Business
Jet.AI Q2 Revenue at $2.2M, Down 29% YoY Amid Business Transition
Jet.AI (NASDAQ:JTAI) reported Q2 2025 financial results, highlighting a period of strategic transition. The company posted revenues of $2.2 million, down from $3.1 million year-over-year, with a reduced operating loss of $2.5 million compared to $3.2 million in Q2 2024.
Key developments include a definitive agreement with Consensus Core Technologies for hyperscale data-center development in Canada, and a capital contribution to AIIA Sponsor Ltd. for AI infrastructure opportunities. The company’s pending transaction with flyExclusive remains on schedule for completion by October 31, 2025.
As of June 30, 2025, Jet.AI maintained cash and cash equivalents of $8.3 million. The company’s strategic pivot towards data centers and AI infrastructure marks a significant transformation from its aviation business roots.
[ “Reduced operating loss to $2.5M from $3.2M year-over-year”, “Strategic expansion into AI data center sector with Consensus Core partnership”, “Strong cash position with $8.3M in cash and cash equivalents”, “flyExclusive transaction progressing on schedule” ]
Jet.AI (NASDAQ:JTAI) ha comunicato i risultati del secondo trimestre 2025, evidenziando una fase di transizione strategica. I ricavi sono stati di $2,2 milioni, in calo rispetto ai $3,1 milioni dell’anno precedente, mentre la perdita operativa si è ridotta a $2,5 milioni rispetto a $3,2 milioni nel Q2 2024.
Tra gli sviluppi principali figurano un accordo vincolante con Consensus Core Technologies per lo sviluppo di hyperscale data center in Canada e un contributo di capitale a AIIA Sponsor Ltd. per iniziative di infrastrutture AI. La transazione in corso con flyExclusive è prevista per il completamento entro il 31 ottobre 2025.
Al 30 giugno 2025 Jet.AI disponeva di $8,3 milioni in contanti e mezzi equivalenti. La strategia di focalizzarsi su data center e infrastrutture AI rappresenta una trasformazione significativa rispetto alle origini nel settore dell’aviazione.
- Perdita operativa ridotta a $2,5M da $3,2M anno su anno
- Espansione strategica nel settore dei data center AI con la partnership con Consensus Core
- Posizione di cassa solida con $8,3M in contanti e equivalenti
- Transazione con flyExclusive in corso e nei tempi previsti
Jet.AI (NASDAQ:JTAI) presentó los resultados del segundo trimestre de 2025, destacando un periodo de transición estratégica. Los ingresos fueron de $2,2 millones, frente a $3,1 millones interanuales, y la pérdida operativa se redujo a $2,5 millones desde $3,2 millones en el Q2 de 2024.
Entre los hitos clave está un acuerdo definitivo con Consensus Core Technologies para desarrollar data centers hyperscale en Canadá y una contribución de capital a AIIA Sponsor Ltd. para oportunidades de infraestructura de IA. La transacción pendiente con flyExclusive sigue en calendario para completarse antes del 31 de octubre de 2025.
Al 30 de junio de 2025, Jet.AI contaba con $8,3 millones en efectivo y equivalentes. El giro estratégico hacia centros de datos e infraestructura de IA marca una transformación significativa respecto a sus raíces en la aviación.
- Pérdida operativa reducida a $2,5M desde $3,2M interanual
- Expansión estratégica al sector de centros de datos de IA con la alianza con Consensus Core
- Posición de liquidez sólida con $8,3M en efectivo y equivalentes
- Transacción con flyExclusive avanzada según lo previsto
Jet.AI (NASDAQ:JTAI)는 2025년 2분기 실적을 발표하며 전략적 전환기를 맞이했음을 강조했습니다. 매출은 $220만으로 전년 동기 $310만에서 감소했으나, 영업손실은 $250만으로 2024년 2분기의 $320만보다 축소되었습니다.
주요 사항으로는 캐나다에서 하이퍼스케일 데이터센터 개발을 위한 Consensus Core Technologies와의 확정 계약 체결, AI 인프라 기회를 위한 AIIA Sponsor Ltd.에 대한 자본 출자가 포함됩니다. flyExclusive와의 진행 중인 거래는 2025년 10월 31일까지 완료될 예정입니다.
2025년 6월 30일 기준 Jet.AI는 $830만의 현금 및 현금성 자산을 보유하고 있습니다. 데이터센터 및 AI 인프라로의 전략적 전환은 항공 사업에서의 출발점에서 크게 변화한 것임을 의미합니다.
- 영업손실을 전년 대비 $320만에서 $250만으로 축소
- Consensus Core와의 파트너십을 통한 AI 데이터센터 분야 전략적 확장
- $830만의 현금 및 현금성 자산으로 안정적 현금 상태 유지
- flyExclusive 거래가 예정대로 진행 중
Jet.AI (NASDAQ:JTAI) a publié ses résultats du deuxième trimestre 2025, soulignant une période de transition stratégique. Le chiffre d’affaires s’élève à 2,2 M$, en baisse par rapport à 3,1 M$ l’an dernier, tandis que la perte d’exploitation a diminué à 2,5 M$ contre 3,2 M$ au T2 2024.
Parmi les faits marquants figurent un accord définitif avec Consensus Core Technologies pour le développement de centres de données hyperscale au Canada et une contribution en capital à AIIA Sponsor Ltd. pour des opportunités d’infrastructure IA. La transaction en cours avec flyExclusive devrait être finalisée d’ici le 31 octobre 2025.
Au 30 juin 2025, Jet.AI disposait de 8,3 M$ en liquidités et équivalents. L’orientation stratégique vers les centres de données et l’infrastructure IA marque une transformation importante par rapport aux activités aéronautiques d’origine.
- Perte d’exploitation réduite à 2,5 M$ contre 3,2 M$ en glissement annuel
- Expansion stratégique dans le secteur des centres de données IA via le partenariat avec Consensus Core
- Position de trésorerie solide avec 8,3 M$ en liquidités et équivalents
- Transaction avec flyExclusive en bonne voie selon le calendrier
Jet.AI (NASDAQ:JTAI) veröffentlichte die Finanzergebnisse für das 2. Quartal 2025 und hob eine Phase strategischer Umstellung hervor. Der Umsatz lag bei $2,2 Mio. gegenüber $3,1 Mio. im Vorjahr, während der operative Verlust auf $2,5 Mio. sinkt (Vorjahr: $3,2 Mio.).
Wesentliche Entwicklungen sind ein verbindlicher Vertrag mit Consensus Core Technologies zum Aufbau von Hyperscale-Rechenzentren in Kanada sowie eine Kapitalbeteiligung an AIIA Sponsor Ltd. für AI-Infrastrukturprojekte. Die noch ausstehende Transaktion mit flyExclusive soll planmäßig bis zum 31. Oktober 2025 abgeschlossen werden.
Zum 30. Juni 2025 verfügte Jet.AI über $8,3 Mio. an Barmitteln und Zahlungsmitteln. Die strategische Neuausrichtung auf Rechenzentren und AI-Infrastruktur stellt eine bedeutende Abkehr von den traditionellen Luftfahrtaktivitäten dar.
- Operativer Verlust reduziert auf $2,5M von $3,2M im Jahresvergleich
- Strategische Expansion in den AI-Rechenzentrumssektor durch Partnerschaft mit Consensus Core
- Starke Liquiditätsposition mit $8,3M an Barmitteln und Zahlungsmitteln
- Transaktion mit flyExclusive verläuft planmäßig
Negative
- Revenue declined 29% to $2.2M from $3.1M year-over-year
- Gross loss of $110,000 in Q2 2025
- Decreased revenue across all major business segments
- Operating expenses remain high at $2.4M despite revenue decline
Insights
Jet.AI’s pivot to AI data centers shows promise amid declining aviation revenues and continued losses as the company awaits flyExclusive deal closure.
Jet.AI’s Q2 2025 results reveal a company in transition, pivoting from aviation to AI infrastructure while managing declining revenues. The company reported
The financial picture shows some improvement in operational efficiency despite challenges. Operating losses narrowed to
Cash position remains a key metric to watch with
The company’s strategic direction is clearly focused on AI infrastructure, evidenced by two significant developments: (1) capital contribution to AIIA Sponsor Ltd., which will sponsor a SPAC targeting AI and data center infrastructure companies, and (2) executing a definitive agreement with Consensus Core Technologies for Canadian data center development projects in Midwestern and Maritime Canada.
Management’s commentary emphasizes approaching milestones related to power infrastructure at the Midwestern Canada site and progress at the Maritime Canada location. The company appears to be executing a deliberate transition from aviation services to AI infrastructure, with the pending flyExclusive deal representing the final step in exiting their original business model.
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
Software App and Cirrus Charter revenue, the gross amount of charters booked through CharterGPT and Cirrus, was
Management and Other Services revenue, which is comprised of revenues generated from managing and chartering the Company’s customer aircraft, totaled
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
Cost of revenues totaled
Gross loss totaled approximately
Operating expenses totaled
Operating loss was approximately
As of June 30, 2025, the Company had cash and cash equivalents of approximately
Six Months 2025 Financial Results
Revenues for the six months ended June 30, 2025 were
Software App and Cirrus Charter revenue for the six months ended June 30, 2025 was
Management and Other Services revenue for the six months ended June 30, 2025 totaled
Jet Card and Fractional Programs revenue for the six months ended June 30, 2025 totaled
Cost of revenues for the six months ended June 30, 2025 totaled
Gross loss for the six months ended June 30, 2025 totaled approximately
Operating expenses for the six months ended June 30, 2025 totaled
Operating loss for the six months ended June 30, 2025 was approximately
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
Jet.AI@gateway-grp.com
JET.AI, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| June 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 8,265,732 | $ | 5,872,627 | ||||
| Accounts receivable | 112,079 | 132,230 | ||||||
| Note receivable – related party | 35,995 | – | ||||||
| Deferred offering costs | 45,000 | – | ||||||
| Other current assets | 199,706 | 357,751 | ||||||
| Total current assets | 8,658,512 | 6,362,608 | ||||||
| Property and equipment, net | 3,780 | 5,055 | ||||||
| Intangible assets, net | 86,745 | 86,745 | ||||||
| Right-of-use lease asset | 780,499 | 1,048,354 | ||||||
| Investment in joint venture | 100,000 | 100,000 | ||||||
| Deposit on aircraft | 4,050,000 | 2,400,000 | ||||||
| Deposits and other assets | 785,561 | 794,561 | ||||||
| Total assets | $ | 14,465,097 | $ | 10,797,323 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 367,361 | $ | 280,450 | ||||
| Accrued liabilities | 1,362,654 | 1,663,338 | ||||||
| Deferred revenue | 647,857 | 1,319,746 | ||||||
| Operating lease liability | 533,480 | 525,547 | ||||||
| Total current liabilities | 2,911,352 | 3,789,081 | ||||||
| Lease liability, net of current portion | 227,044 | 495,782 | ||||||
| Total liabilities | 3,138,396 | 4,284,863 | ||||||
| Commitments and contingencies (Note 2 and 6) | – | – | ||||||
| Stockholders’ Equity | ||||||||
| Preferred Stock, 4,000,000 shares authorized, par value |
– | – | ||||||
| Series B Convertible Preferred Stock, 5,000 shares authorized, par value |
– | – | ||||||
| Common stock, 200,000,000 shares authorized, par value 3,261,701 and 1,629,861 issued and outstanding |
326 | 162 | ||||||
| Subscription receivable | (6,724 | ) | (6,724 | ) | ||||
| Additional paid-in capital | 69,434,004 | 59,065,100 | ||||||
| Accumulated deficit | (58,100,905 | ) | (52,546,078 | ) | ||||
| Total stockholders’ equity | 11,326,701 | 6,512,460 | ||||||
| Total liabilities and stockholders’ equity | $ | 14,465,097 | $ | 10,797,323 | ||||
JET.AI, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | $ | 2,225,900 | $ | 3,083,884 | $ | 5,700,538 | $ | 6,932,482 | ||||||||
| Cost of revenues | 2,336,200 | 3,500,880 | 5,926,352 | 7,473,834 | ||||||||||||
| Gross loss | (110,300 | ) | (416,996 | ) | (225,814 | ) | (541,352 | ) | ||||||||
| Operating Expenses: | ||||||||||||||||
| General and administrative (including stock-based compensation of respectively) |
2,246,980 | 2,663,753 | 4,899,407 | 5,210,047 | ||||||||||||
| Sales and marketing | 81,601 | 102,470 | 376,009 | 549,070 | ||||||||||||
| Research and development | 41,044 | 37,396 | 149,968 | 69,942 | ||||||||||||
| Total operating expenses | 2,369,625 | 2,803,619 | 5,425,384 | 5,829,059 | ||||||||||||
| Operating loss | (2,479,925 | ) | (3,220,615 | ) | (5,651,198 | ) | (6,370,411 | ) | ||||||||
| Other (income) expense: | ||||||||||||||||
| Interest expense | – | – | – | 79,314 | ||||||||||||
| Other (income) expense | (94,902 | ) | (59 | ) | (96,371 | ) | (120 | ) | ||||||||
| Total other (income) expense | (94,902 | ) | (59 | ) | (96,371 | ) | 79,194 | |||||||||
| Loss before provision for income taxes | (2,385,023 | ) | (3,220,556 | ) | (5,554,827 | ) | (6,449,605 | ) | ||||||||
| Provision for income taxes | – | – | – | – | ||||||||||||
| Net Loss | $ | (2,385,023 | ) | $ | (3,220,556 | ) | $ | (5,554,827 | ) | $ | (6,449,605 | ) | ||||
| Cumulative preferred stock dividends | – | 29,727 | – | 59,455 | ||||||||||||
| Net Loss to common stockholders | $ | (2,385,023 | ) | $ | (3,250,283 | ) | $ | (5,554,827 | ) | $ | (6,509,060 | ) | ||||
| Weighted average shares outstanding – basic and diluted | 2,583,667 | 57,362 | 2,315,946 | 54,331 | ||||||||||||
| Net loss per share – basic and diluted | $ | (0.92 | ) | $ | (56.66 | ) | $ | (2.40 | ) | $ | (119.80 | ) | ||||
JET.AI, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2025 | 2024 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (5,554,827 | ) | $ | (6,449,605 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
| Amortization and depreciation | 1,275 | 67,626 | ||||||
| Amortization of debt discount | – | 80,761 | ||||||
| Stock-based compensation | 1,314,068 | 2,401,046 | ||||||
| Non-cash operating lease costs | 267,855 | 260,157 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 20,151 | (439,436 | ) | |||||
| Other current assets | 158,045 | 117,302 | ||||||
| Deferred offering costs | (45,000 | ) | – | |||||
| Accounts payable | 86,911 | (141,764 | ) | |||||
| Accrued liabilities | (300,684 | ) | 331,915 | |||||
| Deferred revenue | (671,889 | ) | (680,328 | ) | ||||
| Operating lease liability | (260,805 | ) | (253,107 | ) | ||||
| Net cash used in operating activities | (4,984,900 | ) | (4,705,433 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Advances under related party promissory note | (35,995 | ) | – | |||||
| Purchase of intangible assets | – | (12,921 | ) | |||||
| Deposit on aircraft | (1,650,000 | ) | – | |||||
| Deposits and other assets | 9,000 | (100 | ) | |||||
| Net cash used in investing activities | (1,676,995 | ) | (13,021 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Repayments of notes payable | – | (371,250 | ) | |||||
| Repayments of related party notes payable | – | (297,500 | ) | |||||
| Offering costs | (1,945,000 | ) | (155,000 | ) | ||||
| Proceeds from exercise of common stock warrants | – | 742,474 | ||||||
| Proceeds from exercise of Series B Convertible Preferred Stock warrants | 11,000,000 | – | ||||||
| Proceeds from sale of Series B Preferred Stock | – | 1,500,025 | ||||||
| Proceeds from sale of Common Stock | – | 1,727,279 | ||||||
| Net cash provided by financing activities | 9,055,000 | 3,146,028 | ||||||
| Increase (decrease) in cash and cash equivalents | 2,393,105 | (1,572,426 | ) | |||||
| Cash and cash equivalents, beginning of period | 5,872,627 | 2,100,543 | ||||||
| Cash and cash equivalents, end of period | $ | 8,265,732 | $ | 528,117 | ||||
| Supplemental disclosures of cash flow information: | ||||||||
| Cash paid for interest | $ | – | $ | 79,314 | ||||
| Cash paid for income taxes | $ | – | $ | – | ||||
| Non-cash financing activities: | ||||||||
| Issuance of Common Stock for Series B Preferred Stock conversion | $ | 146 | $ | – | ||||
FAQ
What were Jet.AI’s (JTAI) Q2 2025 earnings results?
Jet.AI reported Q2 2025 revenue of $2.2 million, down from $3.1 million year-over-year, with an operating loss of $2.5 million. The company maintained $8.3 million in cash as of June 30, 2025.
What is Jet.AI’s partnership with Consensus Core Technologies?
Jet.AI signed a definitive agreement with Consensus Core to develop two hyperscale data-center campuses in Midwestern Canada and Maritime Canada, marking a strategic pivot towards AI infrastructure.
When will the Jet.AI and flyExclusive transaction close?
The flyExclusive transaction is expected to close by October 31, 2025, according to the company’s latest update.
What is Jet.AI’s involvement with AIIA Sponsor Ltd.?
Jet.AI made a capital contribution to AIIA Sponsor Ltd., which sponsors AI Infrastructure Acquisition Corp., a SPAC targeting opportunities in AI, machine learning, and data center infrastructure companies.
How did Jet.AI’s different business segments perform in Q2 2025?
All segments saw declines: Software App and Cirrus Charter revenue was $1.3M (down from $1.6M), Management Services revenue was $533,000 (down from $914,000), and Jet Card revenue was $421,000 (down from $559,000).
The UK and Norway have agreed a £10bn deal under which Britain will supply the Norwegian navy with at least five new warships.
The agreement involving Type 26 frigates will be the UK’s “biggest ever warship export deal by value”, the Ministry of Defence (MoD) said, while Norway said it would be its largest “defence capability investment” to date.
The government said the deal would support 4,000 UK jobs “well into the 2030s”, including more than 2,000 at BAE Systems’ Glasgow shipyards where the frigates will be built.
UK Prime Minister Sir Keir Starmer said the agreement would “drive growth and protect national security for working people”.
“This success is testament to the thousands of people across the country who are not just delivering this next generation capabilities for our Armed Forces but also national security for the UK, our Norwegian partners and Nato for years to come,” he added.
The deal is also expected to support more than 400 British businesses, including 103 in Scotland, the MoD said.
The agreement represents a victory for the British government and defence industry over France, Germany and the United States – which were also being considered by Norway as possible vendors.
It will create a combined UK-Norwegian fleet of 13 anti-submarine frigates – eight British and five Norwegian vessels – to operate jointly in northern Europe, significantly strengthening Nato’s northern flank.
The warships will be constructed at the BAE systems yard in the Govan area of Glasgow, where frigates for the Royal Navy are currently being built.
Scottish Secretary Ian Murray said the choice of the UK “demonstrates the tremendous success of our shipbuilding industry and showcases the world-class skills and expertise of our workforce on the Clyde”.
Norway’s Prime Minister Jonas Gahr Støre, who informed Sir Keir of the decision to select the UK in a phone call on Saturday night, said the partnership “represents a historic strengthening of the defence cooperation between our two countries”.
Støre said the government had weighed two questions in its decision: “Who is our most strategic partner? And who has delivered the best frigates?… The answer to both is the United Kingdom.”
The Type 26 frigates purchased by the Royal Norwegian Navy will be as similar as possible to those used by their British counterparts, and have the same technical specifications.
They are specifically designed to detect and track enemy submarines and engage them in combat if necessary, with deliveries are expected to begin in 2030.
UK Defence Secretary John Healey said: “For over 75 years, Britain and Norway have stood together on Nato’s northern and north-eastern frontiers, keeping the UK and Europe safe. This historic defence deal deepens our strategic partnership.
“With Norway, we will train, operate, deter, and – if necessary – fight together.
“Our navies will work as one, leading the way in Nato, with this deal putting more world-class warships in the North Atlantic to hunt Russian submarines, protect our critical infrastructure, and keep both our nations secure.”
Business
First the great migration, now the big hold: why workers are staying put | US small business
The tide has turned. The great migration – when the shift to remote work prompted people to quit their jobs in droves – is officially over. Now comes the big hold.
According to a new survey from consulting firm Robert Half, 73% of respondents – workers at companies – said they plan to stay in their current roles through 2025. They gave reasons like having “positive company culture” and “feeling professionally fulfilled” or “being well compensated” at their current job. But there’s also a fourth reason why so many are staying put: the job market isn’t great and people are worried.
Job growth is significantly down. Job openings fell again to under 7.5m last month, a level that’s 4m below the openings available back in 2022. Wage gains during that same period had fallen from 6.7% to 4.1%.
Microsoft, AT&T, JP Morgan, Amazon and other companies are mandating their employees to return to their offices or lose their jobs. AI is already replacing workers at tech companies, Wall Street firms and retailers and some fear greater job losses in the not too distant future. Other cost cutting measures are leading big brands like Citi, Accenture, Tesla and Intel and other corporate giants to lay off tens of thousands of workers.
And what a great opportunity for small businesses!
For example, there’s my friend in Illinois. He has over 100 employees in his office. For years, he’s been spending half his days just walking around and talking to them. Telling them how important they are. Checking in on their lives and families. Asking them what they’re doing and what problems they’re having. Imagine working for that guy. Someone who genuinely cares about his workers. His turnover’s low. His retention is high.
Or another client of mine in Pennsylvania who allocates a big piece of his operating budget every year to employee technical training. Fear AI? “No way”, he tells me. “I want my people to embrace it! They need to learn about all the AI features in our software applications so that they can not only get more work done for me during the day but have a more balanced life themselves.” Did I mention that he gets workforce development money from his state that pays for this extra training? Now you know.
Another client of mine gives employees a $1,000 educational “credit” to use however they want. “They can learn origami or take a knitting class for all I care,” she said to me. “Becoming a better person makes you a better worker too.” Not coincidentally, she also enjoys the tax deductions allowed for providing this benefit.
There are other tax benefits that small business owners can use to recruit and retain all this available talent for healthcare, childcare, for hiring workers who were formerly incarcerated, off welfare or out of the military.
In the midst of all this job chaos, small business hiring and employment has remained constant. The latest Small Business Employment Watch report from Paychex, the giant HR and payroll processing firm, found that in July hiring among those companies with less than 50 employees “remained steady” which, according to the company’s CEO “speaks to the resiliency of small businesses given the amount of uncertainty they faced so far this year”.
Ever since I can remember my small business clients have complained about competing with big companies and the government for talent. Well, now the tide has turned. Big companies are laying off people by the tens of thousands. Governments are cutting their headcounts. The labor market is softening. But small businesses – who already employ half of this country’s workers – are still hiring and always looking for talent. The softening job market is a great opportunity for them. And for many workers.
Wytham Abbey, a 15th-century grade I-listed manor that was once planned as a hub for technologists and philosophers to solve some of the world’s toughest problems, has had its sale price slashed by 60% to £5.95m as its charity owners struggle to find a buyer.
The Effective Ventures Foundation (EVF), formerly the Centre for Effective Altruism, bought the 27-bedroom, 18-bathroom Oxfordshire estate in April 2022.
Backed by the Facebook co-founder Dustin Moskovitz’s Open Philanthropy fund, EVF envisioned the property as a hub for global thinkers combining effective altruism and artificial intelligence to “benefit others as much as possible”.
But it was forced to put the manor and extensive grounds up for sale for £15m last year after its backers withdrew support for the events venue.
The property portal Rightmove said it was one of its five most-viewed homes of 2024 but with no sale agreed the asking price was reduced to £12m in June. It was cut again in August with the UK’s luxury property market struggling amid cooling interest from the world’s super rich and Labour’s tax changes.
EVF said: “As part of its ongoing effort to maximise sale proceeds directed to high-impact charities, Effective Ventures has taken advice from leading surveyors and decided to lower the property’s guide price to encourage offers from actively interested prospective buyers.”
Savills, the agency marketing the property, declined to comment.
Over its six centuries, the abbey has welcomed an eclectic list of guests, from Queen Elizabeth I, Oliver Cromwell and Queen Victoria to Skype’s billionaire investor, Jaan Tallinn, and the jailed FTX founder, Sam Bankman-Fried. FTX was an EVF backer before its collapse.
Set in 9 hectare (23 acres) of grounds and parkland and built around 1480 from locally quarried limestone, it retains Tudor arched doorways. The Earl of Abingdon lavished money on improvements in the 18th century, adding to its grandeur. It has eight reception rooms, a Georgian-oak staircase, stained glass panels and a marble fireplace.
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At the time of its decision to sell the property, an EV spokesperson said: “Effective Ventures agreed with the abbey’s major donors at the time of the original purchase that they could recommend that EV sells the property if they believed there were higher-impact uses of the asset.”
EVF’s parent group, Effective Ventures, repaid nearly $27m (£20m) last year to the FTX estate – equal to all the funds it received from entities linked to Bankman-Fried. He was sentenced to 25 years in prison in March 2024 for defrauding customers and investors of his crypto empire, which collapsed into bankruptcy from a valuation of $32bn.
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