SOAR

On paper SOAR looks absurdly cheap — a 0.1x P/E and 0.0x P/S on FY2025 revenue of $78.6M (+101%) and net income of $5.17M. But the numbers dissolve the moment you read the filing. Management states the $5.2M net income was 'primarily the result of settlements of member deposits, insider deposits and liabilities at a gain' plus income from discontinued operations — not recurring operating profit. The revenue jump is lumpy aircraft sales: three Gulfstream G280 deliveries in 2025 versus one in 2024. This is not a durable, repeatable earnings stream, so the trailing P/E is a mirage.

The balance sheet is broken and the auditors say so. Stockholders' equity is negative (-$1.85M), the accumulated deficit is -$101M, and total assets collapsed 74% to $12.0M. Most decisively, the 10-K carries an explicit going-concern paragraph: 'substantial doubt about the Company's ability to continue as a going concern,' citing recurring losses, negative operating cash flows and the need for additional capital. The three-year history confirms the pattern — net losses of -$52.8M (2023) and -$40.6M (2024) on shrinking revenue. Shares outstanding already ballooned 754% to 16.2M, and the company keeps issuing convertible notes at a 10% original-issue discount (the October 2025 $2.2M tranche), so existing holders face relentless dilution.