ​ 0 ​ ​ ​ ​ Outstanding as of December 31, 2022 ​ ​ 29,026,000 ​ ​ $11.50 ​ ​ 5 Granted ​ ​ 0 ​ ​ ​ ​ Cancelled ​ ​ 0 ​ ​ ​ Exercised ​ ​ 0 ​ ​ ​ ​ Outstanding as of December 31, 2023 ​ ​ 29,026,000 ​ ​ $11.50 ​ ​ 5 Exercisable as of December 31, 2023 ​ ​ 29,026,000 ​ ​ ​ ​

COMMITMENT AND CONTINGENCIES (Q

COMMITMENT AND CONTINGENCIES (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENT AND CONTINGENCIES	NOTE 15 – COMMITMENT AND CONTINGENCIES Honda May 2023 Purchase Agreement On May 5, 2023, the Company entered into a HondaJet Fleet Purchase Agreement with Honda Aircraft Company. LLC, for the purchase and delivery of twenty-three (23) HondaJet HA-420 Aircraft for a total estimated purchase price of $161.1 million with expected delivery between the fourth fiscal quarter of 2023 and the fourth fiscal quarter of 2025. The Company should make a $150 thousand deposit for each aircraft twelve months prior to the expected delivery date. As of December 31, 2023, the Company took delivery and sold one aircraft related to this agreement, which brings the balance of aircraft to be delivered at twenty-two (22) as of December 31, 2023. The Company did not take delivery of any aircraft in the three months ended March 31, 2024. As of March 31, 2024, the Company has funded an aggregated amount of $1.5 million towards the purchase agreement, which is presented under Deposits on Aircraft non-current in the consolidated financial statements. Pursuant to the terms of the agreement, the Company is required to fund an additional $1.4 million in deposits in the next twelve months. Gulfstream Aerospace, LP During the year ended December 31, 2023, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G-280 aircraft for total consideration of $79.0 million and with expected deliveries in 2024 through 2025, for which the Company made prepayments totaling $45.0 million and NOTE 15 – COMMITMENT AND CONTINGENCIES (CONTINUED) $39.0 million as of March 31, 2024, and December 31, 2023, respectively. The $45.0 million is non-refundable, except in some specific circumstances, and would serve as consideration for liquidated damages of $3.0 million per aircraft should the purchase agreement be terminated by the Company. During the period ended March 31, 2024, the Company made additional payments of $6.0 million towards these agreements, of which $6.0 million was funded through the SAC Leasing G280 LLC credit facility (note 11) and zero was paid by the Company. Future minimum payments under the purchase agreements with Gulfstream Aerospace, LP at March 31, 2024, are as follows, in thousands: ​ ​ Gulfstream G280 Fleet 2024 ​ ​ $18,500 2025 ​ ​ 15,500 Total expected contractual payments ​ ​ $34,000 The Company has a credit facility in place with SAC Leasing G280 LLC to fund $40.5 million of the original $79.0 million due under these purchase agreements with Gulfstream Aerospace LP. The remaining balance to be funded by SAC Leasing G280 LLC is $6.0 million as of March 31, 2024. Operating Leases The Company leases property and equipment under operating leases. For leases with terms greater than 12 months, the Company records the related assets and obligations at the present value of the lease payments over the lease term. Many of the leases contain renewal options and/or termination options that are factored into our determination of lease payments when appropriate. The Company uses its incremental borrowing rate to discount lease payments to present value, as the rates implicit in its leases are not readily determinable. The incremental borrowing rate is based on the estimated interest rate for collateralized borrowing over a similar term of the lease at the commencement date. Aircraft Leases During 2022, the Company began leasing an aircraft with a term of five years which has fixed lease payments. The Company recognized an operating lease liability in the amount of the net present value of the future minimum lease payments, and a right-of-use asset. The discount rate used for this lease was 12%, which was determined to be the incremental borrowing rate based on comparative secured financing in the marketplace at the inception of the fixed lease payments. The remaining term of this lease was 3.00 years as of March 31, 2024. Lease expense is recognized on a straight-line basis over the lease term. Lease expense related to this lease consisting of fixed and variable lease costs was $117 thousand and $117 thousand for the three months ended March 31, 2024 and 2023, respectively. Additionally, the Company leases other aircraft under operating leases with remaining terms ranging from one three Some of the aircraft leases have lease terms of 12 months or less. The Company has made a policy election to classify lease agreements with a lease term of 12 months or less as short-term leases. Accordingly, the Company has not recognized right-of-use assets or lease liabilities related to these lease agreements pursuant to the short-term election. The Company recognizes short-term lease costs on a straight-line basis over the lease term and accrues the difference each period between the amount expensed and the amount paid. Variable lease costs associated with the aircraft operating leases were $2.9 million and $2.2 million for the three months ended March 31, 2024, and 2023, respectively. Short-term lease costs on the aircraft leases were $15 thousand and $180 thousand for the three months ended March 31, 2024, and 2023, respectively. Airport Facilities Our facilities leases are for space at airports throughout the south with remaining terms ranging from one Legal Contingencies The Company is currently not involved with or know of any pending or threatening litigation and material claims against the Company or any of its officers.	NOTE 18 – COMMITMENT AND CONTINGENCIE S Honda May 2023 Purchase Agreement On May 5, 2023, the Company entered into a HondaJet Fleet Purchase Agreement with Honda Aircraft Company. LLC, for the purchase and delivery of twenty-three (23) HondaJet HA-420 Aircraft for a total estimated purchase price of $161.1 million with expected delivery between the fourth fiscal quarter of 2023 and the fourth fiscal quarter of 2025. The Company should make a $150 thousand deposit for each aircraft twelve months prior to the expected delivery date. As of December 31, 2023, the Company took delivery and sold one aircraft related to this agreement, which brings the balance of aircraft to be delivered at twenty-two (22) as of December 31, 2023. As of December 31, 2023, the Company has funded an aggregated amount of $1.3 million towards the purchase agreement, which is presented under Deposits on Aircraft non-current in the consolidated financial statements. Pursuant to the terms of the agreement, the Company is required to fund an additional $1.5 million in deposits in the next twelve months. Gulfstream Aerospace, LP During the year ended December 31, 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G-280 aircraft for total consideration of $79 million and with expected deliveries in 2024 through 2025, for which the Company made prepayments totaling $39 million and $12.0 million as of December 31, 2023, and December 31, 2022, respectively. The $39.0 million is non-refundable, except in some specific circumstances, and would serve as consideration for liquidated damages of $3.0 million per aircraft should the purchase agreement be terminated by the Company. During the year ended December 31, 2023, the Company made additional payments of $27.0 million towards these agreements, of which $24.0 million was funded through the SAC Leasing G280 LLC credit facility (note 15) and $3.0 million was paid by the Company. Future minimum payments under the purchase agreements with Gulfstream Aerospace, LP at December 31, 2023, are as follows, in thousands: For the twelve months ended December 31, ​ ​ Gulfstream G280 Fleet 2024 ​ ​ $24,500 2025 ​ ​ 15,500 Total expected contractual payments ​ ​ $40,000 The Company has a credit facility in place with SAC Leasing G280 LLC to fund $40.5 million of the original $79.0 million due under these purchase agreements with Gulfstream Aerospace LP. The remaining balance to be funded by SAC Leasing G280 LLC is $12.0 million as of December 31, 2023. Operating Leases The Company leases property and equipment under operating leases. For leases with terms greater than 12 months, the Company records the related assets and obligations at the present value of the lease payments over the lease term. Many of the leases contain renewal options and/or termination options that are factored into our determination of lease payments when appropriate. The Company uses its incremental borrowing rate to discount lease payments to present value, as the rates implicit in its leases are not readily determinable. The incremental borrowing rate is based on the estimated interest rate for collateralized borrowing over a similar term of the lease at the commencement date. Aircraft Leases During 2022, the Company began leasing an aircraft with a term of five years which has fixed lease payments. The Company recognized an operating lease liability in the amount of the net present value of the future minimum lease payments, and a right-of-use asset. The discount rate used for this lease was 12%, which was determined to be the incremental borrowing rate based on comparative secured financing in the marketplace at the inception of the fixed lease payments. The remaining term of this lease was 3.33 years and 4.33 years as of December 31, 2023, and 2022, respectively. Lease expense is recognized on a straight-line basis over the lease term. Lease expense related to this lease consisting of fixed and variable lease costs was $469 thousand and $168 thousand for the years ended December 31, 2023 and 2022, respectively. Additionally, the Company leases other aircraft under operating leases with remaining terms ranging from one three Some of the aircraft leases have lease terms of 12 months or less. The Company has made a policy election to classify lease agreements with a lease term of 12 months or less as short-term leases. Accordingly, the Company has not recognized right-of-use assets or lease liabilities related to these lease agreements pursuant to the short-term election. The Company recognizes short-term lease costs on a straight-line basis over the lease term and accrues the difference each period between the amount expensed and the amount paid. Variable lease costs associated with the aircraft operating leases were $12.9 million and $8.2 million for the years ended December 31, 2023, and 2022, respectively. Short-term lease costs on the aircraft leases were $617 thousand and $597 thousand for the years ended December 31, 2023, and 2022, respectively. Airport Facilities Our facilities leases are for space at airports throughout the south with remaining terms ranging from one Future estimated minimum lease payments by year and in aggregate, under the Company’s fixed payment operating lease consisted of the following at December 31, 2023, in thousand: For the years ended December 31, ​ ​ Operating Leases 2024 ​ ​ $ 464 2025 ​ ​ 471 2026 ​ ​ 479 2027 ​ ​ 161 TOTAL ​ ​ 1,575 Less amount representing interest ​ ​ (284) Present value of net minimum payments (inc. $ 326 ​ ​ $1,291 Sale-Leaseback Transactions The Company entered into $15.7 million and $42.0 million of sales-leaseback transactions related to aircraft during the years ended December 31, 2023, and 2022, respectively. The Company recorded gains of $3.4 million and $7.9 million associated with these transactions, for the years ended December 31, 2023, and 2022, respectively. Gains are recorded in gross profit in the consolidated statements of operations. The leases of the aircraft assets are operating leases which incur variable lease costs based upon usage as described above. These lease costs are expensed as occurred. Legal Contingencies The Company is currently not involved with or know of any pending or threatening litigation and material claims against the Company or any of its officers.

SUBSEQUENT EVENTS (Q1)

SUBSEQUENT EVENTS (Q1)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 16 – SUBSEQUENT EVENTS In May 2024, the Company implemented cost-savings measure to reduce selling, general and administrative expenses.	NOTE 19 – SUBSEQUENT EVENTS Management has evaluated events that have occurred subsequent to the date of these consolidated financial statements and has determined that, other than those listed below, no such reportable subsequent events exist through March 25, 2024, the date the consolidated audited financial statements were issued in accordance with FASB ASC Topic 855, “Subsequent Events.” Subsequent to December 31, 2023, the Company issued 1,208,543 shares of Class A common stock and 100,000 warrants in full settlement of the merger transaction costs in the amount of $4.25 million which was payable to three (3) financial institutions. Such liability was accrued for and reported under merger transaction costs payable in shares in the consolidated balance sheet as of December 31, 2023.

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Volato Group, Inc. (“we”, “us”, “the Company”, or “Volato”) was founded in 2021. On December 1, 2023, Volato, Inc. (“Legacy Volato”), a Georgia corporation, PROOF Acquisition Corp I, a Delaware corporation (“PACI”) and PACI Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of PACI (“Merger Sub”), merged with and into Legacy Volato, with Legacy Volato surviving the merger as a wholly-owned subsidiary of PACI. In connection with the consummation of the Business Combination (the “Closing”), PACI changed its name to “Volato Group, Inc.”. Legacy Volato was deemed the accounting acquirer in the business combination. Accordingly, for accounting purposes, the business combination was treated as the equivalent of Legacy Volato issuing stock for the net assets of PACI, accompanied by a recapitalization. Under this method of accounting, PACI who was the legal acquirer, is treated as the “acquired” company (“accounting acquiree”) for financial reporting purposes. The net assets of PACI are stated at historical cost, with no goodwill or other intangible assets recorded. The equity structure has been restated in all comparative periods up to the closing date to reflect the number of shares of the Company’s Common Stock, $0.0001 par value per share, issued to Legacy Volato stockholders in connection with the business combination. As a result of the business combination, the shares and corresponding capital amounts and earnings per share related to Legacy Volato’s common stock prior to the business combination have been retroactively restated as shares reflecting the exchange ratio established in the Merger Agreement. Stock was retroactively adjusted, converted into Common Stock, and reclassified to permanent as a result of the reverse recapitalization. Volato Group, Inc. is a leader in private aviation redefining air travel through modern, efficient, and customer-designed solutions. Volato provides a fresh approach to fractional ownership, aircraft management, jet card, deposits and charter programs all powered by advanced proprietary mission control technology. Volato’s fractional programs uniquely offer flexible hours and a revenue share for owners across the world’s largest fleet of HondaJets which are optimized for missions of up to four passengers.	NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Volato Group, Inc. (“we”, “us”, “the Company”, or “Volato”) is a private aviation company founded in January 2021. That year, we entered the private jet charter and fractional ownership market with our Part 135 HondaJet ownership program, taking delivery of our first jet in August 2021 and completing our first Part 135 charter flight in October of 2021. The HondaJet is manufactured by Honda Aircraft Company (“Honda”). We took delivery of three HondaJets in 2021. In 2022, we continued to build our fleet of HondaJets. In March 2022, we acquired Gulf Coast Aviation, Inc., owner of G C Aviation, Inc., a Texas entity and Part 135 air carrier certificate holder. This acquisition added personnel and facilities to support managed aircraft, sales, maintenance, and other operational functions. Also in March 2022, we placed orders for four Gulfstream G280s for delivery in 2024 and 2025. In August of 2022, we launched the Volato Stretch jet card, a differentiated jet card product that provides flight credits for customer itinerary flexibility. In December of 2022, we signed a letter of intent for a multi-year fleet purchase of HondaJets with Honda. In January 2023, we launched our automated dynamic pricing tool for the general charter market. In March of 2023, we introduced the Insider Program, a deposit program for our charter services featuring HondaJet pricing caps in certain geographical areas. In May 2023, we and Honda executed a firm order for 23 HondaJets to be delivered in 2023 through 2025. On December 1, 2023, Volato, Inc. (“Legacy Volato”), a Georgia corporation, PROOF Acquisition Corp I, a Delaware corporation (“PACI”) and PACI Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of PACI (“Merger Sub”), consummated the previously announced Business Combination Agreement, dated August 1, 2023 (the “Business Combination Agreement”). Pursuant to the terms of the Business Combination Agreement, a business combination between PACI and Legacy Volato was effected through the merger of Merger Sub with and into Legacy Volato, with Legacy Volato surviving the merger as a wholly-owned subsidiary of PACI (the “Business Combination,” and together with the other transactions contemplated by the Business Combination Agreement and the other agreements contemplated thereby, the “Transactions”). In connection with the consummation of the Business Combination (the “Closing”), PACI changed its name to “Volato Group, Inc.”. Legacy Volato was deemed the accounting acquirer in the business combination. This determination was primarily based on Legacy Volato’s stockholders prior to the business combination having a majority of the voting power in the combined company, Legacy Volato having the ability to appoint a majority of the board of directors of the combined company (the “Board”), Legacy Volato’s existing management comprising the senior management of the combined company, Legacy Volato comprising the ongoing operations of the combined company, Legacy Volato being the larger entity based on historical revenues and business operations, and the combined company assuming Legacy Volato’s name. Accordingly, for accounting purposes, the business combination was treated as the equivalent of Legacy Volato issuing stock for the net assets of PACI, accompanied by a recapitalization. Under this method of accounting, PACI who was the legal acquirer, is treated as the “acquired” company (“accounting acquiree”) for financial reporting purposes. The net assets of PACI are stated at historical cost, with no goodwill or other intangible assets recorded. The equity structure has been restated in all comparative periods up to the closing date to reflect the number of shares of the Company’s Common Stock, $0.0001 par value per share, issued to Legacy Volato stockholders in connection with the business combination. As such, the shares and corresponding capital amounts and earnings per share related to Legacy Volato’s common stock prior to the business combination have been retroactively restated as shares reflecting the exchange ratio of approximately 1.01508 pursuant to the terms of the business combination. Legacy Convertible Preferred Stock was retroactively adjusted, converted into Common Stock, and reclassified to permanent as a result of the reverse recapitalization.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Going concern, liquidity, and capital resources The Company has only recently been formed, has limited operating history, has recorded a net loss of $17.4 million for the three months ended March 31, 2024, has a negative working capital of $11.7 million, and has an accumulated deficit of $81.1 million as of March 31, 2024. Net cash used in operating activities for the three months ended March 31, 2024, was $7.7 million. These above matters raise substantial doubt about the Company's ability to continue as a going concern. During the next twelve months, the Company intends to fund its operations through the issuance of financial instruments including debts or equity, extend the use of its line of credit and the sale of aircraft at a premium to cost. The Company also has the ability to reduce cash burn to preserve capital. Accordingly, management believes that its current cash position, along with its anticipated revenue growth and proceeds from future debt and/or equity financings, when combined with greater fleet utilization and prudent expense management, will allow the Company to continue as a going concern and to fund its operations for at least one year from the date these financials are available. There are no assurances, however, that management will be able to raise capital or debt on terms acceptable to the Company. If the Company is unable to obtain sufficient additional capital, the Company may be required to reduce the near-term scope of its planned development and operations, which could delay implementation of the Company’s business plan and harm its business, financial condition, and operating results. The balance sheet does not include any adjustments that might result from these uncertainties. Basis of presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Reclassifications Certain amounts in 2023 have been reclassified to conform with the current year’s presentation. Principles of Consolidation The consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, Volato, Inc., a company incorporated in the State of Georgia, Gulf Coast Aviation, Inc. sometimes referred to as Volato Aircraft Management Service (“VAMS”), a company incorporated in the State of Texas, GC Aviation, Inc., a company incorporated in the State of Texas, Fly Vaunt, LLC, a company incorporated in the State of Georgia, and Fly Dreams LLC, until March 3, 2023. One of the components of the Company’s business model includes the sale of aircraft and ownership program. The aircraft ownership program is a model whereby the Company sells each floating fleet aircraft to a limited liability company (“Plane Co”). The Plane Co, which is owned by third-party owners, leases the aircraft back to the Company for management and charter operations on behalf of the LLC under 14 C.F.R. Part 135 certificate. The Company does not hold any controlling interest in any Plane Co as of March 31, 2024 and December 31, 2023. Each Plane Co is set up to acquire and own one aircraft pursuant to the HondaJet aircraft purchase agreement executed with the Company. Each Plane Co was managed by PDK Management LLC until June 2023, an entity whose sole member is the Company’s Chief Executive Officer, through an operating agreement, and by Volato, Inc starting in July 2023. Fly Dreams holds the Federal Aviation Agency (“FAA”) certificate and conducts air carrier operations through an aircraft charter Management and Dry Lease Agreement with each of the Plane Co’s. On March 3, 2023, Legacy Volato transferred its Fly Dreams LLC operation to GCA and sold all of its membership interest in Fly Dreams LLC, including Fly Dreams FAA part 135 Certificate. Legacy Volato now conducts its operations under GCA FAA Part 135 Certificate. The selling price was $550 thousand, which resulted in the recognition of $387 thousand in gain, which is presented in other income (expense) in the consolidated statement of operations for the three months ended March 31, 2023. The Company does not hold any controlling interest in any limited liability companies as of March 31, 2024 and December 31, 2023, respectively. The Company only holds de minimis interest in one Plane Co as of March 31, 2024, respectively. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Such estimates include: • Useful lives of property, plant, and equipment. • Assumptions used in valuing equity instruments. • Deferred income taxes and related valuation allowance. • Assessment of long-lived assets impairment. • Assumptions used in the valuation of the forward purchase agreement Cash and restricted cash Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At March 31, 2024 and December 31, 2023, the Company had no cash equivalents besides what was in the cash balance as of this date. The Company has $1.8 million and $2.2 million of restricted cash at March 31, 2024 and December 31, 2023, respectively, which serves as collateral for the credit facility with SAC Leasing G280 LLC. Investment - Equity Method The Company accounts for its equity method investment at cost, adjusted for the Company’s share of the investee’s earnings or losses, which is reported under other income (expense) in the consolidated statement of operations. The Company periodically reviews its investment for other than temporary declines in fair value below cost and more frequently when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As of March 31, 2024, and December 31, 2023, the only equity-method investment was Volato 158 LLC with a 3.13% equity interest. As of March 31, 2024 and December 31, 2023, management believes the carrying value of its equity method investments was recoverable in all material respects. Accounts Receivable Accounts receivables are reported on the consolidated balance sheets at the outstanding principal amount adjusted for any allowance for credit losses and any charge offs. The Company provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount that is expected to be collected. This allowance is estimated based on historical collection experience, the aging of receivables, specific current and expected future macro-economic and market conditions, and assessments of the current creditworthiness and economic status of customers. The Company considers a receivable delinquent if it is unpaid after the term of the related invoice has expired. Balances that are still outstanding after management has used reasonable collection efforts are written off. The Company reviews its allowance for credit losses on a quarterly basis. The Company recognized zero of bad debt expense during the three months ended March 31, 2024 and 2023, respectively. 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 : Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Computer Software Development Software development costs are accounted for in accordance with ASC 350-40, Internal Use Software . Internal software development costs are capitalized from the time the internal use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation and software maintenance costs are expensed as incurred. The capitalized computer software development costs are reported under the section fixed assets, net in the consolidated balance sheet and are amortized using the straight-line method over the estimated useful life of the software, generally three years from when the asset is placed in service. The Company capitalized zero and $323 thousand of internal software development costs during the three months ended March 31, 2024 and the twelve months ended December 31 2023, respectively. The Company also expenses internal costs related to minor upgrades and enhancements, as it is impractical to separate these costs from normal maintenance activities. Website development cost The costs incurred for activities during the website application and infrastructure development stage are capitalized in accordance with the guidance on internal-use software in ASC 350-40. The Company capitalized $56 thousand and $241 thousand of website development costs as of March 31, 2024 and December 31, 2023, respectively. The Company recognized $26 thousand and $15 thousand of amortization expense during the three months ended March 31, 2024 and 2023, respectively. Valuation of Long-Lived Assets: In accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 360, property, plant, and equipment, and long-lived assets are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. No impairment was recognized during the three months ended March 31, 2024 and 2023. Fair value of financial instruments The Company adopted the provisions of FASB Accounting Standards Codification (“ASC”) 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. The Company measures fair value under a framework that utilizes a hierarchy prioritizing the inputs to relevant valuation techniques. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs used in measuring fair value are: • Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company as the ability to access. • Level 2: Inputs to the valuation methodology include: • Quoted prices for similar assets or liabilities in active markets. • Quoted prices for identical or similar assets or liabilities in inactive markets. • Inputs other than quoted prices that are observable for the asset or liability. • Inputs that are derived principally from or corroborated by observable market date by correlation or other means; and • If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The fair value of the Company’s recorded forward purchase agreement (“FPA”) is determined based on unobservable inputs that are not corroborated by market data, which require a Level 3 classification. A Monte Carlo simulation model was used to determine the fair value. The Company records the forward purchase agreement at fair value on the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operation. The following table presents balances of the forward purchase agreement with significant unobservable inputs (Level 3) as of March 31, 2024, in thousands: ​ ​ Fair Value Measurements as of March 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 ​ ​ $— ​ ​ $— ​ ​ $2,755 ​ ​ $2,755 Total ​ ​ $— ​ ​ $— ​ ​ $2,755 ​ ​ $2,755 The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the three months ended March 31, 2024, in thousands: ​ ​ Forward Purchase Agreement Balance December 31, 2023 ​ ​ $2,982 Change in fair value ​ ​ (227) Balance March 31, 2024 ​ ​ $2,755 The Company measures the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions: ​ ​ Three months ended March 31, 2024 Volume Weighted average stock price (“VWAP”) ​ ​ $ 3.54 Initial Price ​ ​ $10.81 Expected Volatility ​ ​ 91.0% Term ​ ​ 1.68 Risk-free Rate ​ ​ 4.7% The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid and other assets, accounts payable and accrued expenses, deposits, and members’ deposit approximate their fair value because of the short maturity of those instruments. The Company’s line of credit, convertible notes and other promissory notes approximate the fair value of such liabilities based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements and due to the short-term maturity of these instruments at March 31, 2024 and December 31, 2023, respectively. Commitments and contingencies The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own Common Stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent reporting period end date while the warrants are outstanding. All of the Company’s warrants have met the criteria for equity treatment. Revenue recognition Revenues are recognized on a gross basis and presented on the consolidated statements of operations net of rebates, discounts, and taxes collected concurrent with revenue-producing activities. The transaction price in the Company’s contracts with its customers is fixed at the time control of goods and services are transferred to the customer. Therefore, the Company does not estimate variable consideration or perform a constraint analysis for our contracts. The Company determines revenue recognition pursuant to Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, through the following steps: 1. Identification of the contract, or contracts, with a customer. 2. Identification of the performance obligation(s) in the contract. 3. Determination of the transaction price. 4. Allocation of the transaction to the performance obligation(s) in the contract. The Company generates revenue primarily through three sources: (i) the sale of aircraft, (ii) charter flights which include deposit products, retail and wholesale charter flights and owner flights, and (iii) aircraft management services. Revenue is recognized when control of the promised service is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies, as a performance obligation, each promise to transfer a good or service to a customer that is distinct. To identify its performance obligations, the Company considers all of the goods and services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. For each revenue stream, we evaluate whether our obligation is to provide the good or service itself, as the principal or to arrange for the good or service to be provided by the other party, as the agent, using the control model. For certain services provided to the customer, primarily in our aircraft management services revenue stream, the Company directs third-party providers to assist in our fulfillment of the performance obligation in contracts with our customers. Any cost reimbursements and third-party costs are recognized in revenue on a gross basis as Volato has pre-negotiated these costs and takes a certain amount of risk that it will not fully recover the costs incurred. In such circumstances, the Company is primarily responsible for satisfying the overall performance obligation with the customer and is considered the principal in the relationship because the Company has the ability to direct the third parties to provide services to our customers. Aircraft sales only requires the delivery of the aircraft. Volato also generates revenues from charter flights for owners, deposit products, retail customers and wholesale charter brokers. Deposit products are a complementary set of products available to retail charter customers whereby the customer makes a deposit in exchange for certain charter product offerings of the Company to be provided in the future. Charter flights are flights offered to retail and non-retail charter customers in exchange for a fee. The contracts generally consist of one performance obligation and revenue is recognized upon transfer of control of our promised services, which generally occurs upon the flight hours being used during the period which the chartered flights were operated. The Company’s contract for charter services outlines the transaction price in advance. Non-owner flights typically require payment in advance. Other charter services are due upon completion of the services. The contracts include cancellation penalty charges as a percentage of the original flight based on the time of cancellation and the type of flight. Itinerary changes may result in a price change prior to the occurrence of the flight. If the total flight itinerary cannot be completed due to any reason (other than customer cancellation or no show), the charter customer is responsible for only the portion of the itinerary that can be completed, and any advance payment is refunded. The Company’s aircraft management services are a full-service management and charter operator including dry leasing airplanes from owners, placing aircrafts on our FAA Air Carrier Certificate, operating the aircraft for owner flights and chartering the aircraft to customers. Under the aircraft management services revenues stream, aircraft owners pay management fees to the Company plus all operating expenses for the aircraft, maintenance, crew hiring and management, flight operations, dispatch, hangar, fuel, cleaning, insurance, and aircraft charter marketing. Revenues from aircraft management services consist of one performance obligation to provide management airplane management services. Revenue is partially recognized overtime for the administrative portion of the service, and partially recognized at a point in time, generally upon the transfer of control of the promised services included as part of the management services. Revenue recognized over time was $1.6 million and $1.1 million for the three months ended March 31, 2024 and 2023, respectively. All other revenue was recognized upon the transfer of control of the promised services. The Company’s contracts for managing aircraft provide for fixed monthly management fees and reimbursement of operating expenses at a predetermined margin. Generally, contracts require two months advance deposit of estimated expenses. In accordance with ASC 606, contract assets are to be recognized when an entity has the right to receive consideration in exchange for goods or services that have been transferred to a customer. Also, in accordance with ASC 606, contract liabilities are to be recognized when an entity is obligated to transfer goods or services for which consideration has already been received. The Company recognizes contract liabilities for any advance payments from customers primarily associated with its deposit products and charter flights as well as aircraft management services revenue streams. Deposits that are provided under the Company’s Insider Membership program or the Company’s Stretch Card agreements are treated as contract liabilities when the funds are received and are reduced as the flights are utilized. Any deposits that are not utilized over the 24-month term of the agreements, which end upon being forfeited if the agreements are not renewed, would be recognized as revenues at the time they are forfeited. Occasionally, we offer credits to customers of the Company’s Insider and Stretch Card agreements in excess of the cash deposit received as an incentive offering. These credits are non-refundable and are recorded as a contract liability until they are either used or expired. The Company does not offer their customer a significant financing component as part of the arrangement because the period between the transfer of service to a customer and when the customer pays for the service is one year or less or the timing and the transfer of the services is at the discretion of the customer. Contract liabilities consist of customer prepayments and the aircraft deposits referred to above. Total contract liabilities were $19.0 million and $12.9 million as of March 31, 2024 and December 31, 2023, respectively. The Company generated $13.2 million of revenue during the three months ended March 31, 2024 broken down as follows, in thousands: Aircraft sales ​ ​ $ — Charter flight revenue ​ ​ 11,516 Aircraft Management revenue ​ ​ 1,695 Total ​ ​ $13,211 The Company generated $15.7 million of revenue during the three months ended March 31, 2023 broken down as follows, in thousands: Aircraft sales ​ ​ $ 5,710 Charter flight revenue ​ ​ 6,684 Aircraft management revenue ​ ​ 3,271 Total ​ ​ $15,665 Income taxes The Company follows Section 740-10-30 of the FASB ASC, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company follows the guidance of 740-10-25 of the FASB ASC (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. The Company is subject to tax in the United States (“U.S.”) and files tax returns in the U.S. Federal jurisdiction, and state jurisdictions. The Company is subject to U.S. Federal, state, and local income tax examinations by tax authorities. The Company currently is not under examination by any tax authority. Stock-based compensation The Company accounts for equity-based compensation using the fair value method as set forth in the ASC 718, C ompensation—Stock Compensation , which requires the measurement and recognition of compensation expense for all stock-based payment awards based on estimated fair values. This method requires companies to estimate the fair value of stock-based compensation on the date of grant using an option pricing model. The Company estimates the fair value of each equity-based payment award on the date of grant using the Black-Scholes pricing model. The Black-Scholes model determines the fair value of equity-based payment awards based on the fair value of the underlying common stock on the date of grant and requires the use of estimates and assumptions, including the fair value of the Company’s common stock, exercise price of the stock option, expected volatility, expected life, risk-free interest rate and dividend rate. The Company estimates the expected volatility of its stock options by taking the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options; it is not practical for the Company to estimate its own volatility due to the lack of historical prices. The expected term of the options is determined in accordance with existing equity agreements as the underlying options are assumed to be exercised upon the passage of time. The risk-free interest rate is the estimated average interest rate based on U.S. Treasury zero-coupon notes with terms consistent with the expected life of the awards. The expected dividend yield is zero as the Company does not anticipate paying any recurring cash dividends in the foreseeable future. The Company accounts for forfeitures as they occur. Net loss per share The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of the FASB ASC. Basic earnings per share is computed by dividing net loss available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net loss available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially dilutive debt or equity. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. Securities that are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been antidilutive for the three months ended March 31, 2024, include stock options and convertible debt. The Company has 2,289,159 and 2,478,020 outstanding stock options to purchase an equivalent number of common stock at March 31, 2024, and 2023, respectively. The Company also has 29,026,000 outstanding warrants to purchase an equivalent number of shares of common stock as of March 31, 2024 and 2023, respectively, at a weighted average strike price of $11.50. Concentration of Credit Risk The Company maintains its cash with a major financial institution located in the United States of America which it believes to be creditworthy. Balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At times, the Company may maintain balances in excess of the federally insured limits. Intangible Assets Intangible assets other than goodwill consists of acquired finite-lived customer relationships and acquired indefinite-lived Part 135 air carrier certificate. At initial recognition, intangible assets acquired in a business combination are recognized at their fair value as of the date of acquisition. Following initial recognition, finite-lived intangible assets are carried at cost less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset, which was determined based on management’s estimate of the period over which the asset will contribute to our future cash flows. The Company reviews the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline in operating performance, competition, sale, or disposition of a significant portion of the business, or other factors. If the review indicates the impairment, an impairment loss would be recorded for the difference of the value recorded and the new value. There was no impairment loss recognized for the intangible assets for the three months ended March 31, 2024 and 2023, respectively. Goodwill Goodwill represents the excess of the aggregate purchase price paid over the fair value of the net assets acquired in our business combinations. Goodwill is not amortized and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include a significant adverse change in business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, additional impairment testing is not required. The Company tests for goodwill impairment annually during its fourth quarter on October 1. There was no impairment of goodwill for the three months ended March 31,2024 and 2023, respectively. Segment Reporting The Company identifies operating segments as components	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Going concern, liquidity, and capital resources The Company has only recently been formed, has limited operating history, has recorded a net loss of approximately $53 million for the year ended December 31, 2023, has a limited positive working capital of approximately $3 million, and has an accumulated deficit of approximately $64 million as of December 31, 2023. Net cash used in operating activities for the year ended December 31, 2023, was approximately $30 million. These above matters raise substantial doubt about the Company’s ability to continue as a going concern. During the next twelve months, the Company intends to fund its operations through the issuance of financial instruments including debts or equity, extend the use of its line of credit and the sale of aircraft at a premium to cost. The Company also has the ability to reduce cash burn to preserve capital. Accordingly, management believes that its current cash position, along with its anticipated revenue growth and proceeds from future debt and/or equity financings, when combined with greater fleet utilization and prudent expense management, will allow the Company to continue as a going concern and to fund its operations for at least one year from the date these financials are available. There are no assurances, however, that management will be able to raise capital or debt on terms acceptable to the Company. If the Company is unable to obtain sufficient additional capital, the Company may be required to reduce the near-term scope of its planned development and operations, which could delay implementation of the Company’s business plan and harm its business, financial condition, and operating results. The balance sheet does not include any adjustments that might result from these uncertainties. Basis of presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Reclassifications Certain amounts in 2022 have been reclassified to conform with the current year’s presentation. Principles of Consolidation The consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, Volato, Inc., a company incorporated in the State of Georgia, Gulf Coast Aviation, Inc. , a company incorporated in the State of Texas, GC Aviation, Inc., a company incorporated in the State of Texas, Fly Vaunt, LLC, a company incorporated in the State of Georgia, and Fly Dreams LLC, until March 3, 2023. The Company’s consolidated subsidiaries were as follows: 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% One of the components of the Company’s business model includes the sale of aircraft and ownership program. The aircraft ownership program is a model whereby the Company sells each fleet aircraft to a limited liability company, which was previously referred to as “Plane Co”. The Plane Co, which is owned by third-party owners, leases the aircraft back to the Company for management and charter operations on behalf of the LLC under 14 C.F.R. Part 135 certificate. The Company does not hold any controlling interest in any Plane Co as of December 31, 2023, and 2022. Each Plane Co is set up to acquire and own one aircraft pursuant to the HondaJet aircraft purchase agreement executed with the Company. Each Plane Co is managed by PDK Management LLC until June 2023, an entity whose sole member is the Company’s Chief Executive Officer, through an operating agreement, and by Volato, Inc starting in July 2023. On March 11, 2022, the Company executed a stock purchase agreement pursuant to which the Company acquired all of the issued and outstanding equity shares of Gulf Coast Aviation, Inc. for a total cash consideration of $1.85 million. Gulf Coast Aviation, Inc., is the owner of G C Aviation, Inc., a Texas entity and Part 135 air carrier certificate holder. Fly Dreams holds the Federal Aviation Agency (“FAA”) certificate and conducts air carrier operations through an aircraft charter Management and Dry Lease Agreement with each of the Plane Co’s. On March 3, 2023, Legacy Volato transferred its Fly Dreams LLC operation to GCA and sold all of its membership interest in Fly Dreams LLC, including Fly Dreams FAA part 135 Certificate. Legacy Volato now conducts its operations under GCA FAA Part 135 Certificate. The selling price was $550 thousand, which resulted in the recognition of $387 thousand in gain, which is presented in other income (expense) in the consolidated statement of operations for the year ended December 31, 2023. Other than FlyVaunt, LLC, the Company does not hold any controlling interest in any limited liability companies as of December 31, 2023 and 2022.The Company only holds de minimis interest in one and two Plane Cos as of December 31, 2023 and 2022, respectively. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Such estimates include: • Useful lives of property, plant, and equipment. • Assumptions used in valuing equity instruments. • Deferred income taxes and related valuation allowance. • Assessment of long-lived assets impairment. • Assumptions used in the valuation of the forward purchase agreement Cash and restricted cash Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2023 and 2022, the Company had no cash equivalents besides what was in the cash balance as of this date. The Company has $2.24 million and $2.10 million of restricted cash at December 31, 2023, and 2022, respectively, which serves as collateral for the credit facility with SAC Leasing G280 LLC. Investment - Equity Method The Company accounts for its equity method investment at cost, adjusted for the Company’s share of the investee’s earnings or losses, which is reported under other income (expense) in the consolidated statement of operations. The Company periodically reviews its investment for other than temporary declines in fair value below cost and more frequently when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As of December 31, 2023, the only equity-method investment was Volato 158 LLC with a 3.13% equity interest. As of December 31, 2022, the only equity-method investments were Volato 239 LLC with a 18.75% equity interest and Volato 158 LLC with a 3.13% equity interest. As of December 31, 2023 and 2022, management believes the carrying value of its equity method investments was recoverable in all material respects. Accounts Receivable Accounts receivables are reported on the consolidated balance sheets at the outstanding principal amount adjusted for any allowance for credit losses and any charge offs. The Company provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount that is expected to be collected. This allowance is estimated based on historical collection experience, the aging of receivables, specific current and expected future macro-economic and market conditions, and assessments of the current creditworthiness and economic status of customers. The Company considers a receivable delinquent if it is unpaid after the term of the related invoice has expired. Balances that are still outstanding after management has used reasonable collection efforts are written off. The Company reviews its allowance for credit losses on a quarterly basis. The Company recognized approximately $106 thousand and $5 thousand of bad debt expense during the years ended December 31, 2023 and 2022, respectively. 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 Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Computer Software Development Software development costs are accounted for in accordance with ASC 350-40, Internal Use Software The capitalized computer software development costs are reported under the section fixed assets, net in the consolidated balance sheet and are amortized using the straight-line method over the estimated useful life of the software, generally three years from when the asset is placed in service. The Company determined that there were approximately $323 thousand and $114 thousand of internal software development costs incurred during the year ended December 31, 2023 and 2022, respectively. The Company also expenses internal costs related to minor upgrades and enhancements, as it is impractical to separate these costs from normal maintenance activities. Website development cost The costs incurred for activities during the website application and infrastructure development stage are capitalized in accordance with the guidance on internal-use software in ASC 350-40. The Company capitalized approximately $241 thousand and $114 thousand of website development costs during the year ended December 31, 2023 and December 31, 2022, respectively. The Company recognized approximately $56 thousand and $14 thousand of amortization expense during the year ended December 31, 2023 and December 31, 2022, respectively. Valuation of Long-Lived Assets: In accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 360, property, plant, and equipment, and long-lived assets are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. No impairment was recognized during the years ended December 31, 2023 and 2022. Fair value of financial instruments The Company adopted the provisions of FASB Accounting Standards Codification (“ASC”) 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. The Company measures fair value under a framework that utilizes a hierarchy prioritizing the inputs to relevant valuation techniques. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs used in measuring fair value are: • Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company as the ability to access. • Level 2: Inputs to the valuation methodology include: • Quoted prices for similar assets or liabilities in active markets. • Quoted prices for identical or similar assets or liabilities in inactive markets. • Inputs other than quoted prices that are observable for the asset or liability. • Inputs that are derived principally from or corroborated by observable market date by correlation or other means; and • If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The fair value of the Company’s recorded forward purchase agreement (“FPA”) is determined based on unobservable inputs that are not corroborated by market data, which require a Level 3 classification. A Monte Carlo simulation model was used to determine the fair value. The Company records the forward purchase agreement at fair value on the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operation. The following table presents balances of the forward purchase agreement with significant unobservable inputs (Level 3) as of December 31, 2023, in thousand: ​ ​ Fair Value Measurements as of December 31, 2023 Using ​ ​ 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 ​ ​ $— ​ ​ $— ​ ​ $2,982 ​ ​ $2,982 Total ​ ​ $— ​ ​ $— ​ ​ $2,982 ​ ​ $2,982 The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the year ended December 31, 2023, in thousand: ​ ​ Forward Purchase Agreement Balance December 31, 2022 ​ ​ $ — Cash funded ​ ​ 18,911 Proceeds ​ ​ (2,525) Change in fair value ​ ​ (13,403) Balance December 31, 2023 ​ ​ $ 2,983 The Company measures the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions: ​ ​ 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% The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid and other assets, accounts payable and accrued expenses, deposits, and members’ deposit approximate their fair value because of the short maturity of those instruments. The Company’s line of credit, convertible notes and other promissory notes approximate the fair value of such liabilities based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements and due to the short-term maturity of these instruments at December 31, 2023 and 2022. Commitments and contingencies The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 Distinguishing Liabilities from Equity Derivatives and Hedging Revenue recognition Revenues are recognized on a gross basis and presented on the consolidated statements of operations net of rebates, discounts, and taxes collected concurrent with revenue-producing activities. The transaction price in the Company’s contracts with its customers is fixed at the time control of goods and services are transferred to the customer. Therefore, the Company does not estimate variable consideration or perform a constraint analysis for our contracts. The Company determines revenue recognition pursuant to Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, through the following steps: 1. Identification of the contract, or contracts, with a customer. 2. Identification of the performance obligation(s) in the contract. 3. Determination of the transaction price. 4. Allocation of the transaction to the performance obligation(s) in the contract. The Company generates revenue primarily through three sources: (i) the sale of aircraft, (ii) charter flights which include deposit products, retail and wholesale charter flights and owner flights, and (iii) aircraft management services. Revenue is recognized when control of the promised service is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies, as a performance obligation, each promise to transfer a good or service to a customer that is distinct. To identify its performance obligations, the Company considers all of the goods and services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. For each revenue stream, we evaluate whether our obligation is to provide the good or service itself, as the principal or to arrange for the good or service to be provided by the other party, as the agent, using the control model. For certain services provided to the customer, primarily in our aircraft management services revenue stream, the Company directs third-party providers to assist in our fulfillment of the performance obligation in contracts with our customers. Any cost reimbursements and third-party costs are recognized in revenue on a gross basis as Volato has pre-negotiated these costs and takes a certain amount of risk that it will not fully recover the costs incurred. In such circumstances, the Company is primarily responsible for satisfying the overall performance obligation with the customer and is considered the principal in the relationship because the Company has the ability to direct the third parties to provide services to our customers. Aircraft sales only requires the delivery of the aircraft. Volato also generates revenues from charter flights for owners, deposit products, retail customers and wholesale charter brokers. Deposit products are a complementary set of products available to retail charter customers whereby the customer makes a deposit in exchange for certain charter product offerings of the Company to be provided in the future. Charter flights are flights offered to retail and non-retail charter customers in exchange for a fee. The contracts generally consist of one performance obligation and revenue is recognized upon transfer of control of our promised services, which generally occurs upon the flight hours being used during the period which the chartered flights were operated. The Company’s contract for charter services outlines the transaction price in advance. Non-owner flights typically require payment in advance. Other charter services are due upon completion of the services. The contracts include cancellation penalty charges as a percentage of the original flight based on the time of cancellation and the type of flight. Itinerary changes may result in a price change prior to the occurrence of the flight. If the total flight itinerary cannot be completed due to any reason (other than customer cancellation or no show), the charter customer is responsible for only the portion of the itinerary that can be completed, and any advance payment is refunded. The Company’s aircraft management services are a full-service management and charter operator including dry leasing airplanes from owners, placing aircrafts on our FAA Air Carrier Certificate, operating the aircraft for owner flights and chartering the aircraft to customers. Under the aircraft management services revenues stream, aircraft owners pay management fees to the Company plus all operating expenses for the aircraft, maintenance, crew hiring and management, flight operations, dispatch, hangar, fuel, cleaning, insurance, and aircraft charter marketing. Revenues from aircraft management services consist of one performance obligation to provide management airplane management services. Revenue is partially recognized overtime for the administrative portion of the service, and partially recognized at a point in time, generally upon the transfer of control of the promised services included as part of the management services. Revenue recognized over time was $5.0 million and $2.3 million for the year ended December 31, 2023 and 2022, respectively. All other revenue was recognized upon the transfer of control of the promised services. The Company’s contracts for managing aircraft provide for fixed monthly management fees and reimbursement of operating expenses at a predetermined margin. Generally, contracts require two months advance deposit of estimated expenses. In accordance with ASC 606, contract assets are to be recognized when an entity has the right to receive consideration in exchange for goods or services that have been transferred to a customer. Also, in accordance with ASC 606, contract liabilities are to be recognized when an entity is obligated to transfer goods or services for which consideration has already been received. The Company recognizes contract liabilities for any advance payments from customers primarily associated with its deposit products and charter flights as well as aircraft management services revenue streams. Deposits that are provided under the Company’s Insider Membership program or the Company’s Stretch Card agreements are treated as contract liabilities when the funds are received and are reduced as the flights are utilized. Any deposits that are not utilized over the 24-month term of the agreements, which end upon being forfeited if the agreements are not renewed, would be recognized as revenues at the time they are forfeited. Occasionally, we offer credits to customers of the Company’s Insider and Stretch Card agreements in excess of the cash deposit received as an incentive offering. These credits are non-refundable and are recorded as a contract liability until they are either used or expired. The Company does not offer their customer a significant financing component as part of the arrangement because the period between the transfer of service to a customer and when the customer pays for the service is one year or less or the timing and the transfer of the services is at the discretion of the customer. Contract liabilities consist of customer prepayments and the aircraft deposits referred to above. Total contract liabilities were $12.9 million and $2.2 million as of December 31, 2023 and 2022, respectively. The Company has generated $73.3 million of revenue during the year ended December 31, 2023. The revenue is broken down as follows for the year ended December 31, 2023 in thousands: Aircraft sales ​ ​ $21,443 Charter flight revenue ​ ​ $37,787 Aircraft Management revenue ​ ​ $14,108 Total ​ ​ $73,338 The Company has generated $96.7 million of revenue during the year ended December 31, 2022. The revenue is broken down as follows for the year ended December 31, 2022 in thousands: Aircraft sales ​ ​ $67,695 Charter flight revenue ​ ​ $14,417 Aircraft management revenue ​ ​ $14,594 Total ​ ​ $96,706 Income taxes The Company follows Section 740-10-30 of the FASB ASC, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company follows the guidance of 740-10-25 of the FASB ASC (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. The Company is subject to tax in the United States (“U.S.”) and files tax returns in the U.S. Federal jurisdiction, and state jurisdictions. The Company is subject to U.S. Federal, state, and local income tax examinations by tax authorities. The Company currently is not under examination by any tax authority. Stock-based compensation The Company accounts for equity-based compensation using the fair value method as set forth in the ASC 718, Compensation—Stock Compensation The Black-Scholes model determines the fair value of equity-based payment awards based on the fair value of the underlying common stock on the date of grant and requires the use of estimates and assumptions, including the fair value of the Company’s common stock, exercise price of the stock option, expected volatility, expected life, risk-free interest rate and dividend rate. The Company estimates the expected volatility of its stock options by taking the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options; it is not practical for the Company to estimate its own volatility due to the lack of historical prices. The expected term of the options is determined in accordance with existing equity agreements as the underlying options are assumed to be exercised upon the passage of time. The risk-free interest rate is the estimated average interest rate based on U.S. Treasury zero-coupon notes with terms consistent with the expected life of the awards. The expected dividend yield is zero as the Company does not anticipate paying any recurring cash dividends in the foreseeable future. The Company accounts for forfeitures as they occur. Net loss per share The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of the FASB ASC. Basic earnings per share is computed by dividing net loss available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net loss available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially dilutive debt or equity. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. Securities that are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been antidilutive for the year ended December 31, 2023, include stock options and convertible debt. The Company has 2,369,169 and 2,507,618 outstanding stock options to purchase an equivalent number of common stock at December 31, 2023, and 2022, respectively. The Company also has 29,026,000 outstanding warrants to purchase an equivalent number of shares of common stock as of December 31, 2023 at a weighted average strike price of $11.50. No warrants were issued and outstanding as of December 31, 2022. Concentration of Credit Risk The Company maintains its cash with a major financial institution located in the United States of America which it believes to be creditworthy. Balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At times, the Company may maintain balances in excess of the federally insured limits. Intangible Assets Intangible assets other than goodwill consists of acquired finite-lived customer relationships and acquired indefinite-lived Part 135 air carrier certificate. At initial recognition, intangible assets acquired in a business combination are recognized at their fair value as of the date of acquisition. Following initial recognition, finite-lived intangible assets are carried at cost less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset, which was determined based on management’s estimate of the period over which the asset will contribute to our future cash flows. The Company reviews the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline in operating performance, competition, sale, or disposition of a significant portion of the business, or other factors. If the review indicates the impairment, an impairment loss would be recorded for the difference of the value recorded and the new value. For the years ended December 31, 2023 and 2022, there was no impairment loss recognized for the intangible assets. Goodwill Goodwill represents the excess of the aggregate purchase price paid over the fair value of the net assets acquired in our business combinations. Goodwill is not amortized and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include a significant adverse change in business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, additional impairment testing is not required. The Company tests for goodwill impairment annually during its fourth quarter on October 1. There was no impairment of goodwill for the year ended December 31, 2023 and 2022. Segment Reporting The Company identifies operating segments as components of the Company. for which discrete financial information is available and is regularly reviewed by the chief operating decision maker, or decision-making group, in making decisions regarding resource allocation and performance assessment. The chief oper

BUSINESS COMBINATION (FY)

BUSINESS COMBINATION (FY)	12 Months Ended
	Dec. 31, 2023
Reverse Recapitalization [Abstract]
BUSINESS COMBINATION	NOTE 3 – BUSINESS COMBINATION As discussed in Note 1, on December 1, 2023, the Company consummated the business combination pursuant to the merger agreement. The business combination was accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, Proof Acquisition Corp I or PACI, who was the legal acquirer, was treated as the “acquired” company for financial reporting purposes. Accordingly, the business combination was treated as the equivalent of Legacy Volato issuing stock for the net assets of PACI, accompanied by a recapitalization. Upon the closing, holders of Legacy Volato common stock received shares of Common Stock of Volato Group, Inc. in an amount determined by application of the exchange ratio of approximately 1.01508 (the “exchange ratio”). For periods prior to the business combination, the reported share and per share amounts have been retroactively converted by applying the exchange ratio. The consolidated assets, liabilities and results of operations prior to the business combination are those of Legacy Volato. In connection with the business combination, approximately $5.7 million of transaction related expenses and other costs were incurred. The following table reconciles the elements of the business combination to the consolidated statement of cash flows and the consolidated statement of changes in equity: (In thousands) ​ ​ Year Ended December 31, 2023 Cash - PACI trust and cash (net of redemptions) ​ ​ $19,081 Gross Proceeds ​ ​ $19,081 Less Transaction related expenses and other costs ​ ​ (6,898) Less Net liabilities assumed from PACI ​ ​ (1,722) Net proceeds from the business combination ​ ​ $10,461 The number of shares of Common Stock outstanding immediately following the closing was as follows: ​ ​ Class A Common Stock PACI public shareholders ​ ​ 1,767,390 PACI’s sponsors ​ ​ 6,883,579 Company’s employees ​ ​ 9,441 Legacy Volato shareholders (1) ​ ​ 7,434,936 Legacy Volato Series Preferred investors ​ ​ 11,948,103 Total shares of Common Stock immediately after closing ​ ​ 28,043,449 (1) The number of Legacy Volato shares was determined from the shares of Legacy Volato shares outstanding immediately prior to the closing converted at the exchange ratio of approximately 1.01508.

BUSINESS ACQUISITION (FY)

BUSINESS ACQUISITION (FY)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
BUSINESS ACQUISTION	NOTE 4 – BUSINESS ACQUISITION On March 11, 2022, the Company executed a stock purchase agreement with Stephen and Deborah Holmes for the purchase of all of the issued and outstanding equity shares of Gulf Coast Aviation, Inc. for a total cash consideration of $1.85 million. GCA was originally formed in the State of Texas on April 18, 1997. GCA, through its wholly owned subsidiary, holds an air carrier operation certificate issued by the Federal Aviation Administration (“FAA”) under 14 C.F.R parts 119 and 135 of the Federal Aviation Regulations (“FAR”). GCA provides ad-hoc charter flights and manages aircraft for owners in the private aviation industry. GCA generates revenue from the management and chartering of aircraft. Legacy Volato accounted for this transaction as a business combination under ASC 805. Accordingly, the assets acquired, and the liabilities assumed were recorded at their estimated fair value as of the closing date of the acquisition. Goodwill from the acquisition principally relates to the qualified workforce and potential synergy, as well as the excess value of identified net assets over the fair value of assumed liabilities. Since this transaction was a stock acquisition, the goodwill is not tax deductible. Fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. The judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives and the expected future cash flows and related discount rates, can impact the Company’s consolidated financial statements. Significant inputs used for the model included the amount of cash flows, the expected period of the cash flows, the discount rates, and the customer attrition rate. The acquisition-date fair value of the consideration transferred is as follows, in thousand: ​ ​ March 11, 2022 Cash ​ ​ $1,850 Other consideration transferred ​ ​ — Purchase price ​ ​ $1,850 The following is a purchase price allocation as of the March 11, 2022, acquisition date, in thousands: ​ ​ March 11, 2022 Cash ​ ​ $ 679 Accounts receivable ​ ​ 247 Other current assets ​ ​ 45 Fixed Assets ​ ​ 5 Certificate ​ ​ 1,200 Customer Relationships ​ ​ 301 Deferred tax liability ​ ​ (385) Accounts Payable and Accrued Expenses ​ ​ (877) Net Assets Acquired ​ ​ $1,215 Goodwill ​ ​ 635 Total consideration ​ ​ $1,850 Acquired tangible net assets were valued at estimates of their current fair values. Acquired intangible assets consisted of a Part 135 aircraft certificate valued at $1.20 million and customer relationships valued at $301 thousand (note 6). Customer relationship fair value was determined based on management’s estimates of projected after tax net operating profit from existing customers discounted to present value based on expected attrition rate of existing customers. The fair value of the certificate was estimated by management based on selling price of comparable certificates, adjusted as deemed appropriate. The Company did not recognize any impairment to the acquired goodwill for the years ended December 31, 2023, and 2022.

INITIAL PUBLIC OFFERING AND PRI

INITIAL PUBLIC OFFERING AND PRIVATE PLACEMENT (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Reverse Recapitalization [Abstract]
INITIAL PUBLIC OFFERING AND PRIVATE PLACEMENT	NOTE 3 – BUSINESS COMBINATION As discussed in Note 1, on December 1, 2023, the Company consummated the business combination pursuant to the merger agreement. The business combination was accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, Proof Acquisition Corp I or PACI, who was the legal acquirer, was treated as the “acquired” company for financial reporting purposes. Accordingly, the business combination was treated as the equivalent of Legacy Volato issuing stock for the net assets of PACI, accompanied by a recapitalization. Upon the closing, holders of Legacy Volato common stock received shares of Common Stock of Volato Group, Inc. in an amount determined by application of the exchange ratio of 1.01508 (the “exchange ratio”). For periods prior to the business combination, the reported share and per share amounts have been retroactively converted by applying the exchange ratio. The consolidated assets, liabilities and results of operations prior to the business combination are those of Legacy Volato.	NOTE 5 – INITIAL PUBLIC OFFERING AND PRIVATE PLACEMENT Pursuant to the Initial Public Offering (“IPO”) in December of 2021, Proof Acquisition Corp I or PACI sold 27,600,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one-half of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 18). At the effective date of the merger on December 1, 2023, 1,767,390 shares were outstanding and not redeemed and were converted into an equivalent number of Class A shares of common stock of Volato Group, Inc. At the time of the merger, 6,883,579 founders’ shares (formerly PACI’s Class B common stock shares) were also outstanding and were converted into an equivalent number of Class A shares of common stock of Volato Group, Inc. Simultaneously with the closing of the IPO in 2021, PACI consummated the private sale to the Sponsor and BlackRock of an aggregate of 15,226,000 private placement warrants. Each private placement warrant is exercisable to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. These warrants are outstanding as of December 31, 2023.

INTANGIBLES (FY)

INTANGIBLES (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLES	NOTE 4 – INTANGIBLES Finite-Lived Intangible Assets The following is a summary of finite-lived intangible assets as of March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(125) ​ ​ $176 ​ ​ $301 ​ ​ $(125) ​ ​ $176 ​ ​ December 31, 2023 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(110) ​ ​ $191 ​ ​ $301 ​ ​ $(110) ​ ​ $191 Intangible asset amortization expense was $15 thousand for the three months ended March 31, 2024, and 2023, respectively. As of March 31, 2024, future amortization expense is expected to be as follows, in thousands: ​ ​ Amount 2024 ​ ​ $ 45 2025 ​ ​ 60 2026 ​ ​ 60 2027 ​ ​ 11 ​ ​ $176 Indefinite - Lived Intangible Assets The following table summarizes the balances as of March 31, 2024 and December 31, 2023, of the indefinite-lived intangible assets, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Intangible asset - Part 135 certificate ​ ​ $1,200 ​ ​ $1,200 The FAA Part 135 certificate for a total amount of $1.2 million relates to the certificate acquired from the GCA acquisition. During the year ended December 31, 2023, the Company transferred its Fly Dreams LLC operations to GCA and sold its membership interest in Fly Dreams LLC, including Fly Dreams FAA Part 135 Certificate, with a carrying balance of $163 thousand, for a selling price of $550 thousand, which resulted in a gain in the amount of $387 thousand, which was reported in other income in the consolidated statement of operations for the year ended December 31, 2023. The Company did not recognize any impairment of the Part 135 certificates as of March 31, 2024 and December 31, 2023.	NOTE 6 – INTANGIBLES Finite-Lived Intangible Assets The following is a summary of finite-lived intangible assets as of December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(110) ​ ​ $191 ​ ​ $301 ​ ​ $(110) ​ ​ $191 ​ ​ December 31, 2022 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(49) ​ ​ $252 ​ ​ $301 ​ ​ $(49) ​ ​ $252 Intangible asset amortization expense was $61 thousand and $49 thousand for the year ended December 31, 2023 and 2022, respectively. As of December 31, 2023, future amortization expense is expected to be as follows, in thousand: Fiscal years ending December 31, ​ ​ Amount 2024 ​ ​ $60 2025 ​ ​ 60 2026 ​ ​ 60 2027 ​ ​ 11 ​ ​ $191 Indefinite - Lived Intangible Assets The following table summarizes the balances as of December 31, 2023 and 2022, of the indefinite-lived intangible assets, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Intangible asset – Part 135 certificate ​ ​ $1,200 ​ ​ $1,363 The FAA Part 135 certificate for a total amount of $1.2 million relates to the certificate acquired from the GCA acquisition. During the year ended December 31, 2023, the Company transferred its Fly Dreams LLC operations to GCA and sold its membership interest in Fly Dreams LLC, including Fly Dreams FAA Part 135 Certificate, with a carrying balance of $163 thousand, for a selling price of $550 thousand, which resulted in a gain in the amount of $387 thousand, which was reported in other income in the consolidated statement of operations for the year ended December 31, 2023. The Company did not recognize any impairment of the Part 135 certificates as of December 31, 2023, and 2022.

MERGER TRANSACTION COSTS PAYA_2

MERGER TRANSACTION COSTS PAYABLE (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Merger Transaction Costs Payable	NOTE 5 - MERGER TRANSACTION COSTS PAYABLE Merger transaction cost payable consist of the following as of December 31, 2023, in thousands: ​ ​ December 31, 2023 Transaction costs payable in common stock ​ ​ $4,250 Total ​ ​ $4,250 In connection with the business combination, the Company entered into three agreements (the “Agreements”) with financial institutions, in which a success fee in the aggregate amount of $4.25 million will be paid by the Company to the financial institutions in case the Company consummates the acquisition. The success fees, or portion thereof, were to be paid in the Company’s shares of common stock. ASC 480 Distinguishing Liabilities From Equity requires liability classification for all instruments that embodies an unconditional obligation that the Company must or may settle by issuing a variable number of its equity shares, if, at inception, the monetary value of the obligation is based solely on a fixed monetary amount know at inception. As a result, the Company classified such liability in current liabilities as of December 31, 2023. Subsequent to December 31, 2023, the Company issued an aggregate number of 1,208,180 shares of Class A common stock in full settlement of such liability (see note 20). In January 2024, the Company issued 1,208,180 shares of Class A common stock and 100,000 warrants in full settlement of the merger transaction costs in the amount of $4.25 million which was payable to three ( 3) financial institutions. Such liability was accrued for and reported under merger transaction costs payable in shares in the consolidated balance sheet as of December 31, 2023.	NOTE 7 – Merger transaction cost payable consist of the following as of December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Transaction costs payable in common stock ​ ​ $4,250 ​ ​ $— Total ​ ​ $4,250 ​ ​ $— In connection with the business combination, the Company entered into three agreements (the “Agreements”) with financial institutions, in which a success fee in the aggregate amount of $4.25 million will be paid by the Company to the financial institutions in case the Company consummates the acquisition. The success fees, or portion thereof, are to be paid in the Company’s shares of common stock. ASC 480 Distinguishing Liabilities From Equity

FORWARD PURCHASE AGREEMENT (FY)

FORWARD PURCHASE AGREEMENT (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FORWARD PURCHASE AGREEMENT	NOTE 6 – FORWARD PURCHASE AGREEMENT On November 28, 2023, PACI, the Company (PACI is referred to as the counterparty prior to the closing while the Company is referred to as the counterparty after the closing) and Vellar Opportunities Fund Master, Ltd. (“Seller”), entered into an agreement (the “Forward Purchase Agreement”) for an OTC Equity Prepaid Forward Transaction (the “Forward Purchase Transaction”). Pursuant to the terms of the Forward Purchase Agreement, the Seller intends, but is not obligated, to purchase prior to the closing up to 2.0 million shares (the “Maximum Number of Shares”) of the Company from third parties through a broker in the open market. The Number of Shares subject to a Forward Purchase Agreement is subject to reduction following a termination of the Forward Purchase Agreement with respect to such shares as described under “Optional Early Termination” in the respective Forward Purchase Agreement. The Forward Purchase Agreement provides that the Seller will be paid directly an aggregate cash amount (the “Prepayment Amount”) equal to the product of (i) the number of shares as set forth in the pricing date notice and (ii) the redemption price paid by the Company on the closing date to holders of its common stock who exercised their redemption rights in connection with the business combination (the “Initial Price”). From time to time and on any date following the business combination, the seller may, in its absolute discretion, terminate the Forward Purchase Agreement in whole or in part by providing written notice to the Counterparty that specifies the quantity by which the number of shares shall be reduced. The valuation date (the “Valuation Date”) for the Forward Purchase Agreement will be the earliest to occur of (a) the date that is 24 months after the closing date, (b) the date specified by seller in a written notice to be delivered to the counterparty at seller’s discretion (which Valuation Date shall not be earlier than the day such notice is effective) after the occurrence of any of (w) a VWAP (“Volume Weighted Average Price”) trigger event (defined when the VWAP price, for any twenty trading days during a thirty consecutive trading-day period, is below $1.00 per share) (x) a delisting event, or (y) a registration failure and (c) the date specified by Seller in a written notice to be delivered to Counterparty at Seller’s sole discretion. On the Cash Settlement Payment Date, which is the 70th trading day immediately following the Maturity Date, Seller shall pay the Company a cash amount equal to (1) the number of shares as of the valuation date multiplied by (2) the closing price of the Shares on the business day immediately preceding the valuation date. In all other cases, the Seller shall pay the Company a cash amount equal to (1) the number of shares as of the valuation date multiplied by the VWAP Price over the valuation period less (2) the settlement amount adjustment. NOTE 6 – FORWARD PURCHASE AGREEMENT (CONTINUED) The settlement amount adjustment is equal to the product of (1) (a) the maximum number of Shares less (b) any terminated shares as of the valuation date, multiplied by (2) $1.50. During the year ended December 31, 2023, the Company paid an aggregate amount of $18.9 million. The Company collected $2.4 million in December 2023, and recognized a loss on the change in fair value of the forward purchase agreement in the aggregated amount of $13.4 million, which was reported in other expenses in the consolidated statement of operations for the year ended December 31, 2023. In the three months ended March 31, 2024, the Company recognized a loss on the change in fair value of $227 thousand reported in other expenses in the consolidated statement of operations.	NOTE 8 – FORWARD PURCHASE AGREEMENT On November 28, 2023, PACI, the Company (PACI is referred to as the counterparty prior to the closing while the Company is referred to as the counterparty after the closing) and Vellar Opportunities Fund Master, Ltd. (“Seller”), entered into an agreement (the “Forward Purchase Agreement”) for an OTC Equity Prepaid Forward Transaction (the “Forward Purchase Transaction”). Pursuant to the terms of the Forward Purchase Agreement, the Seller intends, but is not obligated, to purchase prior to the closing up to 2.0 million shares (the “Maximum Number of Shares”) of the Company from third parties through a broker in the open market. The Number of Shares subject to a Forward Purchase Agreement is subject to reduction following a termination of the Forward Purchase Agreement with respect to such shares as described under “Optional Early Termination” in the respective Forward Purchase Agreement. The Forward Purchase Agreement provides that the Seller will be paid directly an aggregate cash amount (the “Prepayment Amount”) equal to the product of (i) the number of shares as set forth in the pricing date notice and (ii) the redemption price paid by the Company on the closing date to holders of its common stock who exercised their redemption rights in connection with the business combination (the “Initial Price”). From time to time and on any date following the business combination, the seller may, in its absolute discretion, terminate the Forward Purchase Agreement in whole or in part by providing written notice to the Counterparty that specifies the quantity by which the number of shares shall be reduced. The valuation date (the “Valuation Date”) for the Forward Purchase Agreement will be the earliest to occur of (a) the date that is 24 months after the closing date, (b) the date specified by seller in a written notice to be delivered to the counterparty at seller’s discretion (which Valuation Date shall not be earlier than the day such notice is effective) after the occurrence of any of (w) a VWAP (“Volume Weighted Average Price”) trigger event (defined when the VWAP price, for any twenty trading days during a thirty consecutive trading-day period, is below $1.00 per share) (x) a delisting event, or (y) a registration failure and (c) the date specified by Seller in a written notice to be delivered to Counterparty at Seller’s sole discretion. On the Cash Settlement Payment Date, which is the 70th trading day immediately following the Maturity Date, Seller shall pay the Company a cash amount equal to (1) the number of shares as of the valuation date multiplied by (2) the closing price of the Shares on the business day immediately preceding the valuation date. In all other cases, the Seller shall pay the Company a cash amount equal to (1) the number of shares as of the valuation date multiplied by the VWAP Price over the valuation period less (2) the settlement amount adjustment. The settlement amount adjustment is equal to the product of (1) (a) the maximum number of Shares less (b) any terminated shares as of the valuation date, multiplied by (2) $1.50. During the year ended December 31, 2023, the Company paid an aggregate amount of approximately $18.9 million. The Company collected $2.4 million in December 2023, and recognized a loss on the change in fair value of the forward purchase agreement in the aggregated amount of $13.4 million, which was reported in other expenses in the consolidated statement of operations for the year ended December 31, 2023.

FIXED ASSETS (FY)

FIXED ASSETS (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
FIXED ASSETS	NOTE 7 – FIXED ASSETS Fixed assets consist of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Machine and equipment ​ ​ $ 191 ​ ​ $ 191 Automobiles ​ ​ 102 ​ ​ 102 Website development costs ​ ​ 290 ​ ​ 290 Computer and office equipment ​ ​ 9 ​ ​ 11 Software development costs ​ ​ 493 ​ ​ 437 ​ ​ 1,085 ​ ​ 1,031 Less accumulated depreciation ​ ​ (248) ​ ​ (185) ​ ​ $ 837 ​ ​ $ 846 During the three months ended March 31, 2024 and 2023, the Company recognized $65 thousand and $30 thousand of depreciation, respectively.	NOTE 9– FIXED ASSETS Fixed assets consist of the following at December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Machine and equipment ​ ​ $ 191 ​ ​ $173 Automobiles ​ ​ 102 ​ ​ 63 Website development costs ​ ​ 290 ​ ​ 49 Computer and office equipment ​ ​ 11 ​ ​ 8 Software development costs ​ ​ 437 ​ ​ 114 ​ ​ 1,031 ​ ​ 407 Less accumulated depreciation ​ ​ (185) ​ ​ (59) ​ ​ $ 846 ​ ​ $348 During the years ended December 31, 2023 and 2022, the Company recognized $140 thousand and $112 thousand of depreciation, respectively.

DEPOSITS (FY)

DEPOSITS (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
DEPOSITS	NOTE 8 – DEPOSITS Deposits consist of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Deposits on aircraft ​ ​ $ 46,450 ​ ​ $ 40,300 Other deposits ​ ​ 406 ​ ​ 516 Total deposits ​ ​ $ 46,856 ​ ​ $ 40,816 Less current portion ​ ​ (25,200) ​ ​ (25,125) Total deposits, non-current ​ ​ $ 21,656 ​ ​ $ 15,691 Below is a breakdown of the deposits on aircraft as of March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Gulfstream aircraft deposits ​ ​ $ 45,000 ​ ​ $ 39,000 Honda aircraft deposits ​ ​ 1,450 ​ ​ 1,300 Total deposits on aircraft ​ ​ 46,450 ​ ​ $ 40,300 Less current portion ​ ​ (25,200) ​ ​ (25,050) Total deposits on aircraft non-current ​ ​ $ 21,250 ​ ​ $ 15,250 Gulfstream Aerospace, LP In 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G 280 aircraft for total consideration of $79 million with expected delivery throughout fiscal year 2025. NOTE 8 – DEPOSITS (CONTINUED) During the three months ended March 31, 2024, the Company funded an additional amount of $6 million, of which $6 million was funded through the SAC Leasing G 280 line of credit. During the three months ended March 31, 2023, the Company funded $4.5 million pursuant to the terms of the executed purchase agreements, of which $3.0 million was funded through SAC leasing G 280 Line of credit and $1.5 million paid directly by the Company. The Company funded an aggregate amount of $45 million and $39 million towards the acquisition price of the four Gulfstream G 280 aircraft in accordance with the scheduled payment terms of the agreements as of March 31, 2024, and December 31, 2023, respectively. HondaJet The Company entered into aircraft purchase agreements with Honda Aircraft Company LLC, under which it paid $1.5 million and $1.3 million of deposits for aircraft not yet delivered at March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2023, the Company took delivery of one aircraft for a purchase price of $5.5 million. In May 2023, the Company and Honda Aircraft Company, LLC entered into a HondaJet Fleet Purchase Agreement for the acquisition of twenty-three (23) HondaJet HA-420 Aircraft for a total aggregate purchase price of $161.1 million for delivery between the fourth fiscal quarter of 2023 and the fourth fiscal quarter of 2025.	NOTE 10 – DEPOSITS Deposits consist of the following at December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Deposits on aircraft ​ ​ $ 40,300 ​ ​ $12,833 Other deposits ​ ​ 516 ​ ​ 123 Total deposits ​ ​ $ 40,816 ​ ​ $12,956 Less current portion ​ ​ (25,125) ​ ​ (833) Total deposits, non-current ​ ​ $ 15,691 ​ ​ $12,123 Below is a breakdown of the deposits on aircraft as of December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Gulfstream aircraft deposits ​ ​ $ 39,000 ​ ​ $12,000 Honda aircraft deposits ​ ​ 1,300 ​ ​ 833 Total deposits on aircraft ​ ​ $ 40,300 ​ ​ $12,833 Less current portion ​ ​ $(25,050) ​ ​ (833) Total deposits on aircraft non-current ​ ​ 15,250 ​ ​ $12,000 Gulfstream Aerospace, LP During the year ended December 31, 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G 280 aircraft for total consideration of $79 million with expected delivery throughout fiscal year 2025. During the year ended December 31, 2023, the Company funded an additional amount of $27 million, of which $24 million was funded through the SAC Leasing G 280 line of credit and $3 million paid directly by the Company. During the year ended December 31, 2022, the Company funded $12 million pursuant to the terms of the executed purchase agreements, of which $4.5 million was funded through SAC leasing G 280 Line of credit. The Company funded an aggregate amount of $39 million and $12 million towards the acquisition price of the four Gulfstream G 280 aircraft in accordance with the scheduled payment terms of the agreements as of December 31, 2023, and December 31, 2022, respectively. HondaJet The Company entered into aircraft purchase agreements with Honda Aircraft Company LLC, under which it paid $1.3 million and $0.8 million of deposits for aircraft not yet delivered at December 31, 2023 and December 31, 2022, respectively. During the year ended December 31, 2023, the Company took delivery of three aircraft for a purchase price of $17.9 million. In May 2023, the Company and Honda Aircraft Company, LLC entered into a HondaJet Fleet Purchase Agreement for the acquisition of twenty-three (23) HondaJet HA-420 Aircraft for a total aggregate purchase price of $161.1 million for delivery between the fourth fiscal quarter of 2023 and the fourth fiscal quarter of 2025.

EQUITY-METHOD INVESTMENT (FY)

EQUITY-METHOD INVESTMENT (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
EQUITY-METHOD INVESTMENT	NOTE 9 – EQUITY-METHOD INVESTMENT The Company has the following equity method investments at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Investment in Volato 158 LLC ​ ​ $158 ​ ​ $154 ​ ​ $158 ​ ​ $154 The Company has one equity-method investment as of March 31, 2024 and December 31, 2023: Volato 158 LLC, with a membership interest of 3.125%. Volato 158 LLC In August 2021, the Company executed an aircraft purchase agreement with Volato 158 LLC (“158 LLC”) and contributed an aircraft with a carrying amount of $4.2 million to 158 LLC for a 100% membership interest in 158 LLC. The investment in 158 LLC was initially consolidated as the Company had a controlling financial interest in 158 LLC. As of March 31, 2024, and December 31, 2023 the Company had a remaining 3.125% interest in 158 LLC. Based on its equity investment, the Company recorded a gain from its equity-method investment of $4 thousand and $2 thousand for the three months ended March 31, 2024 and 2023, respectively.	NOTE 11 – EQUITY-METHOD INVESTMENT The Company has the following equity method investments at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Investment in Volato 158 LLC ​ ​ $154 ​ ​ $ 152 Investment in Volato 239 LLC ​ ​ — ​ ​ 1,007 ​ ​ $154 ​ ​ $1,159 The Company has one equity-method investment as of December 31, 2023: Volato 158 LLC, with a membership interest of 3.125%. The Company had the following two equity-method investments as of December 31, 2022: Volato 158 LLC, Volato 239 LLC, with a membership interest of 3.125% and 18.75%, respectively. Volato 158 LLC In August 2021, the Company executed an aircraft purchase agreement with Volato 158 LLC (“158 LLC”) and contributed an aircraft with a carrying amount of $4.2 million to 158 LLC for a 100% membership interest in 158 LLC. The investment in 158 LLC was initially consolidated as the Company had a controlling financial interest in 158 LLC. As of December 31, 2023, the Company had a remaining 3.125% interest in 158 LLC. Based on its equity investment, the Company recorded a loss from its equity-method investment of $3 thousand for the year ended December 31, 2023, which decreased the carrying value of its equity-method investment as of December 31, 2023, to $154 thousand. As of December 31, 2022, the Company has a remaining 3.125% interest in 158 LLC. Based on its equity investment, the Company recorded a gain from its equity-method investment of $11 thousand for the year ended December 31, 2022, which increased the carrying value of its equity-method investment as of December 31, 2022 to $152 thousand. Volato 239 LLC During the year ended December 31, 2022, the Company formed Volato 239 LLC (“239 LLC”) in which third-party investors invested an aggregate amount of $6.37 million for 81.25% interest in 239 LLC. The Company retained 0.01% and 18.75% interest in 239 LLC as of December 31, 2023, and December 31, 2022, respectively. The Company elected to account for its investment under the equity method as the Company exercised significant influence through a management agreement with an affiliate of the Company. Based on its equity investment, the Company has recorded a loss from its equity-method investment of $6 thousand for the year ended December 31, 2022. Based on its equity investment, the Company recorded a gain from its equity-method investment of $20 thousand for the year ended December 31, 2023, which is reported as other income in the Company’s consolidated statement of operations for the year ended December 31, 2023. During the year ended December 31, 2023, the Company sold to third-party investors an aggregate amount of $1.47 million for the remaining 18.75% interest in 239 LLC, resulting in the recognition of a profit of $443 thousand, which had been deferred at December 31, 2022. This profit is presented in other income in the consolidated statement of operations for the year ended December 31, 2023. During the year ended December 31, 2023, the Company also purchased membership interest in two LLC’s for an aggregate amount of $2.3 million, which it resold to third party investors for a total consideration of $2.7 million, recognizing a gain of $0.4 million, which is presented in other income in the consolidated statement of operations for the year ended December 31, 2023.

REVOLVING LOAN AND PROMISSORY_2

REVOLVING LOAN AND PROMISSORY NOTE - RELATED PARTY (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
REVOLVING LOAN AND PROMISSORY NOTE - RELATED PARTY	NOTE 10 – REVOLVING LOAN AND PROMISSORY NOTE- RELATED PARTY Revolving loan and promissory note with a related party consisted of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Dennis Liotta, March 2023 – 10% interest – promissory note due March 2024 ​ ​ $1,000 ​ ​ $ 1,000 Total notes from related party - current ​ ​ $1,000 ​ ​ $1,000 Dennis Liotta (father of the Company’s Chief Executive Officer) – March 2022 Secured revolving note: On December 9, 2021, the Company entered into a revolving loan agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $8.0 million that matured on January 1, 2023 (“March 2022 note”). The Company was required to make monthly payments of interest at a fixed rate of 4.0% per annum. The Company was required to make principal repayments at fixed scheduled dates. In the event of default, the entire unpaid principal balance together with all accrued but unpaid interest shall be due and payable regardless of the maturity date. If the default occurs and remains uncured beyond the applicable grace period, then the entire unpaid principal balance shall bear interest at a default interest of 500 basis points (5%) over the regular interest or nine percent (9%). Events of default include the failure to make principal or interest payments when due, any judgement in excess of $500, indebtedness cross default, or bankruptcy proceedings. In conjunction with the execution of the revolving note, both parties executed a security agreement, under which the Company granted a continuing security interest in all of the assets of the Company. The Company did not make its interest payments, thus triggering a default and increasing the interest rate to 9% plus an additional 5% on the missed payments. The Company incurred $370 thousand in interest and penalties during the three month ended March 31, 2023. In the first quarter of 2023, the Company converted the unpaid principal balance of this revolving note and accrued interest into a convertible note for total principal balance of $6.0 million. Dennis Liotta (father of the Company’s Chief Executive Officer) – March 2023 promissory note On March 15, 2023, the Company entered into a promissory note agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $1 million, with an effective date of February 27, 2023, which matures on March 31, 2024 (“March 2023 note”). The entire outstanding principal balance together with accrued but unpaid interest are due at the maturity date. The March 2023 note includes a ten percent (10%) interest rate per annum, which will be increased to twenty percent (20%) upon an event of default. Events of default include the failure to make any principal and accrued interest when due, any legal proceedings against the Company or a voluntary federal bankruptcy. The March 2023 note may be prepaid at any time without penalties. Promissory note from related party was $1.0 million as of March 31, 2024, and December 31, 2023, respectively. On April 1, 2024, the Promissory note was paid in full. The Company incurred $23 thousand and $109 thousand of interest expense during the three months ended March 31, 2024 and 2023, respectively. Accrued interest was $109 thousand as of March 31, 2024. NOTE 11 – CREDIT FACILITY AND OTHER LOANS Credit facility and other loans consisted of the following at March 31, 2024 and December 31, 2023, in thousand: ​ ​ March 31, 2024 ​ ​ December 31, 2023 SAC Leasing G280 LLC credit facility, 12.5% interest, net of deposits ​ ​ $33,750 ​ ​ $27,750 Less discounts ​ ​ (374) ​ ​ (376) Total credit facility, net of discount ​ ​ $33,376 ​ ​ 27,374 SAC Leasing G280 LLC Line of credit In December 31, 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G-280 aircraft for total consideration of $79.0 million with expected deliveries in 2024 and 2025, of which an aggregate amount of $45.0 million was funded and paid as of March 31, 2024, partially through a credit facility from SAC leasing G 280. During the period ended March 31, 2024, the Company funded an additional $6.0 million through the SAC Leasing G280 credit facility. During the quarter ended March 31, 2024, the Company increased its SAC leasing G280 line of credit by $6.0 million, which brings the carrying balance at $33.8 million as of March 31, 2024. The Company incurred $45 thousand and $548 thousand of incremental closing costs, which are reported as debt discount against the liability in the consolidated balance sheets as of March 31, 2024, and December 31, 2023, respectively. During the three months ended March 31, 2024 and 2023, the Company amortized to interest expense $47 thousand and $29 thousand of debt discount, respectively. The maturity date is the earlier of the delivery date of the aircraft or September 14, 2025, which is thirty-five (35) months from the date of funding. The purchase agreement contracts were assigned to SAC G280 LLC as collateral on this credit facility. During the three months ended March 31, 2024 and 2023, the Company incurred $1.1 million and $222 thousand of interest under this facility, respectively. The Company entered into the pre-delivery payment agreement on October 5, 2022, with SAC Leasing G280, LLC to obtain loans in the aggregate amount of $40.5 million for the purchase of four (4) Gulfstream G280 aircraft to be delivered in 2024 and 2025. The Board of Directors consented to the participation of Coastal States Bank, as a syndicate lender in the financing of additional aircraft by SAC Leasing G280 LLC. On August 25, 2023, the Company and SAC Leasing V280, LLC entered into the first amendment to pre-delivery payment agreement. As of March 31, 2024, the Company had an aggregate amount of $34.5 million in promissory notes, of which 60% was sole to Coastal States Bank pursuant to the first amendment.	NOTE 12 – REVOLVING LOAN AND PROMISSORY NOTE- RELATED PARTY Revolving loan and promissory note with a related party consisted of the following at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Dennis Liotta, December 2021 – 4 ​ ​ $— ​ ​ $5,150 Dennis Liotta, March 2023 – 10% interest – promissory note due March 2024 ​ ​ 1,000 ​ ​ — Total notes from related party - current ​ ​ $1,000 ​ ​ $5,150 Dennis Liotta (father of the Company’s Chief Executive Officer) – December 2021 Secured revolving note: On December 9, 2021, the Company entered into a revolving loan agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $8.0 million that matured on January 1, 2023 (“December 2021 note”). The Company is required to make monthly payments of interest at a fixed rate of 4.0% per annum. The Company is required to make principal repayments at fixed scheduled dates. In the event of default, the entire unpaid principal balance together with all accrued but unpaid interest shall be due and payable regardless of the maturity date. If the default occurs and remains uncured beyond the applicable grace period, then the entire unpaid principal balance shall bear interest at a default interest of 500 basis points (5%) over the regular interest or nine percent (9%). Events of default include the failure to make principal or interest payments when due, any judgement in excess of $500, indebtedness cross default, or bankruptcy proceedings. In conjunction with the execution of the revolving note, both parties executed a security agreement, under which the Company granted a continuing security interest in all of the assets of the Company. The Company did not make its interest payments, thus triggering a default and increasing the interest rate to 9% plus an additional 5% on the missed payments. The Company incurred approximately $370 thousand and $480 thousand of interest and penalties during the years ended December 31, 2023, and 2022, respectively. During the Company’s first fiscal quarter, the Company converted the unpaid principal balance of this revolving note and accrued interest into a convertible note for total principal balance of $6.0 million. The balance of the December 2021 note was $0 and $5.15 million as of December 31, 2023, and December 31, 2022, respectively. Accrued interest, relating to this line of credit, was approximately $0 and $495 thousand as of December 31, 2023, and December 31, 2022, respectively, which are presented in accrued interest in the consolidated balance sheets. Dennis Liotta (father of the Company’s Chief Executive Officer) – March 2023 promissory note On March 15, 2023, the Company entered into a promissory note agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $1 million, with an effective date of February 27, 2023, which matures on March 31, 2024 (“March 2023 note”). The entire outstanding principal balance together with accrued but unpaid interest are due at the maturity date. The March 2023 note includes a ten percent (10%) interest rate per annum, which will be increased to twenty percent (20%) upon an event of default. Events of default include the failure to make any principal and accrued interest when due, any legal proceedings against the Company or a voluntary federal bankruptcy. The March 2023 note may be prepaid at any time without penalties. Promissory note from related party was $1.0 million and $0 as of December 31, 2023, and December 31, 2022, respectively. The Company incurred $86 thousand of interest during the year ended December 31, 2023. Accrued interest was $86 thousand as of December 31, 2023, which is presented in accounts payable and accrued liabilities in the consolidated balance sheet as of December 31, 2023. NOTE 1 4 – CREDIT FACILITY AND OTHER LOANS Credit facility and other loans consisted of the following at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 SAC Leasing G280 LLC credit facility, 12.5% interest, net of deposits ​ ​ $ 27,750 ​ ​ $4,500 Less discounts ​ ​ (376) ​ ​ (330) Total credit facility, net of discount ​ ​ $27,374 ​ ​ 4,170 SAC Leasing G280 LLC Line of credit During the year ended December 31, 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G-280 aircraft for total consideration of $79.0 million with expected deliveries in 2024 and 2025, of which an aggregate amount of $30.0 million was funded and paid as of December 31, 2023, partially through a credit facility from SAC leasing G 280. During the year ended December 31, 2023, the Company paid an additional $3.0 million towards the purchase agreements and funded an additional $24.0 million through the SAC Leasing G280 credit facility. During the year ended December 31, 2022, the Company funded an aggregate amount of $12 million, of which $4.5 million was funded through a credit facility from SAC leasing and $7.5 million was paid in cash. During the year ended December 31, 2023, the Company increased its SAC leasing G280 line of credit by $24.0 million offset by a deposit funded in the amount of $750 thousand, which brings the carrying balance at $27.75 million as of December 31, 2023. The Company incurred $548 thousand and $357 thousand of incremental closing costs, which are reported as debt discount against the liability in the consolidated balance sheets as of December 31, 2023, and December 31, 2022, respectively. During the year ended December 31, 2023 and 2022, the Company amortized to interest expense $146 thousand and $27 thousand of debt discount, respectively. The maturity date is the earlier of the delivery date of the aircraft or September 14, 2025, which is thirty-five (35) months from the date of funding. The purchase agreement contracts were assigned to SAC G280 LLC as collateral on this credit facility. During the year ended December 31, 2023 and 2022, the Company incurred approximately $2.17 million and $65 thousand of interest under this facility, respectively. The Company entered into the pre-delivery payment agreement on October 5, 2022, with SAC Leasing G280, LLC to obtain loans in the aggregate amount of $40.5 million for the purchase of four (4) Gulfstream G280 aircraft to be delivered in 2024 and 2025. The Board of Directors consented to the participation of Coastal States Bank, as a syndicate lender in the financing of additional aircraft by SAC Leasing G280 LLC. On August 25, 2023, the Company and SAC Leasing V280, LLC entered into the first amendment to pre-delivery payment agreement. As of December 31, 2023, the Company had an aggregate amount of $28.5 million in promissory notes, of which 60% was sole to Coastal States Bank pursuant to the first amendment.

UNSECURED CONVERTIBLE NOTES (FY

UNSECURED CONVERTIBLE NOTES (FY)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
UNSECURED CONVERTIBLE NOTES	NOTE 13 – UNSECURED CONVERTIBLE NOTES Unsecured convertible notes consisted of the following at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 2022 unsecured convertible notes, 5% coupon, due December 2023 ​ ​ $  — ​ ​ $18,879 2023 unsecured convertible notes, 4% coupon, due March 2024 ​ ​ — ​ ​ — Total unsecured convertible notes, gross ​ ​ — ​ ​ 18,879 Less unamortized debt discounts ​ ​ — ​ ​ (35) ​ ​ ​ ​ Total unsecured convertible notes, net of discount ​ ​ $ — ​ ​ $18,844 Less current portion ​ ​ — ​ ​ 18,844 Total unsecured convertible notes, net of discount non-current ​ ​ $ — ​ ​ $ — 2022 unsecured convertible notes due December 2023 (“2022 notes”) During the year ended December 31, 2022, the Company entered into a series of convertible notes with various investors in a series of multiple closings (the “2022 unsecured convertible notes”) for an aggregate principal not to exceed $20.0 million. During the year ended December 31, 2022, the Company issued convertible notes in an aggregate principal amount of $18.9 million, of which $18.9 million was funded as of December 31, 2022. During the year ended December 31, 2023, the Company secured one additional convertible note for principal amount of $250 thousand, of which $250 thousand was funded for an aggregate amount of $19.13 million. In conjunction with the issuance of the notes, the Company incurred $87 thousand of closing financing costs to this date, which were presented as an offset to the convertible notes in the consolidated balance sheets as of December 31, 2022. The 2022 unsecured convertible notes included a conversion feature that failed the derivative accounting pursuant to ASC 815 Derivatives and Hedging On January 1, 2023, the Company elected to adopt ASU 2020-06 Debt- Debt with Conversion and Other Options (Subtopic 470-20) On July 21, 2023, the Company secured qualifying financing for cash, which triggered the automatic conversion of the carrying balance of the 2022 convertible notes into series A-2 of preferred stock in Legacy Volato. During the year ended December 31, 2023, the Company converted the carrying balance of the 2022 unsecured convertible notes, which includes principal balance of $19.13 million, accrued but unpaid interest in the amount of $813 thousand and $36 thousand of unamortized debt discount, into 3,327,624 shares of Series A-2 preferred stock based on an agreed upon conversion price of $5.9820 in accordance with the original terms of the 2022 unsecured convertible notes agreements. On December 1, 2023, following the closing of the business combination agreement, the Company converted the 3,327,624 shares of Series A-2 preferred stock into 3,377,812 shares of Class A Common Stock of Volato Group, Inc. During the year ended December 31, 2023, the Company amortized $38 thousand of closing financing costs through interest expense, bringing the unamortized financing costs balance at approximately $36 thousand before conversion. During the year ended December 31, 2022, the Company amortized $15 thousand of closing financing costs through interest expense, bringing the unamortized financing costs balance at approximately $35 thousand. During the year ended December 31, 2023 and 2022, the Company recognized $552 thousand and $249 thousand of interest expense, respectively. 2023 unsecured convertible notes The Company entered into a series of convertible notes (the “2023 unsecured convertible notes”) issued in a series of multiple closings for an aggregate principal not to exceed $25.0 million. During the year ended December 31, 2023, the Company issued a series of notes in an aggregate principal amount of $18.42 million, of which $12.42 million was funded and $6.0 million was issued pursuant to the conversion of the line of credit with a related party (see note 12). On July 21, 2023, Legacy Volato secured a qualifying financing for cash, which triggered the automatic conversion of the 2023 convertible notes into a newly issued series of preferred stock, namely the Series A-3 preferred stock. During the years ended December 31, 2023 and 2022, the Company recognized approximately $34 thousand and $0 of interest expense, respectively. During the year ended December 31, 2023, the Company converted the carrying balance of the 2023 unsecured convertible notes, which includes principal balance of $18.42 million, accrued but unpaid interest in the amount of $34 thousand, into 2,050,628 shares of Series A-3 preferred stock in Legacy Volato, based on an agreed upon conversion price of $9.00 in accordance with the original terms of the 2023 unsecured convertible notes agreements. On December 1, 2023, following the closing of the business combination agreement, the Company converted the 2,050,628 shares of Series A-3 preferred stock into 2,081,556 shares of Class A Common Stock of Volato Group, Inc.

CREDIT FACILITY AND OTHER LOA_2

CREDIT FACILITY AND OTHER LOANS (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
CREDIT FACILITY AND OTHER LOANS	NOTE 10 – REVOLVING LOAN AND PROMISSORY NOTE- RELATED PARTY Revolving loan and promissory note with a related party consisted of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Dennis Liotta, March 2023 – 10% interest – promissory note due March 2024 ​ ​ $1,000 ​ ​ $ 1,000 Total notes from related party - current ​ ​ $1,000 ​ ​ $1,000 Dennis Liotta (father of the Company’s Chief Executive Officer) – March 2022 Secured revolving note: On December 9, 2021, the Company entered into a revolving loan agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $8.0 million that matured on January 1, 2023 (“March 2022 note”). The Company was required to make monthly payments of interest at a fixed rate of 4.0% per annum. The Company was required to make principal repayments at fixed scheduled dates. In the event of default, the entire unpaid principal balance together with all accrued but unpaid interest shall be due and payable regardless of the maturity date. If the default occurs and remains uncured beyond the applicable grace period, then the entire unpaid principal balance shall bear interest at a default interest of 500 basis points (5%) over the regular interest or nine percent (9%). Events of default include the failure to make principal or interest payments when due, any judgement in excess of $500, indebtedness cross default, or bankruptcy proceedings. In conjunction with the execution of the revolving note, both parties executed a security agreement, under which the Company granted a continuing security interest in all of the assets of the Company. The Company did not make its interest payments, thus triggering a default and increasing the interest rate to 9% plus an additional 5% on the missed payments. The Company incurred $370 thousand in interest and penalties during the three month ended March 31, 2023. In the first quarter of 2023, the Company converted the unpaid principal balance of this revolving note and accrued interest into a convertible note for total principal balance of $6.0 million. Dennis Liotta (father of the Company’s Chief Executive Officer) – March 2023 promissory note On March 15, 2023, the Company entered into a promissory note agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $1 million, with an effective date of February 27, 2023, which matures on March 31, 2024 (“March 2023 note”). The entire outstanding principal balance together with accrued but unpaid interest are due at the maturity date. The March 2023 note includes a ten percent (10%) interest rate per annum, which will be increased to twenty percent (20%) upon an event of default. Events of default include the failure to make any principal and accrued interest when due, any legal proceedings against the Company or a voluntary federal bankruptcy. The March 2023 note may be prepaid at any time without penalties. Promissory note from related party was $1.0 million as of March 31, 2024, and December 31, 2023, respectively. On April 1, 2024, the Promissory note was paid in full. The Company incurred $23 thousand and $109 thousand of interest expense during the three months ended March 31, 2024 and 2023, respectively. Accrued interest was $109 thousand as of March 31, 2024. NOTE 11 – CREDIT FACILITY AND OTHER LOANS Credit facility and other loans consisted of the following at March 31, 2024 and December 31, 2023, in thousand: ​ ​ March 31, 2024 ​ ​ December 31, 2023 SAC Leasing G280 LLC credit facility, 12.5% interest, net of deposits ​ ​ $33,750 ​ ​ $27,750 Less discounts ​ ​ (374) ​ ​ (376) Total credit facility, net of discount ​ ​ $33,376 ​ ​ 27,374 SAC Leasing G280 LLC Line of credit In December 31, 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G-280 aircraft for total consideration of $79.0 million with expected deliveries in 2024 and 2025, of which an aggregate amount of $45.0 million was funded and paid as of March 31, 2024, partially through a credit facility from SAC leasing G 280. During the period ended March 31, 2024, the Company funded an additional $6.0 million through the SAC Leasing G280 credit facility. During the quarter ended March 31, 2024, the Company increased its SAC leasing G280 line of credit by $6.0 million, which brings the carrying balance at $33.8 million as of March 31, 2024. The Company incurred $45 thousand and $548 thousand of incremental closing costs, which are reported as debt discount against the liability in the consolidated balance sheets as of March 31, 2024, and December 31, 2023, respectively. During the three months ended March 31, 2024 and 2023, the Company amortized to interest expense $47 thousand and $29 thousand of debt discount, respectively. The maturity date is the earlier of the delivery date of the aircraft or September 14, 2025, which is thirty-five (35) months from the date of funding. The purchase agreement contracts were assigned to SAC G280 LLC as collateral on this credit facility. During the three months ended March 31, 2024 and 2023, the Company incurred $1.1 million and $222 thousand of interest under this facility, respectively. The Company entered into the pre-delivery payment agreement on October 5, 2022, with SAC Leasing G280, LLC to obtain loans in the aggregate amount of $40.5 million for the purchase of four (4) Gulfstream G280 aircraft to be delivered in 2024 and 2025. The Board of Directors consented to the participation of Coastal States Bank, as a syndicate lender in the financing of additional aircraft by SAC Leasing G280 LLC. On August 25, 2023, the Company and SAC Leasing V280, LLC entered into the first amendment to pre-delivery payment agreement. As of March 31, 2024, the Company had an aggregate amount of $34.5 million in promissory notes, of which 60% was sole to Coastal States Bank pursuant to the first amendment.	NOTE 12 – REVOLVING LOAN AND PROMISSORY NOTE- RELATED PARTY Revolving loan and promissory note with a related party consisted of the following at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Dennis Liotta, December 2021 – 4 ​ ​ $— ​ ​ $5,150 Dennis Liotta, March 2023 – 10% interest – promissory note due March 2024 ​ ​ 1,000 ​ ​ — Total notes from related party - current ​ ​ $1,000 ​ ​ $5,150 Dennis Liotta (father of the Company’s Chief Executive Officer) – December 2021 Secured revolving note: On December 9, 2021, the Company entered into a revolving loan agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $8.0 million that matured on January 1, 2023 (“December 2021 note”). The Company is required to make monthly payments of interest at a fixed rate of 4.0% per annum. The Company is required to make principal repayments at fixed scheduled dates. In the event of default, the entire unpaid principal balance together with all accrued but unpaid interest shall be due and payable regardless of the maturity date. If the default occurs and remains uncured beyond the applicable grace period, then the entire unpaid principal balance shall bear interest at a default interest of 500 basis points (5%) over the regular interest or nine percent (9%). Events of default include the failure to make principal or interest payments when due, any judgement in excess of $500, indebtedness cross default, or bankruptcy proceedings. In conjunction with the execution of the revolving note, both parties executed a security agreement, under which the Company granted a continuing security interest in all of the assets of the Company. The Company did not make its interest payments, thus triggering a default and increasing the interest rate to 9% plus an additional 5% on the missed payments. The Company incurred approximately $370 thousand and $480 thousand of interest and penalties during the years ended December 31, 2023, and 2022, respectively. During the Company’s first fiscal quarter, the Company converted the unpaid principal balance of this revolving note and accrued interest into a convertible note for total principal balance of $6.0 million. The balance of the December 2021 note was $0 and $5.15 million as of December 31, 2023, and December 31, 2022, respectively. Accrued interest, relating to this line of credit, was approximately $0 and $495 thousand as of December 31, 2023, and December 31, 2022, respectively, which are presented in accrued interest in the consolidated balance sheets. Dennis Liotta (father of the Company’s Chief Executive Officer) – March 2023 promissory note On March 15, 2023, the Company entered into a promissory note agreement with Dennis Liotta, an affiliate of the Company, for a total amount of $1 million, with an effective date of February 27, 2023, which matures on March 31, 2024 (“March 2023 note”). The entire outstanding principal balance together with accrued but unpaid interest are due at the maturity date. The March 2023 note includes a ten percent (10%) interest rate per annum, which will be increased to twenty percent (20%) upon an event of default. Events of default include the failure to make any principal and accrued interest when due, any legal proceedings against the Company or a voluntary federal bankruptcy. The March 2023 note may be prepaid at any time without penalties. Promissory note from related party was $1.0 million and $0 as of December 31, 2023, and December 31, 2022, respectively. The Company incurred $86 thousand of interest during the year ended December 31, 2023. Accrued interest was $86 thousand as of December 31, 2023, which is presented in accounts payable and accrued liabilities in the consolidated balance sheet as of December 31, 2023. NOTE 1 4 – CREDIT FACILITY AND OTHER LOANS Credit facility and other loans consisted of the following at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 SAC Leasing G280 LLC credit facility, 12.5% interest, net of deposits ​ ​ $ 27,750 ​ ​ $4,500 Less discounts ​ ​ (376) ​ ​ (330) Total credit facility, net of discount ​ ​ $27,374 ​ ​ 4,170 SAC Leasing G280 LLC Line of credit During the year ended December 31, 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G-280 aircraft for total consideration of $79.0 million with expected deliveries in 2024 and 2025, of which an aggregate amount of $30.0 million was funded and paid as of December 31, 2023, partially through a credit facility from SAC leasing G 280. During the year ended December 31, 2023, the Company paid an additional $3.0 million towards the purchase agreements and funded an additional $24.0 million through the SAC Leasing G280 credit facility. During the year ended December 31, 2022, the Company funded an aggregate amount of $12 million, of which $4.5 million was funded through a credit facility from SAC leasing and $7.5 million was paid in cash. During the year ended December 31, 2023, the Company increased its SAC leasing G280 line of credit by $24.0 million offset by a deposit funded in the amount of $750 thousand, which brings the carrying balance at $27.75 million as of December 31, 2023. The Company incurred $548 thousand and $357 thousand of incremental closing costs, which are reported as debt discount against the liability in the consolidated balance sheets as of December 31, 2023, and December 31, 2022, respectively. During the year ended December 31, 2023 and 2022, the Company amortized to interest expense $146 thousand and $27 thousand of debt discount, respectively. The maturity date is the earlier of the delivery date of the aircraft or September 14, 2025, which is thirty-five (35) months from the date of funding. The purchase agreement contracts were assigned to SAC G280 LLC as collateral on this credit facility. During the year ended December 31, 2023 and 2022, the Company incurred approximately $2.17 million and $65 thousand of interest under this facility, respectively. The Company entered into the pre-delivery payment agreement on October 5, 2022, with SAC Leasing G280, LLC to obtain loans in the aggregate amount of $40.5 million for the purchase of four (4) Gulfstream G280 aircraft to be delivered in 2024 and 2025. The Board of Directors consented to the participation of Coastal States Bank, as a syndicate lender in the financing of additional aircraft by SAC Leasing G280 LLC. On August 25, 2023, the Company and SAC Leasing V280, LLC entered into the first amendment to pre-delivery payment agreement. As of December 31, 2023, the Company had an aggregate amount of $28.5 million in promissory notes, of which 60% was sole to Coastal States Bank pursuant to the first amendment.

RELATED PARTIES (FY)

RELATED PARTIES (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTIES	NOTE 12 – RELATED PARTIES Argand Group LLC (jointly owned by the Chief Executive Officer and his wife as Vice President of Legal) As of March 31, 2024, Argand Group LLC owns an aggregate 3,466,153 shares of Class A common stock of Volato Group, Inc. representing 10.8% of the issued and outstanding shares of Class A common stock. PDK Management LLC (Chief Executive Officer is the sole member) The Company facilitates the formation of limited liability plane companies (earlier defined as “Plane Co”), which are then funded by third party members prior to the sale and delivery of an aircraft purchased from Honda Aircraft Company that will enter into the Company’s fractional program. Each Plane Co is governed by an operating agreement and managed by PDK Management LLC, an entity whose sole member is the Company’s Chief Executive Officer until June 2023. The aggregate amount of revenue generated from Plane Co’s totaled $1.2 million and $1.1 million for the three months ended March 31, 2024 and 2023, respectively. Expenses charged to the Company by Plane Co’s totaled $1.2 million and $0.9 million for the three months ended March 31, 2024 and 2023, respectively. Balance due to Plane Cos amounted to $0.4 million and $0.2 million as of March 31, 2024 and December 31, 2023, respectively. Liotta Family Office, LLC (60% owned by the father of the Company’s Chief Executive Officer, 20% owned by the brother of the Company’s Chief Executive Officer and 20% owned by the Company’s Chief Executive Officer) Liotta Family Office, LLC currently owns 1,859,288 shares of Class A common stock, which represents 6.4% of the issued and outstanding Class A common stock as of March 31, 2024. During the year ended December 31, 2023, Liotta Family Office, LLC entered into an unsecured promissory note for a total amount of $1.0 million (Note 10). The Company incurred $23 thousand of interest during the three months ended March 31, 2024. Accrued interest was $109 thousand as of March 31, 2024. Aircraft Lease and Charter Services As part of Volato’s aircraft ownership program, Volato leases a HondaJet HA-420 aircraft from Volato 158, LLC (“158LLC”), the Company’s equity-method investment, which is 25% owned by DCL H&I, LLC (“DCL”). Dennis Liotta (The Company’s Chief Executive Officer’s father) and his spouse own 100% of DCL. Under the terms of an aircraft dry lease, 158 LLC pays Volato a monthly management fee of $38 thousand, and Volato AMS pays 158 LLC an hourly rental rate of $1 thousand per revenue flight hour. The lease expires on August 20, 2026. Hoop Capital, LLC (Controlled by the Company’s Chief Commercial Officer and a director) As of March 31, 2024, Hoop Capital LLC owned an aggregate of 3,466,153 shares of Class A common stock in Volato Group, Inc. which represents 11.8% of outstanding Class A Common stock. Matthew Liotta 2021 Trust (the “Liotta Trust”) As of March 31, 2024, the Liotta Trust owned an aggregate of 174,338 shares of Class A common stock of Volato Group, Inc.	NOTE 15 – RELATED PARTIES Argand Group LLC (jointly owned by Matthew Liotta, Chief Executive Officer, and Jennifer Liotta, General Counsel) As of December 31, 2023, Argand Group LLC owns an aggregate of 3,414,661 shares of Common stock in Legacy Volato. Following the business combination, these shares were converted into 3,466,154 shares of Class A common stock of Volato Group, Inc. representing approximately 12.4% of the issued and outstanding shares of Class A common stock. The Company leases two (2) aircraft from Argand up until July 31, 2023. The total lease expense incurred by the Company was $0 and $56 thousand during the year ended December 31, 2023 and 2022, respectively. There is no balance owed to Argand Group LLC as of December 31, 2023. PDK Management LLC (Matthew Liotta, Chief Executive Officer, is the sole member) The Company facilitates the formation of limited liability plane companies (earlier defined as “Plane Co”), which are then funded by third party members prior to the sale and delivery of an aircraft purchased from Honda Aircraft Company that will enter into the Company’s fractional program. Each Plane Co is governed by an operating agreement and managed by PDK Management LLC, an entity whose sole member is the Company’s Chief Executive Officer until June 2023. The aggregate amount of revenue generated from Plane Cos totaled $5.1 million and $2.2 million for the years ended December 31, 2023 and 2022, respectively. Expenses charged to the Company by Plane Co’s totaled $3.9 million and $2.0 million for the year ended December 31, 2023 and 2022, respectively. Balance due to Plane Cos amounted to $0.2 million and $0.2 million as of December 31, 2023 and 2022, respectively. Liotta Family Office, LLC (60% owned by the father of Matthew Liotta, Chief Executive Officer, 20% beneficially owned by John Liotta, brother of Matthew Liotta, and 20% beneficially owned by Matthew Liotta) During the year ended December 31, 2023, Liotta Family Office, LLC entered into an unsecured promissory note for a total amount of $1.0 million (note 12). The Company incurred approximately $86 thousand of interest during the year ended December 31, 2023. Accrued interest was approximately $86 thousand as of December 31, 2023. During the year ended December 31, 2023, the Company converted the remaining principal, accrued interest and penalties of its line of credit into a convertible note for a total principal of $6.0 million. During the year ended December 31, 2023, the Company converted the principal of $6.0 million into 668,065 shares of Series A-3 preferred stock in Legacy Volato. Following the business combination, the 668,065 shares of Series A-3 preferred stock were converted into 678,139 shares of Class A common stock of Volato Group, Inc. During the year ended December 31, 2023, the Company converted $3.0 million principal and $166 thousand of accrued interest owed to Liotta Family Office, LLC, into 529,190 shares of Series A-2 preferred stock in Legacy Volato, which were converted into 537,170 shares of Class A common stock of Volato Group, Inc. following the business combination. Liotta Family Office, LLC currently owns 1,322,118 shares of Class A common stock, which represents approximately 4.7% of the issued and outstanding Class A common stock as of December 31, 2023. Aircraft Lease and Charter Services As part of Volato’s aircraft ownership program, Volato leases a HondaJet HA-420 aircraft from Volato 158, LLC (“158LLC”), the Company’s equity-method investment, which is 25% owned by DCL H&I, LLC (“DCL”). Dennis Liotta (The Company’s Chief Executive Officer’s father) and his spouse own 100% of DCL. Under the terms of an aircraft dry lease, 158 LLC pays Volato a monthly management fee of $38 thousand, and Volato AMS pays 158 LLC an hourly rental rate of $1 thousand per revenue flight hour. The lease expires on August 20, 2026. Hangar Sublease and Personnel Services The Company leases hangar and office space from Modern Aero, LLC (“Modern Aero”), a Florida limited liability company that operates a flight school at the Northeast Florida Regional Airport in St. Augustine, Florida. The Company’s Chief Executive Officer and his spouse hold a majority interest in Modern Aero. Legacy Volato pays $4 thousand per month in rent under a month-to-month lease arrangement. Hoop Capital, LLC (Controlled by the Company’s Chief Commercial Officer and a director) As of December 31, 2023, Hoop Capital LLC owned an aggregate of 3,414,660 shares of Common stock in Legacy Volato, which were converted into 3,466,153 shares of Class A common stock in Volato Group, Inc. following the business combination. Matthew Liotta 2021 Trust (the “Liotta Trust”) On December 30, 2022, Legacy Volato issued an unsecured convertible note to Matthew Liotta in the amount of $1 million. During the year ended December 31, 2023, Legacy Volato incurred approximately $29 thousand of interest. Following the qualifying financing, Legacy Volato converted the principal and accrued interest of the note in the aggregate amount of $1 million into 171,748 shares of Series A-2 preferred stock, which were converted into 174,338 shares of Class A common stock of Volato Group, Inc., following the business combination.

INCOME TAXES (FY)

INCOME TAXES (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 13 – INCOME TAXES Management has determined that the Company does not have any uncertain tax positions and associated unrecognized benefits that would impact the consolidated financial statements or related disclosures. The effective tax rate was zero percent for the three months ended March 31, 2024 and 2023, respectively. Our effective tax rate for the three months ended March 31, 2024 differs from the federal statutory rate of 21%, primarily due to a change in the valuation allowance for deferred assets as of March 31, 2024.	NOTE 16 – INCOME TAXES Management has determined that the Company does not have any uncertain tax positions and associated unrecognized benefits that would impact the consolidated financial statements or related disclosures. Deferred income tax assets and liabilities are computed annually for differences between financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company operated at a loss and the deferred tax asset is offset by a corresponding valuation allowance. The net deferred tax assets and liabilities consist of the following amounts at December 31, 2023 and 2022, in thousands: ​ ​ 2023 ​ ​ 2022 Deferred Tax Assets ​ ​ ​ ​ Allowance for doubtful Accounts ​ ​ $ 1 ​ ​ $ 1 Investment in Plane Cos LLC ​ ​ 44 ​ ​ 168 Loss carryforwards ​ ​ 11,521 ​ ​ 2,792 Intangible ​ ​ 626 ​ ​ (347) Interest expense limitations ​ ​ 659 ​ ​ 64 Other ​ ​ 15 ​ ​ 1 Total deferred tax assets ​ ​ 12,866 ​ ​ 2,679 Deferred Tax Liabilities ​ ​ ​ ​ Property and equipment depreciation ​ ​ (74) ​ ​ (399) Valuation allowance ​ ​ (13,096) ​ ​ (2,585) Total deferred tax liabilities ​ ​ (13,170) ​ ​ (2,984) Net deferred tax assets (liabilities) ​ ​ (305) ​ ​ (305) The Company has federal operating losses carryforward of approximately $47 million and $11 million available as of December 31, 2023 and 2022, respectively, to reduce future taxable income at the federal level, and it has net operating losses of approximately $38 million and $9 million at the state level, to offset $38 million and $9 million of future state taxable income, respectively. A reconciliation from the statutory federal income tax rate to the effective income tax rate is as follows: ​ ​ 2023 ​ ​ 2022 Expected federal income taxes at statutory rate ​ ​ 21.00 % ​ ​ 21.00 % State and local income taxes ​ ​ 4.54 % ​ ​ 4.54 % Permanent differences ​ ​ (6.79) % ​ ​ (0.04) % Change in valuation allowance ​ ​ (18.18) % ​ ​ (24.11) % Other ​ ​ (0.69) % ​ ​ (0.83) % Effective income tax rate ​ ​ (0.12) % ​ ​ 0.56 % The primary differences between income tax expense attributable to continuing operations and the amount of income tax expense that would result from applying domestic federal statutory rates to income (loss) before income taxes relate to state income taxes, and the recognition of a valuation allowance for deferred income tax assets. The net deferred tax liabilities relate to long lived assets with an indefinite life.

SHAREHOLDERS' EQUITY (DEFICIT_2

SHAREHOLDERS' EQUITY (DEFICIT) (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Equity [Abstract]
SHAREHOLDERS' EQUITY (DEFICIT)	NOTE 14 – SHAREHOLDERS’ EQUITY (DEFICIT) On December 1, 2023, the Company filed its Second Amended and Restated Articles of Incorporation with the State of Delaware. Our Certificate of Incorporation authorizes the issuance of 81,000,000 shares, consisting of 80,000,000 shares of Class A Common Stock, $0.0001 par value per share, and 1,000,000 shares of Preferred Stock, $0.0001 par value per share. The outstanding shares of Common Stock are duly authorized, validly issued, fully paid and non-assessable. Preferred Stock No shares of preferred stock have been issued as of March 31, 2024 and December 31, 2023. Stock Options - Equity Incentive Plans Summary of the 2021 Plan (“2021 Plan”) The 2021 Plan became effective on August 13, 2021, and will remain in effect until August 12, 2031, unless terminated earlier by the Board. As of the effective date of the business combination, each then-outstanding unexercised option (whether vested or unvested) to purchase shares of Legacy Volato Common Stock granted under the 2021 Plan was assumed by Volato Group and was converted into a stock option (a “Volato Group option”) to acquire shares of Class A Common Stock of Volato Group, par value $0.0001 per share, in accordance with the business combination agreement. No shares remained available for the grant of awards. Summary of the 2023 Plan (“2023 Plan”) The 2023 plan was approved at the special meeting of the shareholders of the Company on November 28, 2023. The 2023 Plan provides for the grant of stock options (both incentive stock options and non-qualified stock options) stock appreciation rights, restricted stock, restricted stock units, performance-based awards, and other stock- and cash-based awards. The Company has reserved a pool of shares of Common Stock for issuance pursuant to awards under the 2023 Plan equal to 5,608,690 shares. Stock option activity for the periods presented is as follows (in thousands, except per share value): ​ ​ Options ​ ​ Weighted Average Exercise Price Per Share ​ ​ Weighted Average Remaining Contractual Term (years) ​ ​ Aggregate Intrinsic Value Outstanding at December 31, 2023 ​ ​ 2,369,169 ​ ​ $1.43 ​ ​ 8.8 ​ ​ $6.8 Granted ​ ​ — ​ ​ $ — ​ ​ — ​ ​ Cancelled ​ ​ (36,748) ​ ​ $3.80 ​ ​ — ​ ​ Exercised ​ ​ (43,262) ​ ​ $0.13 ​ ​ — ​ ​ Outstanding at March 31, 2024 ​ ​ 2,289,159 ​ ​ $1.34 ​ ​ 8.5 ​ ​ $6.6 Exercisable as of March 31, 2024 ​ ​ 1,924,903 ​ ​ $0.24 ​ ​ ​ ​ — The aggregate intrinsic value represents the difference between the exercise price and the fair value of the shares underlying common stock. The Black-Scholes option pricing model is used by the Company to determine the weighted-average fair value of share-based payments. The Company’s recognizes forfeitures as they occur. There were no stock options issued in the three months ended March 31, 2024. Stock based compensation expense was $83 thousand and $8 thousand for the three months ended March 31, 2024 and 2023, respectively. Warrants As of March 31, 2024, there were 13,800,000 public warrants and 15,226,000 private placement warrants issued and outstanding. Private placement warrants Simultaneously with the closing of the Initial Public Offering by PACI in 2021, the Company f/k/a Proof Acquisition Corp I consummated the private placement of 15,226,000 private placement warrants at a price of $1.00 per private placement warrant to the sponsor and Blackrock. Each private placement warrant is exercisable for one whole share of Class A common stock at a price of $11.50 per share. Such private warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and will not be redeemable by the Company. The private warrants are all exercisable as of March 31, 2024. There was no activity during the period ended March 31, 2024. Public warrants Pursuant to the Initial Public Offering by PACI in 2021, the Company sold 27,600,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one-half of one redeemable warrant. Each whole public warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. A majority of the shares were redeemed before the merger transaction, but the warrants remain. As a result, there are 13,800,000 warrants outstanding as of March 31, 2024. The public warrants will become exercisable on the later of (a) 30 days after the completion of a business combination and (b) 12 months from the closing of the Initial Public Offering. The public warrants will expire five years after the completion of a business combination or earlier upon redemption or liquidation. The public warrants are all exercisable as of March 31, 2024. There was no activity during the period ended March 31, 2024.	NOTE 17 – SHAREHOLDERS’ EQUITY (DEFICIT) On December 1, 2023, the Company filed its Second Amended and Restated Articles of Incorporation with the State of Delaware. Our Certificate of Incorporation authorizes the issuance of 81,000,000 shares, consisting of 80,000,000 shares of Class A Common Stock, $0.0001 par value per share, and 1,000,000 shares of Preferred Stock, $0.0001 par value per share. The outstanding shares of Common Stock are duly authorized, validly issued, fully paid and non-assessable. The Company has authorized stock which have been designated as follows: ​ ​ Number of Shares Authorized ​ ​ Number of Shares Outstanding As of December 31, 2023 ​ ​ Par Value Class A Common Stock ​ ​ 80,000,000 ​ ​ 28,043,449 ​ ​ $0.0001 Preferred Stock ​ ​ 1,000,000 ​ ​ 0 ​ ​ $0.0001 Preferred Stock No shares of preferred stock have been issued as of December 31, 2023 and 2022. Class A Common Stock Conversion of preferred stock shares (Series Seed, Series A-1, Series A-2 and Series A-3) into the Company’s Class A Common Stock. Series Seed Preferred Stock (Legacy Volato) Legacy Volato issued an aggregate of 3,981,236 series seed shares of preferred stock for total purchase price of $4.585 million, of which $4.585 million was funded up to the business combination. During the year ended December 31, 2023, the Company collected the remaining $15 thousand owed towards the purchase price, which was reported as stock subscription receivable as of December 31, 2022. Following the effective date of the business combination, Legacy Volato converted the 3,981,236 shares of Series Seed Preferred into 4,041,282 shares of Class A Common Stock of Volato Group, Inc. There was no other activity during the years ended December 31, 2023 and 2022. Series A-1 Preferred Stock (Legacy Volato) During the year ended December 31, 2023, the Company issued 2,411,087 shares of Series A-1 for a total cash consideration of $24.2 million. Following the business combination, the Company converted its 2,411,087 shares of Series A-1 preferred stock issued and outstanding into 2,447,453 shares of Class A Common Stock of Volato Group, Inc. based on an exchange ratio of 1.01508. Series A-2 Preferred Stock (Legacy Volato) During the year ended December 31, 2023, the Company issued 3,327,624 Series A-2 shares of preferred stock from the conversion of the 2022 convertible notes (note 14) in the aggregate principal amount of $19.1 million and $0.8 million of accrued but unpaid interest based on an effective conversion price of $5.9820. Following the business combination, the Company converted the 3,327,624 shares of Series A-2 preferred stock issued and outstanding into 3,377,812 shares of Class A Common Stock of Volato Group, Inc. based on an exchange ratio of 1.01508. Series A-3 Preferred Stock (Legacy Volato) During the year ended December 31, 2023, the Company issued 2,050,628 Series A-3 shares of preferred stock from the conversion of the 2023 convertible notes (note 14) in the aggregate principal amount of $18.4 million and $0.1 million of accrued but unpaid interest based on an effective conversion price of $9.00. Following the business combination, the Company converted the 2,050,628 shares of Series A-3 preferred stock into 2,081,556 shares of Class A Common Stock of Volato Group, Inc. based on an exchange ratio of 1.01508. Conversion of PACI Class B Founder Shares into the Company’s Class A common stock The shares of Class B common stock automatically converted into Class A common stock at the time of the closing of the business combination. Upon the business combination, the Company converted 6,883,579 shares of Class B common stock into an equivalent number of the Company’s shares of Class A common stock. Conversion of PACI Class A Public Shares into the Company’s Class A common stock. The Company converted 1,767,390 shares of non-redeemed PACI public shares into an equivalent number of Shares of Class A Common Stock of the Company following the business combination. Stock Options - Equity Incentive Plans Summary of the 2021 Plan (“2021 Plan”) As of the effective date of the business combination, each then-outstanding unexercised option (whether vested or unvested) to purchase shares of Legacy Volato Common Stock granted under the 2021 Plan was assumed by Volato Group and shall be converted into a stock option (a “Volato Group option”) to acquire shares of Class A Common Stock of Volato Group, par value $0.0001 per share, in accordance with the business combination agreement. The 2021 Plan became effective on August 13, 2021, and will remain in effect until August 12, 2031, unless terminated earlier by the Board. The 2021 Plan was amended and restated in connection with the assumption by PACI to reflect the effect of the business combination agreement by modifying eligibility (employees and consultants of Volato Group, Inc.), to reflect PACI’s assumption of the 2021 Plan, to clarify that Common Stock will be issued under the 2021 Plan, and to adjust the number of shares issuable under the 2021 Plan by the exchange ratio of 1.01508. No awards were granted or will be granted under the 2021 Plan after the 2023 Plan Effective Date. Awards granted under the 2021 Plan that will be outstanding on the 2023 Plan Effective Date will be accelerated or continued in accordance with their terms subject to vesting schedules pursuant to the applicable restricted stock award agreement or option agreement. The 2021 Plan authorizes the issuance of 2,724,347 shares (subject to adjustment for anti-dilution purposes), all of which may be issued under the 2021 Plan pursuant to incentive stock options. As of the date of the business combination agreement on December 1, 2023, 2,369,169 shares were subject to outstanding awards, and no shares remained available for the grant of awards. The balance and activity of all stock options outstanding under the 2021 Plan as of December 31, 2023, and 2022, is as follows: ​ ​ Options ​ ​ Weighted Average Exercise Price Per Share ​ ​ Weighted Average Remaining Contractual Term (years) Outstanding at January 1, 2022 ​ ​ 613,463 ​ $0.12 ​ ​ 9.6 Granted ​ ​ 1,894,155 ​ ​ $0.14 ​ ​ — Cancelled ​ ​ 0 ​ ​ $ — ​ ​ — Exercised ​ ​ 0 ​ ​ $ — ​ ​ — Outstanding at December 31, 2022 ​ ​ 2,507,618 ​ ​ $0.14 ​ ​ 9.4 Granted ​ ​ 382,726 ​ ​ $8.21 ​ ​ — Cancelled ​ ​ (313,783) ​ ​ $0.22 ​ ​ — Exercised ​ ​ (207,392) ​ ​ $0.12 ​ ​ — Outstanding as of December 31, 2023 ​ ​ 2,369,169 ​ ​ $1.43 ​ ​ 8.8 Exercisable as of December 31, 2023 ​ ​ 2,232,117 ​ $0.21 ​ ​ The following table summarizes the range of exercise price, weighted average remaining contractual life (“Life”) and weighted average exercise price (“Price”) for all stock options outstanding as of December 31, 2023: ​ ​ Options Outstanding Exercise Price ​ ​ Shares ​ ​ Life (in years) $0.12 ​ ​ 160,856 ​ ​ 7.6 $0.14 ​ ​ 1,594,962 ​ ​ 8.8 $0.16 ​ ​ 235,042 ​ ​ 8.5 $7.21 ​ ​ 76,453 ​ ​ 9.3 $8.40 ​ ​ 101,778 ​ ​ 9.9 $8.52 ​ ​ 200,078 ​ ​ 9.9 ​ ​ 2,369,169 ​ ​ 8.8 The Black-Scholes option pricing model is used by the Company to determine the weighted-average fair value of share-based payments. The weighted average grant date fair value of stock options issued during the year ended December 31, 2023, was $3.81 per share. The Company’s recognizes forfeitures as they occur. The fair value of stock options on the grant date was determined using the following weighted-average assumptions during the year ended December 31, 2023 and 2022: ​ ​ For The Year Ending December31, ​ ​ 2023 ​ ​ 2022 Expected term ​ ​ 2-6 ​ ​ 5.5 6.3 Expected volatility ​ ​ 30%-71% ​ ​ 30% Expected dividends ​ ​ None ​ ​ None Risk-free interest rate ​ ​ 3.6%-4.6% ​ ​ 1.9%-4.0% Forfeitures ​ ​ None ​ ​ None As of December 31, 2023, the unrecognized compensation cost related to non-vested awards was $1.4 million. Summary of the 2023 Plan (“2023 Plan”) The 2023 plan was approved at the special meeting of the shareholders of the Company on November 28, 2023. The 2023 Plan provides for the grant of stock options (both incentive stock options and non-qualified stock options) stock appreciation rights, restricted stock, restricted stock units, performance-based awards, and other stock- and cash-based awards. The Company has reserved a pool of shares of Common Stock for issuance pursuant to awards under the 2023 Plan equal to 5,608,690 shares. Warrants As of December 31, 2023 and 2022, there were 13,800,000 public warrants (note 4) and 15,226,000 private placement warrants (note 5) issued and outstanding. Private placement warrants Simultaneously with the closing of the Initial Public Offering by PACI in 2021, the Company f/k/a Proof Acquisition Corp I consummated the private placement of 15,226,000 private placement warrants at a price of $1.00 per private placement warrant to the sponsor and Blackrock. Each private placement warrant is exercisable for one whole share of Class A common stock at a price of $11.50 per share. Such private warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and will not be redeemable by the Company. The private warrants are all exercisable as of December 31, 2023. There was no activity during the years ended December 31, 2023 and 2022. Public warrants Pursuant to the Initial Public Offering by PACI in 2021, the Company sold 27,600,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one-half of one redeemable warrant. Each whole public warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. A majority of the shares were redeemed before the merger transaction, but the warrants remain. As a result there are 13,800,000 warrants outstanding as of December 31, 2023. The public warrants will become exercisable on the later of (a) 30 days after the completion of a business combination and (b) 12 months from the closing of the Initial Public Offering. The public warrants will expire five years after the completion of a business combination or earlier upon redemption or liquidation. The public warrants are all exercisable as of December 31, 2023. There was no activity during the years ended December 31, 2023 and 2022. The following table is a summary of the Company’s warrant activity during the years ended December 31, 2023 and 2022: ​ ​ Warrants ​ ​ Weighted Average Exercise Price Per Share ​ ​ Weighted Average Remaining Contractual Term (years) Outstanding as of January 1, 2022 ​ ​ 29,026,000 ​ ​ $11.50 ​ ​ 5 Granted ​ ​ 0 ​ ​ ​ Cancelled ​ ​ 0 ​ ​ ​ Exercised ​ ​ 0 ​ ​ ​ ​ Outstanding as of December 31, 2022 ​ ​ 29,026,000 ​ ​ $11.50 ​ ​ 5 Granted ​ ​ 0 ​ ​ ​ ​ Cancelled ​ ​ 0 ​ ​ ​ Exercised ​ ​ 0 ​ ​ ​ ​ Outstanding as of December 31, 2023 ​ ​ 29,026,000 ​ ​ $11.50 ​ ​ 5 Exercisable as of December 31, 2023 ​ ​ 29,026,000 ​ ​ ​ ​

COMMITMENT AND CONTINGENCIES (F

COMMITMENT AND CONTINGENCIES (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENT AND CONTINGENCIES	NOTE 15 – COMMITMENT AND CONTINGENCIES Honda May 2023 Purchase Agreement On May 5, 2023, the Company entered into a HondaJet Fleet Purchase Agreement with Honda Aircraft Company. LLC, for the purchase and delivery of twenty-three (23) HondaJet HA-420 Aircraft for a total estimated purchase price of $161.1 million with expected delivery between the fourth fiscal quarter of 2023 and the fourth fiscal quarter of 2025. The Company should make a $150 thousand deposit for each aircraft twelve months prior to the expected delivery date. As of December 31, 2023, the Company took delivery and sold one aircraft related to this agreement, which brings the balance of aircraft to be delivered at twenty-two (22) as of December 31, 2023. The Company did not take delivery of any aircraft in the three months ended March 31, 2024. As of March 31, 2024, the Company has funded an aggregated amount of $1.5 million towards the purchase agreement, which is presented under Deposits on Aircraft non-current in the consolidated financial statements. Pursuant to the terms of the agreement, the Company is required to fund an additional $1.4 million in deposits in the next twelve months. Gulfstream Aerospace, LP During the year ended December 31, 2023, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G-280 aircraft for total consideration of $79.0 million and with expected deliveries in 2024 through 2025, for which the Company made prepayments totaling $45.0 million and NOTE 15 – COMMITMENT AND CONTINGENCIES (CONTINUED) $39.0 million as of March 31, 2024, and December 31, 2023, respectively. The $45.0 million is non-refundable, except in some specific circumstances, and would serve as consideration for liquidated damages of $3.0 million per aircraft should the purchase agreement be terminated by the Company. During the period ended March 31, 2024, the Company made additional payments of $6.0 million towards these agreements, of which $6.0 million was funded through the SAC Leasing G280 LLC credit facility (note 11) and zero was paid by the Company. Future minimum payments under the purchase agreements with Gulfstream Aerospace, LP at March 31, 2024, are as follows, in thousands: ​ ​ Gulfstream G280 Fleet 2024 ​ ​ $18,500 2025 ​ ​ 15,500 Total expected contractual payments ​ ​ $34,000 The Company has a credit facility in place with SAC Leasing G280 LLC to fund $40.5 million of the original $79.0 million due under these purchase agreements with Gulfstream Aerospace LP. The remaining balance to be funded by SAC Leasing G280 LLC is $6.0 million as of March 31, 2024. Operating Leases The Company leases property and equipment under operating leases. For leases with terms greater than 12 months, the Company records the related assets and obligations at the present value of the lease payments over the lease term. Many of the leases contain renewal options and/or termination options that are factored into our determination of lease payments when appropriate. The Company uses its incremental borrowing rate to discount lease payments to present value, as the rates implicit in its leases are not readily determinable. The incremental borrowing rate is based on the estimated interest rate for collateralized borrowing over a similar term of the lease at the commencement date. Aircraft Leases During 2022, the Company began leasing an aircraft with a term of five years which has fixed lease payments. The Company recognized an operating lease liability in the amount of the net present value of the future minimum lease payments, and a right-of-use asset. The discount rate used for this lease was 12%, which was determined to be the incremental borrowing rate based on comparative secured financing in the marketplace at the inception of the fixed lease payments. The remaining term of this lease was 3.00 years as of March 31, 2024. Lease expense is recognized on a straight-line basis over the lease term. Lease expense related to this lease consisting of fixed and variable lease costs was $117 thousand and $117 thousand for the three months ended March 31, 2024 and 2023, respectively. Additionally, the Company leases other aircraft under operating leases with remaining terms ranging from one three Some of the aircraft leases have lease terms of 12 months or less. The Company has made a policy election to classify lease agreements with a lease term of 12 months or less as short-term leases. Accordingly, the Company has not recognized right-of-use assets or lease liabilities related to these lease agreements pursuant to the short-term election. The Company recognizes short-term lease costs on a straight-line basis over the lease term and accrues the difference each period between the amount expensed and the amount paid. Variable lease costs associated with the aircraft operating leases were $2.9 million and $2.2 million for the three months ended March 31, 2024, and 2023, respectively. Short-term lease costs on the aircraft leases were $15 thousand and $180 thousand for the three months ended March 31, 2024, and 2023, respectively. Airport Facilities Our facilities leases are for space at airports throughout the south with remaining terms ranging from one Legal Contingencies The Company is currently not involved with or know of any pending or threatening litigation and material claims against the Company or any of its officers.	NOTE 18 – COMMITMENT AND CONTINGENCIE S Honda May 2023 Purchase Agreement On May 5, 2023, the Company entered into a HondaJet Fleet Purchase Agreement with Honda Aircraft Company. LLC, for the purchase and delivery of twenty-three (23) HondaJet HA-420 Aircraft for a total estimated purchase price of $161.1 million with expected delivery between the fourth fiscal quarter of 2023 and the fourth fiscal quarter of 2025. The Company should make a $150 thousand deposit for each aircraft twelve months prior to the expected delivery date. As of December 31, 2023, the Company took delivery and sold one aircraft related to this agreement, which brings the balance of aircraft to be delivered at twenty-two (22) as of December 31, 2023. As of December 31, 2023, the Company has funded an aggregated amount of $1.3 million towards the purchase agreement, which is presented under Deposits on Aircraft non-current in the consolidated financial statements. Pursuant to the terms of the agreement, the Company is required to fund an additional $1.5 million in deposits in the next twelve months. Gulfstream Aerospace, LP During the year ended December 31, 2022, the Company executed a series of purchase agreements with Gulfstream Aerospace, LP for the acquisition of four (4) Gulfstream G-280 aircraft for total consideration of $79 million and with expected deliveries in 2024 through 2025, for which the Company made prepayments totaling $39 million and $12.0 million as of December 31, 2023, and December 31, 2022, respectively. The $39.0 million is non-refundable, except in some specific circumstances, and would serve as consideration for liquidated damages of $3.0 million per aircraft should the purchase agreement be terminated by the Company. During the year ended December 31, 2023, the Company made additional payments of $27.0 million towards these agreements, of which $24.0 million was funded through the SAC Leasing G280 LLC credit facility (note 15) and $3.0 million was paid by the Company. Future minimum payments under the purchase agreements with Gulfstream Aerospace, LP at December 31, 2023, are as follows, in thousands: For the twelve months ended December 31, ​ ​ Gulfstream G280 Fleet 2024 ​ ​ $24,500 2025 ​ ​ 15,500 Total expected contractual payments ​ ​ $40,000 The Company has a credit facility in place with SAC Leasing G280 LLC to fund $40.5 million of the original $79.0 million due under these purchase agreements with Gulfstream Aerospace LP. The remaining balance to be funded by SAC Leasing G280 LLC is $12.0 million as of December 31, 2023. Operating Leases The Company leases property and equipment under operating leases. For leases with terms greater than 12 months, the Company records the related assets and obligations at the present value of the lease payments over the lease term. Many of the leases contain renewal options and/or termination options that are factored into our determination of lease payments when appropriate. The Company uses its incremental borrowing rate to discount lease payments to present value, as the rates implicit in its leases are not readily determinable. The incremental borrowing rate is based on the estimated interest rate for collateralized borrowing over a similar term of the lease at the commencement date. Aircraft Leases During 2022, the Company began leasing an aircraft with a term of five years which has fixed lease payments. The Company recognized an operating lease liability in the amount of the net present value of the future minimum lease payments, and a right-of-use asset. The discount rate used for this lease was 12%, which was determined to be the incremental borrowing rate based on comparative secured financing in the marketplace at the inception of the fixed lease payments. The remaining term of this lease was 3.33 years and 4.33 years as of December 31, 2023, and 2022, respectively. Lease expense is recognized on a straight-line basis over the lease term. Lease expense related to this lease consisting of fixed and variable lease costs was $469 thousand and $168 thousand for the years ended December 31, 2023 and 2022, respectively. Additionally, the Company leases other aircraft under operating leases with remaining terms ranging from one three Some of the aircraft leases have lease terms of 12 months or less. The Company has made a policy election to classify lease agreements with a lease term of 12 months or less as short-term leases. Accordingly, the Company has not recognized right-of-use assets or lease liabilities related to these lease agreements pursuant to the short-term election. The Company recognizes short-term lease costs on a straight-line basis over the lease term and accrues the difference each period between the amount expensed and the amount paid. Variable lease costs associated with the aircraft operating leases were $12.9 million and $8.2 million for the years ended December 31, 2023, and 2022, respectively. Short-term lease costs on the aircraft leases were $617 thousand and $597 thousand for the years ended December 31, 2023, and 2022, respectively. Airport Facilities Our facilities leases are for space at airports throughout the south with remaining terms ranging from one Future estimated minimum lease payments by year and in aggregate, under the Company’s fixed payment operating lease consisted of the following at December 31, 2023, in thousand: For the years ended December 31, ​ ​ Operating Leases 2024 ​ ​ $ 464 2025 ​ ​ 471 2026 ​ ​ 479 2027 ​ ​ 161 TOTAL ​ ​ 1,575 Less amount representing interest ​ ​ (284) Present value of net minimum payments (inc. $ 326 ​ ​ $1,291 Sale-Leaseback Transactions The Company entered into $15.7 million and $42.0 million of sales-leaseback transactions related to aircraft during the years ended December 31, 2023, and 2022, respectively. The Company recorded gains of $3.4 million and $7.9 million associated with these transactions, for the years ended December 31, 2023, and 2022, respectively. Gains are recorded in gross profit in the consolidated statements of operations. The leases of the aircraft assets are operating leases which incur variable lease costs based upon usage as described above. These lease costs are expensed as occurred. Legal Contingencies The Company is currently not involved with or know of any pending or threatening litigation and material claims against the Company or any of its officers.

SUBSEQUENT EVENTS (FY)

SUBSEQUENT EVENTS (FY)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 16 – SUBSEQUENT EVENTS In May 2024, the Company implemented cost-savings measure to reduce selling, general and administrative expenses.	NOTE 19 – SUBSEQUENT EVENTS Management has evaluated events that have occurred subsequent to the date of these consolidated financial statements and has determined that, other than those listed below, no such reportable subsequent events exist through March 25, 2024, the date the consolidated audited financial statements were issued in accordance with FASB ASC Topic 855, “Subsequent Events.” Subsequent to December 31, 2023, the Company issued 1,208,543 shares of Class A common stock and 100,000 warrants in full settlement of the merger transaction costs in the amount of $4.25 million which was payable to three (3) financial institutions. Such liability was accrued for and reported under merger transaction costs payable in shares in the consolidated balance sheet as of December 31, 2023.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Q1) (Policies)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.	Basis of presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.
Reclassifications	Reclassifications Certain amounts in 2023 have been reclassified to conform with the current year’s presentation.	Reclassifications Certain amounts in 2022 have been reclassified to conform with the current year’s presentation.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, Volato, Inc., a company incorporated in the State of Georgia, Gulf Coast Aviation, Inc. sometimes referred to as Volato Aircraft Management Service (“VAMS”), a company incorporated in the State of Texas, GC Aviation, Inc., a company incorporated in the State of Texas, Fly Vaunt, LLC, a company incorporated in the State of Georgia, and Fly Dreams LLC, until March 3, 2023. One of the components of the Company’s business model includes the sale of aircraft and ownership program. The aircraft ownership program is a model whereby the Company sells each floating fleet aircraft to a limited liability company (“Plane Co”). The Plane Co, which is owned by third-party owners, leases the aircraft back to the Company for management and charter operations on behalf of the LLC under 14 C.F.R. Part 135 certificate. The Company does not hold any controlling interest in any Plane Co as of March 31, 2024 and December 31, 2023. Each Plane Co is set up to acquire and own one aircraft pursuant to the HondaJet aircraft purchase agreement executed with the Company. Each Plane Co was managed by PDK Management LLC until June 2023, an entity whose sole member is the Company’s Chief Executive Officer, through an operating agreement, and by Volato, Inc starting in July 2023. Fly Dreams holds the Federal Aviation Agency (“FAA”) certificate and conducts air carrier operations through an aircraft charter Management and Dry Lease Agreement with each of the Plane Co’s. On March 3, 2023, Legacy Volato transferred its Fly Dreams LLC operation to GCA and sold all of its membership interest in Fly Dreams LLC, including Fly Dreams FAA part 135 Certificate. Legacy Volato now conducts its operations under GCA FAA Part 135 Certificate. The selling price was $550 thousand, which resulted in the recognition of $387 thousand in gain, which is presented in other income (expense) in the consolidated statement of operations for the three months ended March 31, 2023. The Company does not hold any controlling interest in any limited liability companies as of March 31, 2024 and December 31, 2023, respectively. The Company only holds de minimis interest in one Plane Co as of March 31, 2024, respectively.	Principles of Consolidation The consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, Volato, Inc., a company incorporated in the State of Georgia, Gulf Coast Aviation, Inc. , a company incorporated in the State of Texas, GC Aviation, Inc., a company incorporated in the State of Texas, Fly Vaunt, LLC, a company incorporated in the State of Georgia, and Fly Dreams LLC, until March 3, 2023. The Company’s consolidated subsidiaries were as follows: 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% One of the components of the Company’s business model includes the sale of aircraft and ownership program. The aircraft ownership program is a model whereby the Company sells each fleet aircraft to a limited liability company, which was previously referred to as “Plane Co”. The Plane Co, which is owned by third-party owners, leases the aircraft back to the Company for management and charter operations on behalf of the LLC under 14 C.F.R. Part 135 certificate. The Company does not hold any controlling interest in any Plane Co as of December 31, 2023, and 2022. Each Plane Co is set up to acquire and own one aircraft pursuant to the HondaJet aircraft purchase agreement executed with the Company. Each Plane Co is managed by PDK Management LLC until June 2023, an entity whose sole member is the Company’s Chief Executive Officer, through an operating agreement, and by Volato, Inc starting in July 2023. On March 11, 2022, the Company executed a stock purchase agreement pursuant to which the Company acquired all of the issued and outstanding equity shares of Gulf Coast Aviation, Inc. for a total cash consideration of $1.85 million. Gulf Coast Aviation, Inc., is the owner of G C Aviation, Inc., a Texas entity and Part 135 air carrier certificate holder. Fly Dreams holds the Federal Aviation Agency (“FAA”) certificate and conducts air carrier operations through an aircraft charter Management and Dry Lease Agreement with each of the Plane Co’s. On March 3, 2023, Legacy Volato transferred its Fly Dreams LLC operation to GCA and sold all of its membership interest in Fly Dreams LLC, including Fly Dreams FAA part 135 Certificate. Legacy Volato now conducts its operations under GCA FAA Part 135 Certificate. The selling price was $550 thousand, which resulted in the recognition of $387 thousand in gain, which is presented in other income (expense) in the consolidated statement of operations for the year ended December 31, 2023. Other than FlyVaunt, LLC, the Company does not hold any controlling interest in any limited liability companies as of December 31, 2023 and 2022.The Company only holds de minimis interest in one and two Plane Cos as of December 31, 2023 and 2022, respectively.
Use of estimates	Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Such estimates include: • Useful lives of property, plant, and equipment. • Assumptions used in valuing equity instruments. • Deferred income taxes and related valuation allowance. • Assessment of long-lived assets impairment. • Assumptions used in the valuation of the forward purchase agreement	Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Such estimates include: • Useful lives of property, plant, and equipment. • Assumptions used in valuing equity instruments. • Deferred income taxes and related valuation allowance. • Assessment of long-lived assets impairment. • Assumptions used in the valuation of the forward purchase agreement
Cash	Cash and restricted cash Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At March 31, 2024 and December 31, 2023, the Company had no cash equivalents besides what was in the cash balance as of this date. The Company has $1.8 million and $2.2 million of restricted cash at March 31, 2024 and December 31, 2023, respectively, which serves as collateral for the credit facility with SAC Leasing G280 LLC.	Cash and restricted cash Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2023 and 2022, the Company had no cash equivalents besides what was in the cash balance as of this date. The Company has $2.24 million and $2.10 million of restricted cash at December 31, 2023, and 2022, respectively, which serves as collateral for the credit facility with SAC Leasing G280 LLC.
Restricted cash	Cash and restricted cash Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At March 31, 2024 and December 31, 2023, the Company had no cash equivalents besides what was in the cash balance as of this date. The Company has $1.8 million and $2.2 million of restricted cash at March 31, 2024 and December 31, 2023, respectively, which serves as collateral for the credit facility with SAC Leasing G280 LLC.	Cash and restricted cash Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2023 and 2022, the Company had no cash equivalents besides what was in the cash balance as of this date. The Company has $2.24 million and $2.10 million of restricted cash at December 31, 2023, and 2022, respectively, which serves as collateral for the credit facility with SAC Leasing G280 LLC.
Investment - Equity Method	Investment - Equity Method The Company accounts for its equity method investment at cost, adjusted for the Company’s share of the investee’s earnings or losses, which is reported under other income (expense) in the consolidated statement of operations. The Company periodically reviews its investment for other than temporary declines in fair value below cost and more frequently when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As of March 31, 2024, and December 31, 2023, the only equity-method investment was Volato 158 LLC with a 3.13% equity interest. As of March 31, 2024 and December 31, 2023, management believes the carrying value of its equity method investments was recoverable in all material respects.	Investment - Equity Method The Company accounts for its equity method investment at cost, adjusted for the Company’s share of the investee’s earnings or losses, which is reported under other income (expense) in the consolidated statement of operations. The Company periodically reviews its investment for other than temporary declines in fair value below cost and more frequently when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As of December 31, 2023, the only equity-method investment was Volato 158 LLC with a 3.13% equity interest. As of December 31, 2022, the only equity-method investments were Volato 239 LLC with a 18.75% equity interest and Volato 158 LLC with a 3.13% equity interest. As of December 31, 2023 and 2022, management believes the carrying value of its equity method investments was recoverable in all material respects.
Accounts Receivable	Accounts Receivable Accounts receivables are reported on the consolidated balance sheets at the outstanding principal amount adjusted for any allowance for credit losses and any charge offs. The Company provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount that is expected to be collected. This allowance is estimated based on historical collection experience, the aging of receivables, specific current and expected future macro-economic and market conditions, and assessments of the current creditworthiness and economic status of customers. The Company considers a receivable delinquent if it is unpaid after the term of the related invoice has expired. Balances that are still outstanding after management has used reasonable collection efforts are written off. The Company reviews its allowance for credit losses on a quarterly basis. The Company recognized zero of bad debt expense during the three months ended March 31, 2024 and 2023, respectively.	Accounts Receivable Accounts receivables are reported on the consolidated balance sheets at the outstanding principal amount adjusted for any allowance for credit losses and any charge offs. The Company provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount that is expected to be collected. This allowance is estimated based on historical collection experience, the aging of receivables, specific current and expected future macro-economic and market conditions, and assessments of the current creditworthiness and economic status of customers. The Company considers a receivable delinquent if it is unpaid after the term of the related invoice has expired. Balances that are still outstanding after management has used reasonable collection efforts are written off. The Company reviews its allowance for credit losses on a quarterly basis. The Company recognized approximately $106 thousand and $5 thousand of bad debt expense during the years ended December 31, 2023 and 2022, respectively.
Fixed Assets, Computer Software Development, and Website development cost	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 : Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Computer Software Development Software development costs are accounted for in accordance with ASC 350-40, Internal Use Software . Internal software development costs are capitalized from the time the internal use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation and software maintenance costs are expensed as incurred. The capitalized computer software development costs are reported under the section fixed assets, net in the consolidated balance sheet and are amortized using the straight-line method over the estimated useful life of the software, generally three years from when the asset is placed in service. The Company capitalized zero and $323 thousand of internal software development costs during the three months ended March 31, 2024 and the twelve months ended December 31 2023, respectively. The Company also expenses internal costs related to minor upgrades and enhancements, as it is impractical to separate these costs from normal maintenance activities. Website development cost The costs incurred for activities during the website application and infrastructure development stage are capitalized in accordance with the guidance on internal-use software in ASC 350-40. The Company capitalized $56 thousand and $241 thousand of website development costs as of March 31, 2024 and December 31, 2023, respectively. The Company recognized $26 thousand and $15 thousand of amortization expense during the three months ended March 31, 2024 and 2023, respectively.	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 Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Computer Software Development Software development costs are accounted for in accordance with ASC 350-40, Internal Use Software The capitalized computer software development costs are reported under the section fixed assets, net in the consolidated balance sheet and are amortized using the straight-line method over the estimated useful life of the software, generally three years from when the asset is placed in service. The Company determined that there were approximately $323 thousand and $114 thousand of internal software development costs incurred during the year ended December 31, 2023 and 2022, respectively. The Company also expenses internal costs related to minor upgrades and enhancements, as it is impractical to separate these costs from normal maintenance activities. Website development cost The costs incurred for activities during the website application and infrastructure development stage are capitalized in accordance with the guidance on internal-use software in ASC 350-40. The Company capitalized approximately $241 thousand and $114 thousand of website development costs during the year ended December 31, 2023 and December 31, 2022, respectively. The Company recognized approximately $56 thousand and $14 thousand of amortization expense during the year ended December 31, 2023 and December 31, 2022, respectively.
Valuation of Long-Lived Assets	Valuation of Long-Lived Assets: In accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 360, property, plant, and equipment, and long-lived assets are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. No impairment was recognized during the three months ended March 31, 2024 and 2023.	Valuation of Long-Lived Assets: In accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 360, property, plant, and equipment, and long-lived assets are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. No impairment was recognized during the years ended December 31, 2023 and 2022.
Fair value of financial instruments	Fair value of financial instruments The Company adopted the provisions of FASB Accounting Standards Codification (“ASC”) 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. The Company measures fair value under a framework that utilizes a hierarchy prioritizing the inputs to relevant valuation techniques. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs used in measuring fair value are: • Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company as the ability to access. • Level 2: Inputs to the valuation methodology include: • Quoted prices for similar assets or liabilities in active markets. • Quoted prices for identical or similar assets or liabilities in inactive markets. • Inputs other than quoted prices that are observable for the asset or liability. • Inputs that are derived principally from or corroborated by observable market date by correlation or other means; and • If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The fair value of the Company’s recorded forward purchase agreement (“FPA”) is determined based on unobservable inputs that are not corroborated by market data, which require a Level 3 classification. A Monte Carlo simulation model was used to determine the fair value. The Company records the forward purchase agreement at fair value on the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operation. The following table presents balances of the forward purchase agreement with significant unobservable inputs (Level 3) as of March 31, 2024, in thousands: ​ ​ Fair Value Measurements as of March 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 ​ ​ $— ​ ​ $— ​ ​ $2,755 ​ ​ $2,755 Total ​ ​ $— ​ ​ $— ​ ​ $2,755 ​ ​ $2,755 The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the three months ended March 31, 2024, in thousands: ​ ​ Forward Purchase Agreement Balance December 31, 2023 ​ ​ $2,982 Change in fair value ​ ​ (227) Balance March 31, 2024 ​ ​ $2,755 The Company measures the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions: ​ ​ Three months ended March 31, 2024 Volume Weighted average stock price (“VWAP”) ​ ​ $ 3.54 Initial Price ​ ​ $10.81 Expected Volatility ​ ​ 91.0% Term ​ ​ 1.68 Risk-free Rate ​ ​ 4.7% The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid and other assets, accounts payable and accrued expenses, deposits, and members’ deposit approximate their fair value because of the short maturity of those instruments. The Company’s line of credit, convertible notes and other promissory notes approximate the fair value of such liabilities based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements and due to the short-term maturity of these instruments at March 31, 2024 and December 31, 2023, respectively.	Fair value of financial instruments The Company adopted the provisions of FASB Accounting Standards Codification (“ASC”) 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. The Company measures fair value under a framework that utilizes a hierarchy prioritizing the inputs to relevant valuation techniques. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs used in measuring fair value are: • Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company as the ability to access. • Level 2: Inputs to the valuation methodology include: • Quoted prices for similar assets or liabilities in active markets. • Quoted prices for identical or similar assets or liabilities in inactive markets. • Inputs other than quoted prices that are observable for the asset or liability. • Inputs that are derived principally from or corroborated by observable market date by correlation or other means; and • If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The fair value of the Company’s recorded forward purchase agreement (“FPA”) is determined based on unobservable inputs that are not corroborated by market data, which require a Level 3 classification. A Monte Carlo simulation model was used to determine the fair value. The Company records the forward purchase agreement at fair value on the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operation. The following table presents balances of the forward purchase agreement with significant unobservable inputs (Level 3) as of December 31, 2023, in thousand: ​ ​ Fair Value Measurements as of December 31, 2023 Using ​ ​ 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 ​ ​ $— ​ ​ $— ​ ​ $2,982 ​ ​ $2,982 Total ​ ​ $— ​ ​ $— ​ ​ $2,982 ​ ​ $2,982 The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the year ended December 31, 2023, in thousand: ​ ​ Forward Purchase Agreement Balance December 31, 2022 ​ ​ $ — Cash funded ​ ​ 18,911 Proceeds ​ ​ (2,525) Change in fair value ​ ​ (13,403) Balance December 31, 2023 ​ ​ $ 2,983 The Company measures the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions: ​ ​ 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% The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid and other assets, accounts payable and accrued expenses, deposits, and members’ deposit approximate their fair value because of the short maturity of those instruments. The Company’s line of credit, convertible notes and other promissory notes approximate the fair value of such liabilities based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements and due to the short-term maturity of these instruments at December 31, 2023 and 2022.
Commitments and contingencies	Commitments and contingencies The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.	Commitments and contingencies The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.
Warrants	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own Common Stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent reporting period end date while the warrants are outstanding. All of the Company’s warrants have met the criteria for equity treatment.	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 Distinguishing Liabilities from Equity Derivatives and Hedging
Revenue recognition	Revenue recognition Revenues are recognized on a gross basis and presented on the consolidated statements of operations net of rebates, discounts, and taxes collected concurrent with revenue-producing activities. The transaction price in the Company’s contracts with its customers is fixed at the time control of goods and services are transferred to the customer. Therefore, the Company does not estimate variable consideration or perform a constraint analysis for our contracts. The Company determines revenue recognition pursuant to Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, through the following steps: 1. Identification of the contract, or contracts, with a customer. 2. Identification of the performance obligation(s) in the contract. 3. Determination of the transaction price. 4. Allocation of the transaction to the performance obligation(s) in the contract. The Company generates revenue primarily through three sources: (i) the sale of aircraft, (ii) charter flights which include deposit products, retail and wholesale charter flights and owner flights, and (iii) aircraft management services. Revenue is recognized when control of the promised service is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies, as a performance obligation, each promise to transfer a good or service to a customer that is distinct. To identify its performance obligations, the Company considers all of the goods and services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. For each revenue stream, we evaluate whether our obligation is to provide the good or service itself, as the principal or to arrange for the good or service to be provided by the other party, as the agent, using the control model. For certain services provided to the customer, primarily in our aircraft management services revenue stream, the Company directs third-party providers to assist in our fulfillment of the performance obligation in contracts with our customers. Any cost reimbursements and third-party costs are recognized in revenue on a gross basis as Volato has pre-negotiated these costs and takes a certain amount of risk that it will not fully recover the costs incurred. In such circumstances, the Company is primarily responsible for satisfying the overall performance obligation with the customer and is considered the principal in the relationship because the Company has the ability to direct the third parties to provide services to our customers. Aircraft sales only requires the delivery of the aircraft. Volato also generates revenues from charter flights for owners, deposit products, retail customers and wholesale charter brokers. Deposit products are a complementary set of products available to retail charter customers whereby the customer makes a deposit in exchange for certain charter product offerings of the Company to be provided in the future. Charter flights are flights offered to retail and non-retail charter customers in exchange for a fee. The contracts generally consist of one performance obligation and revenue is recognized upon transfer of control of our promised services, which generally occurs upon the flight hours being used during the period which the chartered flights were operated. The Company’s contract for charter services outlines the transaction price in advance. Non-owner flights typically require payment in advance. Other charter services are due upon completion of the services. The contracts include cancellation penalty charges as a percentage of the original flight based on the time of cancellation and the type of flight. Itinerary changes may result in a price change prior to the occurrence of the flight. If the total flight itinerary cannot be completed due to any reason (other than customer cancellation or no show), the charter customer is responsible for only the portion of the itinerary that can be completed, and any advance payment is refunded. The Company’s aircraft management services are a full-service management and charter operator including dry leasing airplanes from owners, placing aircrafts on our FAA Air Carrier Certificate, operating the aircraft for owner flights and chartering the aircraft to customers. Under the aircraft management services revenues stream, aircraft owners pay management fees to the Company plus all operating expenses for the aircraft, maintenance, crew hiring and management, flight operations, dispatch, hangar, fuel, cleaning, insurance, and aircraft charter marketing. Revenues from aircraft management services consist of one performance obligation to provide management airplane management services. Revenue is partially recognized overtime for the administrative portion of the service, and partially recognized at a point in time, generally upon the transfer of control of the promised services included as part of the management services. Revenue recognized over time was $1.6 million and $1.1 million for the three months ended March 31, 2024 and 2023, respectively. All other revenue was recognized upon the transfer of control of the promised services. The Company’s contracts for managing aircraft provide for fixed monthly management fees and reimbursement of operating expenses at a predetermined margin. Generally, contracts require two months advance deposit of estimated expenses. In accordance with ASC 606, contract assets are to be recognized when an entity has the right to receive consideration in exchange for goods or services that have been transferred to a customer. Also, in accordance with ASC 606, contract liabilities are to be recognized when an entity is obligated to transfer goods or services for which consideration has already been received. The Company recognizes contract liabilities for any advance payments from customers primarily associated with its deposit products and charter flights as well as aircraft management services revenue streams. Deposits that are provided under the Company’s Insider Membership program or the Company’s Stretch Card agreements are treated as contract liabilities when the funds are received and are reduced as the flights are utilized. Any deposits that are not utilized over the 24-month term of the agreements, which end upon being forfeited if the agreements are not renewed, would be recognized as revenues at the time they are forfeited. Occasionally, we offer credits to customers of the Company’s Insider and Stretch Card agreements in excess of the cash deposit received as an incentive offering. These credits are non-refundable and are recorded as a contract liability until they are either used or expired. The Company does not offer their customer a significant financing component as part of the arrangement because the period between the transfer of service to a customer and when the customer pays for the service is one year or less or the timing and the transfer of the services is at the discretion of the customer. Contract liabilities consist of customer prepayments and the aircraft deposits referred to above. Total contract liabilities were $19.0 million and $12.9 million as of March 31, 2024 and December 31, 2023, respectively. The Company generated $13.2 million of revenue during the three months ended March 31, 2024 broken down as follows, in thousands: Aircraft sales ​ ​ $ — Charter flight revenue ​ ​ 11,516 Aircraft Management revenue ​ ​ 1,695 Total ​ ​ $13,211 The Company generated $15.7 million of revenue during the three months ended March 31, 2023 broken down as follows, in thousands: Aircraft sales ​ ​ $ 5,710 Charter flight revenue ​ ​ 6,684 Aircraft management revenue ​ ​ 3,271 Total ​ ​ $15,665	Revenue recognition Revenues are recognized on a gross basis and presented on the consolidated statements of operations net of rebates, discounts, and taxes collected concurrent with revenue-producing activities. The transaction price in the Company’s contracts with its customers is fixed at the time control of goods and services are transferred to the customer. Therefore, the Company does not estimate variable consideration or perform a constraint analysis for our contracts. The Company determines revenue recognition pursuant to Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, through the following steps: 1. Identification of the contract, or contracts, with a customer. 2. Identification of the performance obligation(s) in the contract. 3. Determination of the transaction price. 4. Allocation of the transaction to the performance obligation(s) in the contract. The Company generates revenue primarily through three sources: (i) the sale of aircraft, (ii) charter flights which include deposit products, retail and wholesale charter flights and owner flights, and (iii) aircraft management services. Revenue is recognized when control of the promised service is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies, as a performance obligation, each promise to transfer a good or service to a customer that is distinct. To identify its performance obligations, the Company considers all of the goods and services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. For each revenue stream, we evaluate whether our obligation is to provide the good or service itself, as the principal or to arrange for the good or service to be provided by the other party, as the agent, using the control model. For certain services provided to the customer, primarily in our aircraft management services revenue stream, the Company directs third-party providers to assist in our fulfillment of the performance obligation in contracts with our customers. Any cost reimbursements and third-party costs are recognized in revenue on a gross basis as Volato has pre-negotiated these costs and takes a certain amount of risk that it will not fully recover the costs incurred. In such circumstances, the Company is primarily responsible for satisfying the overall performance obligation with the customer and is considered the principal in the relationship because the Company has the ability to direct the third parties to provide services to our customers. Aircraft sales only requires the delivery of the aircraft. Volato also generates revenues from charter flights for owners, deposit products, retail customers and wholesale charter brokers. Deposit products are a complementary set of products available to retail charter customers whereby the customer makes a deposit in exchange for certain charter product offerings of the Company to be provided in the future. Charter flights are flights offered to retail and non-retail charter customers in exchange for a fee. The contracts generally consist of one performance obligation and revenue is recognized upon transfer of control of our promised services, which generally occurs upon the flight hours being used during the period which the chartered flights were operated. The Company’s contract for charter services outlines the transaction price in advance. Non-owner flights typically require payment in advance. Other charter services are due upon completion of the services. The contracts include cancellation penalty charges as a percentage of the original flight based on the time of cancellation and the type of flight. Itinerary changes may result in a price change prior to the occurrence of the flight. If the total flight itinerary cannot be completed due to any reason (other than customer cancellation or no show), the charter customer is responsible for only the portion of the itinerary that can be completed, and any advance payment is refunded. The Company’s aircraft management services are a full-service management and charter operator including dry leasing airplanes from owners, placing aircrafts on our FAA Air Carrier Certificate, operating the aircraft for owner flights and chartering the aircraft to customers. Under the aircraft management services revenues stream, aircraft owners pay management fees to the Company plus all operating expenses for the aircraft, maintenance, crew hiring and management, flight operations, dispatch, hangar, fuel, cleaning, insurance, and aircraft charter marketing. Revenues from aircraft management services consist of one performance obligation to provide management airplane management services. Revenue is partially recognized overtime for the administrative portion of the service, and partially recognized at a point in time, generally upon the transfer of control of the promised services included as part of the management services. Revenue recognized over time was $5.0 million and $2.3 million for the year ended December 31, 2023 and 2022, respectively. All other revenue was recognized upon the transfer of control of the promised services. The Company’s contracts for managing aircraft provide for fixed monthly management fees and reimbursement of operating expenses at a predetermined margin. Generally, contracts require two months advance deposit of estimated expenses. In accordance with ASC 606, contract assets are to be recognized when an entity has the right to receive consideration in exchange for goods or services that have been transferred to a customer. Also, in accordance with ASC 606, contract liabilities are to be recognized when an entity is obligated to transfer goods or services for which consideration has already been received. The Company recognizes contract liabilities for any advance payments from customers primarily associated with its deposit products and charter flights as well as aircraft management services revenue streams. Deposits that are provided under the Company’s Insider Membership program or the Company’s Stretch Card agreements are treated as contract liabilities when the funds are received and are reduced as the flights are utilized. Any deposits that are not utilized over the 24-month term of the agreements, which end upon being forfeited if the agreements are not renewed, would be recognized as revenues at the time they are forfeited. Occasionally, we offer credits to customers of the Company’s Insider and Stretch Card agreements in excess of the cash deposit received as an incentive offering. These credits are non-refundable and are recorded as a contract liability until they are either used or expired. The Company does not offer their customer a significant financing component as part of the arrangement because the period between the transfer of service to a customer and when the customer pays for the service is one year or less or the timing and the transfer of the services is at the discretion of the customer. Contract liabilities consist of customer prepayments and the aircraft deposits referred to above. Total contract liabilities were $12.9 million and $2.2 million as of December 31, 2023 and 2022, respectively. The Company has generated $73.3 million of revenue during the year ended December 31, 2023. The revenue is broken down as follows for the year ended December 31, 2023 in thousands: Aircraft sales ​ ​ $21,443 Charter flight revenue ​ ​ $37,787 Aircraft Management revenue ​ ​ $14,108 Total ​ ​ $73,338 The Company has generated $96.7 million of revenue during the year ended December 31, 2022. The revenue is broken down as follows for the year ended December 31, 2022 in thousands: Aircraft sales ​ ​ $67,695 Charter flight revenue ​ ​ $14,417 Aircraft management revenue ​ ​ $14,594 Total ​ ​ $96,706
Income taxes	Income taxes The Company follows Section 740-10-30 of the FASB ASC, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company follows the guidance of 740-10-25 of the FASB ASC (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. The Company is subject to tax in the United States (“U.S.”) and files tax returns in the U.S. Federal jurisdiction, and state jurisdictions. The Company is subject to U.S. Federal, state, and local income tax examinations by tax authorities. The Company currently is not under examination by any tax authority.	Income taxes The Company follows Section 740-10-30 of the FASB ASC, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company follows the guidance of 740-10-25 of the FASB ASC (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. The Company is subject to tax in the United States (“U.S.”) and files tax returns in the U.S. Federal jurisdiction, and state jurisdictions. The Company is subject to U.S. Federal, state, and local income tax examinations by tax authorities. The Company currently is not under examination by any tax authority.
Stock-based compensation	Stock-based compensation The Company accounts for equity-based compensation using the fair value method as set forth in the ASC 718, C ompensation—Stock Compensation , which requires the measurement and recognition of compensation expense for all stock-based payment awards based on estimated fair values. This method requires companies to estimate the fair value of stock-based compensation on the date of grant using an option pricing model. The Company estimates the fair value of each equity-based payment award on the date of grant using the Black-Scholes pricing model. The Black-Scholes model determines the fair value of equity-based payment awards based on the fair value of the underlying common stock on the date of grant and requires the use of estimates and assumptions, including the fair value of the Company’s common stock, exercise price of the stock option, expected volatility, expected life, risk-free interest rate and dividend rate. The Company estimates the expected volatility of its stock options by taking the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options; it is not practical for the Company to estimate its own volatility due to the lack of historical prices. The expected term of the options is determined in accordance with existing equity agreements as the underlying options are assumed to be exercised upon the passage of time. The risk-free interest rate is the estimated average interest rate based on U.S. Treasury zero-coupon notes with terms consistent with the expected life of the awards. The expected dividend yield is zero as the Company does not anticipate paying any recurring cash dividends in the foreseeable future. The Company accounts for forfeitures as they occur.	Stock-based compensation The Company accounts for equity-based compensation using the fair value method as set forth in the ASC 718, Compensation—Stock Compensation The Black-Scholes model determines the fair value of equity-based payment awards based on the fair value of the underlying common stock on the date of grant and requires the use of estimates and assumptions, including the fair value of the Company’s common stock, exercise price of the stock option, expected volatility, expected life, risk-free interest rate and dividend rate. The Company estimates the expected volatility of its stock options by taking the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options; it is not practical for the Company to estimate its own volatility due to the lack of historical prices. The expected term of the options is determined in accordance with existing equity agreements as the underlying options are assumed to be exercised upon the passage of time. The risk-free interest rate is the estimated average interest rate based on U.S. Treasury zero-coupon notes with terms consistent with the expected life of the awards. The expected dividend yield is zero as the Company does not anticipate paying any recurring cash dividends in the foreseeable future. The Company accounts for forfeitures as they occur.
Net loss per share	Net loss per share The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of the FASB ASC. Basic earnings per share is computed by dividing net loss available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net loss available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially dilutive debt or equity. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. Securities that are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been antidilutive for the three months ended March 31, 2024, include stock options and convertible debt. The Company has 2,289,159 and 2,478,020 outstanding stock options to purchase an equivalent number of common stock at March 31, 2024, and 2023, respectively. The Company also has 29,026,000 outstanding warrants to purchase an equivalent number of shares of common stock as of March 31, 2024 and 2023, respectively, at a weighted average strike price of $11.50.	Net loss per share The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of the FASB ASC. Basic earnings per share is computed by dividing net loss available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net loss available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially dilutive debt or equity. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. Securities that are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been antidilutive for the year ended December 31, 2023, include stock options and convertible debt. The Company has 2,369,169 and 2,507,618 outstanding stock options to purchase an equivalent number of common stock at December 31, 2023, and 2022, respectively. The Company also has 29,026,000 outstanding warrants to purchase an equivalent number of shares of common stock as of December 31, 2023 at a weighted average strike price of $11.50. No warrants were issued and outstanding as of December 31, 2022.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains its cash with a major financial institution located in the United States of America which it believes to be creditworthy. Balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At times, the Company may maintain balances in excess of the federally insured limits.	Concentration of Credit Risk The Company maintains its cash with a major financial institution located in the United States of America which it believes to be creditworthy. Balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At times, the Company may maintain balances in excess of the federally insured limits.
Intangible Assets	Intangible Assets Intangible assets other than goodwill consists of acquired finite-lived customer relationships and acquired indefinite-lived Part 135 air carrier certificate. At initial recognition, intangible assets acquired in a business combination are recognized at their fair value as of the date of acquisition. Following initial recognition, finite-lived intangible assets are carried at cost less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset, which was determined based on management’s estimate of the period over which the asset will contribute to our future cash flows. The Company reviews the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline in operating performance, competition, sale, or disposition of a significant portion of the business, or other factors. If the review indicates the impairment, an impairment loss would be recorded for the difference of the value recorded and the new value. There was no impairment loss recognized for the intangible assets for the three months ended March 31, 2024 and 2023, respectively.	Intangible Assets Intangible assets other than goodwill consists of acquired finite-lived customer relationships and acquired indefinite-lived Part 135 air carrier certificate. At initial recognition, intangible assets acquired in a business combination are recognized at their fair value as of the date of acquisition. Following initial recognition, finite-lived intangible assets are carried at cost less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset, which was determined based on management’s estimate of the period over which the asset will contribute to our future cash flows. The Company reviews the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline in operating performance, competition, sale, or disposition of a significant portion of the business, or other factors. If the review indicates the impairment, an impairment loss would be recorded for the difference of the value recorded and the new value. For the years ended December 31, 2023 and 2022, there was no impairment loss recognized for the intangible assets.
Goodwill	Goodwill Goodwill represents the excess of the aggregate purchase price paid over the fair value of the net assets acquired in our business combinations. Goodwill is not amortized and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include a significant adverse change in business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, additional impairment testing is not required. The Company tests for goodwill impairment annually during its fourth quarter on October 1. There was no impairment of goodwill for the three months ended March 31,2024 and 2023, respectively.	Goodwill Goodwill represents the excess of the aggregate purchase price paid over the fair value of the net assets acquired in our business combinations. Goodwill is not amortized and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include a significant adverse change in business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, additional impairment testing is not required. The Company tests for goodwill impairment annually during its fourth quarter on October 1. There was no impairment of goodwill for the year ended December 31, 2023 and 2022.
Segment Reporting	Segment Reporting The Company identifies operating segments as components of the Company. for which discrete financial information is available and is regularly reviewed by the chief operating decision maker, or decision-making group, in making decisions regarding resource allocation and performance assessment. The chief operating decision maker is the chief executive officer. We determined that the Company operates in a single	Segment Reporting The Company identifies operating segments as components of the Company. for which discrete financial information is available and is regularly reviewed by the chief operating decision maker, or decision-making group, in making decisions regarding resource allocation and performance assessment. The chief operating decision maker is the chief executive officer. We determined that the Company operates in a single
Cost of revenue	Cost of revenue Cost of revenue includes costs that are directly related to the related revenue streams – charter flights, aircraft management, aircraft sales. Cost of revenue includes expenses incurred to provide flight services and facilitate operations, including aircraft lease costs, fuel, crew travel, maintenance, compensation expenses and related benefits for employees that directly facilitate flight operations including crew and pilots and certain aircraft operating costs such as landing fees and parking. Cost of revenue for the aircraft sales revenue includes cost of the aircraft.	Cost of revenue Cost of revenue includes costs that are directly related to the related revenue streams – charter flights, aircraft management, aircraft sales. Cost of revenue includes expenses incurred to provide flight services and facilitate operations, including aircraft lease costs, fuel, crew travel, maintenance, compensation expenses and related benefits for employees that directly facilitate flight operations including crew and pilots and certain aircraft operating costs such as landing fees and parking. Cost of revenue for the aircraft sales revenue includes cost of the aircraft.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred and included in management and general expenses on the statements of operations. Such advertising amounted to $2.2 million and $223 thousand for the three months ended March 31, 2024 and 2023, respectively.	Advertising Costs Advertising costs are expensed as incurred and included in management and general expenses on the statements of operations. Such advertising amounted to $2.85 million and $405 thousand for the years ended December 31, 2023 and 2022, respectively.
Variable Interest Entity (VIE) Accounting	Variable Interest Entity (VIE) Accounting The Company evaluates its ownership, contractual relationships, and other interests in entities to determine the nature and extent of the interests, whether such interests are variable interests and whether the entities are VIEs in accordance with ASC 810, Consolidations . These evaluations can be complex and involve Management judgment as well as the use of estimates and assumptions based on available historical information, among other factors. Based on these evaluations, if the Company determines that it is the primary beneficiary of a VIE, this VIE entity is consolidated into the consolidated financial statements. Each Plane Co is managed by PDK Management LLC, an entity whose sole member is the Company’s Chief Executive Officer, through an operating agreement until July 2023. The Company does not have the obligation to absorb losses that could be significant to the VIE or the right to receive significant benefits when it holds a minority ownership in each PlaneCo. The Company did not consolidate any variable interest entities as of March 31, 2024 or December 31, 2023.	Variable Interest Entity (VIE) Accounting The Company evaluates its ownership, contractual relationships, and other interests in entities to determine the nature and extent of the interests, whether such interests are variable interests and whether the entities are VIEs in accordance with ASC 810, Consolidations Each Plane Co is managed by PDK Management LLC, an entity whose sole member is the Company’s Chief Executive Officer, through an operating agreement until July 2023. The Company does not have the obligation to absorb losses that could be significant to the VIE or the right to receive significant benefits when it holds a minority ownership in each PlaneCo. The Company did not consolidate any variable interest entities as of December 31, 2023 and 2022.
Leases	Leases ASC Topic 842, “Leases” (“ASC 842”) requires lessees to recognize most leases on the balance sheet with a corresponding right-to-use asset (“ROU asset”). ROU asset represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. The right-of-use asset and lease liability are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. ROU asset is evaluated for impairment using the long-lived asset impairment guidance. Leases will be classified as financing or operating, which will drive the expense recognition pattern. The Company elects to exclude short-term leases when recording a ROU asset and lease liability if and when the Company has them.	Leases ASC Topic 842, “Leases” (“ASC 842”) requires lessees to recognize most leases on the balance sheet with a corresponding right-to-use asset (“ROU asset”). ROU asset represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. The right-of-use asset and lease liability are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. ROU asset is evaluated for impairment using the long-lived asset impairment guidance. Leases will be classified as financing or operating, which will drive the expense recognition pattern. The Company elects to exclude short-term leases when recording a ROU asset and lease liability if and when the Company has them.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments included in ASU 2016-13 require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Although the new standard, known as the current expected credit loss (“CECL”) model, has a greater impact on financial institutions, most other organizations with financial instruments or other assets (trade receivables, contract assets, lease receivables, financial guarantees, loans and loan commitments, and held-to-maturity (HTM) debt securities) are subject to the CECL model and will need to use forward-looking information to better evaluate their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 was originally effective for public companies for fiscal years beginning after December 15, 2019. In November of 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, which delayed the implementation of ASU 2016-13 to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years for smaller reporting companies. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In November 2023, the Financial Account Standard Board “FASB” issued Accounting Standards Update “ASU” 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker “CODM” and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2025. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes. The Company has evaluated all the recent accounting pronouncements and determined that there are no accounting pronouncements that will have a material effect on the Company’s consolidated financial statements.	Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In November 2023, the Financial Account Standard Board “FASB” issued Accounting Standards Update “ASU” 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker “CODM” and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2025. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes. The Company has evaluated all the recent accounting pronouncements and determined that there are no accounting pronouncements that will have a material effect on the Company’s consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (FY) (Policies)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.	Basis of presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.
Reclassifications	Reclassifications Certain amounts in 2023 have been reclassified to conform with the current year’s presentation.	Reclassifications Certain amounts in 2022 have been reclassified to conform with the current year’s presentation.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, Volato, Inc., a company incorporated in the State of Georgia, Gulf Coast Aviation, Inc. sometimes referred to as Volato Aircraft Management Service (“VAMS”), a company incorporated in the State of Texas, GC Aviation, Inc., a company incorporated in the State of Texas, Fly Vaunt, LLC, a company incorporated in the State of Georgia, and Fly Dreams LLC, until March 3, 2023. One of the components of the Company’s business model includes the sale of aircraft and ownership program. The aircraft ownership program is a model whereby the Company sells each floating fleet aircraft to a limited liability company (“Plane Co”). The Plane Co, which is owned by third-party owners, leases the aircraft back to the Company for management and charter operations on behalf of the LLC under 14 C.F.R. Part 135 certificate. The Company does not hold any controlling interest in any Plane Co as of March 31, 2024 and December 31, 2023. Each Plane Co is set up to acquire and own one aircraft pursuant to the HondaJet aircraft purchase agreement executed with the Company. Each Plane Co was managed by PDK Management LLC until June 2023, an entity whose sole member is the Company’s Chief Executive Officer, through an operating agreement, and by Volato, Inc starting in July 2023. Fly Dreams holds the Federal Aviation Agency (“FAA”) certificate and conducts air carrier operations through an aircraft charter Management and Dry Lease Agreement with each of the Plane Co’s. On March 3, 2023, Legacy Volato transferred its Fly Dreams LLC operation to GCA and sold all of its membership interest in Fly Dreams LLC, including Fly Dreams FAA part 135 Certificate. Legacy Volato now conducts its operations under GCA FAA Part 135 Certificate. The selling price was $550 thousand, which resulted in the recognition of $387 thousand in gain, which is presented in other income (expense) in the consolidated statement of operations for the three months ended March 31, 2023. The Company does not hold any controlling interest in any limited liability companies as of March 31, 2024 and December 31, 2023, respectively. The Company only holds de minimis interest in one Plane Co as of March 31, 2024, respectively.	Principles of Consolidation The consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. The accompanying consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, Volato, Inc., a company incorporated in the State of Georgia, Gulf Coast Aviation, Inc. , a company incorporated in the State of Texas, GC Aviation, Inc., a company incorporated in the State of Texas, Fly Vaunt, LLC, a company incorporated in the State of Georgia, and Fly Dreams LLC, until March 3, 2023. The Company’s consolidated subsidiaries were as follows: 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% One of the components of the Company’s business model includes the sale of aircraft and ownership program. The aircraft ownership program is a model whereby the Company sells each fleet aircraft to a limited liability company, which was previously referred to as “Plane Co”. The Plane Co, which is owned by third-party owners, leases the aircraft back to the Company for management and charter operations on behalf of the LLC under 14 C.F.R. Part 135 certificate. The Company does not hold any controlling interest in any Plane Co as of December 31, 2023, and 2022. Each Plane Co is set up to acquire and own one aircraft pursuant to the HondaJet aircraft purchase agreement executed with the Company. Each Plane Co is managed by PDK Management LLC until June 2023, an entity whose sole member is the Company’s Chief Executive Officer, through an operating agreement, and by Volato, Inc starting in July 2023. On March 11, 2022, the Company executed a stock purchase agreement pursuant to which the Company acquired all of the issued and outstanding equity shares of Gulf Coast Aviation, Inc. for a total cash consideration of $1.85 million. Gulf Coast Aviation, Inc., is the owner of G C Aviation, Inc., a Texas entity and Part 135 air carrier certificate holder. Fly Dreams holds the Federal Aviation Agency (“FAA”) certificate and conducts air carrier operations through an aircraft charter Management and Dry Lease Agreement with each of the Plane Co’s. On March 3, 2023, Legacy Volato transferred its Fly Dreams LLC operation to GCA and sold all of its membership interest in Fly Dreams LLC, including Fly Dreams FAA part 135 Certificate. Legacy Volato now conducts its operations under GCA FAA Part 135 Certificate. The selling price was $550 thousand, which resulted in the recognition of $387 thousand in gain, which is presented in other income (expense) in the consolidated statement of operations for the year ended December 31, 2023. Other than FlyVaunt, LLC, the Company does not hold any controlling interest in any limited liability companies as of December 31, 2023 and 2022.The Company only holds de minimis interest in one and two Plane Cos as of December 31, 2023 and 2022, respectively.
Use of estimates	Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Such estimates include: • Useful lives of property, plant, and equipment. • Assumptions used in valuing equity instruments. • Deferred income taxes and related valuation allowance. • Assessment of long-lived assets impairment. • Assumptions used in the valuation of the forward purchase agreement	Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Such estimates include: • Useful lives of property, plant, and equipment. • Assumptions used in valuing equity instruments. • Deferred income taxes and related valuation allowance. • Assessment of long-lived assets impairment. • Assumptions used in the valuation of the forward purchase agreement
Cash	Cash and restricted cash Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At March 31, 2024 and December 31, 2023, the Company had no cash equivalents besides what was in the cash balance as of this date. The Company has $1.8 million and $2.2 million of restricted cash at March 31, 2024 and December 31, 2023, respectively, which serves as collateral for the credit facility with SAC Leasing G280 LLC.	Cash and restricted cash Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2023 and 2022, the Company had no cash equivalents besides what was in the cash balance as of this date. The Company has $2.24 million and $2.10 million of restricted cash at December 31, 2023, and 2022, respectively, which serves as collateral for the credit facility with SAC Leasing G280 LLC.
Restricted cash	Cash and restricted cash Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At March 31, 2024 and December 31, 2023, the Company had no cash equivalents besides what was in the cash balance as of this date. The Company has $1.8 million and $2.2 million of restricted cash at March 31, 2024 and December 31, 2023, respectively, which serves as collateral for the credit facility with SAC Leasing G280 LLC.	Cash and restricted cash Cash consists primarily of cash on hand and bank deposits. The Company maintains cash deposits with financial institutions that may exceed federally insured limits at times. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At December 31, 2023 and 2022, the Company had no cash equivalents besides what was in the cash balance as of this date. The Company has $2.24 million and $2.10 million of restricted cash at December 31, 2023, and 2022, respectively, which serves as collateral for the credit facility with SAC Leasing G280 LLC.
Investment - Equity Method	Investment - Equity Method The Company accounts for its equity method investment at cost, adjusted for the Company’s share of the investee’s earnings or losses, which is reported under other income (expense) in the consolidated statement of operations. The Company periodically reviews its investment for other than temporary declines in fair value below cost and more frequently when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As of March 31, 2024, and December 31, 2023, the only equity-method investment was Volato 158 LLC with a 3.13% equity interest. As of March 31, 2024 and December 31, 2023, management believes the carrying value of its equity method investments was recoverable in all material respects.	Investment - Equity Method The Company accounts for its equity method investment at cost, adjusted for the Company’s share of the investee’s earnings or losses, which is reported under other income (expense) in the consolidated statement of operations. The Company periodically reviews its investment for other than temporary declines in fair value below cost and more frequently when events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As of December 31, 2023, the only equity-method investment was Volato 158 LLC with a 3.13% equity interest. As of December 31, 2022, the only equity-method investments were Volato 239 LLC with a 18.75% equity interest and Volato 158 LLC with a 3.13% equity interest. As of December 31, 2023 and 2022, management believes the carrying value of its equity method investments was recoverable in all material respects.
Accounts Receivable	Accounts Receivable Accounts receivables are reported on the consolidated balance sheets at the outstanding principal amount adjusted for any allowance for credit losses and any charge offs. The Company provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount that is expected to be collected. This allowance is estimated based on historical collection experience, the aging of receivables, specific current and expected future macro-economic and market conditions, and assessments of the current creditworthiness and economic status of customers. The Company considers a receivable delinquent if it is unpaid after the term of the related invoice has expired. Balances that are still outstanding after management has used reasonable collection efforts are written off. The Company reviews its allowance for credit losses on a quarterly basis. The Company recognized zero of bad debt expense during the three months ended March 31, 2024 and 2023, respectively.	Accounts Receivable Accounts receivables are reported on the consolidated balance sheets at the outstanding principal amount adjusted for any allowance for credit losses and any charge offs. The Company provides an allowance for credit losses to reduce trade receivables to their estimated net realizable value equal to the amount that is expected to be collected. This allowance is estimated based on historical collection experience, the aging of receivables, specific current and expected future macro-economic and market conditions, and assessments of the current creditworthiness and economic status of customers. The Company considers a receivable delinquent if it is unpaid after the term of the related invoice has expired. Balances that are still outstanding after management has used reasonable collection efforts are written off. The Company reviews its allowance for credit losses on a quarterly basis. The Company recognized approximately $106 thousand and $5 thousand of bad debt expense during the years ended December 31, 2023 and 2022, respectively.
Fixed Assets, Computer Software Development, and Website development cost	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 : Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Computer Software Development Software development costs are accounted for in accordance with ASC 350-40, Internal Use Software . Internal software development costs are capitalized from the time the internal use software is considered probable of completion until the software is ready for use. Business analysis, system evaluation and software maintenance costs are expensed as incurred. The capitalized computer software development costs are reported under the section fixed assets, net in the consolidated balance sheet and are amortized using the straight-line method over the estimated useful life of the software, generally three years from when the asset is placed in service. The Company capitalized zero and $323 thousand of internal software development costs during the three months ended March 31, 2024 and the twelve months ended December 31 2023, respectively. The Company also expenses internal costs related to minor upgrades and enhancements, as it is impractical to separate these costs from normal maintenance activities. Website development cost The costs incurred for activities during the website application and infrastructure development stage are capitalized in accordance with the guidance on internal-use software in ASC 350-40. The Company capitalized $56 thousand and $241 thousand of website development costs as of March 31, 2024 and December 31, 2023, respectively. The Company recognized $26 thousand and $15 thousand of amortization expense during the three months ended March 31, 2024 and 2023, respectively.	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 Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Computer Software Development Software development costs are accounted for in accordance with ASC 350-40, Internal Use Software The capitalized computer software development costs are reported under the section fixed assets, net in the consolidated balance sheet and are amortized using the straight-line method over the estimated useful life of the software, generally three years from when the asset is placed in service. The Company determined that there were approximately $323 thousand and $114 thousand of internal software development costs incurred during the year ended December 31, 2023 and 2022, respectively. The Company also expenses internal costs related to minor upgrades and enhancements, as it is impractical to separate these costs from normal maintenance activities. Website development cost The costs incurred for activities during the website application and infrastructure development stage are capitalized in accordance with the guidance on internal-use software in ASC 350-40. The Company capitalized approximately $241 thousand and $114 thousand of website development costs during the year ended December 31, 2023 and December 31, 2022, respectively. The Company recognized approximately $56 thousand and $14 thousand of amortization expense during the year ended December 31, 2023 and December 31, 2022, respectively.
Valuation of Long-Lived Assets	Valuation of Long-Lived Assets: In accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 360, property, plant, and equipment, and long-lived assets are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. No impairment was recognized during the three months ended March 31, 2024 and 2023.	Valuation of Long-Lived Assets: In accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 360, property, plant, and equipment, and long-lived assets are analyzed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment. If there are indications of impairment, the Company uses future undiscounted cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. In the event such cash flows are not expected to be sufficient to recover the recorded asset values, the assets are written down to their estimated fair value. No impairment was recognized during the years ended December 31, 2023 and 2022.
Fair value of financial instruments	Fair value of financial instruments The Company adopted the provisions of FASB Accounting Standards Codification (“ASC”) 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. The Company measures fair value under a framework that utilizes a hierarchy prioritizing the inputs to relevant valuation techniques. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs used in measuring fair value are: • Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company as the ability to access. • Level 2: Inputs to the valuation methodology include: • Quoted prices for similar assets or liabilities in active markets. • Quoted prices for identical or similar assets or liabilities in inactive markets. • Inputs other than quoted prices that are observable for the asset or liability. • Inputs that are derived principally from or corroborated by observable market date by correlation or other means; and • If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The fair value of the Company’s recorded forward purchase agreement (“FPA”) is determined based on unobservable inputs that are not corroborated by market data, which require a Level 3 classification. A Monte Carlo simulation model was used to determine the fair value. The Company records the forward purchase agreement at fair value on the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operation. The following table presents balances of the forward purchase agreement with significant unobservable inputs (Level 3) as of March 31, 2024, in thousands: ​ ​ Fair Value Measurements as of March 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 ​ ​ $— ​ ​ $— ​ ​ $2,755 ​ ​ $2,755 Total ​ ​ $— ​ ​ $— ​ ​ $2,755 ​ ​ $2,755 The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the three months ended March 31, 2024, in thousands: ​ ​ Forward Purchase Agreement Balance December 31, 2023 ​ ​ $2,982 Change in fair value ​ ​ (227) Balance March 31, 2024 ​ ​ $2,755 The Company measures the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions: ​ ​ Three months ended March 31, 2024 Volume Weighted average stock price (“VWAP”) ​ ​ $ 3.54 Initial Price ​ ​ $10.81 Expected Volatility ​ ​ 91.0% Term ​ ​ 1.68 Risk-free Rate ​ ​ 4.7% The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid and other assets, accounts payable and accrued expenses, deposits, and members’ deposit approximate their fair value because of the short maturity of those instruments. The Company’s line of credit, convertible notes and other promissory notes approximate the fair value of such liabilities based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements and due to the short-term maturity of these instruments at March 31, 2024 and December 31, 2023, respectively.	Fair value of financial instruments The Company adopted the provisions of FASB Accounting Standards Codification (“ASC”) 820 (the “Fair Value Topic”) which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. The Company measures fair value under a framework that utilizes a hierarchy prioritizing the inputs to relevant valuation techniques. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs used in measuring fair value are: • Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company as the ability to access. • Level 2: Inputs to the valuation methodology include: • Quoted prices for similar assets or liabilities in active markets. • Quoted prices for identical or similar assets or liabilities in inactive markets. • Inputs other than quoted prices that are observable for the asset or liability. • Inputs that are derived principally from or corroborated by observable market date by correlation or other means; and • If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The fair value of the Company’s recorded forward purchase agreement (“FPA”) is determined based on unobservable inputs that are not corroborated by market data, which require a Level 3 classification. A Monte Carlo simulation model was used to determine the fair value. The Company records the forward purchase agreement at fair value on the consolidated balance sheets with changes in fair value recorded in the consolidated statements of operation. The following table presents balances of the forward purchase agreement with significant unobservable inputs (Level 3) as of December 31, 2023, in thousand: ​ ​ Fair Value Measurements as of December 31, 2023 Using ​ ​ 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 ​ ​ $— ​ ​ $— ​ ​ $2,982 ​ ​ $2,982 Total ​ ​ $— ​ ​ $— ​ ​ $2,982 ​ ​ $2,982 The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the year ended December 31, 2023, in thousand: ​ ​ Forward Purchase Agreement Balance December 31, 2022 ​ ​ $ — Cash funded ​ ​ 18,911 Proceeds ​ ​ (2,525) Change in fair value ​ ​ (13,403) Balance December 31, 2023 ​ ​ $ 2,983 The Company measures the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions: ​ ​ 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% The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts receivable, prepaid and other assets, accounts payable and accrued expenses, deposits, and members’ deposit approximate their fair value because of the short maturity of those instruments. The Company’s line of credit, convertible notes and other promissory notes approximate the fair value of such liabilities based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements and due to the short-term maturity of these instruments at December 31, 2023 and 2022.
Commitments and contingencies	Commitments and contingencies The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.	Commitments and contingencies The Company follows subtopic 450-20 of the FASB ASC to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.
Warrants	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own Common Stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent reporting period end date while the warrants are outstanding. All of the Company’s warrants have met the criteria for equity treatment.	Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 Distinguishing Liabilities from Equity Derivatives and Hedging
Revenue recognition	Revenue recognition Revenues are recognized on a gross basis and presented on the consolidated statements of operations net of rebates, discounts, and taxes collected concurrent with revenue-producing activities. The transaction price in the Company’s contracts with its customers is fixed at the time control of goods and services are transferred to the customer. Therefore, the Company does not estimate variable consideration or perform a constraint analysis for our contracts. The Company determines revenue recognition pursuant to Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, through the following steps: 1. Identification of the contract, or contracts, with a customer. 2. Identification of the performance obligation(s) in the contract. 3. Determination of the transaction price. 4. Allocation of the transaction to the performance obligation(s) in the contract. The Company generates revenue primarily through three sources: (i) the sale of aircraft, (ii) charter flights which include deposit products, retail and wholesale charter flights and owner flights, and (iii) aircraft management services. Revenue is recognized when control of the promised service is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies, as a performance obligation, each promise to transfer a good or service to a customer that is distinct. To identify its performance obligations, the Company considers all of the goods and services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. For each revenue stream, we evaluate whether our obligation is to provide the good or service itself, as the principal or to arrange for the good or service to be provided by the other party, as the agent, using the control model. For certain services provided to the customer, primarily in our aircraft management services revenue stream, the Company directs third-party providers to assist in our fulfillment of the performance obligation in contracts with our customers. Any cost reimbursements and third-party costs are recognized in revenue on a gross basis as Volato has pre-negotiated these costs and takes a certain amount of risk that it will not fully recover the costs incurred. In such circumstances, the Company is primarily responsible for satisfying the overall performance obligation with the customer and is considered the principal in the relationship because the Company has the ability to direct the third parties to provide services to our customers. Aircraft sales only requires the delivery of the aircraft. Volato also generates revenues from charter flights for owners, deposit products, retail customers and wholesale charter brokers. Deposit products are a complementary set of products available to retail charter customers whereby the customer makes a deposit in exchange for certain charter product offerings of the Company to be provided in the future. Charter flights are flights offered to retail and non-retail charter customers in exchange for a fee. The contracts generally consist of one performance obligation and revenue is recognized upon transfer of control of our promised services, which generally occurs upon the flight hours being used during the period which the chartered flights were operated. The Company’s contract for charter services outlines the transaction price in advance. Non-owner flights typically require payment in advance. Other charter services are due upon completion of the services. The contracts include cancellation penalty charges as a percentage of the original flight based on the time of cancellation and the type of flight. Itinerary changes may result in a price change prior to the occurrence of the flight. If the total flight itinerary cannot be completed due to any reason (other than customer cancellation or no show), the charter customer is responsible for only the portion of the itinerary that can be completed, and any advance payment is refunded. The Company’s aircraft management services are a full-service management and charter operator including dry leasing airplanes from owners, placing aircrafts on our FAA Air Carrier Certificate, operating the aircraft for owner flights and chartering the aircraft to customers. Under the aircraft management services revenues stream, aircraft owners pay management fees to the Company plus all operating expenses for the aircraft, maintenance, crew hiring and management, flight operations, dispatch, hangar, fuel, cleaning, insurance, and aircraft charter marketing. Revenues from aircraft management services consist of one performance obligation to provide management airplane management services. Revenue is partially recognized overtime for the administrative portion of the service, and partially recognized at a point in time, generally upon the transfer of control of the promised services included as part of the management services. Revenue recognized over time was $1.6 million and $1.1 million for the three months ended March 31, 2024 and 2023, respectively. All other revenue was recognized upon the transfer of control of the promised services. The Company’s contracts for managing aircraft provide for fixed monthly management fees and reimbursement of operating expenses at a predetermined margin. Generally, contracts require two months advance deposit of estimated expenses. In accordance with ASC 606, contract assets are to be recognized when an entity has the right to receive consideration in exchange for goods or services that have been transferred to a customer. Also, in accordance with ASC 606, contract liabilities are to be recognized when an entity is obligated to transfer goods or services for which consideration has already been received. The Company recognizes contract liabilities for any advance payments from customers primarily associated with its deposit products and charter flights as well as aircraft management services revenue streams. Deposits that are provided under the Company’s Insider Membership program or the Company’s Stretch Card agreements are treated as contract liabilities when the funds are received and are reduced as the flights are utilized. Any deposits that are not utilized over the 24-month term of the agreements, which end upon being forfeited if the agreements are not renewed, would be recognized as revenues at the time they are forfeited. Occasionally, we offer credits to customers of the Company’s Insider and Stretch Card agreements in excess of the cash deposit received as an incentive offering. These credits are non-refundable and are recorded as a contract liability until they are either used or expired. The Company does not offer their customer a significant financing component as part of the arrangement because the period between the transfer of service to a customer and when the customer pays for the service is one year or less or the timing and the transfer of the services is at the discretion of the customer. Contract liabilities consist of customer prepayments and the aircraft deposits referred to above. Total contract liabilities were $19.0 million and $12.9 million as of March 31, 2024 and December 31, 2023, respectively. The Company generated $13.2 million of revenue during the three months ended March 31, 2024 broken down as follows, in thousands: Aircraft sales ​ ​ $ — Charter flight revenue ​ ​ 11,516 Aircraft Management revenue ​ ​ 1,695 Total ​ ​ $13,211 The Company generated $15.7 million of revenue during the three months ended March 31, 2023 broken down as follows, in thousands: Aircraft sales ​ ​ $ 5,710 Charter flight revenue ​ ​ 6,684 Aircraft management revenue ​ ​ 3,271 Total ​ ​ $15,665	Revenue recognition Revenues are recognized on a gross basis and presented on the consolidated statements of operations net of rebates, discounts, and taxes collected concurrent with revenue-producing activities. The transaction price in the Company’s contracts with its customers is fixed at the time control of goods and services are transferred to the customer. Therefore, the Company does not estimate variable consideration or perform a constraint analysis for our contracts. The Company determines revenue recognition pursuant to Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, through the following steps: 1. Identification of the contract, or contracts, with a customer. 2. Identification of the performance obligation(s) in the contract. 3. Determination of the transaction price. 4. Allocation of the transaction to the performance obligation(s) in the contract. The Company generates revenue primarily through three sources: (i) the sale of aircraft, (ii) charter flights which include deposit products, retail and wholesale charter flights and owner flights, and (iii) aircraft management services. Revenue is recognized when control of the promised service is transferred to a customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies, as a performance obligation, each promise to transfer a good or service to a customer that is distinct. To identify its performance obligations, the Company considers all of the goods and services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. For each revenue stream, we evaluate whether our obligation is to provide the good or service itself, as the principal or to arrange for the good or service to be provided by the other party, as the agent, using the control model. For certain services provided to the customer, primarily in our aircraft management services revenue stream, the Company directs third-party providers to assist in our fulfillment of the performance obligation in contracts with our customers. Any cost reimbursements and third-party costs are recognized in revenue on a gross basis as Volato has pre-negotiated these costs and takes a certain amount of risk that it will not fully recover the costs incurred. In such circumstances, the Company is primarily responsible for satisfying the overall performance obligation with the customer and is considered the principal in the relationship because the Company has the ability to direct the third parties to provide services to our customers. Aircraft sales only requires the delivery of the aircraft. Volato also generates revenues from charter flights for owners, deposit products, retail customers and wholesale charter brokers. Deposit products are a complementary set of products available to retail charter customers whereby the customer makes a deposit in exchange for certain charter product offerings of the Company to be provided in the future. Charter flights are flights offered to retail and non-retail charter customers in exchange for a fee. The contracts generally consist of one performance obligation and revenue is recognized upon transfer of control of our promised services, which generally occurs upon the flight hours being used during the period which the chartered flights were operated. The Company’s contract for charter services outlines the transaction price in advance. Non-owner flights typically require payment in advance. Other charter services are due upon completion of the services. The contracts include cancellation penalty charges as a percentage of the original flight based on the time of cancellation and the type of flight. Itinerary changes may result in a price change prior to the occurrence of the flight. If the total flight itinerary cannot be completed due to any reason (other than customer cancellation or no show), the charter customer is responsible for only the portion of the itinerary that can be completed, and any advance payment is refunded. The Company’s aircraft management services are a full-service management and charter operator including dry leasing airplanes from owners, placing aircrafts on our FAA Air Carrier Certificate, operating the aircraft for owner flights and chartering the aircraft to customers. Under the aircraft management services revenues stream, aircraft owners pay management fees to the Company plus all operating expenses for the aircraft, maintenance, crew hiring and management, flight operations, dispatch, hangar, fuel, cleaning, insurance, and aircraft charter marketing. Revenues from aircraft management services consist of one performance obligation to provide management airplane management services. Revenue is partially recognized overtime for the administrative portion of the service, and partially recognized at a point in time, generally upon the transfer of control of the promised services included as part of the management services. Revenue recognized over time was $5.0 million and $2.3 million for the year ended December 31, 2023 and 2022, respectively. All other revenue was recognized upon the transfer of control of the promised services. The Company’s contracts for managing aircraft provide for fixed monthly management fees and reimbursement of operating expenses at a predetermined margin. Generally, contracts require two months advance deposit of estimated expenses. In accordance with ASC 606, contract assets are to be recognized when an entity has the right to receive consideration in exchange for goods or services that have been transferred to a customer. Also, in accordance with ASC 606, contract liabilities are to be recognized when an entity is obligated to transfer goods or services for which consideration has already been received. The Company recognizes contract liabilities for any advance payments from customers primarily associated with its deposit products and charter flights as well as aircraft management services revenue streams. Deposits that are provided under the Company’s Insider Membership program or the Company’s Stretch Card agreements are treated as contract liabilities when the funds are received and are reduced as the flights are utilized. Any deposits that are not utilized over the 24-month term of the agreements, which end upon being forfeited if the agreements are not renewed, would be recognized as revenues at the time they are forfeited. Occasionally, we offer credits to customers of the Company’s Insider and Stretch Card agreements in excess of the cash deposit received as an incentive offering. These credits are non-refundable and are recorded as a contract liability until they are either used or expired. The Company does not offer their customer a significant financing component as part of the arrangement because the period between the transfer of service to a customer and when the customer pays for the service is one year or less or the timing and the transfer of the services is at the discretion of the customer. Contract liabilities consist of customer prepayments and the aircraft deposits referred to above. Total contract liabilities were $12.9 million and $2.2 million as of December 31, 2023 and 2022, respectively. The Company has generated $73.3 million of revenue during the year ended December 31, 2023. The revenue is broken down as follows for the year ended December 31, 2023 in thousands: Aircraft sales ​ ​ $21,443 Charter flight revenue ​ ​ $37,787 Aircraft Management revenue ​ ​ $14,108 Total ​ ​ $73,338 The Company has generated $96.7 million of revenue during the year ended December 31, 2022. The revenue is broken down as follows for the year ended December 31, 2022 in thousands: Aircraft sales ​ ​ $67,695 Charter flight revenue ​ ​ $14,417 Aircraft management revenue ​ ​ $14,594 Total ​ ​ $96,706
Income taxes	Income taxes The Company follows Section 740-10-30 of the FASB ASC, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company follows the guidance of 740-10-25 of the FASB ASC (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. The Company is subject to tax in the United States (“U.S.”) and files tax returns in the U.S. Federal jurisdiction, and state jurisdictions. The Company is subject to U.S. Federal, state, and local income tax examinations by tax authorities. The Company currently is not under examination by any tax authority.	Income taxes The Company follows Section 740-10-30 of the FASB ASC, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company follows the guidance of 740-10-25 of the FASB ASC (“Section 740-10-25”) with regards to uncertainty in income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its assets and/or liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. The Company is subject to tax in the United States (“U.S.”) and files tax returns in the U.S. Federal jurisdiction, and state jurisdictions. The Company is subject to U.S. Federal, state, and local income tax examinations by tax authorities. The Company currently is not under examination by any tax authority.
Stock-based compensation	Stock-based compensation The Company accounts for equity-based compensation using the fair value method as set forth in the ASC 718, C ompensation—Stock Compensation , which requires the measurement and recognition of compensation expense for all stock-based payment awards based on estimated fair values. This method requires companies to estimate the fair value of stock-based compensation on the date of grant using an option pricing model. The Company estimates the fair value of each equity-based payment award on the date of grant using the Black-Scholes pricing model. The Black-Scholes model determines the fair value of equity-based payment awards based on the fair value of the underlying common stock on the date of grant and requires the use of estimates and assumptions, including the fair value of the Company’s common stock, exercise price of the stock option, expected volatility, expected life, risk-free interest rate and dividend rate. The Company estimates the expected volatility of its stock options by taking the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options; it is not practical for the Company to estimate its own volatility due to the lack of historical prices. The expected term of the options is determined in accordance with existing equity agreements as the underlying options are assumed to be exercised upon the passage of time. The risk-free interest rate is the estimated average interest rate based on U.S. Treasury zero-coupon notes with terms consistent with the expected life of the awards. The expected dividend yield is zero as the Company does not anticipate paying any recurring cash dividends in the foreseeable future. The Company accounts for forfeitures as they occur.	Stock-based compensation The Company accounts for equity-based compensation using the fair value method as set forth in the ASC 718, Compensation—Stock Compensation The Black-Scholes model determines the fair value of equity-based payment awards based on the fair value of the underlying common stock on the date of grant and requires the use of estimates and assumptions, including the fair value of the Company’s common stock, exercise price of the stock option, expected volatility, expected life, risk-free interest rate and dividend rate. The Company estimates the expected volatility of its stock options by taking the average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options; it is not practical for the Company to estimate its own volatility due to the lack of historical prices. The expected term of the options is determined in accordance with existing equity agreements as the underlying options are assumed to be exercised upon the passage of time. The risk-free interest rate is the estimated average interest rate based on U.S. Treasury zero-coupon notes with terms consistent with the expected life of the awards. The expected dividend yield is zero as the Company does not anticipate paying any recurring cash dividends in the foreseeable future. The Company accounts for forfeitures as they occur.
Net loss per share	Net loss per share The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of the FASB ASC. Basic earnings per share is computed by dividing net loss available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net loss available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially dilutive debt or equity. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. Securities that are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been antidilutive for the three months ended March 31, 2024, include stock options and convertible debt. The Company has 2,289,159 and 2,478,020 outstanding stock options to purchase an equivalent number of common stock at March 31, 2024, and 2023, respectively. The Company also has 29,026,000 outstanding warrants to purchase an equivalent number of shares of common stock as of March 31, 2024 and 2023, respectively, at a weighted average strike price of $11.50.	Net loss per share The Company computes basic and diluted earnings per share amounts pursuant to section 260-10-45 of the FASB ASC. Basic earnings per share is computed by dividing net loss available to common shareholders, by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per share is computed by dividing net loss available to common shareholders by the diluted weighted average number of shares of common stock during the period. The diluted weighted average number of common shares outstanding is the basic weighted number of shares adjusted as of the first day of the year for any potentially dilutive debt or equity. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. Securities that are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been antidilutive for the year ended December 31, 2023, include stock options and convertible debt. The Company has 2,369,169 and 2,507,618 outstanding stock options to purchase an equivalent number of common stock at December 31, 2023, and 2022, respectively. The Company also has 29,026,000 outstanding warrants to purchase an equivalent number of shares of common stock as of December 31, 2023 at a weighted average strike price of $11.50. No warrants were issued and outstanding as of December 31, 2022.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains its cash with a major financial institution located in the United States of America which it believes to be creditworthy. Balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At times, the Company may maintain balances in excess of the federally insured limits.	Concentration of Credit Risk The Company maintains its cash with a major financial institution located in the United States of America which it believes to be creditworthy. Balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At times, the Company may maintain balances in excess of the federally insured limits.
Intangible Assets	Intangible Assets Intangible assets other than goodwill consists of acquired finite-lived customer relationships and acquired indefinite-lived Part 135 air carrier certificate. At initial recognition, intangible assets acquired in a business combination are recognized at their fair value as of the date of acquisition. Following initial recognition, finite-lived intangible assets are carried at cost less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset, which was determined based on management’s estimate of the period over which the asset will contribute to our future cash flows. The Company reviews the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline in operating performance, competition, sale, or disposition of a significant portion of the business, or other factors. If the review indicates the impairment, an impairment loss would be recorded for the difference of the value recorded and the new value. There was no impairment loss recognized for the intangible assets for the three months ended March 31, 2024 and 2023, respectively.	Intangible Assets Intangible assets other than goodwill consists of acquired finite-lived customer relationships and acquired indefinite-lived Part 135 air carrier certificate. At initial recognition, intangible assets acquired in a business combination are recognized at their fair value as of the date of acquisition. Following initial recognition, finite-lived intangible assets are carried at cost less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset, which was determined based on management’s estimate of the period over which the asset will contribute to our future cash flows. The Company reviews the intangible assets for impairment on an annual basis or if events or changes in circumstances indicate it is more likely than not that they are impaired. These events could include a significant change in the business climate, legal factors, a decline in operating performance, competition, sale, or disposition of a significant portion of the business, or other factors. If the review indicates the impairment, an impairment loss would be recorded for the difference of the value recorded and the new value. For the years ended December 31, 2023 and 2022, there was no impairment loss recognized for the intangible assets.
Goodwill	Goodwill Goodwill represents the excess of the aggregate purchase price paid over the fair value of the net assets acquired in our business combinations. Goodwill is not amortized and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include a significant adverse change in business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, additional impairment testing is not required. The Company tests for goodwill impairment annually during its fourth quarter on October 1. There was no impairment of goodwill for the three months ended March 31,2024 and 2023, respectively.	Goodwill Goodwill represents the excess of the aggregate purchase price paid over the fair value of the net assets acquired in our business combinations. Goodwill is not amortized and is tested for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Events or changes in circumstances that could trigger an impairment review include a significant adverse change in business climate, an adverse action or assessment by a regulator, unanticipated competition, a loss of key personnel, significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, or significant underperformance relative to expected historical or projected future results of operations. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, additional impairment testing is not required. The Company tests for goodwill impairment annually during its fourth quarter on October 1. There was no impairment of goodwill for the year ended December 31, 2023 and 2022.
Segment Reporting	Segment Reporting The Company identifies operating segments as components of the Company. for which discrete financial information is available and is regularly reviewed by the chief operating decision maker, or decision-making group, in making decisions regarding resource allocation and performance assessment. The chief operating decision maker is the chief executive officer. We determined that the Company operates in a single	Segment Reporting The Company identifies operating segments as components of the Company. for which discrete financial information is available and is regularly reviewed by the chief operating decision maker, or decision-making group, in making decisions regarding resource allocation and performance assessment. The chief operating decision maker is the chief executive officer. We determined that the Company operates in a single
Cost of revenue	Cost of revenue Cost of revenue includes costs that are directly related to the related revenue streams – charter flights, aircraft management, aircraft sales. Cost of revenue includes expenses incurred to provide flight services and facilitate operations, including aircraft lease costs, fuel, crew travel, maintenance, compensation expenses and related benefits for employees that directly facilitate flight operations including crew and pilots and certain aircraft operating costs such as landing fees and parking. Cost of revenue for the aircraft sales revenue includes cost of the aircraft.	Cost of revenue Cost of revenue includes costs that are directly related to the related revenue streams – charter flights, aircraft management, aircraft sales. Cost of revenue includes expenses incurred to provide flight services and facilitate operations, including aircraft lease costs, fuel, crew travel, maintenance, compensation expenses and related benefits for employees that directly facilitate flight operations including crew and pilots and certain aircraft operating costs such as landing fees and parking. Cost of revenue for the aircraft sales revenue includes cost of the aircraft.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred and included in management and general expenses on the statements of operations. Such advertising amounted to $2.2 million and $223 thousand for the three months ended March 31, 2024 and 2023, respectively.	Advertising Costs Advertising costs are expensed as incurred and included in management and general expenses on the statements of operations. Such advertising amounted to $2.85 million and $405 thousand for the years ended December 31, 2023 and 2022, respectively.
Variable Interest Entity (VIE) Accounting	Variable Interest Entity (VIE) Accounting The Company evaluates its ownership, contractual relationships, and other interests in entities to determine the nature and extent of the interests, whether such interests are variable interests and whether the entities are VIEs in accordance with ASC 810, Consolidations . These evaluations can be complex and involve Management judgment as well as the use of estimates and assumptions based on available historical information, among other factors. Based on these evaluations, if the Company determines that it is the primary beneficiary of a VIE, this VIE entity is consolidated into the consolidated financial statements. Each Plane Co is managed by PDK Management LLC, an entity whose sole member is the Company’s Chief Executive Officer, through an operating agreement until July 2023. The Company does not have the obligation to absorb losses that could be significant to the VIE or the right to receive significant benefits when it holds a minority ownership in each PlaneCo. The Company did not consolidate any variable interest entities as of March 31, 2024 or December 31, 2023.	Variable Interest Entity (VIE) Accounting The Company evaluates its ownership, contractual relationships, and other interests in entities to determine the nature and extent of the interests, whether such interests are variable interests and whether the entities are VIEs in accordance with ASC 810, Consolidations Each Plane Co is managed by PDK Management LLC, an entity whose sole member is the Company’s Chief Executive Officer, through an operating agreement until July 2023. The Company does not have the obligation to absorb losses that could be significant to the VIE or the right to receive significant benefits when it holds a minority ownership in each PlaneCo. The Company did not consolidate any variable interest entities as of December 31, 2023 and 2022.
Leases	Leases ASC Topic 842, “Leases” (“ASC 842”) requires lessees to recognize most leases on the balance sheet with a corresponding right-to-use asset (“ROU asset”). ROU asset represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. The right-of-use asset and lease liability are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. ROU asset is evaluated for impairment using the long-lived asset impairment guidance. Leases will be classified as financing or operating, which will drive the expense recognition pattern. The Company elects to exclude short-term leases when recording a ROU asset and lease liability if and when the Company has them.	Leases ASC Topic 842, “Leases” (“ASC 842”) requires lessees to recognize most leases on the balance sheet with a corresponding right-to-use asset (“ROU asset”). ROU asset represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. The right-of-use asset and lease liability are recognized at the lease commencement date based on the estimated present value of fixed lease payments over the lease term. ROU asset is evaluated for impairment using the long-lived asset impairment guidance. Leases will be classified as financing or operating, which will drive the expense recognition pattern. The Company elects to exclude short-term leases when recording a ROU asset and lease liability if and when the Company has them.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments included in ASU 2016-13 require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Although the new standard, known as the current expected credit loss (“CECL”) model, has a greater impact on financial institutions, most other organizations with financial instruments or other assets (trade receivables, contract assets, lease receivables, financial guarantees, loans and loan commitments, and held-to-maturity (HTM) debt securities) are subject to the CECL model and will need to use forward-looking information to better evaluate their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 was originally effective for public companies for fiscal years beginning after December 15, 2019. In November of 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, which delayed the implementation of ASU 2016-13 to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years for smaller reporting companies. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In November 2023, the Financial Account Standard Board “FASB” issued Accounting Standards Update “ASU” 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker “CODM” and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2025. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes. The Company has evaluated all the recent accounting pronouncements and determined that there are no accounting pronouncements that will have a material effect on the Company’s consolidated financial statements.	Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In November 2023, the Financial Account Standard Board “FASB” issued Accounting Standards Update “ASU” 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker “CODM” and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2025. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes. The Company has evaluated all the recent accounting pronouncements and determined that there are no accounting pronouncements that will have a material effect on the Company’s consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Q1) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Estimated Useful Lives of Fixed Assets	Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three to seven years : Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Fixed assets consist of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Machine and equipment ​ ​ $ 191 ​ ​ $ 191 Automobiles ​ ​ 102 ​ ​ 102 Website development costs ​ ​ 290 ​ ​ 290 Computer and office equipment ​ ​ 9 ​ ​ 11 Software development costs ​ ​ 493 ​ ​ 437 ​ ​ 1,085 ​ ​ 1,031 Less accumulated depreciation ​ ​ (248) ​ ​ (185) ​ ​ $ 837 ​ ​ $ 846	Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Fixed assets consist of the following at December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Machine and equipment ​ ​ $ 191 ​ ​ $173 Automobiles ​ ​ 102 ​ ​ 63 Website development costs ​ ​ 290 ​ ​ 49 Computer and office equipment ​ ​ 11 ​ ​ 8 Software development costs ​ ​ 437 ​ ​ 114 ​ ​ 1,031 ​ ​ 407 Less accumulated depreciation ​ ​ (185) ​ ​ (59) ​ ​ $ 846 ​ ​ $348
Schedule of Fair Value Assets Measured on Recurring Basis	The following table presents balances of the forward purchase agreement with significant unobservable inputs (Level 3) as of March 31, 2024, in thousands: ​ ​ Fair Value Measurements as of March 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 ​ ​ $— ​ ​ $— ​ ​ $2,755 ​ ​ $2,755 Total ​ ​ $— ​ ​ $— ​ ​ $2,755 ​ ​ $2,755	The following table presents balances of the forward purchase agreement with significant unobservable inputs (Level 3) as of December 31, 2023, in thousand: ​ ​ Fair Value Measurements as of December 31, 2023 Using ​ ​ 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 ​ ​ $— ​ ​ $— ​ ​ $2,982 ​ ​ $2,982 Total ​ ​ $— ​ ​ $— ​ ​ $2,982 ​ ​ $2,982
Schedule of Fair Value Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the three months ended March 31, 2024, in thousands: ​ ​ Forward Purchase Agreement Balance December 31, 2023 ​ ​ $2,982 Change in fair value ​ ​ (227) Balance March 31, 2024 ​ ​ $2,755	The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the year ended December 31, 2023, in thousand: ​ ​ Forward Purchase Agreement Balance December 31, 2022 ​ ​ $ — Cash funded ​ ​ 18,911 Proceeds ​ ​ (2,525) Change in fair value ​ ​ (13,403) Balance December 31, 2023 ​ ​ $ 2,983
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The Company measures the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions: ​ ​ Three months ended March 31, 2024 Volume Weighted average stock price (“VWAP”) ​ ​ $ 3.54 Initial Price ​ ​ $10.81 Expected Volatility ​ ​ 91.0% Term ​ ​ 1.68 Risk-free Rate ​ ​ 4.7%	The Company measures the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions: ​ ​ 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 Disaggregation of Revenue	The Company generated $13.2 million of revenue during the three months ended March 31, 2024 broken down as follows, in thousands: Aircraft sales ​ ​ $ — Charter flight revenue ​ ​ 11,516 Aircraft Management revenue ​ ​ 1,695 Total ​ ​ $13,211 The Company generated $15.7 million of revenue during the three months ended March 31, 2023 broken down as follows, in thousands: Aircraft sales ​ ​ $ 5,710 Charter flight revenue ​ ​ 6,684 Aircraft management revenue ​ ​ 3,271 Total ​ ​ $15,665	The Company has generated $73.3 million of revenue during the year ended December 31, 2023. The revenue is broken down as follows for the year ended December 31, 2023 in thousands: Aircraft sales ​ ​ $21,443 Charter flight revenue ​ ​ $37,787 Aircraft Management revenue ​ ​ $14,108 Total ​ ​ $73,338 The Company has generated $96.7 million of revenue during the year ended December 31, 2022. The revenue is broken down as follows for the year ended December 31, 2022 in thousands: Aircraft sales ​ ​ $67,695 Charter flight revenue ​ ​ $14,417 Aircraft management revenue ​ ​ $14,594 Total ​ ​ $96,706

INTANGIBLES (Q1) (Tables)

INTANGIBLES (Q1) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following is a summary of finite-lived intangible assets as of March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(125) ​ ​ $176 ​ ​ $301 ​ ​ $(125) ​ ​ $176 ​ ​ December 31, 2023 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(110) ​ ​ $191 ​ ​ $301 ​ ​ $(110) ​ ​ $191	The following is a summary of finite-lived intangible assets as of December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(110) ​ ​ $191 ​ ​ $301 ​ ​ $(110) ​ ​ $191 ​ ​ December 31, 2022 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(49) ​ ​ $252 ​ ​ $301 ​ ​ $(49) ​ ​ $252
Schedule of Finite-Lived Intangible Assets Amortization Expense	As of March 31, 2024, future amortization expense is expected to be as follows, in thousands: ​ ​ Amount 2024 ​ ​ $ 45 2025 ​ ​ 60 2026 ​ ​ 60 2027 ​ ​ 11 ​ ​ $176	As of December 31, 2023, future amortization expense is expected to be as follows, in thousand: Fiscal years ending December 31, ​ ​ Amount 2024 ​ ​ $60 2025 ​ ​ 60 2026 ​ ​ 60 2027 ​ ​ 11 ​ ​ $191
Schedule of Indefinite-Lived Intangible Assets	The following table summarizes the balances as of March 31, 2024 and December 31, 2023, of the indefinite-lived intangible assets, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Intangible asset - Part 135 certificate ​ ​ $1,200 ​ ​ $1,200	The following table summarizes the balances as of December 31, 2023 and 2022, of the indefinite-lived intangible assets, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Intangible asset – Part 135 certificate ​ ​ $1,200 ​ ​ $1,363

MERGER TRANSACTION COSTS PAYA_3

MERGER TRANSACTION COSTS PAYABLE (Q1) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Merger Transaction Costs	Merger transaction cost payable consist of the following as of December 31, 2023, in thousands: ​ ​ December 31, 2023 Transaction costs payable in common stock ​ ​ $4,250 Total ​ ​ $4,250	Merger transaction cost payable consist of the following as of December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Transaction costs payable in common stock ​ ​ $4,250 ​ ​ $— Total ​ ​ $4,250 ​ ​ $—

FIXED ASSETS (Q1) (Tables)

FIXED ASSETS (Q1) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Fixed Assets	Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three to seven years : Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Fixed assets consist of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Machine and equipment ​ ​ $ 191 ​ ​ $ 191 Automobiles ​ ​ 102 ​ ​ 102 Website development costs ​ ​ 290 ​ ​ 290 Computer and office equipment ​ ​ 9 ​ ​ 11 Software development costs ​ ​ 493 ​ ​ 437 ​ ​ 1,085 ​ ​ 1,031 Less accumulated depreciation ​ ​ (248) ​ ​ (185) ​ ​ $ 837 ​ ​ $ 846	Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Fixed assets consist of the following at December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Machine and equipment ​ ​ $ 191 ​ ​ $173 Automobiles ​ ​ 102 ​ ​ 63 Website development costs ​ ​ 290 ​ ​ 49 Computer and office equipment ​ ​ 11 ​ ​ 8 Software development costs ​ ​ 437 ​ ​ 114 ​ ​ 1,031 ​ ​ 407 Less accumulated depreciation ​ ​ (185) ​ ​ (59) ​ ​ $ 846 ​ ​ $348

DEPOSITS (Q1) (Tables)

DEPOSITS (Q1) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deposits	Deposits consist of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Deposits on aircraft ​ ​ $ 46,450 ​ ​ $ 40,300 Other deposits ​ ​ 406 ​ ​ 516 Total deposits ​ ​ $ 46,856 ​ ​ $ 40,816 Less current portion ​ ​ (25,200) ​ ​ (25,125) Total deposits, non-current ​ ​ $ 21,656 ​ ​ $ 15,691 Below is a breakdown of the deposits on aircraft as of March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Gulfstream aircraft deposits ​ ​ $ 45,000 ​ ​ $ 39,000 Honda aircraft deposits ​ ​ 1,450 ​ ​ 1,300 Total deposits on aircraft ​ ​ 46,450 ​ ​ $ 40,300 Less current portion ​ ​ (25,200) ​ ​ (25,050) Total deposits on aircraft non-current ​ ​ $ 21,250 ​ ​ $ 15,250	Deposits consist of the following at December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Deposits on aircraft ​ ​ $ 40,300 ​ ​ $12,833 Other deposits ​ ​ 516 ​ ​ 123 Total deposits ​ ​ $ 40,816 ​ ​ $12,956 Less current portion ​ ​ (25,125) ​ ​ (833) Total deposits, non-current ​ ​ $ 15,691 ​ ​ $12,123 Below is a breakdown of the deposits on aircraft as of December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Gulfstream aircraft deposits ​ ​ $ 39,000 ​ ​ $12,000 Honda aircraft deposits ​ ​ 1,300 ​ ​ 833 Total deposits on aircraft ​ ​ $ 40,300 ​ ​ $12,833 Less current portion ​ ​ $(25,050) ​ ​ (833) Total deposits on aircraft non-current ​ ​ 15,250 ​ ​ $12,000

EQUITY-METHOD INVESTMENT (Q1) (

EQUITY-METHOD INVESTMENT (Q1) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The Company has the following equity method investments at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Investment in Volato 158 LLC ​ ​ $158 ​ ​ $154 ​ ​ $158 ​ ​ $154	The Company has the following equity method investments at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Investment in Volato 158 LLC ​ ​ $154 ​ ​ $ 152 Investment in Volato 239 LLC ​ ​ — ​ ​ 1,007 ​ ​ $154 ​ ​ $1,159

REVOLVING LOAN AND PROMISSORY_3

REVOLVING LOAN AND PROMISSORY NOTE - RELATED PARTY (Q1) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Revolving Loan and Promissory Note Outstanding	Revolving loan and promissory note with a related party consisted of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Dennis Liotta, March 2023 – 10% interest – promissory note due March 2024 ​ ​ $1,000 ​ ​ $ 1,000 Total notes from related party - current ​ ​ $1,000 ​ ​ $1,000	Revolving loan and promissory note with a related party consisted of the following at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Dennis Liotta, December 2021 – 4 ​ ​ $— ​ ​ $5,150 Dennis Liotta, March 2023 – 10% interest – promissory note due March 2024 ​ ​ 1,000 ​ ​ — Total notes from related party - current ​ ​ $1,000 ​ ​ $5,150

CREDIT FACILITY AND OTHER LOA_3

CREDIT FACILITY AND OTHER LOANS (Q1) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Outstanding Credit Facilities and Other Loans	Credit facility and other loans consisted of the following at March 31, 2024 and December 31, 2023, in thousand: ​ ​ March 31, 2024 ​ ​ December 31, 2023 SAC Leasing G280 LLC credit facility, 12.5% interest, net of deposits ​ ​ $33,750 ​ ​ $27,750 Less discounts ​ ​ (374) ​ ​ (376) Total credit facility, net of discount ​ ​ $33,376 ​ ​ 27,374	Credit facility and other loans consisted of the following at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 SAC Leasing G280 LLC credit facility, 12.5% interest, net of deposits ​ ​ $ 27,750 ​ ​ $4,500 Less discounts ​ ​ (376) ​ ​ (330) Total credit facility, net of discount ​ ​ $27,374 ​ ​ 4,170

SHAREHOLDERS' EQUITY (DEFICIT_3

SHAREHOLDERS' EQUITY (DEFICIT) (Q1) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Schedule of Stock Option Activity	Stock option activity for the periods presented is as follows (in thousands, except per share value): ​ ​ Options ​ ​ Weighted Average Exercise Price Per Share ​ ​ Weighted Average Remaining Contractual Term (years) ​ ​ Aggregate Intrinsic Value Outstanding at December 31, 2023 ​ ​ 2,369,169 ​ ​ $1.43 ​ ​ 8.8 ​ ​ $6.8 Granted ​ ​ — ​ ​ $ — ​ ​ — ​ ​ Cancelled ​ ​ (36,748) ​ ​ $3.80 ​ ​ — ​ ​ Exercised ​ ​ (43,262) ​ ​ $0.13 ​ ​ — ​ ​ Outstanding at March 31, 2024 ​ ​ 2,289,159 ​ ​ $1.34 ​ ​ 8.5 ​ ​ $6.6 Exercisable as of March 31, 2024 ​ ​ 1,924,903 ​ ​ $0.24 ​ ​ ​ ​ —	The balance and activity of all stock options outstanding under the 2021 Plan as of December 31, 2023, and 2022, is as follows: ​ ​ Options ​ ​ Weighted Average Exercise Price Per Share ​ ​ Weighted Average Remaining Contractual Term (years) Outstanding at January 1, 2022 ​ ​ 613,463 ​ $0.12 ​ ​ 9.6 Granted ​ ​ 1,894,155 ​ ​ $0.14 ​ ​ — Cancelled ​ ​ 0 ​ ​ $ — ​ ​ — Exercised ​ ​ 0 ​ ​ $ — ​ ​ — Outstanding at December 31, 2022 ​ ​ 2,507,618 ​ ​ $0.14 ​ ​ 9.4 Granted ​ ​ 382,726 ​ ​ $8.21 ​ ​ — Cancelled ​ ​ (313,783) ​ ​ $0.22 ​ ​ — Exercised ​ ​ (207,392) ​ ​ $0.12 ​ ​ — Outstanding as of December 31, 2023 ​ ​ 2,369,169 ​ ​ $1.43 ​ ​ 8.8 Exercisable as of December 31, 2023 ​ ​ 2,232,117 ​ $0.21 ​ ​

COMMITMENT AND CONTINGENCIES _2

COMMITMENT AND CONTINGENCIES (Q1) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments Under Purchase Agreements	Future minimum payments under the purchase agreements with Gulfstream Aerospace, LP at March 31, 2024, are as follows, in thousands: ​ ​ Gulfstream G280 Fleet 2024 ​ ​ $18,500 2025 ​ ​ 15,500 Total expected contractual payments ​ ​ $34,000	Future minimum payments under the purchase agreements with Gulfstream Aerospace, LP at December 31, 2023, are as follows, in thousands: For the twelve months ended December 31, ​ ​ Gulfstream G280 Fleet 2024 ​ ​ $24,500 2025 ​ ​ 15,500 Total expected contractual payments ​ ​ $40,000

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (FY) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Summary Of Subsidiary Ownership Interest		The Company’s consolidated subsidiaries were as follows: 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%
Summary of Estimated Useful Lives of Fixed Assets	Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three to seven years : Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Fixed assets consist of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Machine and equipment ​ ​ $ 191 ​ ​ $ 191 Automobiles ​ ​ 102 ​ ​ 102 Website development costs ​ ​ 290 ​ ​ 290 Computer and office equipment ​ ​ 9 ​ ​ 11 Software development costs ​ ​ 493 ​ ​ 437 ​ ​ 1,085 ​ ​ 1,031 Less accumulated depreciation ​ ​ (248) ​ ​ (185) ​ ​ $ 837 ​ ​ $ 846	Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Fixed assets consist of the following at December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Machine and equipment ​ ​ $ 191 ​ ​ $173 Automobiles ​ ​ 102 ​ ​ 63 Website development costs ​ ​ 290 ​ ​ 49 Computer and office equipment ​ ​ 11 ​ ​ 8 Software development costs ​ ​ 437 ​ ​ 114 ​ ​ 1,031 ​ ​ 407 Less accumulated depreciation ​ ​ (185) ​ ​ (59) ​ ​ $ 846 ​ ​ $348
Schedule of Fair Value Assets Measured on Recurring Basis	The following table presents balances of the forward purchase agreement with significant unobservable inputs (Level 3) as of March 31, 2024, in thousands: ​ ​ Fair Value Measurements as of March 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 ​ ​ $— ​ ​ $— ​ ​ $2,755 ​ ​ $2,755 Total ​ ​ $— ​ ​ $— ​ ​ $2,755 ​ ​ $2,755	The following table presents balances of the forward purchase agreement with significant unobservable inputs (Level 3) as of December 31, 2023, in thousand: ​ ​ Fair Value Measurements as of December 31, 2023 Using ​ ​ 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 ​ ​ $— ​ ​ $— ​ ​ $2,982 ​ ​ $2,982 Total ​ ​ $— ​ ​ $— ​ ​ $2,982 ​ ​ $2,982
Schedule of Fair Value Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the three months ended March 31, 2024, in thousands: ​ ​ Forward Purchase Agreement Balance December 31, 2023 ​ ​ $2,982 Change in fair value ​ ​ (227) Balance March 31, 2024 ​ ​ $2,755	The following table presents changes of the forward purchase agreement with significant unobservable inputs (Level 3) for the year ended December 31, 2023, in thousand: ​ ​ Forward Purchase Agreement Balance December 31, 2022 ​ ​ $ — Cash funded ​ ​ 18,911 Proceeds ​ ​ (2,525) Change in fair value ​ ​ (13,403) Balance December 31, 2023 ​ ​ $ 2,983
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The Company measures the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions: ​ ​ Three months ended March 31, 2024 Volume Weighted average stock price (“VWAP”) ​ ​ $ 3.54 Initial Price ​ ​ $10.81 Expected Volatility ​ ​ 91.0% Term ​ ​ 1.68 Risk-free Rate ​ ​ 4.7%	The Company measures the forward purchase agreement using a Monte Carlo simulation valuation model using the following assumptions: ​ ​ 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 Disaggregation of Revenue	The Company generated $13.2 million of revenue during the three months ended March 31, 2024 broken down as follows, in thousands: Aircraft sales ​ ​ $ — Charter flight revenue ​ ​ 11,516 Aircraft Management revenue ​ ​ 1,695 Total ​ ​ $13,211 The Company generated $15.7 million of revenue during the three months ended March 31, 2023 broken down as follows, in thousands: Aircraft sales ​ ​ $ 5,710 Charter flight revenue ​ ​ 6,684 Aircraft management revenue ​ ​ 3,271 Total ​ ​ $15,665	The Company has generated $73.3 million of revenue during the year ended December 31, 2023. The revenue is broken down as follows for the year ended December 31, 2023 in thousands: Aircraft sales ​ ​ $21,443 Charter flight revenue ​ ​ $37,787 Aircraft Management revenue ​ ​ $14,108 Total ​ ​ $73,338 The Company has generated $96.7 million of revenue during the year ended December 31, 2022. The revenue is broken down as follows for the year ended December 31, 2022 in thousands: Aircraft sales ​ ​ $67,695 Charter flight revenue ​ ​ $14,417 Aircraft management revenue ​ ​ $14,594 Total ​ ​ $96,706

BUSINESS COMBINATION (FY) (Tabl

BUSINESS COMBINATION (FY) (Tables)	12 Months Ended
	Dec. 31, 2023
Reverse Recapitalization [Abstract]
Schedule Of Reverse Recapitalization	The following table reconciles the elements of the business combination to the consolidated statement of cash flows and the consolidated statement of changes in equity: (In thousands) ​ ​ Year Ended December 31, 2023 Cash - PACI trust and cash (net of redemptions) ​ ​ $19,081 Gross Proceeds ​ ​ $19,081 Less Transaction related expenses and other costs ​ ​ (6,898) Less Net liabilities assumed from PACI ​ ​ (1,722) Net proceeds from the business combination ​ ​ $10,461 The number of shares of Common Stock outstanding immediately following the closing was as follows: ​ ​ Class A Common Stock PACI public shareholders ​ ​ 1,767,390 PACI’s sponsors ​ ​ 6,883,579 Company’s employees ​ ​ 9,441 Legacy Volato shareholders (1) ​ ​ 7,434,936 Legacy Volato Series Preferred investors ​ ​ 11,948,103 Total shares of Common Stock immediately after closing ​ ​ 28,043,449 (1) The number of Legacy Volato shares was determined from the shares of Legacy Volato shares outstanding immediately prior to the closing converted at the exchange ratio of approximately 1.01508.

BUSINESS ACQUISITION (FY) (Tabl

BUSINESS ACQUISITION (FY) (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions	The acquisition-date fair value of the consideration transferred is as follows, in thousand: ​ ​ March 11, 2022 Cash ​ ​ $1,850 Other consideration transferred ​ ​ — Purchase price ​ ​ $1,850
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following is a purchase price allocation as of the March 11, 2022, acquisition date, in thousands: ​ ​ March 11, 2022 Cash ​ ​ $ 679 Accounts receivable ​ ​ 247 Other current assets ​ ​ 45 Fixed Assets ​ ​ 5 Certificate ​ ​ 1,200 Customer Relationships ​ ​ 301 Deferred tax liability ​ ​ (385) Accounts Payable and Accrued Expenses ​ ​ (877) Net Assets Acquired ​ ​ $1,215 Goodwill ​ ​ 635 Total consideration ​ ​ $1,850

INTANGIBLES (FY) (Tables)

INTANGIBLES (FY) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following is a summary of finite-lived intangible assets as of March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(125) ​ ​ $176 ​ ​ $301 ​ ​ $(125) ​ ​ $176 ​ ​ December 31, 2023 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(110) ​ ​ $191 ​ ​ $301 ​ ​ $(110) ​ ​ $191	The following is a summary of finite-lived intangible assets as of December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(110) ​ ​ $191 ​ ​ $301 ​ ​ $(110) ​ ​ $191 ​ ​ December 31, 2022 ​ ​ Cost ​ ​ Accumulated Amortization ​ ​ Net Customer relationships ​ ​ $301 ​ ​ $(49) ​ ​ $252 ​ ​ $301 ​ ​ $(49) ​ ​ $252
Schedule of Finite-Lived Intangible Assets Amortization Expense	As of March 31, 2024, future amortization expense is expected to be as follows, in thousands: ​ ​ Amount 2024 ​ ​ $ 45 2025 ​ ​ 60 2026 ​ ​ 60 2027 ​ ​ 11 ​ ​ $176	As of December 31, 2023, future amortization expense is expected to be as follows, in thousand: Fiscal years ending December 31, ​ ​ Amount 2024 ​ ​ $60 2025 ​ ​ 60 2026 ​ ​ 60 2027 ​ ​ 11 ​ ​ $191
Schedule of Indefinite-Lived Intangible Assets	The following table summarizes the balances as of March 31, 2024 and December 31, 2023, of the indefinite-lived intangible assets, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Intangible asset - Part 135 certificate ​ ​ $1,200 ​ ​ $1,200	The following table summarizes the balances as of December 31, 2023 and 2022, of the indefinite-lived intangible assets, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Intangible asset – Part 135 certificate ​ ​ $1,200 ​ ​ $1,363

MERGER TRANSACTION COSTS PAYA_4

MERGER TRANSACTION COSTS PAYABLE (FY) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Merger Transaction Costs	Merger transaction cost payable consist of the following as of December 31, 2023, in thousands: ​ ​ December 31, 2023 Transaction costs payable in common stock ​ ​ $4,250 Total ​ ​ $4,250	Merger transaction cost payable consist of the following as of December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Transaction costs payable in common stock ​ ​ $4,250 ​ ​ $— Total ​ ​ $4,250 ​ ​ $—

FIXED ASSETS (FY) (Tables)

FIXED ASSETS (FY) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Fixed Assets	Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three to seven years : Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Fixed assets consist of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Machine and equipment ​ ​ $ 191 ​ ​ $ 191 Automobiles ​ ​ 102 ​ ​ 102 Website development costs ​ ​ 290 ​ ​ 290 Computer and office equipment ​ ​ 9 ​ ​ 11 Software development costs ​ ​ 493 ​ ​ 437 ​ ​ 1,085 ​ ​ 1,031 Less accumulated depreciation ​ ​ (248) ​ ​ (185) ​ ​ $ 837 ​ ​ $ 846	Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, which range from three Classification ​ ​ Life Machinery and equipment ​ ​ 3-7 years Automobiles ​ ​ 5 years Computer and office equipment ​ ​ 5 years Website development costs ​ ​ 3 years Fixed assets consist of the following at December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Machine and equipment ​ ​ $ 191 ​ ​ $173 Automobiles ​ ​ 102 ​ ​ 63 Website development costs ​ ​ 290 ​ ​ 49 Computer and office equipment ​ ​ 11 ​ ​ 8 Software development costs ​ ​ 437 ​ ​ 114 ​ ​ 1,031 ​ ​ 407 Less accumulated depreciation ​ ​ (185) ​ ​ (59) ​ ​ $ 846 ​ ​ $348

DEPOSITS (FY) (Tables)

DEPOSITS (FY) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deposits	Deposits consist of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Deposits on aircraft ​ ​ $ 46,450 ​ ​ $ 40,300 Other deposits ​ ​ 406 ​ ​ 516 Total deposits ​ ​ $ 46,856 ​ ​ $ 40,816 Less current portion ​ ​ (25,200) ​ ​ (25,125) Total deposits, non-current ​ ​ $ 21,656 ​ ​ $ 15,691 Below is a breakdown of the deposits on aircraft as of March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Gulfstream aircraft deposits ​ ​ $ 45,000 ​ ​ $ 39,000 Honda aircraft deposits ​ ​ 1,450 ​ ​ 1,300 Total deposits on aircraft ​ ​ 46,450 ​ ​ $ 40,300 Less current portion ​ ​ (25,200) ​ ​ (25,050) Total deposits on aircraft non-current ​ ​ $ 21,250 ​ ​ $ 15,250	Deposits consist of the following at December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Deposits on aircraft ​ ​ $ 40,300 ​ ​ $12,833 Other deposits ​ ​ 516 ​ ​ 123 Total deposits ​ ​ $ 40,816 ​ ​ $12,956 Less current portion ​ ​ (25,125) ​ ​ (833) Total deposits, non-current ​ ​ $ 15,691 ​ ​ $12,123 Below is a breakdown of the deposits on aircraft as of December 31, 2023 and 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Gulfstream aircraft deposits ​ ​ $ 39,000 ​ ​ $12,000 Honda aircraft deposits ​ ​ 1,300 ​ ​ 833 Total deposits on aircraft ​ ​ $ 40,300 ​ ​ $12,833 Less current portion ​ ​ $(25,050) ​ ​ (833) Total deposits on aircraft non-current ​ ​ 15,250 ​ ​ $12,000

EQUITY-METHOD INVESTMENT (FY) (

EQUITY-METHOD INVESTMENT (FY) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The Company has the following equity method investments at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Investment in Volato 158 LLC ​ ​ $158 ​ ​ $154 ​ ​ $158 ​ ​ $154	The Company has the following equity method investments at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Investment in Volato 158 LLC ​ ​ $154 ​ ​ $ 152 Investment in Volato 239 LLC ​ ​ — ​ ​ 1,007 ​ ​ $154 ​ ​ $1,159

REVOLVING LOAN AND PROMISSORY_4

REVOLVING LOAN AND PROMISSORY NOTE - RELATED PARTY (FY) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Revolving Loan and Promissory Note Outstanding	Revolving loan and promissory note with a related party consisted of the following at March 31, 2024 and December 31, 2023, in thousands: ​ ​ March 31, 2024 ​ ​ December 31, 2023 Dennis Liotta, March 2023 – 10% interest – promissory note due March 2024 ​ ​ $1,000 ​ ​ $ 1,000 Total notes from related party - current ​ ​ $1,000 ​ ​ $1,000	Revolving loan and promissory note with a related party consisted of the following at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 Dennis Liotta, December 2021 – 4 ​ ​ $— ​ ​ $5,150 Dennis Liotta, March 2023 – 10% interest – promissory note due March 2024 ​ ​ 1,000 ​ ​ — Total notes from related party - current ​ ​ $1,000 ​ ​ $5,150

UNSECURED CONVERTIBLE NOTES (_2

UNSECURED CONVERTIBLE NOTES (FY) (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	Unsecured convertible notes consisted of the following at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 2022 unsecured convertible notes, 5% coupon, due December 2023 ​ ​ $  — ​ ​ $18,879 2023 unsecured convertible notes, 4% coupon, due March 2024 ​ ​ — ​ ​ — Total unsecured convertible notes, gross ​ ​ — ​ ​ 18,879 Less unamortized debt discounts ​ ​ — ​ ​ (35) ​ ​ ​ ​ Total unsecured convertible notes, net of discount ​ ​ $ — ​ ​ $18,844 Less current portion ​ ​ — ​ ​ 18,844 Total unsecured convertible notes, net of discount non-current ​ ​ $ — ​ ​ $ —

CREDIT FACILITY AND OTHER LOA_4

CREDIT FACILITY AND OTHER LOANS (FY) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Outstanding Credit Facilities and Other Loans	Credit facility and other loans consisted of the following at March 31, 2024 and December 31, 2023, in thousand: ​ ​ March 31, 2024 ​ ​ December 31, 2023 SAC Leasing G280 LLC credit facility, 12.5% interest, net of deposits ​ ​ $33,750 ​ ​ $27,750 Less discounts ​ ​ (374) ​ ​ (376) Total credit facility, net of discount ​ ​ $33,376 ​ ​ 27,374	Credit facility and other loans consisted of the following at December 31, 2023 and December 31, 2022, in thousand: ​ ​ December 31, 2023 ​ ​ December 31, 2022 SAC Leasing G280 LLC credit facility, 12.5% interest, net of deposits ​ ​ $ 27,750 ​ ​ $4,500 Less discounts ​ ​ (376) ​ ​ (330) Total credit facility, net of discount ​ ​ $27,374 ​ ​ 4,170

INCOME TAXES (FY) (Tables)

INCOME TAXES (FY) (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	The net deferred tax assets and liabilities consist of the following amounts at December 31, 2023 and 2022, in thousands: ​ ​ 2023 ​ ​ 2022 Deferred Tax Assets ​ ​ ​ ​ Allowance for doubtful Accounts ​ ​ $ 1 ​ ​ $ 1 Investment in Plane Cos LLC ​ ​ 44 ​ ​ 168 Loss carryforwards ​ ​ 11,521 ​ ​ 2,792 Intangible ​ ​ 626 ​ ​ (347) Interest expense limitations ​ ​ 659 ​ ​ 64 Other ​ ​ 15 ​ ​ 1 Total deferred tax assets ​ ​ 12,866 ​ ​ 2,679 Deferred Tax Liabilities ​ ​ ​ ​ Property and equipment depreciation ​ ​ (74) ​ ​ (399) Valuation allowance ​ ​ (13,096) ​ ​ (2,585) Total deferred tax liabilities ​ ​ (13,170) ​ ​ (2,984) Net deferred tax assets (liabilities) ​ ​ (305) ​ ​ (305)
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation from the statutory federal income tax rate to the effective income tax rate is as follows: ​ ​ 2023 ​ ​ 2022 Expected federal income taxes at statutory rate ​ ​ 21.00 % ​ ​ 21.00 % State and local income taxes ​ ​ 4.54 % ​ ​ 4.54 % Permanent differences ​ ​ (6.79) % ​ ​ (0.04) % Change in valuation allowance ​ ​ (18.18) % ​ ​ (24.11) % Other ​ ​ (0.69) % ​ ​ (0.83) % Effective income tax rate ​ ​ (0.12) % ​ ​ 0.56 %

SHAREHOLDERS EQUITY (DEFICIT) (

SHAREHOLDERS EQUITY (DEFICIT) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Summary of Authorized Stock		The Company has authorized stock which have been designated as follows: ​ ​ Number of Shares Authorized ​ ​ Number of Shares Outstanding As of December 31, 2023 ​ ​ Par Value Class A Common Stock ​ ​ 80,000,000 ​ ​ 28,043,449 ​ ​ $0.0001 Preferred Stock ​ ​ 1,000,000 ​ ​ 0 ​ ​ $0.0001
Schedule of Stock Option Activity	Stock option activity for the periods presented is as follows (in thousands, except per share value): ​ ​ Options ​ ​ Weighted Average Exercise Price Per Share ​ ​ Weighted Average Remaining Contractual Term (years) ​ ​ Aggregate Intrinsic Value Outstanding at December 31, 2023 ​ ​ 2,369,169 ​ ​ $1.43 ​ ​ 8.8 ​ ​ $6.8 Granted ​ ​ — ​ ​ $ — ​ ​ — ​ ​ Cancelled ​ ​ (36,748) ​ ​ $3.80 ​ ​ — ​ ​ Exercised ​ ​ (43,262) ​ ​ $0.13 ​ ​ — ​ ​ Outstanding at March 31, 2024 ​ ​ 2,289,159 ​ ​ $1.34 ​ ​ 8.5 ​ ​ $6.6 Exercisable as of March 31, 2024 ​ ​ 1,924,903 ​ ​ $0.24 ​ ​ ​ ​ —	The balance and activity of all stock options outstanding under the 2021 Plan as of December 31, 2023, and 2022, is as follows: ​ ​ Options ​ ​ Weighted Average Exercise Price Per Share ​ ​ Weighted Average Remaining Contractual Term (years) Outstanding at January 1, 2022 ​ ​ 613,463 ​ $0.12 ​ ​ 9.6 Granted ​ ​ 1,894,155 ​ ​ $0.14 ​ ​ — Cancelled ​ ​ 0 ​ ​ $ — ​ ​ — Exercised ​ ​ 0 ​ ​ $ — ​ ​ — Outstanding at December 31, 2022 ​ ​ 2,507,618 ​ ​ $0.14 ​ ​ 9.4 Granted ​ ​ 382,726 ​ ​ $8.21 ​ ​ — Cancelled ​ ​ (313,783) ​ ​ $0.22 ​ ​ — Exercised ​ ​ (207,392) ​ ​ $0.12 ​ ​ — Outstanding as of December 31, 2023 ​ ​ 2,369,169 ​ ​ $1.43 ​ ​ 8.8 Exercisable as of December 31, 2023 ​ ​ 2,232,117 ​ $0.21 ​ ​
Summary of the Range of Exercise Price, Weighted Average Remaining Contractual Life, and Weighted Average Exercise Price of Stock Options Outstanding		The following table summarizes the range of exercise price, weighted average remaining contractual life (“Life”) and weighted average exercise price (“Price”) for all stock options outstanding as of December 31, 2023: ​ ​ Options Outstanding Exercise Price ​ ​ Shares ​ ​ Life (in years) $0.12 ​ ​ 160,856 ​ ​ 7.6 $0.14 ​ ​ 1,594,962 ​ ​ 8.8 $0.16 ​ ​ 235,042 ​ ​ 8.5 $7.21 ​ ​ 76,453 ​ ​ 9.3 $8.40 ​ ​ 101,778 ​ ​ 9.9 $8.52 ​ ​ 200,078 ​ ​ 9.9 ​ ​ 2,369,169 ​ ​ 8.8
Summary of Weighted-Average Assumptions Used to Determine Fair Value of Stock Options		The Company’s recognizes forfeitures as they occur. The fair value of stock options on the grant date was determined using the following weighted-average assumptions during the year ended December 31, 2023 and 2022: ​ ​ For The Year Ending December31, ​ ​ 2023 ​ ​ 2022 Expected term ​ ​ 2-6 ​ ​ 5.5 6.3 Expected volatility ​ ​ 30%-71% ​ ​ 30% Expected dividends ​ ​ None ​ ​ None Risk-free interest rate ​ ​ 3.6%-4.6% ​ ​ 1.9%-4.0% Forfeitures ​ ​ None ​ ​ None
Summary of Warrant Activity		The following table is a summary of the Company’s warrant activity during the years ended December 31, 2023 and 2022: ​ ​ Warrants ​ ​ Weighted Average Exercise Price Per Share ​ ​ Weighted Average Remaining Contractual Term (years) Outstanding as of January 1, 2022 ​ ​ 29,026,000 ​ ​ $11.50 ​ ​ 5 Granted ​ ​ 0 ​ ​ ​ Cancelled ​ ​ 0 ​ ​ ​ Exercised ​ ​ 0 ​ ​ ​ ​ Outstanding as of December 31, 2022 ​ ​ 29,026,000 ​ ​ $11.50 ​ ​ 5 Granted ​ ​ 0 ​ ​ ​ ​ Cancelled ​ ​ 0 ​ ​ ​ Exercised ​ ​ 0 ​ ​ ​ ​ Outstanding as of December 31, 2023 ​ ​ 29,026,000 ​ ​ $11.50 ​ ​ 5 Exercisable as of December 31, 2023 ​ ​ 29,026,000 ​ ​ ​ ​

COMMITMENT AND CONTINGENCIES _3

COMMITMENT AND CONTINGENCIES (FY) (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments Under Purchase Agreements	Future minimum payments under the purchase agreements with Gulfstream Aerospace, LP at March 31, 2024, are as follows, in thousands: ​ ​ Gulfstream G280 Fleet 2024 ​ ​ $18,500 2025 ​ ​ 15,500 Total expected contractual payments ​ ​ $34,000	Future minimum payments under the purchase agreements with Gulfstream Aerospace, LP at December 31, 2023, are as follows, in thousands: For the twelve months ended December 31, ​ ​ Gulfstream G280 Fleet 2024 ​ ​ $24,500 2025 ​ ​ 15,500 Total expected contractual payments ​ ​ $40,000
Summary of Future Estimated Minimum Lease Payments by Year and in Aggregate		Future estimated minimum lease payments by year and in aggregate, under the Company’s fixed payment operating lease consisted of the following at December 31, 2023, in thousand: For the years ended December 31, ​ ​ Operating Leases 2024 ​ ​ $ 464 2025 ​ ​ 471 2026 ​ ​ 479 2027 ​ ​ 161 TOTAL ​ ​ 1,575 Less amount representing interest ​ ​ (284) Present value of net minimum payments (inc. $ 326 ​ ​ $1,291

ORGANIZATION AND DESCRIPTION _3

ORGANIZATION AND DESCRIPTION OF BUSINESS (Q1) (Details)	3 Months Ended
	Mar. 31, 2024 passenger $ / shares	Dec. 31, 2023 $ / shares	Dec. 01, 2023 $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Optimal number of passengers in fractional program missions | passenger	4

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Going Concern, Liquidity, and Capital Reserves (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Net loss	$ 17,390	$ 7,515	$ 52,822	$ 9,367
Working capital, amount	11,700		(3,000)
Accumulated deficit	81,052		63,662	10,840
Net cash used in operating activities	$ 7,696	$ 7,608	$ 30,394	$ 21,432

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Gain from sale of consolidated entity	$ 0	$ 387	$ 387	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Fly Dreams, LLC
Business Acquisition [Line Items]
Selling price		550	550
Gain from sale of consolidated entity		$ 387	$ 387

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Equivalents (Q1) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Restricted cash	$ 1,800	$ 2,240	$ 2,100

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investment - Equity Method (Q1) (Details)	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2021
Volato 158, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	3.125%	3.125%	3.125%	100%

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Bad debt expense	$ 0	$ 0	$ 106	$ 5

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fixed Assets (Q1) (Details)	Mar. 31, 2024	Dec. 31, 2023
Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years	7 years
Machine and equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years	3 years
Machine and equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years	7 years
Automobiles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years	5 years
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years	5 years
Website development costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years	3 years

SUMMARY OF SIGNIFICANT ACCOU_13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Computer Software and Website Development (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Software development costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years		3 years
Internal software development costs incurred during the period	$ 0		$ 323	$ 114
Website development costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years		3 years
Internal software development costs incurred during the period	$ 56		$ 241	114
Capitalized computer software, amortization expense	$ 26	$ 15	$ 56	$ 14

SUMMARY OF SIGNIFICANT ACCOU_14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Valuation of Long-Lived Assets (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Impairment	$ 0	$ 0	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOU_15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Significant Unobservable Inputs (Q1) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward purchase agreement	$ 2,755	$ 2,982	$ 0
Total	2,755	2,982
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward purchase agreement	0	0
Total	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward purchase agreement	0	0
Total	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward purchase agreement	2,755	2,982
Total	$ 2,755	$ 2,982

SUMMARY OF SIGNIFICANT ACCOU_16

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Forward Purchase Agreement Rollforward (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance beginning	$ 2,982	$ 0	$ 0
Change in fair value	(227)	$ 0	(13,403)	$ 0
Balance ending	$ 2,755		$ 2,982	$ 0

SUMMARY OF SIGNIFICANT ACCOU_17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Valuation Assumptions (Q1) (Details)	Mar. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares
Volume Weighted average stock price ("VWAP")
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	3.54	3.82
Initial Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	10.81	10.81
Expected Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.91	0.87
Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	1.68	1.92
Risk-free Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.047	0.042

SUMMARY OF SIGNIFICANT ACCOU_18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 19,000		$ 12,900	$ 2,200
Revenue	13,211	$ 15,665	73,338	96,706
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue	1,600	1,100	5,000	2,300
Aircraft sales
Disaggregation of Revenue [Line Items]
Revenue	0	5,710	21,443	67,695
Charter flight revenue
Disaggregation of Revenue [Line Items]
Revenue	11,516	6,684	37,787	14,417
Aircraft Management revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 1,695	$ 3,271	$ 14,108	$ 14,594

SUMMARY OF SIGNIFICANT ACCOU_19

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-Based Compensation (Q1) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Expected dividend yield	0%	0%

SUMMARY OF SIGNIFICANT ACCOU_20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Loss Per Share (Q1) (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Options outstanding (in shares)	2,289,159	2,369,169	2,478,020	2,507,618	613,463
Warrants outstanding (in shares)	29,026,000	29,026,000	29,026,000	29,026,000	29,026,000
Weighted average strike price of warrants (in dollars per share)	$ 11.5	$ 11.5	$ 11.5	$ 11.5	$ 11.5

SUMMARY OF SIGNIFICANT ACCOU_21

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets and Goodwill (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Impairment loss	$ 0	$ 0	$ 0	$ 0
Impairment of goodwill	$ 0	$ 0	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOU_22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Information (Q1) (Details) - segment	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Number of operating segments	1	1
Number of reportable segments	1	1

SUMMARY OF SIGNIFICANT ACCOU_23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Advertising costs	$ 2,200	$ 223	$ 2,850	$ 405

BUSINESS COMBINATION - Narrativ

BUSINESS COMBINATION - Narrative (Q1) (Details)	Dec. 01, 2023
Reverse Recapitalization [Abstract]
Exchange ratio	1.01508

INTANGIBLES - Schedule of Finit

INTANGIBLES - Schedule of Finite-Lived Intangible Assets (Q1) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Cost	$ 301	$ 301	$ 301
Accumulated Amortization	(125)	(110)	(49)
Net	176	191	252
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Cost	301	301	301
Accumulated Amortization	(125)	(110)	(49)
Net	$ 176	$ 191	$ 252

INTANGIBLES - Narrative (Q1) (D

INTANGIBLES - Narrative (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Indefinite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense	$ 15	$ 15	$ 61	$ 49
Intangible asset - Part 135 certificate	1,200		1,200	1,363
Gain from sale of consolidated entity	0	387	387	0
Impairment of certificates	$ 0	0	0	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Fly Dreams, LLC
Indefinite-Lived Intangible Assets [Line Items]
Intangible asset carrying value			163
Selling price		550	550
Gain from sale of consolidated entity		$ 387	$ 387

INTANGIBLES - Schedule of Futur

INTANGIBLES - Schedule of Future Amortization Expense (Q1) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 45
2025	60	$ 60
2026	60	60
2027	11	60
Net	$ 176	$ 191	$ 252

INTANGIBLES - Schedule of Indef

INTANGIBLES - Schedule of Indefinite-Lived Intangible Assets (Q1) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset - Part 135 certificate	$ 1,200	$ 1,200	$ 1,363

MERGER TRANSACTION COSTS PAYA_5

MERGER TRANSACTION COSTS PAYABLE - Summary (Q1) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Merger transaction costs payable in shares	$ 0	$ 4,250	$ 0

MERGER TRANSACTION COSTS PAYA_6

MERGER TRANSACTION COSTS PAYABLE - Narrative (Q1) (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Jan. 31, 2024 USD ($) financial_instirution shares	Dec. 31, 2023 USD ($) agreement	Mar. 31, 2024 USD ($) shares	Dec. 31, 2022 USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of success agreements entered into | agreement		3
Merger transaction costs payable in shares | $		$ 4,250	$ 0	$ 0
Class of warrant or right, issued during period (in shares) | shares	100,000
Stock and warrants issued during the period to settle the merger transaction costs | $	$ 4,250
Number of financial institutions in which merger transaction costs were payable to | financial_instirution	3
Common Class A
Subsidiary, Sale of Stock [Line Items]
Common stock issued during period (in shares) | shares	1,208,180		1,208,180

FORWARD PURCHASE AGREEMENT (Q_2

FORWARD PURCHASE AGREEMENT (Q1) (Details) $ / shares in Units, $ in Thousands, shares in Millions		1 Months Ended	3 Months Ended		12 Months Ended
	Nov. 28, 2023 d $ / shares shares	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Purchase of forward purchase agreement | $					$ 18,911	$ 0
Proceeds from forward purchase agreement | $		$ 2,400			2,525	0
Loss on the change in fair value of the forward purchase agreement | $			$ 227	$ 0	$ 13,403	$ 0
Forward Purchase Agreement
Derivative [Line Items]
Number of shares available to be purchased (in shares) | shares	2
Valuation date	24 months
Trigger event, trading days | d	20
Trigger event, consecutive trading days below $1.00 | d	30
Cash settlement payment date | d	70
Consideration multiplier (in dollars per share) | $ / shares	$ 1.5

FIXED ASSETS - Schedule of Fixe

FIXED ASSETS - Schedule of Fixed Assets (Q1) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total fixed assets before accumulated depreciation	$ 1,085	$ 1,031	$ 407
Less accumulated depreciation	(248)	(185)	(59)
Total fixed assets after accumulated depreciation	837	846	348
Machine and equipment
Property, Plant and Equipment [Line Items]
Fixed assets, gross	191	191	173
Automobiles
Property, Plant and Equipment [Line Items]
Finance lease	102	102	63
Website development costs
Property, Plant and Equipment [Line Items]
Fixed assets, gross	290	290	49
Computer and office equipment
Property, Plant and Equipment [Line Items]
Fixed assets, gross	9	11	8
Software development costs
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 493	$ 437	$ 114

FIXED ASSETS - Narrative (Q1) (

FIXED ASSETS - Narrative (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 65	$ 30	$ 140	$ 112

DEPOSITS - Schedule of Deposits

DEPOSITS - Schedule of Deposits on Aircraft (Q1) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deposit Assets [Line Items]
Total deposits	$ 46,856	$ 40,816	$ 12,956
Less current portion	(25,200)	(25,125)	(833)
Total deposits, non-current	21,656	15,691	12,123
Other Deposits
Deposit Assets [Line Items]
Total deposits	406	516	123
Gulfstream G-280 And Honda HA-420
Deposit Assets [Line Items]
Total deposits	46,450	40,300	12,833
Less current portion	(25,200)	(25,050)	(833)
Total deposits, non-current	21,250	15,250	12,000
Gulfstream G-280
Deposit Assets [Line Items]
Total deposits	45,000	39,000	12,000
HondaJet HA-420
Deposit Assets [Line Items]
Total deposits	1,450	1,300	$ 833
Total deposits, non-current	$ 1,500	$ 1,300

DEPOSITS - Narrative (Q1) (Deta

DEPOSITS - Narrative (Q1) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) aircraft	Mar. 31, 2023 USD ($) aircraft	Dec. 31, 2023 USD ($) aircraft	Dec. 31, 2022 USD ($) aircraft	May 05, 2023 USD ($) aircraft	Oct. 05, 2022 aircraft
Gulfstream G-280
Deposit Assets [Line Items]
Purchase obligation, number of aircrafts | aircraft	4		4	4		4
Purchase obligation	$ 34,000		$ 40,000	$ 79,000
Prepayments made in the period	6,000	$ 4,500	27,000	12,000
Prepayments funded through the SAC Leasing G280 credit facility	6,000	3,000	24,000	4,500
Purchase obligation prepayments paid by the Company	0	$ 1,500	3,000	7,500
Deposits assets	45,000		39,000	12,000
HondaJet HA-420
Deposit Assets [Line Items]
Purchase obligation, number of aircrafts | aircraft					23
Purchase obligation					$ 161,100
Deposits assets	$ 1,500		$ 1,300	$ 800
Number of assets received | aircraft		1	3
HondaJet HA-420 Received
Deposit Assets [Line Items]
Purchase obligation		$ 5,500	$ 17,900

EQUITY-METHOD INVESTMENT - Sche

EQUITY-METHOD INVESTMENT - Schedule of Equity Method Investments (Q1) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity-method investment	$ 158	$ 154	$ 1,159
Volato 158, LLC
Schedule of Equity Method Investments [Line Items]
Equity-method investment	$ 158	$ 154	$ 152

EQUITY-METHOD INVESTMENT - Narr

EQUITY-METHOD INVESTMENT - Narrative (Q1) (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Aug. 31, 2021 USD ($)	Mar. 31, 2024 USD ($) investment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) investment	Dec. 31, 2022 USD ($) investment
Schedule of Equity Method Investments [Line Items]
Number of equity method investments | investment		1		1	2
Gain from equity-method investment		$ 4	$ 22	$ 22	$ (45)
Volato 158, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	100%	3.125%		3.125%	3.125%
Asset contributed in exchange for membership interest	$ 4,200
Gain from equity-method investment		$ 4	$ 2	$ (3)	$ 11

REVOLVING LOAN AND PROMISSORY_5

REVOLVING LOAN AND PROMISSORY NOTE - RELATED PARTY - Schedule of Long-Term Debt (Q1) (Details) - Affiliated Entity - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 15, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Credit facility and other loans	$ 1,000	$ 1,000		$ 5,150
March 2023 Promissory Note | Promissory Note
Debt Instrument [Line Items]
Credit facility and other loans	$ 1,000	$ 1,000		$ 0
Interest rate	10%	10%	10%

REVOLVING LOAN AND PROMISSORY_6

REVOLVING LOAN AND PROMISSORY NOTE - RELATED PARTY - Narrative (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 01, 2023	Nov. 30, 2023	Mar. 15, 2023	Dec. 09, 2021
2023 Convertible Notes | Convertible Debt
Line of Credit Facility [Line Items]
Interest rate				4%
Interest expense, debt			$ 34	$ 0
Debt instrument, face amount			18,420		$ 18,420	$ 18,400
Accrued interest					$ 34	$ 100
Affiliated Entity
Line of Credit Facility [Line Items]
Credit facility and other loans	$ 1,000		$ 1,000	5,150
Affiliated Entity | 2023 Convertible Notes | Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 6,000
Affiliated Entity | March 2023 Promissory Note | Promissory Note
Line of Credit Facility [Line Items]
Interest rate	10%		10%				10%
Default interest rate							0.20
Interest expense, debt	$ 23	109	$ 86
Debt instrument, face amount			1,000				$ 1,000
Credit facility and other loans	1,000		1,000	$ 0
Accrued interest	$ 109		$ 86
Affiliated Entity | Revolving Credit Facility | December 2021 Note
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity								$ 8,000
Interest rate			9%	4%				4%
Default interest rate, over regular interest rate								0.0500
Default interest rate								0.09
Default description, judgement amount								$ 500
Interest penalty for missed payments								0.05
Interest expense, debt		$ 370	$ 370	$ 480

CREDIT FACILITY AND OTHER LOA_5

CREDIT FACILITY AND OTHER LOANS - Summary (Q1) (Details) - Line of Credit - SAC Leasing G280 LLC Credit Facility - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Interest rate	12.50%	12.50%
Total unsecured convertible notes, gross	$ 33,750	$ 27,750	$ 4,500
Less unamortized debt discounts	(374)	(376)	(330)
Long-term debt, net	$ 33,376	$ 27,374	$ 4,170

LONG TERM NOTE PAYABLE AND CRED

LONG TERM NOTE PAYABLE AND CREDIT FACILITY - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended		24 Months Ended	27 Months Ended
	Mar. 31, 2024 USD ($) aircraft	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) aircraft	Dec. 31, 2022 USD ($) aircraft	Dec. 31, 2023 USD ($) aircraft	Mar. 31, 2024 USD ($) aircraft	Oct. 05, 2022 USD ($) aircraft
Line of Credit Facility [Line Items]
Proceeds from lines of credit	$ 0	$ 1,000	$ 1,000	$ 4,950
Amortization of debt discount	46	48	183	42
Interest expense	1,100	222	$ 2,170	$ 65
SAC Leasing G280 LLC Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 40,500					$ 40,500	$ 40,500
Gulfstream G-280
Line of Credit Facility [Line Items]
Purchase obligation, number of aircrafts | aircraft	4		4	4	4	4	4
Purchase obligation	$ 34,000		$ 40,000	$ 79,000	$ 40,000	$ 34,000
Purchase commitment, amount paid			3,000		30,000	45,000
Line of Credit | SAC Leasing G280 LLC Credit Facility
Line of Credit Facility [Line Items]
Proceeds from lines of credit	6,000		24,000
Long-term debt, gross	33,750		27,750	4,500	27,750	33,750
Closing financing costs	45		548	357	$ 548	45
Amortization of debt discount	47	$ 29	$ 146	$ 27
Line of credit facility, maximum borrowing capacity							$ 40,500
Line of Credit | SAC Leasing G280 LLC Credit Facility | Maximum
Line of Credit Facility [Line Items]
Maturity period			35 months	35 months	35 months
Promissory Note | Promissory Note | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 34,500		$ 28,500		$ 28,500	$ 34,500
Percent of debt obligation sold	60%		60%		60%	60%

RELATED PARTIES - Argand Group

RELATED PARTIES - Argand Group LLC (Q1) (Details) - shares	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Common stock, shares issued (in shares)	29,251,629	28,043,449	11,268,877
Argand Group LLC | Related Party
Related Party Transaction [Line Items]
Common stock, shares issued (in shares)	3,466,153	3,466,154
Argand Group LLC | Related Party | Volato Group, Inc.
Related Party Transaction [Line Items]
Ownership percentage of issued and outstanding shares of Class A common stock	10.80%	12.40%

RELATED PARTIES - PDK Managemen

RELATED PARTIES - PDK Management LLC (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenue	$ 13,211	$ 15,665		$ 73,338	$ 96,706
Total costs and expenses	29,234	23,578		110,847	105,891
Related Party
Related Party Transaction [Line Items]
Revenue	1,200	1,100	$ 5,100		2,200
Total costs and expenses	1,200	$ 900	$ 3,900		2,000
Credit facility and other loans	$ 400			$ 200	$ 200

RELATED PARTIES - Liotta Family

RELATED PARTIES - Liotta Family Office, LLC (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 15, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Class A Common Stock outstanding (in shares)	29,251,629		28,043,449		11,268,877
Father of the CEO | Liotta Family Office, LLC
Related Party Transaction [Line Items]
Ownership percentage, majority owner	60%		60%
Brother of Management or Principal Owner | Liotta Family Office, LLC
Related Party Transaction [Line Items]
Ownership percentage, minority owner	20%		20%
Volato Group, Inc., Cheif Executive Office | Liotta Family Office, LLC
Related Party Transaction [Line Items]
Ownership percentage, minority owner	20%
Liotta Family Office, LLC | Volato Group, Inc.
Related Party Transaction [Line Items]
Ownership percentage, minority owner	6.40%		4.70%
Liotta Family Office, LLC | Volato Group, Inc. | Common Class A
Related Party Transaction [Line Items]
Class A Common Stock outstanding (in shares)	1,859,288
Affiliated Entity | March 2023 Promissory Note | Promissory Note
Related Party Transaction [Line Items]
Debt instrument, face amount			$ 1,000	$ 1,000
Interest expense, debt	$ 23	$ 109	86
Accrued interest	$ 109		$ 86

RELATED PARTIES - Aircraft Leas

RELATED PARTIES - Aircraft Lease and Charter Services (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2021
Volato 158, LLC
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	3.125%	3.125%	3.125%	100%
Affiliated Entity
Related Party Transaction [Line Items]
Monthly management fee receivable	$ 38	$ 38
Hourly rental rate	$ 1	$ 1
DCL H&I, LLC | Volato 158, LLC
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	25%	25%

RELATED PARTIES - Hoop Capital,

RELATED PARTIES - Hoop Capital, LLC (Q1) (Details) - shares	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Class A Common Stock outstanding (in shares)	29,251,629	28,043,449	11,268,877
Hoop Capital, LLC | Volato Group, Inc.
Related Party Transaction [Line Items]
Ownership percentage of issued and outstanding shares of Class A common stock	11.80%
Hoop Capital, LLC | Volato Group, Inc. | Common Class A
Related Party Transaction [Line Items]
Class A Common Stock outstanding (in shares)	3,466,153

RELATED PARTIES - Matthew Lioat

RELATED PARTIES - Matthew Lioatta 2021 Trust (Q1) (Details) - shares	Mar. 31, 2024	Dec. 31, 2023	Dec. 01, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Class A Common Stock outstanding (in shares)	29,251,629	28,043,449		11,268,877
Common Class A | Volato Group, Inc. | Matthew Liotta 2021 Trust
Related Party Transaction [Line Items]
Class A Common Stock outstanding (in shares)			174,338

SHAREHOLDERS' EQUITY (DEFICIT_4

SHAREHOLDERS' EQUITY (DEFICIT) - Common and Preferred Stock (Q1) (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Dec. 01, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Shares authorized (in shares)			81,000,000
Class A Common stock authorized (in shares)	80,000,000	80,000,000	80,000,000	80,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)		1,000,000	1,000,000
Preferred stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Preferred stock, shares issued (in shares)	0	0		0

SHAREHOLDERS' EQUITY (DEFICIT_5

SHAREHOLDERS' EQUITY (DEFICIT) - Stock Option - Equity Incentive Plans (Q1) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 01, 2023	Nov. 28, 2023	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001		$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Stock-based compensation	$ 83	$ 8	$ 82	$ 17
2021 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options available for grant (in shares)	0				0
Number of stock options authorized for issuance (in shares)							2,724,347
2023 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock options authorized for issuance (in shares)						5,608,690

SHAREHOLDERS' EQUITY (DEFICIT_6

SHAREHOLDERS' EQUITY (DEFICIT) - Warrants (Q1) (Details) - $ / shares	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2024	Mar. 31, 2023
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	29,026,000	29,026,000	29,026,000	29,026,000	29,026,000	29,026,000
Class of warrant or right, issued (in shares)			0
Number of warrants issued in the period (in shares)		0	0
Weighted average strike price of warrants (in dollars per share)	$ 11.5	$ 11.5	$ 11.5	$ 11.5	$ 11.5	$ 11.5
Common Class A
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by each warrant or right (in shares)	1			1
Private Placement Warrant
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)					15,226,000
Class of warrant or right, issued (in shares)			15,226,000		15,226,000
Number of warrants issued in the period (in shares)	15,226,000
Price per warrant (in dollars per share)	$ 1			$ 1
Class of warrant or right, number of securities called by each warrant or right (in shares)	1			1
Weighted average strike price of warrants (in dollars per share)	$ 11.5			$ 11.5
Units
Class of Warrant or Right [Line Items]
Number of warrants issued in the period (in shares)	27,600,000			27,600,000
Price per warrant (in dollars per share)	$ 10			$ 10
Public Warrant
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)		13,800,000			13,800,000
Class of warrant or right, issued (in shares)		13,800,000			13,800,000
Class of warrant or right, number of securities called by each warrant or right (in shares)	1			1
Weighted average strike price of warrants (in dollars per share)	$ 11.5			$ 11.5
Number of days after a business combination in which warrants become exercisable				30 days
Period after initial public offering in which warrants are exercisable				12 months
Expiration period after a business combination				5 years

SHAREHOLDERS' EQUITY (DEFICIT_7

SHAREHOLDERS' EQUITY (DEFICIT) - Schedule of Stock Option Activity (Q1) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options
Beginning balance (in shares)	2,369,169	2,507,618	613,463
Granted (in shares)	0	382,726	1,894,155
Cancelled (in shares)	(36,748)	(313,783)	0
Exercised (in shares)	(43,262)	(207,392)	0
Ending balance (in shares)	2,289,159	2,369,169	2,507,618	613,463
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 1.43	$ 0.14	$ 0.12
Granted (in dollars per share)	0	8.21	0.14
Cancelled (in dollars per share)	3.8	0.22
Exercised (in dollars per share)	0.13	0.12
Ending balance (in dollars per share)	$ 1.34	$ 1.43	$ 0.14	$ 0.12
Weighted Average Remaining Contractual Term (years)
Outstanding	8 years 6 months	8 years 9 months 18 days	9 years 4 months 24 days	9 years 7 months 6 days
Options Exercisable (in shares)	1,924,903	2,232,117
Weighted Average Exercise Price Per Share, Exercisable (in dollars per share)	$ 0.24	$ 0.21
Aggregate Intrinsic Value	$ 6.6	$ 6.8

COMMITMENT AND CONTINGENCIES -

COMMITMENT AND CONTINGENCIES - Narrative (Q1) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) aircraft	Mar. 31, 2023 USD ($) aircraft	Dec. 31, 2023 USD ($) aircraft	Dec. 31, 2022 USD ($) aircraft	May 05, 2023 USD ($) aircraft	Oct. 05, 2022 USD ($) aircraft
Long-Term Purchase Commitment [Line Items]
Total deposits, non-current	$ 21,656		$ 15,691	$ 12,123
Operating lease expense	117	$ 117	469	168
Variable lease cost	2,900	2,200	12,900	8,200
Aircraft
Long-Term Purchase Commitment [Line Items]
Short-term lease cost	15	180	617	597
Airport Facilities
Long-Term Purchase Commitment [Line Items]
Short-term lease cost	18	$ 19	71	52
Line of Credit | SAC Leasing G280 LLC Credit Facility
Long-Term Purchase Commitment [Line Items]
Line of credit facility, maximum borrowing capacity	40,500					$ 40,500
Line of credit facility, remaining borrowing capacity	6,000		$ 12,000
HondaJet HA-420
Long-Term Purchase Commitment [Line Items]
Purchase obligation, number of aircrafts | aircraft					23
Purchase obligation					$ 161,100
Required deposits per aircraft					$ 150
Number of assets disposed of | aircraft			1
Number of assets received | aircraft		1	3
Number of assets to be delivered | aircraft			22
Total deposits, non-current	1,500		$ 1,300
Required funding in the next twelve months	1,400		1,500
Deposits assets	$ 1,500		$ 1,300	$ 800
Gulfstream G-280
Long-Term Purchase Commitment [Line Items]
Purchase obligation, number of aircrafts | aircraft	4		4	4		4
Purchase obligation	$ 34,000		$ 40,000	$ 79,000
Required funding in the next twelve months	18,500		24,500
Deposits assets	45,000		39,000	12,000
Liquidated damages per aircraft	3,000			3,000
Prepayments made in the period	6,000	$ 4,500	27,000	12,000
Prepayments funded through the SAC Leasing G280 credit facility	6,000	3,000	24,000	4,500
Purchase obligation prepayments paid by the Company	$ 0	$ 1,500	$ 3,000	$ 7,500
Minimum | Airport Facilities
Long-Term Purchase Commitment [Line Items]
Operating lease, remaining contractual term	1 year		1 year
Maximum | Airport Facilities
Long-Term Purchase Commitment [Line Items]
Operating lease, remaining contractual term	11 months		11 months
Aircraft Leases, Fixed
Long-Term Purchase Commitment [Line Items]
Operating lease, term				5 years
Operating lease discount rate				12%
Operating lease, remaining contractual term	3 years		3 years 3 months 29 days	4 years 3 months 29 days
Aircraft Leases, Variable | Minimum
Long-Term Purchase Commitment [Line Items]
Operating lease, remaining contractual term	1 year		1 year
Operating lease, renewal term	3 months		3 months
Aircraft Leases, Variable | Maximum
Long-Term Purchase Commitment [Line Items]
Operating lease, remaining contractual term	5 years		5 years
Operating lease, renewal term	12 months		12 months

COMMITMENT AND CONTINGENCIES _4

COMMITMENT AND CONTINGENCIES - Schedule of Future Minimum Payments (Q1) (Details) - Gulfstream G-280 - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Long-Term Purchase Commitment [Line Items]
2024	$ 18,500	$ 24,500
2025	15,500	15,500
Total expected contractual payments	$ 34,000	$ 40,000	$ 79,000

ORGANIZATION AND DESCRIPTION _4

ORGANIZATION AND DESCRIPTION OF BUSINESS (FY) (Details)	Mar. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares	Dec. 01, 2023 $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Exchange ratio			1.01508

SUMMARY OF SIGNIFICANT ACCOU_24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Going Concern, Liquidity, and Capital Reserves (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Net loss	$ 17,390	$ 7,515	$ 52,822	$ 9,367
Working capital, amount	(11,700)		3,000
Accumulated deficit	81,052		63,662	10,840
Net cash used in operating activities	$ 7,696	$ 7,608	$ 30,394	$ 21,432

SUMMARY OF SIGNIFICANT ACCOU_25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Subsidiaries (FY) (Details)	Dec. 31, 2023	Mar. 03, 2023
Volato, Inc. (Legacy Volato)
Schedule of Investments [Line Items]
Subsidiary, ownership percentage	100%
Gulf Coast Aviation, Inc.
Schedule of Investments [Line Items]
Subsidiary, ownership percentage	100%
G C Aviation, Inc.
Schedule of Investments [Line Items]
Subsidiary, ownership percentage	100%
Fly Vaunt, LLC
Schedule of Investments [Line Items]
Subsidiary, ownership percentage	100%
Fly Dreams, LLC (until March 3, 2023)
Schedule of Investments [Line Items]
Subsidiary, ownership percentage		100%

SUMMARY OF SIGNIFICANT ACCOU_26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (FY) (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Mar. 11, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Cash consideration paid to acquire business				$ 0	$ 1,850
Gain from sale of consolidated entity		$ 0	$ 387	387	$ 0
Gulf Coast Aviation, Inc.
Business Acquisition [Line Items]
Cash consideration paid to acquire business	$ 1,850
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Fly Dreams, LLC
Business Acquisition [Line Items]
Selling price			550	550
Gain from sale of consolidated entity			$ 387	$ 387

SUMMARY OF SIGNIFICANT ACCOU_27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash Equivalents (FY) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Restricted cash	$ 1,800	$ 2,240	$ 2,100

SUMMARY OF SIGNIFICANT ACCOU_28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investment - Equity Method (FY) (Details)	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2021
Volato 158, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	3.125%	3.125%	3.125%	100%
Volato 239 LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		0.01%	18.75%

SUMMARY OF SIGNIFICANT ACCOU_29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Bad debt expense	$ 0	$ 0	$ 106	$ 5

SUMMARY OF SIGNIFICANT ACCOU_30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fixed Assets (FY) (Details)	Mar. 31, 2024	Dec. 31, 2023
Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years	7 years
Machine and equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years	3 years
Machine and equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years	7 years
Automobiles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years	5 years
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years	5 years
Website development costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years	3 years

SUMMARY OF SIGNIFICANT ACCOU_31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Computer Software and Website Development (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Software development costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years		3 years
Internal software development costs incurred during the period	$ 0		$ 323	$ 114
Website development costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years		3 years
Internal software development costs incurred during the period	$ 56		$ 241	114
Capitalized computer software, amortization expense	$ 26	$ 15	$ 56	$ 14

SUMMARY OF SIGNIFICANT ACCOU_32

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Valuation of Long-Lived Assets (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Impairment	$ 0	$ 0	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOU_33

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Significant Unobservable Inputs (FY) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward purchase agreement	$ 2,755	$ 2,982	$ 0
Total	2,755	2,982
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward purchase agreement	0	0
Total	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward purchase agreement	0	0
Total	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward purchase agreement	2,755	2,982
Total	$ 2,755	$ 2,982

SUMMARY OF SIGNIFICANT ACCOU_34

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Forward Purchase Agreement Rollforward (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance beginning	$ 2,982	$ 0	$ 0
Cash funded			18,911
Proceeds			(2,525)
Change in fair value	(227)	$ 0	(13,403)	$ 0
Balance ending	2,755		2,982	$ 0
Previously Reported [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance beginning	$ 2,983
Balance ending			$ 2,983

SUMMARY OF SIGNIFICANT ACCOU_35

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Valuation Assumptions (FY) (Details)	Mar. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares
Volume Weighted average stock price ("VWAP")
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	3.54	3.82
Initial Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	10.81	10.81
Expected Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.91	0.87
Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	1.68	1.92
Risk-free Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset, measurement input	0.047	0.042

SUMMARY OF SIGNIFICANT ACCOU_36

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 19,000		$ 12,900	$ 2,200
Revenue	13,211	$ 15,665	73,338	96,706
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue	1,600	1,100	5,000	2,300
Aircraft sales
Disaggregation of Revenue [Line Items]
Revenue	0	5,710	21,443	67,695
Charter flight revenue
Disaggregation of Revenue [Line Items]
Revenue	11,516	6,684	37,787	14,417
Aircraft Management revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 1,695	$ 3,271	$ 14,108	$ 14,594

SUMMARY OF SIGNIFICANT ACCOU_37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-Based Compensation (FY) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Expected dividend yield	0%	0%

SUMMARY OF SIGNIFICANT ACCOU_38

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Loss per Share (FY) (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Options outstanding (in shares)	2,289,159	2,369,169	2,478,020	2,507,618	613,463
Warrants outstanding (in shares)	29,026,000	29,026,000	29,026,000	29,026,000	29,026,000
Weighted average strike price of warrants (in dollars per share)	$ 11.5	$ 11.5	$ 11.5	$ 11.5	$ 11.5
Class of warrant or right, issued (in shares)				0

SUMMARY OF SIGNIFICANT ACCOU_39

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets and Goodwill (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Impairment loss	$ 0	$ 0	$ 0	$ 0
Impairment of goodwill	$ 0	$ 0	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOU_40

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Information (FY) (Details) - segment	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Number of operating segments	1	1
Number of reportable segments	1	1

SUMMARY OF SIGNIFICANT ACCOU_41

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Advertising costs	$ 2,200	$ 223	$ 2,850	$ 405

BUSINESS COMBINATION - Narrat_2

BUSINESS COMBINATION - Narrative (FY) (Details) $ in Thousands		12 Months Ended
	Dec. 01, 2023 USD ($)	Dec. 31, 2023 USD ($)
Reverse Recapitalization [Abstract]
Exchange ratio	1.01508
Transaction related expenses	$ 5,700	$ 6,898

BUSINESS COMBINATION - Schedule

BUSINESS COMBINATION - Schedule of Reverse Recapitalization, Reconciliation (FY) (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 01, 2023	Dec. 31, 2023	Dec. 31, 2022
Reverse Recapitalization [Abstract]
Cash - PACI trust and cash (net of redemptions)		$ 19,081
Less Transaction related expenses and other costs	$ (5,700)	(6,898)
Less Net liabilities assumed from PACI		(1,722)	$ 0
Net proceeds from the business combination		$ 10,461

BUSINESS COMBINATION - Schedu_2

BUSINESS COMBINATION - Schedule of Reverse Recapitalization (FY) (Details)	Dec. 01, 2023 shares	Mar. 31, 2024 shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Issuance of common stock to employees (in shares)	9,441
Class A Common Stock outstanding (in shares)		29,251,629	28,043,449	11,268,877
Exchange ratio	1.01508
Common Stock
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Stock converted, Legacy Volato shareholders (in shares)	7,434,936
Series Seed Convertible Preferred Stock
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Stock converted, Legacy Volato shareholders (in shares)	11,948,103
PACI Public Shareholders | Proof Acquisition Corp I
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Stock issued during period (in shares)	1,767,390
PACI Sponsors | Proof Acquisition Corp I
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Stock issued during period (in shares)	6,883,579

BUSINESS ACQUISITION - Narrativ

BUSINESS ACQUISITION - Narrative (FY) (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 11, 2022	Dec. 31, 2023	Dec. 31, 2022
Asset Acquisition [Line Items]
Cash consideration paid to acquire business		$ 0	$ 1,850
Gulf Coast Aviation, Inc.
Asset Acquisition [Line Items]
Cash consideration paid to acquire business	$ 1,850
Certificate	1,200
Customer Relationships	$ 301

BUSINESS ACQUISITION - Fair Val

BUSINESS ACQUISITION - Fair Value of Consideration Transferred (FY) (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 11, 2022	Dec. 31, 2023	Dec. 31, 2022
Asset Acquisition [Line Items]
Cash		$ 0	$ 1,850
Gulf Coast Aviation, Inc.
Asset Acquisition [Line Items]
Cash	$ 1,850
Other consideration transferred	0
Purchase price	$ 1,850

BUSINESS ACQUISITION - Purchase

BUSINESS ACQUISITION - Purchase Price Allocation (FY) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 11, 2022
Asset Acquisition [Line Items]
Goodwill	$ 635	$ 635	$ 635
Gulf Coast Aviation, Inc.
Asset Acquisition [Line Items]
Cash				$ 679
Accounts receivable				247
Other current assets				45
Fixed Assets				5
Certificate				1,200
Customer Relationships				301
Deferred tax liability				(385)
Accounts Payable and Accrued Expenses				(877)
Net Assets Acquired				1,215
Goodwill				635
Total consideration				$ 1,850

INITIAL PUBLIC OFFERING AND P_2

INITIAL PUBLIC OFFERING AND PRIVATE PLACEMENT (FY) (Details) - $ / shares		1 Months Ended	12 Months Ended
	Dec. 01, 2023	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2024	Mar. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Number of warrants issued in the period (in shares)			0	0
Weighted average strike price of warrants (in dollars per share)		$ 11.5	$ 11.5	$ 11.5	$ 11.5	$ 11.5	$ 11.5
PACI Public Shareholders | Proof Acquisition Corp I
Subsidiary, Sale of Stock [Line Items]
Stock issued during period (in shares)	1,767,390
PACI Sponsors | Proof Acquisition Corp I
Subsidiary, Sale of Stock [Line Items]
Stock issued during period (in shares)	6,883,579
Units
Subsidiary, Sale of Stock [Line Items]
Number of warrants issued in the period (in shares)		27,600,000			27,600,000
Price per warrant (USD per share)		$ 10			$ 10
Public Warrant
Subsidiary, Sale of Stock [Line Items]
Class of warrant or right, number of securities called by each warrant or right (in shares)		1			1
Weighted average strike price of warrants (in dollars per share)		$ 11.5			$ 11.5
Private Placement Warrant
Subsidiary, Sale of Stock [Line Items]
Number of warrants issued in the period (in shares)		15,226,000
Price per warrant (USD per share)		$ 1			$ 1
Class of warrant or right, number of securities called by each warrant or right (in shares)		1			1
Weighted average strike price of warrants (in dollars per share)		$ 11.5			$ 11.5
Common Class A
Subsidiary, Sale of Stock [Line Items]
Class of warrant or right, number of securities called by each warrant or right (in shares)		1			1

INTANGIBLES - Schedule of Fin_2

INTANGIBLES - Schedule of Finite-Lived Intangible Assets (FY) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Cost	$ 301	$ 301	$ 301
Accumulated Amortization	(125)	(110)	(49)
Net	176	191	252
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Cost	301	301	301
Accumulated Amortization	(125)	(110)	(49)
Net	$ 176	$ 191	$ 252

INTANGIBLES - Narrative (FY) (D

INTANGIBLES - Narrative (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Indefinite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense	$ 15	$ 15	$ 61	$ 49
Intangible asset - Part 135 certificate	1,200		1,200	1,363
Gain from sale of consolidated entity	0	387	387	0
Impairment of certificates	$ 0	0	0	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Fly Dreams, LLC
Indefinite-Lived Intangible Assets [Line Items]
Intangible asset carrying value			163
Selling price		550	550
Gain from sale of consolidated entity		$ 387	$ 387

INTANGIBLES - Schedule of Fut_2

INTANGIBLES - Schedule of Future Amortization Expense (FY) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 60	$ 60
2025	60	60
2026	11	60
2027		11
Net	$ 176	$ 191	$ 252

INTANGIBLES - Schedule of Ind_2

INTANGIBLES - Schedule of Indefinite-Lived Intangible Assets (FY) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset - Part 135 certificate	$ 1,200	$ 1,200	$ 1,363

MERGER TRANSACTION COSTS PAYA_7

MERGER TRANSACTION COSTS PAYABLE - Summary (FY) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Merger transaction costs payable in shares	$ 0	$ 4,250	$ 0

MERGER TRANSACTION COSTS PAYA_8

MERGER TRANSACTION COSTS PAYABLE - Narrative (FY) (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Jan. 31, 2024 shares	Dec. 31, 2023 USD ($) agreement	Mar. 31, 2024 USD ($) shares	Mar. 26, 2024 shares	Dec. 31, 2022 USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of success agreements entered into | agreement		3
Merger transaction costs payable in shares | $		$ 4,250	$ 0		$ 0
Common Class A
Subsidiary, Sale of Stock [Line Items]
Common stock issued during period (in shares)	1,208,180		1,208,180
Common Class A | Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Common stock issued during period (in shares)				1,208,543

FORWARD PURCHASE AGREEMENT (F_2

FORWARD PURCHASE AGREEMENT (FY) (Details) $ / shares in Units, $ in Thousands, shares in Millions		1 Months Ended	3 Months Ended		12 Months Ended
	Nov. 28, 2023 d $ / shares shares	Dec. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Purchase of forward purchase agreement | $					$ 18,911	$ 0
Proceeds from forward purchase agreement | $		$ 2,400			2,525	0
Loss on the change in fair value of the forward purchase agreement | $			$ 227	$ 0	$ 13,403	$ 0
Forward Purchase Agreement
Derivative [Line Items]
Number of shares available to be purchased (in shares) | shares	2
Valuation date	24 months
Trigger event, trading days | d	20
Trigger event, consecutive trading days below $1.00 | d	30
Cash settlement payment date | d	70
Consideration multiplier | $ / shares	$ 1.5

FIXED ASSETS - Schedule of Fi_2

FIXED ASSETS - Schedule of Fixed Assets (FY) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total fixed assets before accumulated depreciation	$ 1,085	$ 1,031	$ 407
Less accumulated depreciation	(248)	(185)	(59)
Total fixed assets after accumulated depreciation	837	846	348
Machine and equipment
Property, Plant and Equipment [Line Items]
Fixed assets, gross	191	191	173
Automobiles
Property, Plant and Equipment [Line Items]
Finance lease	102	102	63
Website development costs
Property, Plant and Equipment [Line Items]
Fixed assets, gross	290	290	49
Computer and office equipment
Property, Plant and Equipment [Line Items]
Fixed assets, gross	9	11	8
Software development costs
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 493	$ 437	$ 114

FIXED ASSETS - Narrative (FY) (

FIXED ASSETS - Narrative (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 65	$ 30	$ 140	$ 112

DEPOSITS - Schedule of Deposi_2

DEPOSITS - Schedule of Deposits on Aircraft (FY) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deposit Assets [Line Items]
Total deposits	$ 46,856	$ 40,816	$ 12,956
Less current portion	(25,200)	(25,125)	(833)
Total deposits, non-current	21,656	15,691	12,123
Other Deposits
Deposit Assets [Line Items]
Total deposits	406	516	123
Gulfstream G-280 And Honda HA-420
Deposit Assets [Line Items]
Total deposits	46,450	40,300	12,833
Less current portion	(25,200)	(25,050)	(833)
Total deposits, non-current	21,250	15,250	12,000
Gulfstream G-280
Deposit Assets [Line Items]
Total deposits	45,000	39,000	12,000
HondaJet HA-420
Deposit Assets [Line Items]
Total deposits	1,450	1,300	$ 833
Total deposits, non-current	$ 1,500	$ 1,300

DEPOSITS - Narrative (FY) (Deta

DEPOSITS - Narrative (FY) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) aircraft	Mar. 31, 2023 USD ($) aircraft	Dec. 31, 2023 USD ($) aircraft	Dec. 31, 2022 USD ($) aircraft	May 05, 2023 USD ($) aircraft	Oct. 05, 2022 aircraft
Gulfstream G-280
Deposit Assets [Line Items]
Purchase obligation, number of aircrafts | aircraft	4		4	4		4
Purchase obligation	$ 34,000		$ 40,000	$ 79,000
Prepayments made in the period	6,000	$ 4,500	27,000	12,000
Prepayments funded through the SAC Leasing G280 credit facility	6,000	3,000	24,000	4,500
Purchase obligation prepayments paid by the Company	0	$ 1,500	3,000	7,500
Deposits assets	45,000		39,000	12,000
HondaJet HA-420
Deposit Assets [Line Items]
Purchase obligation, number of aircrafts | aircraft					23
Purchase obligation					$ 161,100
Deposits assets	$ 1,500		$ 1,300	$ 800
Number of assets received | aircraft		1	3
HondaJet HA-420 Received
Deposit Assets [Line Items]
Purchase obligation		$ 5,500	$ 17,900

EQUITY-METHOD INVESTMENT - Sc_2

EQUITY-METHOD INVESTMENT - Schedule of Equity Method Investments (FY) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity-method investment	$ 158	$ 154	$ 1,159
Volato 158, LLC
Schedule of Equity Method Investments [Line Items]
Equity-method investment	$ 158	154	152
Volato 239 LLC
Schedule of Equity Method Investments [Line Items]
Equity-method investment		$ 0	$ 1,007

EQUITY-METHOD INVESTMENT - Na_2

EQUITY-METHOD INVESTMENT - Narrative (FY) (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Aug. 31, 2021 USD ($)	Mar. 31, 2024 USD ($) investment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) investment	Dec. 31, 2022 USD ($) investment
Schedule of Equity Method Investments [Line Items]
Number of equity method investments | investment		1		1	2
Income (loss) from equity method investments		$ 4	$ 22	$ 22	$ (45)
Equity-method investment		158		154	1,159
Proceeds from sale of interest in equity-method investment		0	3,840	4,235	6,575
Equity method investment, gain on disposal		0	863	$ 883	581
Number of equity method investments | investment				2
Payment for the purchase of equity-method investments		$ 0	1,950	$ 2,328	0
Third Party Investors
Schedule of Equity Method Investments [Line Items]
Equity-method investment					$ 6,370
Volato 158, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	100%	3.125%		3.125%	3.125%
Asset contributed in exchange for membership interest	$ 4,200
Income (loss) from equity method investments		$ 4	$ 2	$ (3)	$ 11
Equity-method investment		$ 158		$ 154	$ 152
Volato 239 LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				0.01%	18.75%
Income (loss) from equity method investments				$ 20	$ (6)
Equity-method investment				0	$ 1,007
Proceeds from sale of interest in equity-method investment				1,470
Equity method investment, gain on disposal				443
Volato 239 LLC | Third Party Investors
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					81.25%
Other LLCs
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of interest in equity-method investment				2,700
Equity method investment, gain on disposal				$ 400

REVOLVING LOAN AND PROMISSORY_7

REVOLVING LOAN AND PROMISSORY NOTE - RELATED PARTY - Schedule of Long-Term Debt (FY) (Details) - Affiliated Entity - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 15, 2023	Dec. 31, 2022	Dec. 09, 2021
Debt Instrument [Line Items]
Credit facility and other loans	$ 1,000	$ 1,000		$ 5,150
March 2023 Promissory Note | Promissory Note
Debt Instrument [Line Items]
Credit facility and other loans	$ 1,000	$ 1,000		0
Interest rate	10%	10%	10%
Revolving Credit Facility | December 2021 Convertible Note
Debt Instrument [Line Items]
Credit facility and other loans		$ 0		$ 5,150
Revolving Credit Facility | December 2021 Note
Debt Instrument [Line Items]
Interest rate		9%		4%	4%

REVOLVING LOAN AND PROMISSORY_8

REVOLVING LOAN AND PROMISSORY NOTE - RELATED PARTY - December 2021 Secured Revolving Note (FY) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2024	Dec. 01, 2023	Nov. 30, 2023	Dec. 09, 2021
2023 Convertible Notes | Convertible Debt
Line of Credit Facility [Line Items]
Interest rate			4%
Interest expense, debt		$ 34	$ 0
Debt instrument, face amount		18,420			$ 18,420	$ 18,400
Accrued interest					$ 34	$ 100
Affiliated Entity
Line of Credit Facility [Line Items]
Credit facility and other loans		$ 1,000	$ 5,150	$ 1,000
Affiliated Entity | 2023 Convertible Notes | Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 6,000
Affiliated Entity | Revolving Credit Facility | December 2021 Note
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity							$ 8,000
Interest rate		9%	4%				4%
Default interest rate, over regular interest rate							0.0500
Default interest rate							0.09
Default description, judgement amount							$ 500
Interest penalty for missed payments							0.05
Interest expense, debt	370	$ 370	$ 480
Affiliated Entity | Revolving Credit Facility | December 2021 Convertible Note
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 6,000
Credit facility and other loans		0	5,150
Accrued interest		$ 0	$ 495

REVOLVING LOAN AND PROMISSORY_9

REVOLVING LOAN AND PROMISSORY NOTE - RELATED PARTY - March 2023 Promissory Note (FY) (Details) - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 15, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Credit facility and other loans	$ 1,000		$ 1,000		$ 5,150
March 2023 Promissory Note | Promissory Note
Debt Instrument [Line Items]
Debt instrument, face amount			$ 1,000	$ 1,000
Interest rate	10%		10%	10%
Default interest rate				0.20
Credit facility and other loans	$ 1,000		$ 1,000		$ 0
Interest expense, debt	23	$ 109	86
Accrued interest	$ 109		$ 86

UNSECURED CONVERTIBLE NOTES - S

UNSECURED CONVERTIBLE NOTES - Summary (FY) (Details) - Convertible Debt - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 18,879
Less unamortized debt discounts	0	(35)
Long-term debt, net	0	18,844
Less current portion	0	18,844
Total unsecured convertible notes, net of discount non-current	0	$ 0
2022 Convertible Notes
Debt Instrument [Line Items]
Interest rate		5%
Long-term debt, gross	0	$ 18,879
2023 Convertible Notes
Debt Instrument [Line Items]
Interest rate		4%
Long-term debt, gross	$ 0	$ 0

UNSECURED CONVERTIBLE NOTES - 2

UNSECURED CONVERTIBLE NOTES - 2022 Notes (FY) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		11 Months Ended	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Nov. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 01, 2023
Debt Instrument [Line Items]
Preferred Stock outstanding (in shares)				0
Interest expense	$ 1,100	$ 222		$ 2,170	$ 65
Series A-2 Preferred Stock
Debt Instrument [Line Items]
Preferred Stock outstanding (in shares)						3,327,624
Convertible preferred stock, shares issued upon conversion (in shares)						3,377,812
Convertible Debt
Debt Instrument [Line Items]
Long-term debt, gross				0	18,879
Debt discount				0	35
2022 Unsecured Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount					20,000	$ 19,130
Long-term debt, gross				19,130
Closing financing costs					87
Accrued interest						813
Debt discount						$ 36
Closing financing costs				36	35
Amortization of closing financing costs				38	15
Interest expense				552	249
2022 Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 19,100		18,900
Long-term debt, gross				0	$ 18,879
Accrued interest			$ 800
Conversion price (in dollars per share)						$ 5.982
2022 Convertible Notes | Convertible Debt | Series A-2 Preferred Stock
Debt Instrument [Line Items]
Shares converted (in shares)			3,327,624
Additional 2022 Convertible Note | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount				250
Long-term debt, gross				$ 250

UNSECURED CONVERTIBLE NOTES -_2

UNSECURED CONVERTIBLE NOTES - 2023 Notes (FY) (Details) - USD ($) $ / shares in Units, $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 01, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Preferred Stock outstanding (in shares)		0
Series A-3 Preferred Stock
Debt Instrument [Line Items]
Preferred Stock outstanding (in shares)				2,050,628
Convertible preferred stock, shares issued upon conversion (in shares)				2,081,556
2023 Unsecured Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 25,000
2023 Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 18,400	18,420		$ 18,420
Interest expense, debt		$ 34	$ 0
Accrued interest	$ 100			$ 34
Conversion price (in dollars per share)				$ 9
2023 Convertible Notes | Convertible Debt | Nonrelated Party
Debt Instrument [Line Items]
Debt instrument, face amount					$ 12,420
2023 Convertible Notes | Convertible Debt | Affiliated Entity
Debt Instrument [Line Items]
Debt instrument, face amount					$ 6,000
2023 Convertible Notes | Series A-3 Preferred Stock | Convertible Debt
Debt Instrument [Line Items]
Shares converted (in shares)	2,050,628

CREDIT FACILITY AND OTHER LOA_6

CREDIT FACILITY AND OTHER LOANS - Summary (FY) (Details) - Line of Credit - SAC Leasing G280 LLC Credit Facility - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Interest rate	12.50%	12.50%
Total unsecured convertible notes, gross	$ 33,750	$ 27,750	$ 4,500
Less unamortized debt discounts	(374)	(376)	(330)
Long-term debt, net	$ 33,376	$ 27,374	$ 4,170

CREDIT FACILITY AND OTHER LOA_7

CREDIT FACILITY AND OTHER LOANS - Narrative (FY) (Details) $ in Thousands	3 Months Ended		12 Months Ended		24 Months Ended	27 Months Ended
	Mar. 31, 2024 USD ($) aircraft	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) aircraft	Dec. 31, 2022 USD ($) aircraft	Dec. 31, 2023 USD ($) aircraft	Mar. 31, 2024 USD ($) aircraft	Oct. 05, 2022 USD ($) aircraft
Line of Credit Facility [Line Items]
Proceeds from lines of credit	$ 0	$ 1,000	$ 1,000	$ 4,950
Deposit funded			0	5,800
Amortization of debt discount	46	48	183	42
Interest expense	1,100	222	$ 2,170	$ 65
SAC Leasing G280 LLC Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 40,500					$ 40,500	$ 40,500
Gulfstream G-280
Line of Credit Facility [Line Items]
Purchase obligation, number of aircrafts | aircraft	4		4	4	4	4	4
Purchase obligation	$ 34,000		$ 40,000	$ 79,000	$ 40,000	$ 34,000
Purchase commitment, amount paid			3,000		30,000	45,000
Prepayments made in the period	6,000	4,500	27,000	12,000
Prepayments funded through the SAC Leasing G280 credit facility	6,000	3,000	24,000	4,500
Purchase obligation prepayments paid by the Company	0	1,500	3,000	7,500
Line of Credit | SAC Leasing G280 LLC Credit Facility
Line of Credit Facility [Line Items]
Proceeds from lines of credit	6,000		24,000
Deposit funded			750
Long-term debt, gross	33,750		27,750	4,500	27,750	33,750
Closing financing costs	45		548	357	$ 548	45
Amortization of debt discount	47	$ 29	$ 146	$ 27
Line of credit facility, maximum borrowing capacity							$ 40,500
Line of Credit | SAC Leasing G280 LLC Credit Facility | Maximum
Line of Credit Facility [Line Items]
Maturity period			35 months	35 months	35 months
Promissory Note | Promissory Note | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 34,500		$ 28,500		$ 28,500	$ 34,500
Percent of debt obligation sold	60%		60%		60%	60%

RELATED PARTIES - Argand Grou_2

RELATED PARTIES - Argand Group LLC (FY) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) aircraft shares	Dec. 31, 2022 USD ($) shares
Related Party Transaction [Line Items]
Common stock, shares issued (in shares)	29,251,629		28,043,449	11,268,877
Operating lease expense | $	$ 117	$ 117	$ 469	$ 168
Related Party
Related Party Transaction [Line Items]
Number of leased assets | aircraft			2
Operating lease expense | $			$ 0	$ 56
Argand Group LLC | Related Party
Related Party Transaction [Line Items]
Common stock, shares issued (in shares)	3,466,153		3,466,154
Argand Group LLC | Related Party | Previously Reported
Related Party Transaction [Line Items]
Common stock, shares issued (in shares)			3,414,661
Argand Group LLC | Related Party | Volato Group, Inc.
Related Party Transaction [Line Items]
Ownership percentage of issued and outstanding shares of Class A common stock	10.80%		12.40%

RELATED PARTIES - PDK Managem_2

RELATED PARTIES - PDK Management LLC (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Revenue	$ 13,211	$ 15,665		$ 73,338	$ 96,706
Total costs and expenses	29,234	23,578		110,847	105,891
Related Party
Related Party Transaction [Line Items]
Revenue	1,200	1,100	$ 5,100		2,200
Total costs and expenses	1,200	$ 900	$ 3,900		2,000
Credit facility and other loans	$ 400			$ 200	$ 200

RELATED PARTIES - Liotta Fami_2

RELATED PARTIES - Liotta Family Office, LLC (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 01, 2023	Mar. 15, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Common stock, shares issued (in shares)	29,251,629		28,043,449			11,268,877
Series A-3 Preferred Stock
Related Party Transaction [Line Items]
Convertible preferred stock, shares issued upon conversion (in shares)				2,081,556
Series A-2 Preferred Stock
Related Party Transaction [Line Items]
Convertible preferred stock, shares issued upon conversion (in shares)				3,377,812
Father of Matthew Liotta, Chair and Chief Executive Officer | Liotta Family Office, LLC
Related Party Transaction [Line Items]
Ownership percentage, majority owner	60%		60%
John Liotta, Brother of Matthew Liotta | Liotta Family Office, LLC
Related Party Transaction [Line Items]
Ownership percentage, minority owner	20%		20%
Volato Group, Inc., Matthew Liotta | Liotta Family Office, LLC
Related Party Transaction [Line Items]
Ownership percentage, minority owner			20%
Liotta Family Office, LLC | Volato Group, Inc.
Related Party Transaction [Line Items]
Ownership percentage, minority owner	6.40%		4.70%
Common stock, shares issued (in shares)			1,322,118
Affiliated Entity | Convertible Debt
Related Party Transaction [Line Items]
Accrued interest			$ 166
Line of credit facility, maximum borrowing capacity			3,000
Affiliated Entity | March 2023 Promissory Note | Promissory Note
Related Party Transaction [Line Items]
Debt instrument, face amount			1,000		$ 1,000
Interest expense, debt	$ 23	$ 109	86
Accrued interest	$ 109		86
Affiliated Entity | December 2021 Convertible Note | Revolving Credit Facility
Related Party Transaction [Line Items]
Accrued interest			$ 0			$ 495
Line of credit facility, maximum borrowing capacity		$ 6,000
Affiliated Entity | Series A-3 Preferred Stock | December 2021 Convertible Note | Revolving Credit Facility
Related Party Transaction [Line Items]
Debt conversion, shares issued (in shares)			668,065
Convertible preferred stock, shares issued upon conversion (in shares)				678,139
Affiliated Entity | Series A-2 Preferred Stock | Convertible Debt
Related Party Transaction [Line Items]
Debt conversion, shares issued (in shares)			529,190
Convertible preferred stock, shares issued upon conversion (in shares)			537,170

RELATED PARTIES - Aircraft Le_2

RELATED PARTIES - Aircraft Lease and Charter Services and Hangar Sublease and Personnel Services (FY) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2021
Volato 158, LLC
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	3.125%	3.125%	3.125%	100%
Affiliated Entity
Related Party Transaction [Line Items]
Monthly management fee receivable	$ 38	$ 38
Hourly rental rate	$ 1	1
Monthly rent expense		$ 4
DCL H&I, LLC | Volato 158, LLC
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	25%	25%

RELATED PARTIES - Hoop Capita_2

RELATED PARTIES - Hoop Capital, LLC (FY) (Details) - shares	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Common stock, shares issued (in shares)	29,251,629	28,043,449	11,268,877
Hoop Capital, LLC | Volato Group, Inc.
Related Party Transaction [Line Items]
Common stock, shares issued (in shares)		3,466,153
Hoop Capital, LLC | Volato Group, Inc. | Previously Reported
Related Party Transaction [Line Items]
Common stock, shares issued (in shares)		3,414,660

RELATED PARTIES - Matthew Lio_2

RELATED PARTIES - Matthew Lioatta 2021 Trust (FY) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 01, 2023	Dec. 30, 2022
Series A-2 Preferred Stock
Related Party Transaction [Line Items]
Convertible preferred stock, shares issued upon conversion (in shares)		3,377,812
Chief Executive Officer | Matthew Liotta 2021 Trust Unsecured Convertible Note | Convertible Debt
Related Party Transaction [Line Items]
Debt instrument, face amount			$ 1,000
Interest expense, debt	$ 29
Convertible preferred stock, shares issued upon conversion (in shares)		174,338
Chief Executive Officer | Matthew Liotta 2021 Trust Unsecured Convertible Note | Convertible Debt | Series A-2 Preferred Stock
Related Party Transaction [Line Items]
Debt conversion, shares issued (in shares)	171,748

INCOME TAXES - Schedule of Defe

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (FY) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets
Allowance for doubtful Accounts	$ 1	$ 1
Investment in Plane Cos LLC	44	168
Loss carryforwards	11,521	2,792
Intangible	626	(347)
Interest expense limitations	659	64
Interest expense limitations	15	1
Total deferred tax assets	12,866	2,679
Deferred Tax Liabilities
Property and equipment depreciation	(74)	(399)
Valuation allowance	(13,096)	(2,585)
Total deferred tax liabilities	(13,170)	(2,984)
Net deferred tax assets (liabilities)	$ (305)	$ (305)

INCOME TAXES - Narrative (FY) (

INCOME TAXES - Narrative (FY) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Tax Credit Carryforward [Line Items]
Future state taxable income	$ 38	$ 9
Domestic Tax Authority
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	47	11
State and Local Jurisdiction
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	$ 38	$ 9

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income Tax Rate Reconciliation (FY) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Expected federal income taxes at statutory rate	21%	21%
State and local income taxes	4.54%	4.54%
Permanent differences	(6.79%)	(0.04%)
Change in valuation allowance	(18.18%)	(24.11%)
Other	(0.69%)	(0.83%)
Effective income tax rate	(0.12%)	0.56%

SHAREHOLDERS' EQUITY (DEFICIT_8

SHAREHOLDERS' EQUITY (DEFICIT) - Common and Preferred Stock (FY) (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Dec. 01, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Shares authorized (in shares)			81,000,000
Class A Common stock authorized (in shares)	80,000,000	80,000,000	80,000,000	80,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)		1,000,000	1,000,000
Preferred stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Preferred stock, shares issued (in shares)	0	0		0

SHAREHOLDERS' EQUITY (DEFICIT_9

SHAREHOLDERS' EQUITY (DEFICIT) - Conversion of Preferred Stock, Founder, and Public Shares (FY) (Details) $ / shares in Units, $ in Thousands		11 Months Ended	12 Months Ended
	Dec. 01, 2023 USD ($) $ / shares shares	Nov. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2021 USD ($) shares	Mar. 31, 2024 shares	Dec. 31, 2022 USD ($) shares
Conversion of Stock [Line Items]
Collection on subscription receivable | $			$ 15
Preferred Stock outstanding (in shares)			0
Exchange ratio	1.01508
Preferred stock, shares issued (in shares)			0		0	0
PACI Public Shareholders | Proof Acquisition Corp I
Conversion of Stock [Line Items]
Stock issued during period (in shares)	1,767,390
PACI Sponsors | Proof Acquisition Corp I
Conversion of Stock [Line Items]
Stock issued during period (in shares)	6,883,579
2022 Convertible Notes | Convertible Debt
Conversion of Stock [Line Items]
Debt instrument, face amount | $		$ 19,100				$ 18,900
Accrued interest | $		800
Conversion price (in dollars per share) | $ / shares	$ 5.982
2023 Convertible Notes | Convertible Debt
Conversion of Stock [Line Items]
Debt instrument, face amount | $	$ 18,420	18,400	$ 18,420
Accrued interest | $	$ 34	$ 100
Conversion price (in dollars per share) | $ / shares	$ 9
Series Seed Preferred Stock
Conversion of Stock [Line Items]
Stock issued during period (in shares)				3,981,236
Stock issued during the period, value | $				$ 4,585
Preferred Stock outstanding (in shares)	3,981,236
Convertible preferred stock, shares issued upon conversion (in shares)	4,041,282
Series A-1 Preferred Stock
Conversion of Stock [Line Items]
Stock issued during period (in shares)			2,411,087
Stock issued during the period, value | $			$ 24,200
Preferred Stock outstanding (in shares)	2,411,087
Convertible preferred stock, shares issued upon conversion (in shares)	2,447,453
Series A-2 Preferred Stock
Conversion of Stock [Line Items]
Preferred Stock outstanding (in shares)	3,327,624
Convertible preferred stock, shares issued upon conversion (in shares)	3,377,812
Preferred stock, shares issued (in shares)	3,327,624
Series A-2 Preferred Stock | 2022 Convertible Notes | Convertible Debt
Conversion of Stock [Line Items]
Shares issued in relation to convertible notes (in shares)		3,327,624
Series A-3 Preferred Stock
Conversion of Stock [Line Items]
Preferred Stock outstanding (in shares)	2,050,628
Convertible preferred stock, shares issued upon conversion (in shares)	2,081,556
Series A-3 Preferred Stock | 2023 Convertible Notes | Convertible Debt
Conversion of Stock [Line Items]
Stock issued during period (in shares)		2,050,628
Shares issued in relation to convertible notes (in shares)		2,050,628

SHAREHOLDERS' EQUITY (DEFICI_10

SHAREHOLDERS' EQUITY (DEFICIT) - Stock Option - Equity Incentive Plans (FY) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2024 $ / shares shares	Dec. 01, 2023 $ / shares shares	Nov. 28, 2023 shares	Mar. 31, 2023 shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001	$ 0.0001			$ 0.0001	$ 0.0001
Exchange ratio			1.01508
Options outstanding (in shares)	2,369,169	2,289,159			2,478,020	2,507,618	613,463
Weighted average grant date fair value of stock options (USD per share) | $ / shares	$ 3.81
Unrecognized compensation costs related to non-vested awards | $	$ 1.4
2021 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock options authorized for issuance (in shares)							2,724,347
Options outstanding (in shares)			2,369,169
Number of options available for grant (in shares)		0	0
2023 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock options authorized for issuance (in shares)				5,608,690

SHAREHOLDERS' EQUITY (DEFICI_11

SHAREHOLDERS' EQUITY (DEFICIT) - Warrants (FY) (Details) - $ / shares	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2024	Mar. 31, 2023
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	29,026,000	29,026,000	29,026,000	29,026,000	29,026,000	29,026,000
Class of warrant or right, issued (in shares)			0
Number of warrants issued in the period (in shares)		0	0
Weighted average strike price of warrants (in dollars per share)	$ 11.5	$ 11.5	$ 11.5	$ 11.5	$ 11.5	$ 11.5
Common Class A
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by each warrant or right (in shares)	1			1
Private Placement Warrant
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)					15,226,000
Class of warrant or right, issued (in shares)			15,226,000		15,226,000
Number of warrants issued in the period (in shares)	15,226,000
Price per warrant (USD per share)	$ 1			$ 1
Class of warrant or right, number of securities called by each warrant or right (in shares)	1			1
Weighted average strike price of warrants (in dollars per share)	$ 11.5			$ 11.5
Units
Class of Warrant or Right [Line Items]
Number of warrants issued in the period (in shares)	27,600,000			27,600,000
Price per warrant (USD per share)	$ 10			$ 10
Public Warrant
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)		13,800,000			13,800,000
Class of warrant or right, issued (in shares)		13,800,000			13,800,000
Class of warrant or right, number of securities called by each warrant or right (in shares)	1			1
Weighted average strike price of warrants (in dollars per share)	$ 11.5			$ 11.5
Number of days after a business combination in which warrants become exercisable				30 days
Period after initial public offering in which warrants are exercisable				12 months
Expiration period after a business combination				5 years

SHAREHOLDERS EQUITY (DEFICIT) -

SHAREHOLDERS EQUITY (DEFICIT) - Schedule of Stock by Class (FY) (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Dec. 01, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Class A Common stock authorized (in shares)	80,000,000	80,000,000	80,000,000	80,000,000
Class A Common Stock outstanding (in shares)	29,251,629	28,043,449		11,268,877
Class A Common Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Preferred Stock authorized (in shares)		1,000,000	1,000,000
Preferred Stock outstanding (in shares)		0
Preferred Stock, par value (in dollars per share)		$ 0.0001	$ 0.0001

SHAREHOLDERS EQUITY (DEFICIT)_2

SHAREHOLDERS EQUITY (DEFICIT) - Schedule of Stock Option Activity (FY) (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options
Beginning balance (in shares)	2,369,169	2,507,618	613,463
Granted (in shares)	0	382,726	1,894,155
Cancelled (in shares)	(36,748)	(313,783)	0
Exercised (in shares)	(43,262)	(207,392)	0
Ending balance (in shares)	2,289,159	2,369,169	2,507,618	613,463
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 1.43	$ 0.14	$ 0.12
Granted (in dollars per share)	0	8.21	0.14
Cancelled (in dollars per share)	3.8	0.22
Exercised (in dollars per share)	0.13	0.12
Ending balance (in dollars per share)	$ 1.34	$ 1.43	$ 0.14	$ 0.12
Weighted Average Remaining Contractual Term (years)
Outstanding	8 years 6 months	8 years 9 months 18 days	9 years 4 months 24 days	9 years 7 months 6 days
Options Exercisable (in shares)	1,924,903	2,232,117
Weighted Average Exercise Price Per Share, Exercisable (in dollars per share)	$ 0.24	$ 0.21

SHAREHOLDERS EQUITY (DEFICIT)_3

SHAREHOLDERS EQUITY (DEFICIT) - Schedule of Exercise Price Range, Options (FY) (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options Outstanding, Shares (in shares)	2,289,159	2,369,169	2,507,618	613,463	2,478,020
Options Outstanding, Life (in years)	8 years 6 months	8 years 9 months 18 days	9 years 4 months 24 days	9 years 7 months 6 days
Options Exercisable (in shares)	1,924,903	2,232,117
Exercise Price $0.12
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price (USD per share)		$ 0.12
Options Outstanding, Shares (in shares)		160,856
Options Outstanding, Life (in years)		7 years 7 months 6 days
Exercise Price $0.14
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price (USD per share)		$ 0.14
Options Outstanding, Shares (in shares)		1,594,962
Options Outstanding, Life (in years)		8 years 9 months 18 days
Exercise Price $0.16
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price (USD per share)		$ 0.16
Options Outstanding, Shares (in shares)		235,042
Options Outstanding, Life (in years)		8 years 6 months
Exercise Price $7.21
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price (USD per share)		$ 7.21
Options Outstanding, Shares (in shares)		76,453
Options Outstanding, Life (in years)		9 years 3 months 18 days
Exercise Price $8.40
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price (USD per share)		$ 8.4
Options Outstanding, Shares (in shares)		101,778
Options Outstanding, Life (in years)		9 years 10 months 24 days
Exercise Price $8.52
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercise Price (USD per share)		$ 8.52
Options Outstanding, Shares (in shares)		200,078
Options Outstanding, Life (in years)		9 years 10 months 24 days

SHAREHOLDERS EQUITY (DEFICIT)_4

SHAREHOLDERS EQUITY (DEFICIT) - Schedule of Fair Value Assumptions (FY) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility		30%
Expected dividends	$ 0	$ 0
Risk-free interest rate, minimum	3.60%	1.90%
Risk free interest rate, maximum	4.60%	4%
Forfeitures	$ 0	$ 0
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term	2 years	5 years 6 months
Expected volatility	30%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term	6 years	6 years 3 months 18 days
Expected volatility	71%

SHAREHOLDERS EQUITY (DEFICIT)_5

SHAREHOLDERS EQUITY (DEFICIT) - Schedule of Warrant Activity (FY) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Warrants
Beginning balance (in shares)	29,026,000	29,026,000
Granted (in shares)	0	0
Cancelled (in shares)	0	0
Exercised (in shares)	0	0
Ending balance (in shares)	29,026,000	29,026,000	29,026,000
Exercisable (in shares)	29,026,000
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 11.5	$ 11.5
Ending balance (in dollars per share)	$ 11.5	$ 11.5	$ 11.5
Weighted Average Remaining Contractual Term (years)
Weighted Average Remaining Contractual Term (years)	5 years	5 years	5 years

COMMITMENT AND CONTINGENCIES _5

COMMITMENT AND CONTINGENCIES - Narrative (FY) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) aircraft	Mar. 31, 2023 USD ($) aircraft	Dec. 31, 2023 USD ($) aircraft	Dec. 31, 2022 USD ($) aircraft	May 05, 2023 USD ($) aircraft	Oct. 05, 2022 USD ($) aircraft
Long-Term Purchase Commitment [Line Items]
Total deposits, non-current	$ 21,656		$ 15,691	$ 12,123
Operating lease expense	117	$ 117	469	168
Variable lease cost	2,900	2,200	12,900	8,200
Sales-leaseback transactions, value			15,700	42,000
Gain on sales-leaseback transactions			3,400	7,900
Aircraft
Long-Term Purchase Commitment [Line Items]
Short-term lease cost	15	180	617	597
Airport Facilities
Long-Term Purchase Commitment [Line Items]
Short-term lease cost	18	$ 19	71	52
Line of Credit | SAC Leasing G280 LLC Credit Facility
Long-Term Purchase Commitment [Line Items]
Line of credit facility, maximum borrowing capacity	40,500					$ 40,500
Line of credit facility, remaining borrowing capacity	6,000		$ 12,000
HondaJet HA-420
Long-Term Purchase Commitment [Line Items]
Purchase obligation, number of aircrafts | aircraft					23
Purchase obligation					$ 161,100
Required deposits per aircraft					$ 150
Number of assets disposed of | aircraft			1
Number of assets received | aircraft		1	3
Number of assets to be delivered | aircraft			22
Total deposits, non-current	1,500		$ 1,300
Required funding in the next twelve months	1,400		1,500
Deposits assets	$ 1,500		$ 1,300	$ 800
Gulfstream G-280
Long-Term Purchase Commitment [Line Items]
Purchase obligation, number of aircrafts | aircraft	4		4	4		4
Purchase obligation	$ 34,000		$ 40,000	$ 79,000
Required funding in the next twelve months	18,500		24,500
Deposits assets	45,000		39,000	12,000
Liquidated damages per aircraft	3,000			3,000
Prepayments made in the period	6,000	$ 4,500	27,000	12,000
Prepayments funded through the SAC Leasing G280 credit facility	6,000	3,000	24,000	4,500
Purchase obligation prepayments paid by the Company	$ 0	$ 1,500	$ 3,000	$ 7,500
Minimum | Airport Facilities
Long-Term Purchase Commitment [Line Items]
Operating lease, remaining contractual term	1 year		1 year
Maximum | Airport Facilities
Long-Term Purchase Commitment [Line Items]
Operating lease, remaining contractual term	11 months		11 months
Aircraft Leases, Fixed
Long-Term Purchase Commitment [Line Items]
Operating lease, term				5 years
Operating lease discount rate				12%
Operating lease, remaining contractual term	3 years		3 years 3 months 29 days	4 years 3 months 29 days
Aircraft Leases, Variable | Minimum
Long-Term Purchase Commitment [Line Items]
Operating lease, remaining contractual term	1 year		1 year
Operating lease, renewal term	3 months		3 months
Aircraft Leases, Variable | Maximum
Long-Term Purchase Commitment [Line Items]
Operating lease, remaining contractual term	5 years		5 years
Operating lease, renewal term	12 months		12 months

COMMITMENT AND CONTINGENCIES _6

COMMITMENT AND CONTINGENCIES - Schedule of Future Minimum Payments (FY) (Details) - Gulfstream G-280 - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Long-Term Purchase Commitment [Line Items]
2024	$ 18,500	$ 24,500
2025	15,500	15,500
Total expected contractual payments	$ 34,000	$ 40,000	$ 79,000

COMMITMENT AND CONTINGENCIES _7

COMMITMENT AND CONTINGENCIES - Estimated Minimum Lease Payments (FY) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2024		$ 464
2025		471
2026		479
2027		161
TOTAL		1,575
Less amount representing interest		(284)
Present value of net minimum payments		1,291
Operating lease liability	$ 338	$ 326	$ 283

SUBSEQUENT EVENTS (FY) (Details

SUBSEQUENT EVENTS (FY) (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2024 USD ($) financial_instirution shares	Mar. 31, 2024 shares	Mar. 26, 2024 USD ($) financial_instirution shares
Subsequent Event [Line Items]
Class of warrant or right, issued during period (in shares)	100,000
Stock and warrants issued during the period to settle the merger transaction costs | $	$ 4,250
Number of financial institutions in which merger transaction costs were payable to | financial_instirution	3
Subsequent Event
Subsequent Event [Line Items]
Class of warrant or right, issued during period (in shares)			100,000
Stock and warrants issued during the period to settle the merger transaction costs | $			$ 4,250
Number of financial institutions in which merger transaction costs were payable to | financial_instirution			3
Common Class A
Subsequent Event [Line Items]
Common stock issued during period (in shares)	1,208,180	1,208,180
Common Class A | Subsequent Event
Subsequent Event [Line Items]
Common stock issued during period (in shares)			1,208,543