Executive Summary

Q2 FY2025 (three months ended September 30, 2024) had no revenue and a net loss of $39,148 (EPS $0.00), modestly improved versus $40,074 loss in the prior-year Q2 and better sequentially vs Q1 FY2025 net loss of $43,343 .
There was no traditional Q2 FY2025 earnings press release with financial metrics and no earnings call transcript; disclosures came via the 10-Q and 8-Ks/press releases related to the planned merger with Premier Air Charter and operating updates .
Management reiterated going concern risks and material weaknesses in internal controls, underscoring reliance on external financing while pursuing the Premier Air Charter merger; closing is contingent on audited financials from the target and was guided as an intent to close “as soon as possible” (Q2 filing) and “in March 2025” (Q3 filing update) .
Street estimates were not available via S&P Global for ATAO (no CIQ mapping), so no beat/miss analysis can be provided; coverage appears absent at this time. S&P Global consensus unavailable.

What Went Well and What Went Wrong

What Went Well
- Sequential improvement in losses: Q2 FY2025 net loss of $39,148 improved vs Q1 FY2025 loss of $43,343 and vs prior-year Q2 loss of $40,074 .
- Cost control: Operating expenses fell YoY in Q2 FY2025 (to $36,150 from $52,457 in Q2 FY2024) and were lower again in Q3 FY2025 ($28,177) .
- Demand indicators at the prospective merger target: Premier reported a 143% increase in Mexico bookings in calendar Q1 2025 and cited industry tailwinds (ARGUS +4.8% global June activity); “We are optimistic about what lies ahead…” (Ross Gourdie) .
What Went Wrong
- No revenue to date; the core entity remains pre-revenue, limiting near-term fundamentals and depriving investors of traditional operating KPIs/margins .
- Liquidity stress: Cash fell to $461 at Q2 FY2025 and to $76 at Q3 FY2025 with increased amounts due to related parties and interest payable; going concern remains a material issue .
- Internal control weaknesses persist (no audit committee, limited personnel, ineffective controls), heightening reporting risk during a complex merger process .

Quarterly P&L snapshot (oldest → newest)

Metric	Q2 FY2024 (3M ended Sep 30, 2023)	Q1 FY2025 (3M ended Jun 30, 2024)	Q2 FY2025 (3M ended Sep 30, 2024)	Q3 FY2025 (3M ended Dec 31, 2024)
Revenues ($)	$0	$0	$0	$0
Net Income ($)	$(40,074)	$(43,343)	$(39,148)	$(31,065)
Diluted EPS ($)	$0.00	—	$0.00	$0.00
Total Operating Expenses ($)	$52,457	—	$36,150	$28,177

Balance sheet highlights

Metric	Q2 FY2025 (Sep 30, 2024)	Q3 FY2025 (Dec 31, 2024)
Cash and equivalents ($)	$461	$76
Convertible notes payable (net) ($)	$141,444	$141,444
Interest payable ($)	$17,877	$20,766
Due to related party ($)	$52,600	$80,392
Stockholders’ deficit ($)	$(229,625)	$(260,690)

Estimates vs Actuals (S&P Global)

S&P Global consensus for ATAO was unavailable; no beat/miss analysis can be performed. S&P Global consensus unavailable.

Segment breakdown / KPIs

No reportable segments and no revenue; however, Premier-related operating indicators cited in press releases: Mexico bookings +143% YoY in calendar Q1 2025 ; industry global flight activity +4.8% YoY in June 2025 (ARGUS) .

Metric	Period	Previous Guidance	Current Guidance	Change
Company revenue	FY2025 / FY2026	None	No quantitative guidance; company states it has not recognized any revenue to date	Maintained (no guidance)
Qualitative outlook (Premier)	Near-term (calendar 3Q 2025)	None	“expects improved third quarter results” tied to June charter demand	New qualitative commentary

Note: No formal quantitative guidance, ranges, or financial targets were issued in the reviewed filings/press releases .

No Q2 FY2025 earnings call transcript was found for ATAO [List: earnings-call-transcript = 0].

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q2 FY2025)	Trend
Merger with Premier Air Charter	Intend to close after satisfying preconditions; working diligently (Q2 10-Q)	Preconditions reiterated; no close yet (Q2)	Progressing but pending
Internal controls / governance	Ineffective controls, limited resources, no audit committee (Q2/Q3)	No change; weaknesses persist	Unchanged negative
Liquidity / going concern	Going concern doubts; reliance on financing (Q2/Q3)	Continued going concern disclosure	Unchanged negative
Demand indicators (Premier)	Mexico bookings +143% YoY (calendar Q1 2025)	Not quantified for Q2 FY2025 ATAO; later PR cites June surge and optimistic outlook	Positive at target entity

“We believe Our June performance reflects a convergence of strong operational execution, rising market demand, and continued loyalty from our clientele… We are optimistic about what lies ahead” — Ross Gourdie, President, Premier Air Charter .
“The Company has not recognized any revenue to date.” — ATAO Q2 FY2025 10-Q .
Merger status: “working diligently to satisfy… pre-conditions” to close “as soon as possible” (Q2); Q3 filing updated intent to close in March 2025 (still contingent) .

No earnings call transcript was filed for Q2 FY2025; therefore, no Q&A disclosures or clarifications are available [List: earnings-call-transcript = 0].

S&P Global (Capital IQ) consensus estimates for ATAO were unavailable (missing CIQ mapping), suggesting no active Street coverage. As a result, we cannot provide EPS/revenue beat/miss analysis. S&P Global consensus unavailable.

Pre-revenue microcap with narrowing quarterly losses and active cost control; fundamentals hinge on closing and integrating the Premier Air Charter merger .
Liquidity remains a critical risk: minimal cash, reliance on related-party advances and legacy notes; going concern risk unchanged .
Internal control weaknesses persist during merger execution, elevating operational/reporting risk .
Prospective business (Premier) shows favorable demand indicators (Mexico bookings +143% YoY; industry flight activity +4.8% YoY in June), but these are not yet consolidated into ATAO financials .
Near-term catalyst is merger closing (requires audited financials) and any subsequent consolidated reporting that introduces operating revenue; delays would likely weigh on sentiment .
Absence of Street coverage implies higher information risk and potential volatility around company-driven updates; investors should monitor 8-Ks for merger milestones and any financing arrangements .

Supporting Citations:

Q2 FY2025 10-Q (no revenue; losses; liquidity; ICFR weaknesses): .
Q3 FY2025 10-Q update (losses; liquidity; ICFR; merger timing): .
8-Ks/Press Releases (Premier operating updates): June Mexico bookings +143%; June industry +4.8% and optimistic commentary .

Notes