$FLYX-WT

FLYEXCLUSIVE INC.

CIK:0001843973|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue	$ 111,124	$ 91,332	$ 207,474	$ 179,457
Costs and expenses
Cost of revenue	88,436	77,609	165,695	154,434
Selling, general and administrative	22,281	20,298	44,994	41,288
Depreciation and amortization	5,450	5,770	10,634	12,021
(Gain) loss on aircraft sales and aircraft held for sale	708	15	1,528	(1,190)
Total costs and expenses	116,875	103,692	222,851	206,553
Loss from operations	(5,751)	(12,360)	(15,377)	(27,096)
Other income (expense)
Interest income	37	236	213	939
Interest expense	(5,667)	(4,429)	(10,956)	(9,817)
Gain (loss) on lease termination	(38)	(19)	(324)	19
Change in fair value of warrant liabilities	226	212	1,449	781
Loss on extinguishment of debt	0	0	0	(4,161)
Other income (expense)	(214)	231	219	159
Total other expense, net	(5,656)	(3,769)	(9,399)	(12,080)
Loss before income taxes	(11,407)	(16,129)	(24,776)	(39,176)
Income tax expense	57	0	60	0
Net loss	(11,464)	(16,129)	(24,836)	(39,176)
Less: Net loss attributable to redeemable noncontrolling interests	(5,501)	(12,063)	(13,400)	(29,621)
Less: Net income attributable to noncontrolling interests	1,413	698	2,443	658
Net loss attributable to flyExclusive, Inc.	(7,376)	(4,764)	(13,879)	(10,213)
Net loss attributable to common stockholders	$ (8,667)	$ (7,101)	$ (16,599)	$ (14,549)
Basic Loss Per Share	$ (0.16)	$ (0.26)	$ (0.33)	$ (0.55)
Diluted Loss Per Share	$ (0.16)	$ (0.26)	$ (0.33)	$ (0.55)
Weighted Average Common Shares Outstanding (Basic)	53,865,974	27,772,428	50,025,086	26,471,721
Weighted Average Common Shares Outstanding (Diluted)	53,865,974	27,772,428	50,025,086	26,471,721
Other comprehensive loss
Net loss attributable to flyExclusive, Inc.	$ (7,376)	$ (4,764)	$ (13,879)	$ (10,213)
Unrealized gains on available-for-sale debt securities	0	2	0	56
Reclassification adjustment for gains realized in net income	(3)	0	(3)	0
Comprehensive loss attributable to flyExclusive, Inc.	(7,379)	(4,762)	(13,882)	(10,157)
Series A Preferred Stock
Other income (expense)
Preferred Dividends	(1,291)	(1,032)	(2,720)	(2,039)
Series B Preferred stock
Other income (expense)
Preferred Dividends	$ 0	$ (1,305)	$ 0	$ (2,297)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (24,836)	$ (39,176)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	9,810	11,326
Amortization of finance lease right-of-use assets	824	695
Amortization of contract costs	756	754
Non-cash interest income	(25)	(634)
Non-cash interest expense	920	1,726
Non-cash rent expense	9,915	11,244
(Gain) loss on aircraft sales and aircraft held for sale	1,528	(1,190)
Gain (loss) on lease termination	324	(19)
Provision for credit losses	441	72
Provision for inventory reserve	(16)	10
Realized (gain) loss on investment securities	(3)	294
Change in fair value of warrant liability	(1,449)	(781)
Loss on extinguishment of debt	0	4,161
Stock-based compensation	3,283	2,013
Changes in operating assets and liabilities, net of effects from acquisitions:
Other receivables	(568)	(756)
Parts and supplies inventory	(1,412)	(677)
Prepaid expenses and other current assets	(350)	(2,461)
Operating lease liabilities	(9,821)	(11,034)
Other assets	(654)	(157)
Accounts payable	9,762	12,027
Other current liabilities	(2,638)	522
Deferred revenue	(2,901)	(5,154)
Other non-current liabilities	8,614	6,374
Net cash flows from operating activities	2,129	(10,101)
Cash flows from investing activities:
Capitalized development costs	76	(23)
Purchases of property and equipment	(19,123)	(4,108)
Proceeds from sales of property and equipment	15,768	31,521
Finance lease direct initial costs	(478)	(381)
Purchases of engine overhauls	(14,051)	(9,628)
Purchases of investments	(4,858)	(15,457)
Proceeds from sale of investments	4,866	80,025
Net cash flows from investing activities	(17,800)	81,949
Cash flows from financing activities:
Proceeds from issuance of debt	13,698	3,474
Repayment of debt	(29,747)	(79,407)
Proceeds from failed sale-leaseback of aircraft	4,700	0
Payment of debt issuance costs	(1,905)	(373)
Principal payments from finance leases	(2,850)	(278)
Payment of dividends, preferred stock	0	(360)
Cash contributions - noncontrolling interests	2,468	633
Cash distributions - noncontrolling interests	(6,540)	(17,212)
Proceeds from Issuance of Common Stock	20,743	0
Proceeds from preferred stock issuance, net of issuance costs	0	5,800
Net cash flows from financing activities	567	(87,723)
Net increase (decrease) in cash and cash equivalents	(15,104)	(15,875)
Cash and cash equivalents at beginning of period	29,340	31,694
Cash and cash equivalents at end of period	14,236	15,819
Non-cash investing and financing activities:
Change in redemption value of redeemable noncontrolling interest	63,358	24,839
Redemption of Class B Common Stock for Class A Common Stock	34,596	0
Issuances of Class A Common Stock	1,333	0
Transfers from prepaid engine overhaul to property and equipment	2,413	2,403
Transfer of fixed assets and prepaid engine overhauls to held for sale	0	605
Unrealized change in fair value of available-for-sale securities	0	56
Consideration payable to customer	430	0
Non-cash exchanges for non-controlling ownership interest	5,418	1,063
Series A Preferred Stock
Non-cash investing and financing activities:
Dividends payable and amortization of discount on Temporary Equity	2,720	2,039
Series B Preferred stock
Non-cash investing and financing activities:
Dividends payable and amortization of discount on Temporary Equity	0	2,315
Private Placement Warrants
Adjustments to reconcile net loss to net cash from operating activities:
Change in fair value of warrant liability	(303)	(304)
Penny Warrants
Adjustments to reconcile net loss to net cash from operating activities:
Change in fair value of warrant liability	(969)	(300)
Public Warrants
Adjustments to reconcile net loss to net cash from operating activities:
Change in fair value of warrant liability	(177)	(177)
Nonrelated Party
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	(2,158)	(700)
Related Party
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	(467)	0
Notes receivable - related parties	$ 3,250	$ 1,420

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 14,236	$ 29,340
Other receivables	6,803	6,235
Parts and supplies inventory, net	6,496	5,068
Prepaid engine overhauls, current portion	19,184	15,601
Aircraft held for sale, current portion	0	3,421
Prepaid expenses and other current assets	9,946	10,352
Total current assets	63,493	74,372
Notes receivable, non-current portion, net	7,078	7,728
Property and equipment, net	228,281	223,730
Operating lease right-of-use assets	54,494	61,028
Finance lease right-of-use assets	34,085	26,061
Prepaid engine overhauls, non-current portion	45,942	42,694
Other non-current assets	6,010	4,383
Total assets	439,383	439,996
Current liabilities
Accounts payable	40,436	30,674
Deferred revenue, current portion	131,419	135,891
Operating lease liabilities, current portion	13,727	14,932
Finance lease liabilities, current portion	7,811	4,451
Other current liabilities	33,923	36,519
Short-term notes payable	6,917	8,537
Total current liabilities	278,058	269,950
Operating lease liabilities, non-current portion	42,184	47,493
Finance lease liabilities, non-current portion	21,264	19,159
Deferred revenue, non-current portion	28,429	26,428
Warrant liabilities	2,995	4,444
Other non-current liabilities	55,754	47,140
Total liabilities	522,720	524,266
Temporary equity
Redeemable noncontrolling interest	102,058	213,411
Stockholders' (deficit) / equity
Additional paid-in capital	236,936	113,625
Accumulated deficit	(456,984)	(440,385)
Total flyExclusive stockholders' deficit	(220,038)	(326,751)
Noncontrolling interests	3,958	1,105
Total stockholders' deficit	(216,080)	(325,646)
Total liabilities, temporary equity and stockholders' deficit	439,383	439,996
Series A Preferred Stock
Temporary equity
Series A preferred stock, par value $0.0001; 25,000 shares authorized and 25,000 shares issued and outstanding	30,685	27,965
Class A Common stock
Stockholders' (deficit) / equity
Common stock	5	3
Class B Common stock
Stockholders' (deficit) / equity
Common stock	5	6
Nonrelated Party
Current assets
Accounts receivable, net	5,036	3,030
Current liabilities
Long-term notes payable, current portion	24,358	29,905
Long-term notes payable, non-current portion	79,505	79,031
Related Party
Current assets
Accounts receivable, net	1,792	1,325
Current liabilities
Long-term notes payable, current portion	19,467	9,041
Long-term notes payable, non-current portion	$ 14,531	$ 30,621