FLYEXCLUSIVE INC.

Listed Company

FLYX-WTCIK 0001843973NYSEEmerging GrowthAir Transportation, NonscheduledDelawareFY ends Dec 31

Period

FY 2025

Revenue

$375.88M

Net Income

$-17.59M

Total Assets

$440.00M

Equity

$-326.75M

Shares Out

59.93M

Op. Cash Flow

$6.69M

Business

FLYEXCLUSIVE INC. operates as an owner/operator of jet aircraft providing private aviation services focused on quality, convenience, and safety. It offers on-demand charter, a multi-tiered jet club, fractional ownership, partner leasing programs, aircraft management services, and MRO (maintenance, repair, overhaul) including avionics, paint, and interior refurbishments. Key business segments include Charter (wholesale and retail ad hoc), Jet Club, Fractional, Partner programs, GRP contracts, Aircraft Management, and MRO operations. flyExclusive serves domestic and international customers through direct retail bookings, contractual programs, partner relationships, and third-party MRO clients.

Summary from filing dated 2025-03-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	376	327	315	320	—
Cost of revenue	320	290	264	255	—
Selling, general and administrative	83	91	75	54	—
Depreciation and amortization	24	26	27	23	—
(Gain) loss on aircraft sales and aircraft held for sale	−3	3	−14	—	—
Total costs and expenses	423	410	353	332	—
Loss from operations	−47	−83	−37	−12	−1
Interest income	1	4	5	782,000	—
Interest expense	−21	−21	−22	—	—
(Loss) gain on lease termination	−2	133,000	29,000	143,000	—
Change in fair value of warrant liabilities	−1	−1	−334,000	0	3
Loss on extinguishment of debt	−1	0	15	0	—
Other income (expense)	5	−471,000	−82,000	−282,000	—
Total other expense, net	−20	−19	−17	8	3
Loss before income taxes	−67	−101	−55	−4	2
Income tax expense	37,000	41,000	0	0	0
Net loss	−67	−101	−56	−4	—
Less: Net loss attributable to redeemable noncontrolling interests	−51	−73	0	0	—
Less: Net income (loss) attributable to noncontrolling interests	1	−7	−9	−10	—
Net loss attributable to flyExclusive, Inc.	−18	−21	−47	6	2
Net loss attributable to common stockholders	−28	−26	−47	—	—
Net loss attributable to common stockholders	−28	−26	−47	—	—
Basic loss per share (in dollars per share)	−1.01	−1.07	—	—	—
Diluted loss per share	−1.01	−1.07	—	—	—
Weighted average common shares outstanding (basic)	27	24	—	—	—
Weighted average common shares outstanding (diluted)	27	24	—	—	—
Unrealized gains on available-for-sale debt securities	0	13,000	156,000	−476,000	—
Comprehensive loss attributable to flyExclusive, Inc.	−18	−21	−46	6	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-02-29	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	29	32	—	12	23
Other receivables	6	7	—	4	5
Parts and supplies inventory, net	5	6	—	5	6
Investments in securities	0	66	—	71	69
Prepaid engine overhauls, current portion	16	14	—	15	5
Aircraft held for sale, current portion	3	8	—	0	—
Prepaid expenses and other current assets	10	8	—	7	6
Total current assets	74	144	—	117	132
Notes receivable, non-current portion, net	8	4	—	21	5
Property and equipment, net	224	260	—	254	253
Aircraft held for sale, non-current portion	0	4	—	0	—
Operating lease right-of-use assets	61	69	—	85	51
Finance lease right-of-use assets	26	16	—	0	—
Prepaid engine overhauls, non-current portion	43	39	—	42	48
Other non-current assets	4	3	—	670,000	484,000
Total assets	440	538	—	521	494
Accounts payable	31	20	—	—	—
Deferred revenue, current portion	136	129	—	84	58
Operating lease liabilities, current portion	15	16	—	18	10
Finance lease liabilities, current portion	4	1	—	0	—
Other current liabilities	37	31	—	29	22
Short-term notes payable	9	6	—	—	—
Total current liabilities	270	295	—	222	139
Operating lease liabilities, non-current portion	47	55	—	68	41
Finance lease liabilities, non-current portion	19	6	—	0	—
Deferred revenue, non-current portion	26	21	—	10	3
Warrant liabilities	4	3	4	3	971,000
Other non-current liabilities	47	30	—	17	42
Total liabilities	524	550	—	486	447
Redeemable noncontrolling interest	213	160	—	−36	0
Accumulated other comprehensive loss	0	−56,000	—	−69,000	−476,000
Additional paid-in capital	114	0	—	127	0
Accumulated deficit	−440	−233	—	−80	−13
Total flyExclusive stockholders (deficit) / equity	−327	−233	—	46	−13
Noncontrolling interests	1	23	—	24	—
Total stockholders (deficit) / equity	−326	−210	—	71	—
Total liabilities, temporary equity and stockholders' equity	440	538	—	521	494

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	22	25	27	—	—
Amortization of finance lease right-of-use assets	2	743,000	0	—	—
Amortization of contract costs	2	1	827,000	653,000	—
Non-cash interest income	−634,000	−3	−3	0	—
Non-cash interest expense	3	1	10	2	—
Non-cash rent expense	21	21	18	—	—
Provision for credit losses	305,000	2	3	30,000	—
Provision for inventory reserve	13,000	0	—	—	—
Realized loss on investment securities	284,000	59,000	238,000	400,000	—
Stock-based compensation	4	753,000	882,000	0	208,250
Other receivables	905,000	−3	465,000	−6	—
Parts and supplies inventory	577,000	−516,000	730,000	−4	—
Prepaid expenses and other current assets	−2	−123,000	344,000	−2	—
Operating lease liabilities	−21	−21	−16	−13	—
Other assets	−2	−335,000	−187,000	−551,000	—
Accounts payable	13	5	—	—	—
Other current liabilities	6	−756,000	2	12	—
Deferred revenue	9	46	—	—	—
Other non-current liabilities	17	14	13	4	—
Net cash flows from operating activities	7	−11	9	46	−988,658
Capitalized development costs	−22,000	−492,000	−802,000	−520,000	—
Purchases of property and equipment	−31	−57	−84	−146	—
Proceeds from sales of property and equipment	103	51	42	61	—
Finance lease direct initial costs	−2	−385,000	0	—	—
Purchases of engine overhauls	−26	−25	−21	−21	—
Purchases of investments	−15	−62	−104	−70	—
Proceeds from sale of investments	80	70	105	10	—
Proceeds from notes receivable	0	15	—	—	—
Net cash flows from investing activities	109	−8	−62	−167	−225
Proceeds from issuance of debt	27	71	132	88	—
Repayment of debt	−139	−58	−57	−52	—
Payment of debt issuance costs	−2	−849,000	−1	−133,000	—
Proceeds from failed sale-leaseback of aircraft	34	0	—	—	—
Payment of dividends, preferred stock	−1	0	—	—	—
Repayment of finance lease	−21	−9	0	—	—
Cash contributions - noncontrolling interests	7	6	10	15	—
Cash distributions - noncontrolling interests	−29	−20	−21	−13	—
Proceeds from common stock issuance, net of issuance costs	6	0	—	—	—
Proceeds from preferred stock issuance, net of issuance costs	0	48	—	—	—
Net cash flows from financing activities	−118	39	42	124	226
Net increase (decrease) in cash and cash equivalents	−2	20	−12	2	319,220
Cash paid for interest	17	20	12	6	—
Finance lease interest	1	0	—	—	—
Non-cash directors and officers insurance	0	2	3	0	—
Exchange of public warrants for flyExclusive Class A common stock	0	371,000	82,000	0	—
Conversion of Series B Temporary Equity to Class A common stock	24	0	—	—	—
Issuances of Class A common stock	3	0	—	—	—
Issuance of Class A common stock upon cashless exercise of warrants	9	4	0	—	—
Excise tax payable	189,000	156,000	—	—	—
Transfers from prepaid engine overhaul to property and equipment	0	11	11	10	—
Change in purchases of property and equipment in accounts payable	0	15	930,000	994,000	—
Transfer of fixed assets and prepaid engine overhauls to held for sale	1	43	0	—	—
Transfers of aircraft from held for sale, non-current portion to held for sale, current portion	4	0	—	—	—
Unrealized change in fair value of available-for-sale securities	56,000	13,000	407,000	498,000	—
ROU assets obtained in exchange for operating lease liabilities	13	15	49	—	—
ROU assets obtained in exchange for finance lease liabilities	25	16	0	—	—
Transfers from finance lease ROU assets to property and equipment	27	0	—	—	—
Consideration payable to customer	2	0	—	—	—
Non-cash exchanges for non-controlling ownership interest	1	0	—	—	—
Acquisitions of non-controlling interests	0	21	0	—	—

Filings

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