Volato Group Inc. (NYSE American: SOAR) reported that its Vaunt subsidiary doubled annual recurring revenue to approximately $3 million in the first quarter of 2026 while reducing total debt by nearly 80% year-over-year to approximately $8.3 million.

The debt reduction brings Volato below the $10 million threshold required for its proposed merger with M2i Global. The company has scheduled a stockholder vote on the merger for April 20, 2026.

Vaunt's annual recurring revenue increased 100% compared to the first quarter of 2025, when it was approximately $1.5 million. The platform has recorded more than 297,000 downloads and facilitated over 2,200 flights since its launch.

Volato's total debt declined from $39.2 million one year ago to the current $8.3 million level as of March 31, 2026. This reduction satisfies a key closing condition in the merger agreement with M2i Global.

"Doubling Vaunt's ARR while reducing debt by nearly 80% reflects both the scalability of our marketplace and the discipline of our operating model," said Matt Liotta, Chief Executive Officer of Volato.

The company filed an updated registration statement on Form S-4 with the Securities and Exchange Commission in connection with the M2i Global merger. The transaction remains subject to SEC effectiveness and stockholder approval, among other customary closing conditions.

Vaunt operates as a digital marketplace platform for private aviation experiences. M2i Global focuses on critical minerals and metals for national defense and economic security applications.