Airo Group Holdings And Kernel Group Holdings Announce Effectiveness Of Registration Statement; $43M In Revenue Growth In 2023, And $1.1B In EVTOL Orders

AIRO Group Holdings, Inc. ("AIRO") a global mid-market aerospace and defense company, and Kernel Group Holdings, Inc. (NASDAQ:KRNLU, KRNL, KRNLW))))) ("Kernel"), are pleased to announce that the proxy/registration statement on Form S-4 filed by AIRO Group, Inc. with the U.S. Securities and Exchange Commission in connection with AIRO and Kernel's business combination (the "Transaction") was declared effective by the SEC on July 9, 2024, paving the path toward public listing on Nasdaq.

 

AIRO closed its 2023 books with triple-digit revenue growth over the same period a year earlier. The company's revenue totaled over $43M in 2023, reflecting a substantial growth of 153% compared to the preceding year.

AIRO's Electric Air Mobility division pushed into 2024 with considerable momentum, with orders for the company brand, Jaunt Journey, eVTOL totaling over $1.1B from notable operators such as BLADE India, Redwings, Flapper, MintAir, and more, as well as strong supplier partnerships that bolster the Journey's certification efforts with Transport Canada. "With the SEC's clearance we've set in motion the next phase of AIRO's Electric Air Mobility division, the continued development, certification and distribution of the Jaunt Journey, its military, cargo and hybrid variants, and the infrastructure necessary to put quiet, safe, reliable eVTOL transportation firmly into the global market," said Jaunt Air Mobility CEO / AIRO Group SVP and General Manager, Electric Air Mobility Division, Martin Peryea.