JTAI

LAS VEGAS, May 15, 2026 (GLOBE NEWSWIRE) -- Jet.AI Inc. (“Jet.AI” or the “Company”) (Nasdaq: JTAI), an emerging provider of high-performance GPU infrastructure and AI cloud services, today announced financial results for the first quarter ended March 31, 2026. General Company Update As of March 31, 2026, the Company had approximately $13.5 million in cash and no debt, compared to $1.8 million in cash as of December 31, 2025. The proposed merger with flyExclusive remains on track for a shareholder vote on June 11, 2026. Subsequent to quarter end, the Company sold one of its HondaJet aircraft in coordination with flyExclusive and in preparation for the anticipated closing of the transaction. Following quarter end, the Company also announced the acquisition of a $5 million economic interest in SpaceX, which has recently been widely reported to be pursuing an IPO in June/July. Consensus Compute JV secured natural gas supply equivalent to 500MW of generation capacity for the Manitoba campus, along with the environmental permits required to use the gas for power generation. The 395-acre Manitoba campus continues to attract significant interest from hyperscalers, and this achievement marked completion of the JV’s third milestone. The next major phase of the project is expected to include turbine acquisition aligned with a tenant commitment, along with additional formal project milestones. The power study for the Moapa data center remains ongoing and the company maintains a robust pipeline of North American data center projects. The AI Infrastructure Acquisition Corp. (NYSE:AIIA), valued at approximately $17.2 million on the balance sheet, is actively engaged with several targets, and outreach remains ongoing. During the quarter, the Board approved a $5 million share repurchase authorization. Proposed Merger with flyExclusive On May 1, 2026, Jet.AI announced that the Registration Statement Form S-4 (File No. 333-284960) filed by flyExclusive, Inc. (“flyExclusive”) related to the proposed merger transaction has been declared effective by the Securities and Exchange Commission (the “SEC”), formally advancing the transaction into its stockholder approval and closing phases. Jet.AI and flyExclusive continue to expect to close the proposed merger in the second quarter of 2026, with Jet.AI’s special meeting of its stockholders scheduled on June 11, 2026. Jet.AI stockholders of record as of the record date, May 8, 2026, are entitled to vote on the proposed transaction at the meeting. The definitive proxy statement for the special meeting was filed with the SEC and can be found on the SEC’s website here. The Company mailed the definitive proxy materials on or about May 13th, 2026. The definitive proxy materials contain important information regarding the special meeting and the proposed transactions, including voting procedures and risk factors. Strategic Holdings The Company holds a $5.0 million economic interest in SpaceX and its related subsidiaries (including but not limited to xAI/Grok, Starlink, and X/Twitter) from an investment made through a Special Purpose Vehicle (SPV) that held equity in xAI prior to its acquisition by SpaceX. It has been widely reported that SpaceX is planning an IPO this summer and market speculation that it would price at a level significantly higher than that paid by the Company. As of March 31, 2026, the aggregate value of the shares the Company holds of AI Infrastructure Acquisition Corp. (“AIIA”) was approximately $17.23 million, consisting of AIIA Class A Ordinary Shares and Rights valued at $1.35 million and AIIA Class B Ordinary Shares valued at $15.88 million. The SPAC is actively engaged with numerous targets, and outreach remains ongoing. Data Center Updates In March 2026, Jet.AI and Consensus Core Technologies, Inc. (“Consensus Core”) completed the third set of milestones for the Midwestern and Maritime hyperscale data center campuses by their joint venture, Convergence Compute LLC (“Convergence Compute”). The completed milestones included: Midwestern Campus Submission of a Transmission Power Load Study Application by Convergence Compute Natural gas supply confirmation for up to six turbines at the Midwestern campus Maritime Campus Executed letter of intent for Convergence Compute to acquire power from hydro and the producer's proposed wind farm for use by the Maritime campus (the “Wind Power Project”) Assignment of all of Consensus Core's rights to lease the Maritime project property to Convergence Compute The upcoming fourth milestone includes the following: Midwestern Campus Obtaining of any necessary environmental permits or studies Delivery of site plans for establishment of utility/energy generation to the Midwest Data Center Project property, including any gas lines Maritime Campus Obtaining of any necessary environmental permits or studies Delivery of site plans for establishment of utility/energy generation to the Maritime Data Center Project property, including any gas lines Execution of a definitive agreement with respect to the Wind Power Project The power study for the Moapa data center project remains ongoing and the company maintains a robust pipeline of North American data center projects. Jet.AI Founder and Executive Chairman Mike Winston added: “In just the past three months, Jet.AI has advanced major AI data center milestones across three North American sites (totaling over 1 GW capacity), secured a $5.0 million strategic economic interest in xAI/SpaceX, reported a profitable full-year 2025 with strong cash position, authorized a $5.0 million share repurchase program, and cleared key regulatory hurdles toward closing our transformative merger with flyExclusive in Q2 2026, positioning us as a pure-play leader in powered land for AI infrastructure.” Additional information regarding the Company’s financial results for the first quarter ended March 31, 2026 can be found in the Form 10-Q filed with the U.S. Securities and Exchange Commission here. About Jet.AI Jet.AI Inc. is a technology-driven company focused on deploying artificial intelligence tools and infrastructure to enhance decision-making, efficiency, and performance across complex systems. The Company is listed on the NASDAQ Capital Market under the ticker symbol “JTAI.” Additional Information and Where to Find It In connection with the transactions contemplated by the Amended and Restated Agreement and Plan of Merger and Reorganization, dated May 6, 2025, between Jet.AI, flyExclusive, FlyX Merger Sub, Inc., and Jet.AI SpinCo, Inc. (as amended, the “Merger Agreement”), flyExclusive has filed a Registration Statement on Form S-4 (File No. 333-284960) (as amended, the “Registration Statement”) to register the shares of flyExclusive common stock that will be issued in connection with the proposed transactions. The Registration Statement was declared effective on April 30, 2026 and includes a preliminary proxy statement of the Company and a preliminary prospectus of flyExclusive. Jet.AI and flyExclusive filed a definitive proxy statement and final prospectus, respectively (together, the “Proxy Statement/Prospectus”), with the SEC and they each may file with the SEC other relevant documents concerning the proposed transactions. The definitive proxy statement and other relevant documents will be mailed to Jet.AI stockholders as of May 8, 2026, the record date established for voting on the proposed transactions, in connection with Jet.AI’s solicitation of proxies for the special meeting. This communication is not a substitute for the Registration Statement, the Proxy Statement/Prospectus, or any other document that the parties have filed or will file with the SEC, or send to stockholders, in connection with the proposed transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTIONS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, FLYEXCLUSIVE, AND THE PROPOSED TRANSACTIONS AND RELATED MATTERS. A copy of the Registration Statement, Proxy Statement/Prospectus, as well as other filings containing information about the Company, may be obtained, free of charge, at the SEC’s website at www.sec.gov when they are filed. You will also be able to obtain these documents, when they are filed, free of charge, from the Company by accessing the Company’s website at investors.jet.ai. Copies of the Registration Statement, the Proxy Statement/Prospectus and the filings with the SEC that are incorporated by reference therein can also be obtained, without charge, by directing a request to the Company at 10845 Griffith Peak Drive, Suite 200, Las Vegas, NV 89135, Attention: Board Secretary, or by phone at (702) 747-4000. The information on the Company’s website is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either company makes with the SEC. Participants in the Solicitation of Proxies Jet.AI, flyExclusive, and certain of their respective directors and officers may be deemed participants in the solicitation of proxies from Jet.AI’s stockholders in connection with the proposed transactions. Jet.AI’s stockholders and other interested persons may obtain, without charge, more detailed information regarding the names and interests in the proposed transactions of Jet.AI’s directors and officers in the parties’ filings with the SEC, including Jet.AI’s annual reports on Form 10-K and quarterly reports on Form 10-Q. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Jet.AI’s stockholders in connection with the proposed transactions and a description of their direct and indirect interests is included in the definitive proxy statement/prospectus relating to the proposed transactions. Stockholders, potential investors and other interested persons should read the definitive proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above. No Offer or Solicitation This communication is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. The proposed transactions are expected to be implemented solely pursuant to the legally binding definitive agreement, and which contains the material terms and conditions of the proposed transactions. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. The forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry in which we operate and management’s beliefs and assumptions. Forward-looking statements may be identified by the use of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “outlook,” “projects,” “forecasts,” “aim” and similar expressions but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions, and involve certain known and unknown risks and uncertainties that are difficult to predict, many of which are beyond our control. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated or expected. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. For more information on these risks, uncertainties and other factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2025, under the heading “Risk Factors” in Item 1A, and also in subsequent reports filed by Jet.AI with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date of this press release. Readers are cautioned not to put undue reliance on forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as provided by law. Jet.AI Investor Relations: Gateway Group, Inc. 949-574-3860 [email protected] JET.AI, INC. CONSOLIDATED BALANCE SHEETS JET.AI, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) JET.AI, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Las Vegas, NV, April 20, 2026 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (Nasdaq: JTAI), an emerging provider of high-performance GPU infrastructure and AI cloud services, today announced that the parties have agreed to extend the outside date of the merger agreement between flyExclusive, Inc. (NYSE American: FLYX) ("flyExclusive") and Jet.AI to June 30, 2026, with closing expected in the second quarter of 2026. "We're enthusiastic about the deal and remain fully committed," said Jet.AI Founder and Executive Chairman Mike Winston. "The SEC review process included comments related to flyExclusive’s disclosures for the 2023 period. The comments were addressed and fully resolved. With that progress, we are moving forward toward closing.” flyExclusive's Founder and Chief Executive Officer, Jim Segrave, added: "We are pleased with the transaction and remain firmly committed. Both teams have continued to work expeditiously toward closing, and we look forward to completing the combination in the second quarter." flyExclusive refiled its Form S-4 related to the transaction on April 14, 2026, available on SEC.gov here. Once the Form S-4 registration statement is declared effective by the Securities and Exchange Commission, the definitive proxy statement is expected to be mailed to shareholders of record promptly thereafter. Mailing of the definitive proxy statement is expected to commence a shareholder solicitation period of approximately thirty days, reflecting customary timing for broker distribution, shareholder review, and vote tabulation in advance of the special meeting, after which the parties expect to proceed to closing, subject to the satisfaction of customary closing conditions. About Jet.AI Jet.AI Inc. is a technology-driven company focused on deploying artificial intelligence tools and infrastructure to enhance decision-making, efficiency, and performance across complex systems. The Company is listed on the NASDAQ Capital Market under the ticker symbol "JTAI." Additional Information and Where to Find It In connection with the transactions contemplated by the Amended and Restated Agreement and Plan of Merger and Reorganization, dated May 6, 2025, between Jet.AI, flyExclusive, FlyX Merger Sub, Inc., and Jet.AI SpinCo, Inc. (as amended, the “Merger Agreement”), flyExclusive has filed a Registration Statement on Form S-4 (File No. 333-284960) (the “Registration Statement”) to register the shares of flyExclusive common stock that will be issued in connection with the proposed transactions. The Registration Statement includes a proxy statement of the Company and a prospectus of flyExclusive (the “Proxy Statement/Prospectus”), and flyExclusive may file with the SEC other relevant documents concerning the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTIONS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, FLYEXCLUSIVE, AND THE PROPOSED TRANSACTIONS AND RELATED MATTERS. A copy of the Registration Statement, Proxy Statement/Prospectus, as well as other filings containing information about the Company, may be obtained, free of charge, at the SEC’s website at www.sec.gov when they are filed. You will also be able to obtain these documents, when they are filed, free of charge, from the Company by accessing the Company’s website at investors.jet.ai. Copies of the Registration Statement, the Proxy Statement/Prospectus and the filings with the SEC that will be incorporated by reference therein can also be obtained, without charge, by directing a request to the Company at 10845 Griffith Peak Drive, Suite 200, Las Vegas, NV 89135, Attention: Board Secretary, or by phone at (702) 747-4000. The information on the Company’s website is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either company makes with the SEC. Participants in the Solicitation of Proxies Jet.AI, flyExclusive, and certain of their respective directors and officers may be deemed participants in the solicitation of proxies from Jet.AI’s stockholders in connection with the proposed transactions. Jet.AI’s stockholders and other interested persons may obtain, without charge, more detailed information regarding the names and interests in the proposed transactions of Jet.AI’s directors and officers in the parties’ filings with the SEC, including Jet.AI’s annual reports on Form 10-K and quarterly reports on Form 10-Q. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Jet.AI’s stockholders in connection with the proposed transactions and a description of their direct and indirect interests will be included in the definitive proxy statement/prospectus relating to the proposed transactions when it becomes available. Stockholders, potential investors and other interested persons should read the definitive proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above. No Offer or Solicitation This communication is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. The proposed transactions are expected to be implemented solely pursuant to the legally binding definitive agreement, and which contains the material terms and conditions of the proposed transactions. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom. Forward-Looking Statements This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, with respect to the products and services offered by Jet.AI and the markets in which it operates, Jet.AI's projected future results, and Jet.AI’s perception of market conditions. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and Jet.AI assumes no obligation and does not intend to update or revise these forward-looking statements, whether because of new information, future events, or otherwise, except as provided by law. Jet.AI Investor Relations: Gateway Group, Inc. 949-574-3860 [email protected]

LAS VEGAS, March 09, 2026 (GLOBE NEWSWIRE) -- Jet.AI Inc. (“Jet.AI” or the “Company”) (Nasdaq: JTAI), an emerging provider of high-performance GPU infrastructure and AI cloud services, today announced financial results for the full year ended December 31, 2025. The Company had approximately $13.7 million of cash and no debt as of March 5th, 2026 (vs $1.8 million at year end 2025) and is Net Income positive for the full year 2025 ($4.6 million in 2025 vs -$12.7 million in 2024). In the first quarter of 2026, Jet.AI expects the completion of the third milestone of its Canadian data center joint venture - related to powered land at its 385 acre Manitoba site and continued progress in the Maritimes. The power study for our Moapa NV data center site is ongoing, and the flyExclusive transaction remains on track to close April 30th. The Company maintains strong access to capital through its $250 million shelf facility Recent Operational Highlights Adopted limited duration stockholders rights agreement Executed amendment to previously announced Amended and Restated Agreement and Plan of Merger and Reorganization with flyExclusive, Inc., and provided updates regarding capital structure, financing arrangements, and strategic flexibility Issued letter to shareholders highlighting key data center developments, milestones, and 2026 strategic priorities Extended outside date of the merger agreement with flyExclusive, Inc. to April 30, 2026 Announced planned joint venture relating to the development of a planned 50-megawatt data center campus in Moapa, Clark County, Nevada Unveiled Midwestern Canada data center campus details and location (Winnipeg, Manitoba) Completed second milestone of Canadian hyperscale data center campus in Midwestern Canada and Maritime Canada Announced successful closing of AI Infrastructure Acquisition Corp initial public offering, adding approximately $14.5 million in book equity from the Company’s ownership stake in AIIA Sponsor Ltd. Management Commentary “Our focus in 2026 will center on accelerating the development of our AI data center portfolio. Over the past year, we strategically invested across three major projects, establishing a strong foundation to execute our transition into AI infrastructure and next-gen data center platforms as demand continues to rise. With a clean balance sheet and liquidity flexibility to deploy capital, we believe we are well positioned to advance our build out, expand our joint ventures, and pursue what we view as some of the most compelling return opportunities in AI computing. To that end, we are pleased to announce the significant progress made on the third milestone of our Canadian hyperscale data center projects. Milestone 3 centers on validating energy access and grid feasibility, an essential step before commencing environmental permitting and detailed power-infrastructure planning needed to ultimately secure hyperscale tenants or project financing. We expect to complete Milestone 3 soon. Meanwhile, our 2026 efforts for the Moapa campus will center on detailed power studies and pre-construction planning. With flyExclusive having filed its Form 10-K last Thursday, both parties remain confident in closing the transaction by April 30. While the process has taken longer than anticipated, we are encouraged to be approaching the final stage and believe completing this transaction will create a clearer, more focused path for Jet.AI’s future growth in the high demand AI compute sector.” About Jet.AI Jet.AI Inc. is a technology-driven company focused on deploying artificial intelligence tools and infrastructure to enhance decision-making, efficiency, and performance across complex systems. The Company is listed on the NASDAQ Capital Market under the ticker symbol “JTAI.” Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. The forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry in which we operate and management’s beliefs and assumptions. Forward-looking statements may be identified by the use of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “outlook,” “projects,” “forecasts,” “aim” and similar expressions. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions, and involve certain known and unknown risks and uncertainties that are difficult to predict, many of which are beyond our control. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, the effectiveness of the rights agreement in providing the Board with time to make informed decisions that are in the best long-term interests of Jet.AI and its stockholders, and other risk factors discussed from time to time in our filings. For more information on these risks, uncertainties and other factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2025, under the heading “Risk Factors” in Item 1A. The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Jet.AI Investor Relations: Gateway Group, Inc. 949-574-3860 [email protected] JET.AI, INC. CONDENSED CONSOLIDATED BALANCE SHEETS JET.AI, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS JET.AI, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS

Las Vegas, NV, Jan. 14, 2026 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (Nasdaq: JTAI), an emerging provider of high-performance GPU infrastructure and AI cloud services, today announced that the parties have extended the outside date of the merger agreement between flyExclusive, Inc. (NYSE American: FLYX) (“flyExclusive”) and Jet.AI to April 30th, 2026, with closing expected in the first quarter of 2026. “We’re excited about the deal and remain firmly committed," said Jet.AI Founder and Executive Chairman Mike Winston." flyExclusive’s Founder and Chief Executive Officer, Jim Segrave added: “We remain enthusiastically committed to the deal.” About Jet.AI Jet.AI Inc. is a technology-driven company focused on deploying artificial intelligence tools and infrastructure to enhance decision-making, efficiency, and performance across complex systems. The Company is listed on the NASDAQ Capital Market under the ticker symbol "JTAI." Additional Information and Where to Find It In connection with the transactions contemplated by the Amended and Restated Agreement and Plan of Merger and Reorganization, dated May 6, 2025, between Jet.AI, flyExclusive, FlyX Merger Sub, Inc., and Jet.AI SpinCo, Inc. (as amended, the “Merger Agreement”), flyExclusive has filed a Registration Statement on Form S-4 (File No. 333-284960) (the “Registration Statement”) to register the shares of flyExclusive common stock that will be issued in connection with the proposed transactions. The Registration Statement includes a proxy statement of the Company and a prospectus of flyExclusive (the “Proxy Statement/Prospectus”), and flyExclusive may file with the SEC other relevant documents concerning the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTIONS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, FLYEXCLUSIVE, AND THE PROPOSED TRANSACTIONS AND RELATED MATTERS. A copy of the Registration Statement, Proxy Statement/Prospectus, as well as other filings containing information about the Company, may be obtained, free of charge, at the SEC’s website at www.sec.gov when they are filed. You will also be able to obtain these documents, when they are filed, free of charge, from the Company by accessing the Company’s website at investors.jet.ai. Copies of the Registration Statement, the Proxy Statement/Prospectus and the filings with the SEC that will be incorporated by reference therein can also be obtained, without charge, by directing a request to the Company at 10845 Griffith Peak Drive, Suite 200, Las Vegas, NV 89135, Attention: Board Secretary, or by phone at (702) 747-4000. The information on the Company’s website is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either company makes with the SEC. Participants in the Solicitation of Proxies Jet.AI, flyExclusive, and certain of their respective directors and officers may be deemed participants in the solicitation of proxies from Jet.AI’s stockholders in connection with the proposed transactions. Jet.AI’s stockholders and other interested persons may obtain, without charge, more detailed information regarding the names and interests in the proposed transactions of Jet.AI’s directors and officers in the parties’ filings with the SEC, including Jet.AI’s annual reports on Form 10-K and quarterly reports on Form 10-Q. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Jet.AI’s stockholders in connection with the proposed transactions and a description of their direct and indirect interests will be included in the definitive proxy statement/prospectus relating to the proposed transactions when it becomes available. Stockholders, potential investors and other interested persons should read the definitive proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above. No Offer or Solicitation This communication is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. The proposed transactions are expected to be implemented solely pursuant to the legally binding definitive agreement, and which contains the material terms and conditions of the proposed transactions. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom. Forward-Looking Statements This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, with respect to the products and services offered by Jet.AI and the markets in which it operates, Jet.AI's projected future results, and Jet.AI’s perception of market conditions. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and Jet.AI assumes no obligation and does not intend to update or revise these forward-looking statements, whether because of new information, future events, or otherwise, except as provided by law. Jet.AI Investor Relations: Gateway Group, Inc. 949-574-3860 [email protected]

LAS VEGAS, Nov. 14, 2025 (GLOBE NEWSWIRE) -- Jet.AI. Inc. (“Jet.AI” or the “Company”) (Nasdaq: JTAI), an emerging leader in high-performance GPU infrastructure and AI cloud services, today announced financial results for the third quarter ended September 30, 2025 and highlights the significant progress and advancements made on the third milestone of the Canadian Hyperscale Data Center Project with Consensus Core Technologies, Inc. (“Consensus Core”). Recent Operational Highlights Completed second milestone of Canadian Hyperscale Data Center Project in partnership with Consensus Core Technologies Inc. Extended outside date of proposed merger with flyExclusive, Inc. (“flyExclusive”) to December 31, 2025 amid the government shutdown, which temporarily halted the SEC’s review of all merger proxies Announced successful closing of AI Infrastructure Acquisition Corp.’s initial public offering, bolstering Jet.AI’s book equity by approximately $20 million from the minority ownership stake in AI Infrastructure Acquisition Corp.’s sponsor, AIIA Sponsor Ltd. Management Commentary Founder and Executive Chairman Mike Winston stated: “Over the past several weeks and months, we’ve made meaningful progress across our ongoing initiatives to further transition Jet.AI into a leader of high-performance GPU infrastructure and AI cloud services. The AI Infrastructure Acquisition Corp. initial public offering successfully closed and was oversubscribed, which bolstered Jet.AI’s book equity by $20 million through our ownership stake in the sponsor. We also extended the outside date for our flyExclusive merger agreement amidst the government shutdown; however, both parties remain eager and optimistic about closing the transaction by year-end. Lastly, and most notably, we have successfully completed our second milestone across our Canada data center projects with our partners at Consensus Core. With a strong foundation of property, energy, and natural resources available, our focus now shifts toward converting these into meaningful, tangible results. For the remainder of the year, we will prioritize driving measurable progress towards our third milestone under the Canada data center project while working towards closing the proposed flyExclusive deal. We remain fully committed in our pivot into the data center sector and look forward to the upcoming progress, achievements, and milestones to come in 2026.” Canadian Hyperscale Data Center Project: Third Milestone Progress Update Mike Winston commented: “Since completing the second milestone of our Canadian data center project just last week, I’m pleased to report the significant progress we’ve made toward the third milestone. For the Midwestern Project, the submission of the Transmission Power Load Study application is substantially complete, and we have made significant progress in securing confirmation from the natural gas utility supplier to provide sufficient flow to operate the six proposed turbines. Conversations with the natural gas utility supplier are ongoing, and we do not expect their confirmation to present any bottlenecks. For the Maritime Project, discussions with the power producer are progressing well and are nearing the signing of a LOI to acquire power from their proposed wind farm. Consensus Core remains an exceptional parter whose contributions and support have been invaluable throughout the project, and we look forward to executing our five milestones together.” Third Quarter 2025 Financial Results Revenues were $1.7 million compared to $3.9 million in the same period last year. The decrease was primarily due to a reduction in Cirrus Charter and Jet Card revenue due to the planned sale of the Company’s fractional and jet card business to flyExclusive. Software App and Cirrus Charter revenues, which is comprised of charters booked through CharterGPT and Cirrus, was $642,000 compared to $2.4 million in the same period last year. Management and Other Services revenue, which is comprised of revenues generated from managing and chartering the Company’s customer aircraft, totaled $884,000 compared to $960,000 in the same period last year. Jet Card and Fractional Programs revenue, which is generated from the sale and use of jet cards and service revenue related to ongoing utilization by the Company’s fractional customers, totaled $185,000 compared to $547,000 in the same period last year. Cost of revenues totaled $2.0 million compared to $3.9 million in the same period last year. The decrease was primarily due to decrease in Cirrus charter flight activity, third-party charter costs, and merchant fees and federal excise tax relating to charter flights. Gross loss totaled approximately $288,000 compared to a loss of $14,000 in the same period last year. The reduced gross loss was largely driven by reduced flights performed for jet card customers without a corresponding reduction in fixed costs. Operating expenses totaled $1.7 million compared to $2.9 million in the same period last year. The improvement was primarily due to a decrease in general and administrative expenses and research and development costs. Operating loss was approximately $2.0 million compared to a loss of $2.9 million in the same period last year. The decrease was primarily due to the decrease in general and administrative expenses. As of September 30, 2025, the Company had cash and cash equivalents of approximately $3.5 million. Nine Months 2025 Financial Results Revenues for the nine months ended September 30, 2025 were $7.4 million compared to $10.8 million in the same period last year. The decrease was primarily due to decreases in Software App and Cirrus Charter revenue and Jet Card Revenue, but partially offset by increased Management and Other Services revenues. Software App and Cirrus Charter revenue for the nine months ended September 30, 2025 was $3.8 million compared to $6.4 million in the same period last year. Management and Other Services revenue for the nine months ended September 30, 2025 slightly increased to $2.7 million compared to the same period last year. Jet Card and Fractional Programs revenue for the nine months ended September 30, 2025 totaled $949,000 compared to $1.8 million in the same period last year. Cost of revenues for the nine months ended September 30, 2025 totaled $7.9 million compared to $11.4 million in the same period last year. The decrease was primarily due to a decrease in jet card and Cirrus charter flight activity, third-party charter costs, and federal excise tax and merchant fees relating to charter flights. Gross loss for the nine months ended September 30, 2025 totaled approximately $514,000 compared to a loss of $555,000 in the same period last year, as a result of decreased maintenance costs and lower HondaJet utilization. Operating expenses for the nine months ended September 30, 2025 totaled $7.1 million compared to $8.7 million in the same period last year. The decrease was primarily due to a decrease in general and administrative expenses. Operating loss for the nine months ended September 30, 2025 was approximately $7.6 million compared to a loss of $9.3 million in the same period last year. The decrease was primarily due to the aforementioned reduced gross loss and decrease in operating expenses for the quarter. About Jet.AI Founded in 2018 and based in Las Vegas, NV, Jet.AI currently provides private aviation services and is expanding its strategic focus to include investments in the AI and data center sectors. Leveraging a leadership team with deep expertise in data center development and AI-driven technologies, Jet.AI intends to build a scalable, high-performance infrastructure to support the increasing computational demands of artificial intelligence. The Company’s suite of AI-powered tools stems from its origin as an aviation company, and leverages natural language processing technologies to enhance efficiency, optimize operations, and streamline the private jet booking experience. Forward-Looking Statements This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, with respect to the products and services offered by Jet.AI and the markets in which it operates, and Jet.AI's projected future results. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and Jet.AI assumes no obligation and does not intend to update or revise these forward-looking statements, whether because of new information, future events, or otherwise, except as provided by law. Jet.AI Investor Relations: Gateway Group, Inc. 949-574-3860 [email protected] JET.AI, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) JET.AI, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) JET.AI, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

LAS VEGAS, Aug. 15, 2025 (GLOBE NEWSWIRE) -- Jet.AI (the “Company”) (Nasdaq: JTAI), a provider of high-performance GPU infrastructure and AI cloud services, today announced financial results for the second quarter ended June 30, 2025. Recent Operational Highlights Announced its capital contribution to AIIA Sponsor Ltd., which serves as the sponsor of AI Infrastructure Acquisition Corp., a special purpose acquisition company (SPAC) that intends to conduct an initial public offering and focus on opportunities with companies and/or strategic assets in high-impact private technology companies advancing artificial intelligence, machine learning capabilities, and those involved in building, operating, or enabling next-generation data center infrastructure. Signed Letter of Intent ("LOI") and later executed a definitive agreement to form a joint venture with Consensus Core Technologies Inc. ("Consensus Core") to pursue the development of two hyperscale data-center campuses in Midwestern Canada and Maritime Canada, respectively. flyExclusive transaction remains on track to close by October 31, 2025. Second Quarter 2025 Financial Results Revenues were $2.2 million compared to $3.1 million in the same period last year. The decrease was primarily due to a reduction in Cirrus Charter and Jet Card revenue which stemmed mainly from clients, prospects and vendors anticipating the sale of the Company’s aviation business to flyExclusive, as well as reduced flying by our management clients, partially offset by an increase in Software App revenue. Software App and Cirrus Charter revenue, the gross amount of charters booked through CharterGPT and Cirrus, was $1.3 million compared to $1.6 million in the same period last year. Management and Other Services revenue, which is comprised of revenues generated from managing and chartering the Company’s customer aircraft, totaled $533,000 compared to $914,000 in the same period last year. Jet Card and Fractional Programs revenue, which is generated from the sale and use of jet cards and service revenue related to ongoing utilization by the Company’s fractional customers, totaled $421,000 compared to $559,000 in the same period last year. Cost of revenues totaled $2.3 million compared to $3.5 million in the same period last year. The decrease was primarily due to decreased Cirrus charter flight activity and a decrease in merchant fees and federal excise tax relating to charter flights. Gross loss totaled approximately $110,000 compared to $417,000 in the same period last year. The reduced gross loss was largely driven by the scale-back in operations during the quarter. Operating expenses totaled $2.4 million compared to $2.8 million in the same period last year. The decrease was primarily due to a decrease in general and administrative expenses and sales and marketing expenses. Operating loss was approximately $2.5 million compared to a loss of $3.2 million in the same period last year. The decrease was primarily due to the aforementioned reduced gross loss and decrease in operating expenses for the quarter. As of June 30, 2025, the Company had cash and cash equivalents of approximately $8.3 million. Six Months 2025 Financial Results Revenues for the six months ended June 30, 2025 were $5.7 million compared to $6.9 million in the same period last year. The decrease was primarily due to decreases in Software App and Cirrus Charter revenue, Jet Card Revenue, but partially offset by increased Management and Other Services revenues. Software App and Cirrus Charter revenue for the six months ended June 30, 2025 was $3.1 million compared to $4.0 million in the same period last year. Management and Other Services revenue for the six months ended June 30, 2025 totaled $1.8 million compared to $1.7 million in the same period last year. Jet Card and Fractional Programs revenue for the six months ended June 30, 2025 totaled $765,000 compared to $1.2 million in the same period last year. Cost of revenues for the six months ended June 30, 2025 totaled $5.9 million compared to $7.5 million in the same period last year. The decrease was primarily due to a decrease in payments to Cirrus for aircraft management and operations tied to reduced flight activity, a decrease in third-party charter costs reflecting lower software-related revenue and reduced reliance on subcharters for Jet Card flights, and a decrease in federal excise taxes and merchant fees associated with charter flights. Gross loss for the six months ended June 30, 2025 totaled approximately $226,000 compared to $541,000 in the same period last year, reflecting lower maintenance costs and pilot wages, as well as lower utilization of the Company’s HondaJet Elites, partially offset by stable fixed costs. Operating expenses for the six months ended June 30, 2025 totaled $5.4 million compared to $5.8 million in the same period last year. The decrease was primarily due to a decrease in general and administrative expenses and sales and marketing expenses. Operating loss for the six months ended June 30, 2025 was approximately $5.7 million compared to a loss of $6.4 million in the same period last year. The decrease was primarily due to the aforementioned reduced gross loss and decrease in operating expenses for the quarter. Management Commentary Founder and Executive Chairman Mike Winston stated: “We continue to make encouraging progress across our Canadian data center project in partnership with Consensus Core. This past quarter, we executed a definitive agreement for the phased development of the Midwestern and Maritime projects, respectively. There, we outlined five strategic milestones which we intend to achieve and announce in sequence as the project progresses. To that end, we are now approaching the announcement of two upcoming milestones: one related to power at the Midwestern Canada site, and another reflecting further progress at the Maritime Canada site. “Consistent with our pivot toward data centers, we recently announced a capital contribution toward AIIA Sponsor, an entity serving as a sponsor of AI Infrastructure Acquisition Corp. founded by certain members of our executive officers and directors. AI Infrastructure Acquisition Corp. is a SPAC targeting opportunities with private companies specializing in AI, machine learning, and data center infrastructure operations. Through our contribution, once the deal is closed, we will hold an equity interest that will not only strengthen Jet.AI’s book equity but will reinforce our position in the AI data center sector. Beyond our data center projects, our agreement with flyExclusive remains on track to close by the recently extended outside date of October 31, 2025.” About Jet.AI Founded in 2018 and is based in Las Vegas, NV, Jet.AI currently operates in two segments, Software and Aviation, and is transitioning to a pure-play AI data center company. Leveraging a leadership team with deep expertise in data center development and AI-driven technologies, Jet.AI intends to build a scalable, high-performance infrastructure to support the increasing computational demands of artificial intelligence. Our suite of AI-powered tools stems from our origin as an aviation company, and leverages natural language processing technologies to enhance efficiency, optimize operations, and streamline the private jet booking experience. Forward-Looking Statements This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, with respect to the products and services offered by Jet.AI and the markets in which it operates, and Jet.AI's projected future results. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and Jet.AI assumes no obligation and does not intend to update or revise these forward-looking statements, whether because of new information, future events, or otherwise, except as provided by law. Jet.AI Investor Relations: Gateway Group, Inc. 949-574-3860 [email protected] JET.AI, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) JET.AI, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) JET.AI, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

LAS VEGAS, May 15, 2025 (GLOBE NEWSWIRE) -- Jet.AI Inc. (the “Company”) (Nasdaq: JTAI), a pure-play artificial intelligence (“AI”) data center company operating aviation-specific AI software, today announced financial results for the first quarter ended March 31, 2025. Recent Operational Highlights Signed Letter of Intent (“LOI”) to form a joint venture with Consensus Core Technologies Inc. (“Consensus Core”) to pursue the development of two hyperscale data-center campuses in Midwestern Canada and Maritime Canada, respectively. Announced strategic shift into AI data center investment and signed a LOI for a 50-megawatt data center project on a proposed gigawatt campus in Nevada Entered into a definitive agreement with flyExclusive to divest the Company’s jet card and fractional aviation business in a spin-merge transaction expected to close in the second quarter of 2025 Management Commentary Founder and Executive Chairman Mike Winston said, “Since refocusing our long-term strategy on AI-driven infrastructure, we’ve made meaningful progress pursuing and executing on what we believe are extraordinary opportunities in this space. Last month, we signed a letter of intent with Consensus Core, a group that brings both a seasoned track record and something far more valuable: real experience developing AI data centers. Through this partnership, we plan to jointly develop two large-scale campuses-one in Midwestern Canada, the other in the Maritimes. These locations weren’t picked for their postcard views-they were chosen because they sit atop the kind of energy infrastructure this next chapter of computing will depend on: access to grid power, on-site natural gas and hydroelectric/renewable energy sources. What’s especially attractive about this structure is our proposed general partnership interest in each project. That gives us the opportunity to participate in long-term cash flows, for a projected 1.5 gigawatts of capacity. As these sites are developed, leased, and ultimately scaled, we believe both the income and the underlying asset value will grow. We’re moving steadily toward a definitive agreement, and we look forward to sharing updates as we make progress. As always, we’re focused on building value carefully, with good partners, and one step at a time.” First Quarter 2025 Financial Results Revenues were $3.5 million, compared to $3.8 million in the same period last year. The decrease was primarily due to a decrease in software app and cirrus charter revenue and jet card and fractional programs revenue. Software App and Cirrus Charter revenue, the gross amount of charters booked through CharterGPT and Cirrus, was $1.8 million, compared to $2.4 million in the same period last year. The decrease was primarily due to reduced marketing efforts and an industry-wide decline in private jet travel demand. Management and Other Services revenue, which is comprised of revenues generated from managing and chartering our customer aircraft, increased 60% to $1.3 million compared to $0.8 million in the same period last year. The increase was driven by a management agreement entered into in the fourth quarter of 2023 and the addition of a second managed aircraft starting in April 2024. Jet Card and Fractional Programs revenue, which is generated from the sale and use of jet cards and service revenue related to ongoing utilization by the Company’s fractional customers, totaled $0.3 million compared to $0.7 million in the same period last year. The decrease was primarily due to a challenging economic environment reducing flight hours flown and a revised pricing strategy, which bases Jet Card sales on HondaJet rates with an option to upgrade to the managed Cessna Citation CJ4, combined with efforts to increase Jet Card pricing. Cost of revenues totaled $3.6 million compared to $4.0 million in the same period last year. The decrease was primarily due to a decrease in third-party charter costs, federal excise taxes and merchant fees. Gross loss totaled approximately $116,000 compared to a loss of $124,000 in the same period last year. The slight improvement in results was primarily due to lower maintenance costs and pilot wages, and lower utilization of the Company’s HondaJet Elites, partially offset by stable fixed costs. Operating expenses totaled $3.1 million compared to $3.0 million in the same period last year, The increase was primarily due to an increase in general and administrative expenses, research and development expenses, which were offset by a decrease in sales and marketing expenses. Operating loss was $3.2 million compared to a loss of $3.1 million in the same period last year. As of March 31st, 2025, the Company had a cash balance of $12.2 million and no debt. About Jet.AI Founded in 2018 and is based in Las Vegas, NV, Jet.AI currently operates in two segments, Software and Aviation, and is transitioning to a pure-play AI data center company. Leveraging a leadership team with deep expertise in data center development and AI-driven technologies, Jet.AI intends to build a scalable, high-performance infrastructure to support the increasing computational demands of artificial intelligence. Our suite of AI-powered tools stems from our origin as an aviation company, and leverages natural language processing technologies to enhance efficiency, optimize operations, and streamline the private jet booking experience. Forward-Looking Statements This press release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, with respect to the products and services offered by Jet.AI and the markets in which it operates, and Jet.AI’s projected future results. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Company’s most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and Jet.AI assumes no obligation and does not intend to update or revise these forward-looking statements, whether because of new information, future events, or otherwise, except as provided by law. Jet.AI Investor Relations: Gateway Group, Inc. 949-574-3860 [email protected] JET.AI, INC. CONDENSED CONSOLIDATED BALANCE SHEETS JET.AI, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS JET.AI, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS

LAS VEGAS, March 27, 2025 (GLOBE NEWSWIRE) -- Jet.AI Inc. (the “Company”) (Nasdaq: JTAI), a pure-play artificial intelligence (“AI”) data center company operating aviation-specific AI software, today announced financial results for the full year ended December 31, 2024. As of March 25th, 2025, the Company had a cash balance of $12.5 million and no debt. In addition, it held $4.2 million in aircraft-related deposits. Together, these amounts - totaling $16.7 million - are expected to be sufficient to satisfy the minimum cash condition of the proposed transaction with flyExclusive, Inc. (“flyExclusive”). Recent Operational Highlights Announced strategic shift into AI data center investment and signed a letter of intent for a 50-megawatt data center project on a proposed gigawatt campus Entered into a definitive agreement with flyExclusive to divest the Company’s jet card and fractional aviation business in a spin-merge transaction expected to close in the second quarter of 2025 Launched “Ava”, an agentic AI model for private jet booking at +1-888-492-4538 Commenced pre-sales for fractional ownership interests in its upcoming Cessna Citation CJ4 Gen2 aircraft Regained compliance with Nasdaq stockholders’ equity requirement and minimum bid price requirement Announced a fleet purchase agreement with Textron Aviation Inc. for the purchase of three Cessna Citation CJ4 Gen 2 aircraft Authorized a $2 million share repurchase program and withdrawal of the Company’s registration statement on Form S-1 (SEC File No. 333-281911) for a prospective offering that the Company was previously pursuing Completed reverse stock split at a ratio of 1-for-225 Announced new features and advancements to CharterGPT and Reroute AI Management Commentary Founder and Executive Chairman Mike Winston said, “2024 - and the first stretch of 2025 - was about laying the foundation for something new. We spent the year redefining Jet.AI’s long-term vision and charting a path toward a future centered on AI data centers. Along the way, we continued to invest in our software platform, enhancing existing tools and launching Ava - our agentic AI model that simplifies private jet booking. It’s a product we’re proud of, and one we believe speaks to where intelligent systems are headed. The back half of the year was focused on cleaning up our capitalization structure, following the 2023 de-SPAC transaction. At the same time, our aviation business continued to attract strong interest. That effort culminated in a definitive agreement in February 2025 to divest the segment to flyExclusive through an all-stock spin-off deal. It’s a win-win. Our shareholders retain their Jet.AI holdings and will receive flyExclusive shares at closing, giving them a seat at two tables: aviation and artificial intelligence.” “Looking forward, our attention is fully on building the AI infrastructure we believe is essential for scaling our platform and unlocking the next phase of value. Data centers are central to that strategy, and we’re moving quickly - just a few months into the year, we’ve already signed a letter of intent for our first 50-megawatt project. It’s the anchor of a 120-acre campus with the potential to grow into a full gigawatt of capacity over time. To get it done right, we’ve brought in a seasoned group of folks who’ve built data centers before and know how to keep timelines tight and budgets in check. In parallel, we’re evaluating acquisitions, strategic partnerships, and additional development sites to keep the momentum going. Our leadership team is focused, our plan is clear, and we’re committed to executing with discipline. With this pivot, we believe Jet.AI is well positioned for long-term success in AI infrastructure and intelligent systems.” Full Year 2024 Financial Results Revenues were $14.0 million, an increase of $1.8 million compared to the same period last year. The increase was primarily due to an increase in software app and Cirrus charter revenues and management and other services revenues. Software App and Cirrus Charter revenue, the gross amount of charters booked through CharterGPT and Cirrus, was $8.1 million, an increase of $1.0 million compared to the same period last year. Management and Other Services revenue, which is comprised of revenues generated from managing and chartering our customer aircraft, totaled $3.6 million, an increase of $1.4 million compared to the same period last year. Jet Card and Fractional Programs revenue, which is generated from the sale and use of jet cards and service revenue related to ongoing utilization by the Company’s fractional customers, totaled $2.3 million compared to $2.8 million in the same period last year. Cost of revenues totaled $15 million compared to $12.4 million in the same period last year. The increase was primarily due to the increased fleet and the increase in jet card and Cirrus charter flight activity, as well as the startup expenses relating to the introduction of the King Air 350i managed aircraft to the Company’s fleet. Gross loss totaled approximately $965,000 compared to a loss of $179,000 in the same period last year. The result was primarily due to increased maintenance costs and lower utilization of the Company’s HondaJet Elites. Operating expenses decreased to $11.6 million compared to $12.3 million in the same period last year. The decrease was primarily due to a decrease in general and administrative expenses. Operating loss was $12.6 million compared to a loss of $12.5 million in the same period last year. The slight increase was primarily due to an increase in gross operating loss, offset by reduced general and administrative expenses. As of March 25th, 2025, the Company had a cash balance of $12.5 million and no debt. About Jet.AI Founded in 2018 and is based in Las Vegas, NV, Jet.AI is the only public pure-play AI data center company. Leveraging a leadership team with deep expertise in data center development and AI-driven technologies, Jet.AI is building a scalable, high-performance infrastructure to support the increasing computational demands of artificial intelligence. Our suite of AI-powered tools stems from our origin as an aviation company, and leverages natural language processing technologies to enhance efficiency, optimize operations, and streamline private jet booking experience. About flyExclusive flyExclusive is a vertically integrated, FAA-certificated air carrier providing private jet experiences by offering customers a choice of on-demand charter, Jet Club, and fractional ownership services to destinations across the globe. flyExclusive has one of the world’s largest fleets of Cessna Citation aircraft, and it operates a combined total of approximately 100 jets, ranging from light to large cabin sizes. The company manages all aspects of the customer experience, ensuring that every flight is on a modern, comfortable, and safe aircraft. flyExclusive’s in-house repair station, aircraft paint, cabin interior renovation, and avionics installation capabilities, are all provided from its campus headquarters in Kinston, North Carolina. To learn more, visit www.flyexclusive.com. Additional Information and Where to Find It In connection with the proposed transaction, flyExclusive and Jet.AI have filed and intend to file relevant materials with the SEC, including a registration statement on Form S-4, which will include a proxy statement/prospectus. After the registration statement is declared effective by the SEC, the definitive proxy statement/prospectus and other relevant documents will be mailed to the shareholders of Jet.AI as of the record date established for voting on the proposed transaction and will contain important information about the proposed transaction and related matters. Shareholders of Jet.AI and other interested persons are advised to read, when available, these materials (including any amendments or supplements thereto) and any other relevant documents in connection with Jet.AI’s solicitation of proxies for the meeting of shareholders to be held to approve, among other things, the proposed transaction because they will contain important information about Jet.AI, flyExclusive and the proposed transaction. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other relevant materials in connection with the proposed transaction without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: Jet.AI Inc., 10845 Griffith Peak Drive, Suite 200, Las Vegas, NV 89135, Attention: John Yi, email: [email protected] or Telephone: (949) 574-3860. Participants in the Solicitation Jet.AI and its respective directors and executive officers may be deemed participants in the solicitation of proxies from Jet.AI’s shareholders in connection with the proposed transaction. Jet.AI’s shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Jet.AI as reflected in the annual report on Form 10-K for the period ended December 31, 2024. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Jet.AI’s shareholders in connection with the proposed transaction is set forth in the preliminary proxy statement/prospectus for the proposed transaction. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction is included in the preliminary proxy statement/prospectus. You may obtain free copies of these documents as described in the preceding paragraph. flyExclusive and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Jet.AI in connection with the proposed transaction. A list of the names of such directors and executive officers and information regarding their interests in the proposed transaction is included in the preliminary proxy statement/prospectus. No Solicitation or Offer This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. Forward-Looking Statements This press release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, with respect to the products and services offered by Jet.AI and the markets in which it operates, and Jet.AI’s projected future results. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Company’s most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and Jet.AI assumes no obligation and does not intend to update or revise these forward-looking statements, whether because of new information, future events, or otherwise, except as provided by law. Jet.AI Investor Relations: Gateway Group, Inc. 949-574-3860 [email protected] JET.AI, INC. 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