Volato Group Inc said on Thursday it is on track to close its planned all-stock merger with M2i Global (OTC:MTWO) in the fourth quarter of 2025, as the private aviation company reported its second consecutive quarterly profit and sharply reduced liabilities.
A joint integration team is finalizing readiness plans across finance, IT, cybersecurity, procurement and compliance, with early cost synergies expected to be implemented immediately after the deal closes.
Both companies continue to operate independently until completion.
Volato posted net income of $3.6 million, or $0.75 per diluted share, for the quarter ended June 30, compared with a net loss of $16.9 million, or $14.41 per share, a year earlier.
Revenue rose to $24.9 million.
The company cut total liabilities to $20.1 million from $39.2 million in the prior quarter, aided by $19.1 million in debt retirements.
Management expects profitability to continue in the second half of the year, supported by the delivery of a Gulfstream G280 in the fourth quarter and growth in its Vaunt experiential travel platform.