FLYEXCLUSIVE INC. Earnings Per Share Disclosure
The Company computes basic earnings (loss) per share using net loss attributable to Company common stockholders and the weighted average number of common shares outstanding during each period. Because the Penny Warrants obligates the Company to issue shares for little or no cash consideration contingent only upon the passage of time (see Note 17 "Warrant Liabilities" for a description of the Penny Warrants), weighted average shares issuable under the Penny Warrants are included in the denominator in the calculation of basic and diluted EPS. Shares of Class B Common Stock do not share in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings (loss) per share of Class B Common Stock under the two-class method has not been presented.
The following table sets forth the computation of the Company’s basic and diluted net (loss) income per share:
|
|
Year Ended December 31, |
|
|
Year Ended December 31, |
|
||
(in thousands, except share amounts) |
|
2025 |
|
|
2024 |
|
||
Numerator: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(67,114 |
) |
|
$ |
(101,495 |
) |
Less: Net loss attributable to redeemable noncontrolling interests |
|
|
(50,529 |
) |
|
|
(73,384 |
) |
Less: Net income (loss) attributable to noncontrolling interests |
|
|
1,007 |
|
|
|
(7,037 |
) |
Add: Series A Preferred Dividends |
|
|
(4,166 |
) |
|
|
(3,258 |
) |
Add: Series B Preferred Dividends |
|
|
(5,806 |
) |
|
|
(1,233 |
) |
Basic Net loss attributable to common stockholders |
|
$ |
(27,564 |
) |
|
$ |
(25,565 |
) |
Denominator: |
|
|
|
|
|
|
||
Weighted Average Class A Common Stock outstanding |
|
|
19,946,794 |
|
|
|
17,757,741 |
|
Weighted Average Class A Common Stock issuable under Series A Penny Warrants |
|
|
1,300,950 |
|
|
|
1,051,749 |
|
Weighted Average Class A Common Stock issuable under Series B Penny Warrants |
|
|
5,990,160 |
|
|
|
5,000,000 |
|
Weighted Average Shares Outstanding - basic and diluted |
|
|
27,237,904 |
|
|
|
23,809,490 |
|
Basic and Diluted Earnings (Loss) Per Share |
|
|
|
|
|
|
||
Basic |
|
$ |
(1.01 |
) |
|
$ |
(1.07 |
) |
Diluted |
|
$ |
(1.01 |
) |
|
$ |
(1.07 |
) |
The following table summarizes potentially dilutive outstanding securities for the year ended December 31, 2025 which were excluded from the calculation of diluted EPS, because their effect would have been anti-dilutive:
|
|
|
|
|
|
|
||
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
||
Public warrants |
|
|
2,519,869 |
|
|
|
2,519,869 |
|
Private Placement Warrants |
|
|
4,333,333 |
|
|
|
4,333,333 |
|
Series A Penny Warrants |
|
|
1,300,950 |
|
|
|
1,274,742 |
|
Class B Common Stock |
|
|
59,930,000 |
|
|
|
59,930,000 |
|
Total anti-dilutive features |
|
|
68,084,152 |
|
|
|
68,057,944 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 24, 2025 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.