VistaJet reports lowest cash reserves since pandemic as wealthy clients cut back on travel

VistaJet's cash reserves have fallen to $62 million, the lowest since the pandemic, as wealthy customers reduce travel plans. Sales of flying hours dropped 10.5% in the nine months ending September compared to the previous year. The company, which has $4.5 billion in debt, is facing financial challenges. It reported a net loss of $139 million for 2023, despite changing auditors and adjusting depreciation schedules to improve its financial outlook. In the first nine months of 2024, VistaJet sold 22,100 flying hours, while its membership base grew to 1,250. The company has access to $105 million in funds but carries total liabilities of $6.081 billion against assets of $6.128 billion.