flyExclusive, Inc.

What they do

flyExclusive operates a fleet of Cessna Citation, HondaJet and Challenger aircraft for domestic and international private jet travel, centered at its Kinston headquarters within the North Carolina Global TransPark. The company runs its own Maintenance, Repair and Overhaul (MRO) operation, a jet club, a fractional ownership program, and aircraft management services, including a 2024 agreement to be the exclusive management provider for Volato, a large HondaJet operator. It is described in its 10-K as the third largest private jet operator in the United States based on departures from the first half of 2025.

Revenue drivers

• Private jet charter and jet club — Core flight revenue from on-demand charter and multi-tiered jet club memberships launched in 2020; total annual revenue was $375.9M in 2025, with roughly half of revenue described as contracted on an annual basis.
• Fractional ownership program — Launched in Q2 2022, members buy or place deposits on fractional shares and access light, mid and super-mid fleets; the company books a profit on each sale amortized over the contract life while retaining aircraft control.
• MRO and Starlink installation services — Third-party maintenance, paint, avionics and interior refurbishment, plus certified Starlink dealership and installation named in 2025; MRO grew 52% year over year in Q2 2026.
• Aircraft management — Management services for third-party owners, including exclusive flight operations and sales management for Volato under a September 2024 agreement.

Recent performance

Q2 2026 consolidated revenue was $111.1M, up 22% year over year, with gross profit up 65% and positive Adjusted EBITDA of $4.2M. Flight hours grew 8% while the company operated 6% fewer aircraft, and dispatch availability improved 1,013 basis points versus Q2 2025. MRO revenue grew 52% year over year. Full-year 2025 revenue was $375.9M with a net loss of $17.6M, compared to a $21.1M net loss in 2024. At June 30, 2026, total liabilities were $522.7M against total assets of $439.4M, with shareholder equity of negative $220.0M and cash of $14.2M.

Strategy

Management is pursuing a vertically integrated model combining owned aircraft, in-house maintenance, paint, avionics and interiors, and a capital-efficient fractional ownership channel. Recent actions include an expanded Mobile Service Unit program, Starlink dealership and installation, and fleet-wide avionics installation on an as-needed basis. The company is also pursuing a proposed merger with Jet.AI through FlyX Merger Sub, Inc. and Jet.AI Merger Sub, and has an at-the-market offering facility with $93M available. Fleet modernization and reducing long-term notes payable are cited priorities.

Risks

• Proposed Jet.AI merger may not close — The merger requires an effective Form S-4 registration statement and Jet.AI stockholder approval, and the company has already incurred significant legal, advisory and financial services costs regardless of outcome.
• Negative shareholder equity and leverage — At June 30, 2026, total liabilities of $522.7M exceeded total assets of $439.4M, producing shareholder equity of negative $220.0M, with $103.9M of long-term debt.
• History of net losses — The company reported net losses of $47.1M in 2023, $21.1M in 2024 and $17.6M in 2025, and operating cash flow was negative in 2024.
• Industry and fuel cost exposure — The 10-K cites aviation downturns and fuel cost increases tied to geopolitical events including the war in Ukraine and Middle East conflicts as risks to operations.

Outlook

Management highlights industry tailwinds including a private aviation market projected to reach $67B by 2032 and a 47% increase in monthly private jet departures versus 2021. It points to corporate private aviation spending recovering and low penetration among high-net-worth households as drivers of share gains. The company says it is well-positioned to capture market share through its MRO growth, fractional program and fleet modernization, while noting the proposed Jet.AI merger remains subject to closing conditions.