Volato Group, Inc. (SOAR) Investment Analysis:
1. Executive Summary
Volato Group, Inc. (SOAR) is currently executing one of the most significant strategic pivots in the micro-cap aviation and technology sectors. Originally established as a full-service private aviation firm with a focus on fractional aircraft ownership, aircraft management, and charter services, the company has spent the better part of 2024 and 2025 dismantling its capital-intensive aviation operations in favor of a high-margin, software-led business model.[1, 2, 3] This transformation is punctuated by two core pillars: the commercialization of proprietary aviation and enterprise artificial intelligence (AI) software, and a pending transformative merger with M2i Global, Inc., a critical minerals supply chain and technology company.[4, 5, 6]
The company’s revenue generation has historically been characterized by the sale of fractional jet shares and aviation services, but it is rapidly shifting toward recurring software-as-a-service (SaaS) and transaction-based marketplace revenue.[3, 7, 8] Volato’s existing portfolio includes Vaunt, a digital marketplace for empty-leg flight subscriptions; Mission Control, a comprehensive fleet management and logistics platform; and Parslee, an enterprise document intelligence platform designed to structure unstructured data for large language models (LLMs).[1, 9] Following the transition of its fleet operations to flyExclusive in late 2024, Volato has largely exited the "metal-heavy" side of aviation to focus on these scalable digital solutions.[1, 3]
With the targeted closing of the M2i Global merger in the first half of 2026, the company’s end markets will expand from private aviation enthusiasts and corporate flight departments to the U.S. Defense Industrial Base and the global critical minerals sector.[10, 11, 12] M2i Global brings a mandate to establish a U.S. Strategic Mineral Reserve (SMR) and a "Critical Mineral Reserve" (CMR), utilizing Volato’s software expertise to build the "CAINO" (Critical Asset Intelligence and Network Operations) digital backbone.[10, 12, 13] This backbone will enable the secure tracking, traceability, and commercialization of essential materials like gallium, titanium, and lithium, which are vital to national security and the green energy transition.[14, 15]
Customers have historically chosen Volato for its innovative "owner-centric" fractional programs, which offered unlimited flight hours and a unique revenue-sharing model that offset the costs of ownership.[16, 17, 18] In the company’s new iteration, software customers like flyExclusive choose Volato’s Mission Control for its deep operational integration and efficiency gains, while future critical mineral partners will choose the combined entity for its ability to provide "evidence-grade" provenance and auditable supply chain data in a highly regulated environment.[1, 19]
AGGRESSIVE STRATEGIC REORIENTATION.
2. Business Drivers & Strategic Overview
The strategic thesis for Volato rests on its ability to leverage "aviation-grade" operational software and AI to solve complex, high-stakes supply chain and data problems. The company is moving away from a model where growth is constrained by the number of aircraft in its fleet to a model where growth is driven by the volume of data processed and the number of marketplace participants.[1, 7, 20]
2.1 Product and Service Detail: The Technology Stack
To understand the value being sold, one must analyze the three distinct segments of Volato’s current and future technology portfolio:
- Vaunt (Aviation Marketplace): Vaunt is a mobile-first platform that monetizes "empty legs"—flights that occur when a jet must be repositioned without passengers.[7, 8] The service operates on a subscription model, providing users with access to these flights for a flat annual fee. This platform solves a significant inefficiency in the private jet industry, where up to 30-40% of flights are unoccupied.[7, 8] As of the first quarter of 2026, Vaunt reached an annual recurring revenue (ARR) of approximately \$3.0 million, doubling its run-rate from the previous year, supported by over 297,000 app downloads and a growing list of operator participants.[8, 20, 21]
- Mission Control (Fleet SaaS): This is a cloud-native platform that automates the complex logistics of Part 135 (charter) and fractional aviation operations.[1] It includes modules for real-time flight scheduling, crew duty-log management, compliance tracking, and an integrated CRM with omnichannel communications.[1] A key differentiator is the "Fast Feasibility" module, which allows operators to instantly calculate the cost and disruption of a potential flight, optimizing for both profit and recovery.[1] Its flagship user, flyExclusive, demonstrates the platform's ability to handle operations for one of the largest private jet fleets in the world.[1, 3]
- Parslee (Enterprise AI): Parslee is a document intelligence platform that focuses on "deterministic structure".[2, 4] While standard LLMs often struggle with the precise formatting of legal contracts or SEC filings, Parslee adds an auditability layer that ensures the data extracted is structured and verifiable.[2, 9, 22] This platform is being integrated with Microsoft 365, positioning it as a tool for corporate legal departments and financial institutions that require high-fidelity data extraction.[9, 23]
2.2 Moat Analysis: Barriers to Entry
Volato’s moat is shifting from physical aircraft availability to a "sticky" technological ecosystem and regulatory alignment:
- Switching Costs: Mission Control is an operational system-of-record. Once an aviation operator integrates their crew scheduling, duty logs, and financial reporting into the platform, the cost and risk of "ripping and replacing" that infrastructure are extremely high.[1, 20]
- Network Effects: Vaunt benefits from a classic two-sided marketplace network effect.[8, 20] As more charter operators list their empty legs, the value to subscribers increases. Conversely, a larger subscriber base makes the platform more attractive to operators looking to recover repositioning costs.
- Regulatory & National Security Moat: Through the M2i merger, the company is positioning itself as a key partner to the U.S. government for the Strategic Mineral Reserve.[10, 12, 13] The "CAINO" platform provides a serialized digital record for each material lot, linking physical assays to digital custody.[10, 24] This level of provenance is increasingly mandated by federal policy (e.g., Section 232 of the Trade Expansion Act) and represents a barrier that standard commodity traders cannot easily overcome.[11, 25]
- Intellectual Property & Ecosystem: The monetization of unused IP, such as the \$1.3 million agreement to sell certain legacy assets for flyExclusive stock, highlights the value of Volato's internal R&D.[20, 26] Furthermore, the Parslee platform’s integration with Microsoft Teams and QuickBooks creates an "ecosystem lock-in" that enhances its utility for enterprise clients.[1, 9]
2.3 TAM / Market Opportunity Analysis
The combined entity will operate at the intersection of three massive addressable markets:
| Market Opportunity |
Estimated Size |
Forecasted Growth / Context |
| U.S. Critical Minerals |
\$320 Billion (Annual) |
Driven by domestic sourcing mandates and electrification [10, 11, 27] |
| Very Light Jet (VLJ) Market |
\$6.68 Billion (2026) |
10.3% CAGR; demand for cost-effective short-haul travel [28, 29, 30] |
| Mineral Traceability Market |
\$3.8 Billion (2025) |
Projected to reach \$12.6B by 2034; 14.2% CAGR [31] |
| Private Aircraft Market |
\$31.9 Billion (2026) |
Includes fractional ownership and sharing models [32] |
The most compelling driver is the \$320 billion critical minerals market, where the U.S. is currently seeking to reduce its dependence on adversaries like China, which controls 70-85% of global processing.[6, 27, 33] M2i's strategy focuses on "midstream" processing and "shovel-ready" projects in Missouri, Nevada, and Texas, which align with over \$8.5 billion in joint U.S.-Australia critical mineral funding frameworks.[6, 15, 34]
2.4 Competitive Landscape
In the aviation software space, Volato competes with incumbents like Schedaero and ForeFlight, as well as specialized platforms like Blade and Wheels Up.[1, 7] However, Volato’s recent shift to a pure-play software and marketplace model differentiates it from competitors who are still struggling with the capital-heavy requirements of aircraft maintenance and pilot staffing.[3, 7, 35]
In the critical minerals traceability segment, the combined company will face competition from blockchain firms like Circulor, Everledger, and IBM.[31, 36, 37] Volato and M2i distinguish themselves by combining digital ledger technology with physical "fingerprinting" and "layered shipment-assurance" through their partnership with SMX (Security Matters) PLC.[10, 19, 38] This "physical-to-digital" linkage is critical for verifying materials like gallium or titanium ore from origins in Western Australia to U.S. defense receipts.[14, 19, 39]
MARKET-LEADING TRACEABILITY INFRASTRUCTURE.
3. Financial Performance & Valuation
Volato's financial profile in 2025 and early 2026 reflects a company in the final stages of a balance-sheet cleanup and a foundational restructuring. The numbers reveal a transition from "growth-at-all-costs" in aviation to "disciplined scalability" in software.[2, 4, 8]
3.1 Recent Historical Performance (2025-2026)
Volato reported fiscal 2025 total revenue of \$78.6 million, a substantial 101% increase over 2024’s \$39.1 million.[3, 40] More impressively, the company delivered a net income of \$5.17 million (\$1.18 per share), a dramatic reversal from the \$40.65 million net loss in the prior year.[3, 40] However, an analyst must look past the headline profit to the drivers: this turnaround was significantly aided by aircraft sales and settlements related to discontinued aviation operations.[1, 3, 35]
| Key Metric |
FY 2025 Result |
FY 2024 Result |
Trend / Implication |
| Total Revenue |
\$78.6M |
\$39.1M |
Driven by asset sales & restructuring [3] |
| Gross Profit |
\$14.7M |
(\$1.4M) |
Significant margin recovery [3] |
| Operating Income |
\$3.96M |
(\$8.62M) |
Move toward fundamental breakeven [3] |
| Vaunt ARR |
\$3.0M (Q1'26) |
\$1.5M (Q1'25) |
100% YoY software growth [8, 20] |
| Total Debt |
\$8.3M (Mar'26) |
\$39.2M (Mar'25) |
~80% reduction in leverage [8, 20] |
| Net Income |
\$5.17M |
(\$40.65M) |
Benefited from one-time gains [3, 35] |
A critical development in early 2026 is the 80% reduction in total debt to approximately \$8.3 million.[8, 20, 21] This reduction was not merely a financial exercise; it was a mandatory closing condition for the M2i merger, which required Volato to keep its net debt below \$10 million.[5] Satisfying this condition removes a primary hurdle to the merger’s completion.
3.2 Valuation Analysis and Drivers
As a micro-cap company with a current market capitalization of approximately \$5.76 million (at \$0.287 per share), Volato’s valuation multiples are highly idiosyncratic.[35, 41, 42]
- Forward P/E Ratio: Approximately 1.07x.[35] This is exceptionally low but should be viewed with caution as it reflects non-recurring 2025 profits.
- EV/Sales Ratio: Approximately 0.12x.[35] This highlights the "deep value" or "distressed" pricing the market has applied to the stock due to delisting threats and going-concern doubts.
- Price/Book Value: -3.1x, indicating that the market is assigning zero value to the equity while the book remains negative due to legacy liabilities.[42, 43]
The primary financial driver for the valuation over the next 5 years is not the legacy aviation revenue, but the "reverse acquisition" accounting of the M2i Global merger.[5] Post-merger, M2i Global becomes the accounting acquirer. The valuation will then be driven by the pro-forma entity’s ability to win government contracts and generate transaction fees on the M2i Metals Marketplace.[10, 24]
The most significant driver of future share price will be the 85% dilution resulting from the issuance of ~119.5 million shares to M2i holders.[5] However, if the combined entity can achieve a \$350M revenue run-rate (as hypothesized in high-growth scenarios), the current valuation could be viewed as a massive undervaluation, assuming a market-standard SaaS/Defense multiple of 3x-5x sales.[35]
BALANCE SHEET CLEANUP COMPLETE.
4. Risk Assessment & Macroeconomic Considerations
Volato’s profile is that of a "high-beta" investment with several "binary" risks that could lead to a total loss of capital or, conversely, a massive re-rating.
4.1 Company-Specific Execution & Financial Risks
- Insolvency & Going Concern: Despite recent profits, Volato’s auditor issued a "going concern" explanatory paragraph for the 2025 10-K.[1, 44] The company still depends on external capital to bridge the gap until its software platforms and the M2i merger reach sustainable cash flow positive status.[1, 21]
- Dilution Overhang: The \$36 million in 10% original-issue-discount (OID) convertible notes represents a persistent threat.[1] These notes can convert into common shares at discounted market prices, potentially creating a "death spiral" where the issuance of shares to satisfy debt further depresses the stock price, requiring even more shares for the next tranche.[1]
- NYSE American Delisting: Volato received a formal notice on March 17, 2026, for failing to meet the minimum stockholders' equity standards (\$2M-\$4M range depending on the loss pattern).[21, 44, 45] The company has until April 16, 2026, to submit a compliance plan and until December 17, 2026, to execute it.[44, 45] A failure here would relegate the stock to the OTC markets, significantly reducing institutional liquidity.
4.2 Merger-Specific & Strategic Risks
- Interdependency of Proposals: The April 20, 2026, stockholder meeting involves several "interdependent" proposals.[5, 20] If the reverse stock split or the share issuance for the merger is not approved, the entire transaction may collapse, likely forcing the company into insolvency.[5, 46]
- Customer Concentration: Volato’s software revenue is currently highly concentrated with flyExclusive.[1, 3] Any deterioration in flyExclusive’s financial health or a decision by them to move to an in-house software solution would be devastating to Mission Control's near-term revenue.
- M2i Execution: M2i Global is transitioning from a developmental-stage company to an operational one. The proof-of-concept shipments (like the titanium ore from Western Australia) must be successfully commercialized into long-term offtake agreements to justify the pro-forma valuation.[14, 34]
4.3 Macroeconomic & Industry Structure Risks
- Geopolitical Policy Shift: The critical minerals thesis relies heavily on current U.S. executive policy (e.g., the Trump-Albanese Critical Minerals Framework).[11, 15, 25] A shift toward isolationism or a relaxation of tariffs on Chinese minerals would undermine the demand for M2i’s domestic/allied supply chain solution.[11, 33]
- Aviation Cycle Sensitivity: While Volato has moved to software, its primary aviation clients are sensitive to interest rates and corporate travel budgets. A recession would likely slow the adoption of Mission Control and Vaunt by other operators.[7, 35]
Risk Classification:
* What could go wrong: Shareholders reject the merger; NYSE delists the stock.
* Early warning sign: Failure to provide a compliance plan by April 16, 2026; delay in the April 20th meeting.[20, 44]
* Total Loss Event: Failure to secure new funding if the merger is blocked or delayed beyond Q2 2026.[1]
BINARY EXECUTION PROFILE.
5. 5-Year Scenario Analysis
The following scenarios are based on a post-merger pro-forma entity, assuming a share count of approximately 140.6 million (reflecting the 119.5M issued to M2i and the 21.1M pre-existing Volato shares).[5] All prices are pre-split equivalents.
5.1 Base Case: The "Midstream Integrator"
In this scenario, the M2i merger closes in Q2 2026. Volato successfully integrates CAINO with its aviation software expertise. Vaunt grows its ARR to \$20M over 5 years. M2i secures three primary offtake agreements for titanium and gallium, generating \$150M in annual marketplace fees and processing revenue.[8, 10, 14]
- Key Fundamentals: 25% 5-year Sales CAGR; 15% EBITDA Margin; \$10M recurring SaaS revenue.
- Valuation Assumption: 2.0x EV/Sales (blended Aerospace/Industrial multiple).
- Pro-Forma Revenue: \$180M.
- Estimated Share Price: \$2.56.
5.2 High Case: The "Strategic Reserve Leader"
M2i Global becomes the dominant manager of the U.S. Strategic Mineral Reserve.[12, 13] Parslee becomes a standard for all U.S. government mining and environmental contracts. The Hawthorne Army Depot site reaches full capacity, and the lithium cathode plant with Next-Gen Energy Technology commences full production.[15, 34]
- Key Fundamentals: 50% 5-year Sales CAGR; 25% EBITDA Margin; \$50M in high-margin SaaS/Data revenue.
- Valuation Assumption: 4.5x EV/Sales (reflecting Defense-Tech premiums).
- Pro-Forma Revenue: \$450M.
- Estimated Share Price: \$14.40.
5.3 Low Case: The "OTC Stagnation"
The merger is delayed or closes amidst heavy litigation. The NYSE delists the stock, forcing it to the OTC market. Growth in Vaunt stalls due to competitive entry from larger charter firms. The OID notes result in massive, ongoing dilution.[1, 44]
- Key Fundamentals: 5% 5-year Sales CAGR; Break-even or negative margins.
- Valuation Assumption: 0.2x EV/Sales (distressed multiple).
- Pro-Forma Revenue: \$40M.
- Estimated Share Price: \$0.06.
5.4 Scenario Summary Table
| Scenario |
Year 5 Rev (Est) |
Margin Assumption |
Valuation Assumption |
Implied Future Price |
5-Year Total Return |
Probability |
| High Case |
\$450M |
25% EBITDA |
4.5x Sales |
\$14.40 |
+4,917% |
20% |
| Base Case |
\$180M |
15% EBITDA |
2.0x Sales |
\$2.56 |
+792% |
45% |
| Low Case |
\$40M |
Negative |
0.2x Sales |
\$0.06 |
-79% |
35% |
Expected Value (Probability Weighted Target): \$3.17.
HIGH CONVICTION PIVOT.
6. Qualitative Scorecard
Rating scale: 1 (Poor) to 10 (Excellent).
- Management Alignment: 7/10. Matthew Liotta (CEO) and Mark Heinen (CFO) have consistently shown alignment through significant insider ownership and recent stock awards.[41] The addition of Alan D. Gaines to the board as Audit Chair strengthens governance.[8, 9] However, historical share price performance has been disappointing for long-term holders.
- Revenue Quality: 5/10. Improving but historically low. The transition from one-time aircraft sales to recurring software revenue via Vaunt and Mission Control is the right move for multiples, but the current mix is still heavily weighted toward "lumpy" legacy aviation items.[3, 35]
- Market Position: 6/10. Volato is a "first-mover" in the digital infrastructure for the Strategic Mineral Reserve.[12] While small, they are "winning" the empty-leg marketplace battle with Vaunt’s doubling of ARR.[8, 20]
- Growth Outlook: 8/10. The critical minerals market represents a \$320 billion "once-in-a-generation" opportunity for domestic infrastructure players.[10, 27]
- Financial Health: 2/10. This is the company's greatest weakness. The auditor's "going concern" warning and the NYSE delisting notice represent critical distress signals.[1, 44]
- Business Viability: 6/10. The software assets (Vaunt, Mission Control) are independently viable and could be acquisition targets even if the parent company fails. The M2i merger adds a layer of "national security" durability.[8, 10, 12]
- Capital Allocation: 4/10. Mixed track record. Reducing debt by 80% is excellent [8], but the original SPAC structure and the OID notes were dilutive and high-cost sources of funding.[1, 7]
- Analyst Sentiment: 3/10. Current average analyst price targets are around \$0.24, reflecting a "Hold" or "Sell" bias until the merger is proven.[47]
- Profitability: 4/10. While 2025 was profitable, the quality of those earnings was low due to non-recurring divestitures.[3, 35] Fundamental operating profitability is still ~1-2 years away.
- Track Record: 2/10. Since going public, the company has seen an 85% decline in share price and ongoing dilution issues.[1, 48]
Blended Qualitative Score: 4.7 / 10
DISTRESSED ASSET UPSIDE.
7. Conclusion & Investment Thesis
The investment thesis for Volato Group (SOAR) is fundamentally an "arbitrage" play on the successful integration of a distressed aviation software firm with a high-growth critical minerals infrastructure platform. The legacy aviation issues—debt, delisting warnings, and negative book value—have compressed the stock to levels that effectively price in a failure of the merger.[35, 43, 44]
However, the "second-order" insight is that Volato’s software is the exact "missing link" that M2i Global needs to operationalize the U.S. Strategic Mineral Reserve. Without the real-time tracking, auditable logistics, and secure document processing developed for private jets, the minerals marketplace cannot meet the "evidence-grade" provenance requirements of the Department of Defense.[10, 12, 19] If the merger closes on its targeted Q2 2026 timeline and the company regains NYSE compliance through its proposed reverse stock split, the resulting entity will be a pure-play on the "reshoring" of the U.S. critical minerals supply chain.[9, 11, 46]
The upcoming April 20, 2026, shareholder meeting is the primary catalyst. A positive outcome clears the path for a massive re-rating toward the base case target of \$2.56-\$3.17. Until then, Volato remains a speculative instrument suited only for investors who can navigate the technical risks of micro-cap restructuring.[5, 20, 35]
CRITICAL INFRASTRUCTURE REBIRTH.
8. Technical Analysis, Price Action & Short-Term Outlook
Volato (SOAR) is currently showing signs of a "bottoming" process, rising 15.8% on April 10, 2026, to reach \$0.287.[41, 42] The stock is trading just below its 200-day moving average of \$0.296, which serves as key resistance.[41] Volatility remains exceptionally high (28.8% day-range), and the MACD is currently issuing a sell signal, indicating that the recent bounce may be fragile.[41, 49] The short-term outlook is "neutral-to-bearish" until the outcome of the April 20th merger vote, as the market typically prices in a discount for the uncertainty of interdependent stockholder proposals.[5, 41, 47]
EVENT-DRIVEN BINARY SETUP.
- Volato Group (NYSE: SOAR) warns on going-concern, plans M2i merger and AI growth, https://www.stocktitan.net/sec-filings/SOAR/10-k-volato-group-inc-files-annual-report-15e355ce476e.html
- Volato Group Provides Fourth Quarter and Full Year 2025 Financial Guidance, https://ir.flyvolato.com/news-events/press-releases/detail/125/volato-group-provides-fourth-quarter-and-full-year-2025-financial-guidance
- Volato Group 2025 10-K: Revenue $78.6M, EPS $1.18 - TradingView, https://www.tradingview.com/news/tradingview:605d473032232:0-volato-group-2025-10-k-revenue-78-6m-eps-1-18/
- Volato Delivers Third Consecutive Quarterly Profit with Q3 Net Income of $7.1 million and Diluted Net Income Per Share of $1.26, https://ir.flyvolato.com/news-events/press-releases/detail/117/volato-delivers-third-consecutive-quarterly-profit-with-q3-net-income-of-7-1-million-and-diluted-net-income-per-share-of-1-26
- 119.5M-share Merger: Volato to Issue Stock as M2i Global Combination (SOAR), https://www.stocktitan.net/sec-filings/SOAR/s-4-a-volato-group-inc-amended-business-combination-registration-ae77b913affc.html
- M2i Global, Inc., https://irp.cdn-website.com/59ec7ec2/files/uploaded/M2i+Global+Investor+Deck+February+2026+FINAL.pdf
- SOAR Stock Price: Understanding Volato Group's Market Position - Bitget, https://www.bitget.com/wiki/soar-stock-price
- Volato Doubles Vaunt ARR to $3M, Reduces Debt ~80% Ahead of Merger Vote - Stock Titan, https://www.stocktitan.net/news/SOAR/volato-doubles-vaunt-arr-to-3m-reduces-debt-80-ahead-of-merger-6wbmhfz36ilj.html
- Volato Group extends merger agreement deadline with M2i Global to March 31, https://www.investing.com/news/sec-filings/volato-group-extends-merger-agreement-deadline-with-m2i-global-to-march-31-93CH-4455963
- M2i Global, along with Volato Group, and SMX Execute Collaboration Agreement for Pilot Initiative to Enable Secure Tracking and Traceable Critical Minerals Commerce Through CAINO and the M2i Metals Marketplace | MTWO - OTC Markets, https://www.otcmarkets.com/stock/MTWO/news?id=511175
- M2i Global, along with Volato Group, Highlight Complementary Alignment with U.S. Policy on Critical Minerals Following White House Announcement | MTWO, https://www.otcmarkets.com/stock/mtwo/news/M2i-Global-along-with-Volato-Group-Highlight-Complementary-Alignment-with-US-Policy-on-Critical-Minerals-Following-White?id=508208
- Volato and M2i Global Advance Development of Strategic Mineral Reserve Digital Infrastructure, https://ir.flyvolato.com/news-events/press-releases/detail/114/volato-and-m2i-global-advance-development-of-strategic-mineral-reserve-digital-infrastructure
- M2i Global: Securing the Future of Energy with Critical Minerals & Metals, https://www.m2i.global/
- M2i Global, along with Volato Group, Initiate First Shipment of Titanium Ore from Western Australia to U.S. from Titanium X, https://ir.flyvolato.com/news-events/press-releases/detail/134/m2i-global-along-with-volato-group-initiate-first-shipment-of-titanium-ore-from-western-australia-to-u-s-from-titanium-x
- M2i Global, along with Volato Group, and Next-Gen Energy Technology Advance Strategic Partnership Amid Historic U.S.–Australia Critical Minerals Framework, https://ir.flyvolato.com/news-events/press-releases/detail/121/m2i-global-along-with-volato-group-and-next-gen-energy-technology-advance-strategic-partnership-amid-historic-u-s-australia-critical-minerals-framework
- Volato Group, Inc. (SOAR) Stock Analysis and Metrics - Business Quant, https://businessquant.com/stocks/soar/
- Fractional ownership, elevated - Volato, https://flyvolato.com/fractional-jet-ownership/
- file: brhc20056848_ex99-1.htm - SEC.gov, https://www.sec.gov/Archives/edgar/data/1853070/000114036123037494/brhc20056848_ex99-1.htm
- Critical Minerals Traceability Systems & Solutions - Discovery Alert, https://discoveryalert.com.au/critical-minerals-traceability-2026-frameworks-systems/
- Volato Group's Annual Recurring Revenue Doubles to $3M | Intellectia.AI, https://intellectia.ai/news/stock/volato-groups-annual-recurring-revenue-doubles-to-3m
- Latest SOAR News - Volato Doubles Vaunt ARR to $3M, Reduces De... - Stock Titan, https://www.stocktitan.net/news/SOAR/
- Volato Group Regains Compliance With NYSE American Equity Standards, https://ir.flyvolato.com/news-events/press-releases/detail/124/volato-group-regains-compliance-with-nyse-american-equity-standards
- Volato Group and M2i Global Reaffirm Targeted First Quarter 2026 Merger Closing and Advance SEC Review, https://ir.flyvolato.com/news-events/press-releases/detail/131/volato-group-and-m2i-global-reaffirm-targeted-first-quarter-2026-merger-closing-and-advance-sec-review
- M2i Global, along with Volato Group, and SMX Execute Collaboration Agreement for Pilot Initiative to Enable Secure Tracking and Traceable Critical Minerals Commerce Through CAINO and the M2i Metals Marketplace - SEC.gov, https://www.sec.gov/Archives/edgar/data/1940674/000149315226007439/ex99-1.htm
- SOARW - Volato Group, Inc. | News - OTC Markets, https://www.otcmarkets.com/stock/SOARW/news/M2i-Global-along-with-Volato-Group-Highlight-Complementary-Alignment-with-US-Policy-on-Critical-Minerals-Following-White?e&id=3393780
- Volato, Inc. (SOAR), https://ir.flyvolato.com/
- Volato Enters $320 Billion Critical Minerals Marketi with Execution of Definitive Agreement to Acquire M2i Global | MTWO - OTC Markets, https://www.otcmarkets.com/stock/mtwo/news/Volato-Enters-320-Billion-Critical-Minerals-Marketi-with-Execution-of-Definitive-Agreement-to-Acquire-M2i-Global?id=487376
- Very Light Jet Market Report 2026, https://www.researchandmarkets.com/reports/5782714/very-light-jet-market-report
- Very Light Jet Industry Research Report 2026: $9.5+ Bn - GlobeNewswire, https://www.globenewswire.com/news-release/2026/01/21/3223080/28124/en/Very-Light-Jet-Industry-Research-Report-2026-9-5-Bn-Market-Opportunities-Trends-Competitive-Landscape-Strategies-and-Forecasts-2020-2025-2025-2030F-2035F.html
- Very Light Jet Market 2026, Share, Size, Report, 2035 - The Business Research Company, https://www.thebusinessresearchcompany.com/report/very-light-jet-global-market-report
- Critical Mineral Traceability Market Research Report 2034 - Dataintelo, https://dataintelo.com/report/critical-mineral-traceability-market
- Private Aircraft Market Report 2026 - Research and Markets, https://www.researchandmarkets.com/reports/6012907/private-aircraft-market-report
- Invest in M2i Stock - M2i-Global, https://invest.m2i.global/
- M2i Global outlines 2026 roadmap to secure US critical minerals supply | OTC:MTWO, https://www.proactiveinvestors.com/companies/news/1084944/m2i-global-outlines-2026-roadmap-to-secure-us-critical-minerals-supply-1084944.html
- Volato's Big Pivot Is A Merger Away - Finimize, https://finimize.com/content/soar-asset-snapshot
- Everledger, SCI partner for metal, minerals blockchain traceability - Ledger Insights, https://www.ledgerinsights.com/everledger-sci-partner-for-metal-minerals-blockchain-traceability/
- Critical Minerals - Everledger, https://everledger.io/industry-solutions/critical-minerals/
- M2i Global, along with Volato Group, and SMX Execute Collaboration Agreement for Pilot Initiative to Enable Secure Tracking and Traceable Critical Minerals Commerce Through CAINO and the M2i Metals Marketplace, https://ir.flyvolato.com/news-events/press-releases/detail/135/m2i-global-along-with-volato-group-and-smx-execute-collaboration-agreement-for-pilot-initiative-to-enable-secure-tracking-and-traceable-critical-minerals-commerce-through-caino-and-the-m2i-metals-marketplace
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