SOARHIGH SIGNALFINANCIAL10-K

SOAR underwent a dramatic balance sheet restructuring with assets and liabilities both declining by roughly three-quarters while revenue grew substantially.

The massive reduction in both assets and liabilities suggests a significant business restructuring, divestiture, or operational downsizing that fundamentally altered the company's scale and scope. The substantial revenue growth amid this downsizing indicates either a dramatic shift in business model toward higher-margin activities or potential timing differences in revenue recognition that warrant close scrutiny.

Comparing 2026-03-12 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

SOAR's financial profile transformed dramatically with total assets shrinking from $46.3M to $12.0M and total liabilities falling from $62.6M to $13.8M, while stockholders' equity improved meaningfully from negative $16.3M to negative $1.8M. Revenue grew substantially from $46.3M to $78.6M, accompanied by a reduction in SG&A expenses from $16.9M to $10.7M. This combination of significant asset/liability reduction paired with strong revenue growth suggests either a major business restructuring or divestiture that has fundamentally reshaped the company's operations and financial structure.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+88.7%
-$16.3M→-$1.8M

Equity base grew 88.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Liabilities
Balance Sheet
-78%
$62.6M→$13.8M

Liabilities reduced 78% — deleveraging improves balance sheet strength and financial flexibility.

Current Liabilities
Balance Sheet
-77.9%
$62.2M→$13.7M

Current liabilities reduced — improved short-term financial position and working capital health.

Current Assets
Balance Sheet
-77.4%
$43.3M→$9.8M

Current assets declined 77.4% — monitor working capital adequacy and short-term liquidity.

Total Assets
Balance Sheet
-74.2%
$46.3M→$12.0M

Total assets contracted 74.2% — asset sales, write-downs, or balance sheet optimization underway.

Revenue
P&L
+69.7%
$46.3M→$78.6M

Strong top-line growth of 69.7% — accelerating demand or successful expansion into new markets.

Capital Expenditure
Cash Flow
+45.5%
$145K→$211K

Capital expenditure jumped 45.5% — major investment cycle underway; assess returns on deployment.

SG&A Expense
P&L
-36.4%
$16.9M→$10.7M

SG&A reduced 36.4% — improved cost efficiency or headcount reduction improving operating margins.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-31
ADDED
As of March 6, 2026, there were 16,242,827 shares of common stock outstanding.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 83 Item 9 A.
Controls and Procedures 83 Report of Management on Internal Control over Financial Reporting 83 Item 9B.
S ecu rity Ownership of Cer tain Beneficial Ow n er s and Manage ment and Related Stockholder Matters 85 Item 13 .
Forward- looking statements may appear throughout this report, including the following sections: Business (Part I, Item 1 of this Annual Report), Risk Factors (Part I, Item 1A of this Annual Report), and Management s Discussion and Analysis of Financial Condition and Results of Operations (Part II, Item 7 of this Annual Report).
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REMOVED
As of March 21, 2025, there were 1,900,893 shares of common stock outstanding.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 79 Item 9A.
Controls and Procedures 79 Report of Management on Internal Control over Financial Reporting 79 Report of Independent Registered Public Accounting Firm 55 Item 9B.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 81 Item 13.
Forward- looking statements may appear throughout this report, including the following sections: Business (Part I, Item 1 of this Form 10- K), Risk Factors (Part I, Item 1A of this Form 10-K), and Management s Discussion and Analysis of Financial Condition and Results of Operations (Part II, Item 7 of this Form 10- K).
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