\nflyExclusive, Inc. (NYSE American: FLYX), one of North America’s largest private jet operators, today announced financial results for the third quarter ended September 30, 2026, reporting substantial year-over-year gains for the quarter in revenue, gross profit and Adjusted EBITDA as its fleet modernization and operational efficiency initiatives continue to transform the economics of its business.<\/p>\n
\nThird-quarter revenue increased 21% to $111.1 million, while gross profit rose 95% to $24.6 million compared to the third quarter of 2025. Gross margin for the quarter expanded approximately 850 basis points to 22%, and Adjusted EBITDA reached $5.1 million, a $7.1 million improvement from the prior-year period. Adjusted EBITDA is a non-GAAP metric; see \u201cNon-GAAP Financial Measures\u201d below for important disclosures and a reconciliation to relevant GAAP measures.<\/p>\n
\nThe results demonstrate the increasing productivity of flyExclusive’s vertically integrated operating platform. The Company flew 19,660 hours during the quarter, 7% more than a year earlier, and ended the quarter with 73 revenue-generating aircraft compared with 90 in the third quarter of 2025.<\/p>\n
Third Quarter 2026 Highlights<\/b><\/p>\n “We’re generating more earnings from a smaller fleet.”<\/b><\/p>\n \n“Two years ago, we had an aircraft productivity problem that was consuming capital and limiting our ability to grow profitably,” said Jim Segrave, Founder and Chief Executive Officer of flyExclusive. “Today, we’re flying more hours with fewer airplanes, generating substantially higher margins and producing positive Adjusted EBITDA.”<\/p>\n \n“The significance of these results isn’t simply that revenue grew 21%. It’s that gross profit grew 95%. We’ve fundamentally changed the relationship between our revenue and our operating costs. That’s what our fleet transformation was designed to accomplish, and we believe the numbers are showing it.”<\/p>\n \n“Importantly, we still have substantial room to improve. We’re building a more productive fleet, increasing aircraft availability, expanding our maintenance capabilities and growing our base of committed customers. We believe the operating platform we’ve built can support meaningfully greater earnings power as we continue to execute.”<\/p>\n A More Productive Fleet Is Driving Higher Margins<\/b><\/p>\n \nflyExclusive’s fleet transformation continues to deliver measurable improvements in aircraft productivity and operating efficiency.<\/p>\n \nDuring the third quarter of 2026, the Company generated approximately 7% more flight hours with 19% fewer revenue-generating aircraft on certificate than in the comparable 2025 period. Average monthly utilization on the core fleet increased to approximately 86 flight hours per aircraft, compared with 72 a year earlier.<\/p>\n \nThe Company has eliminated 35 non-performing aircraft from its fleet transformation program, including three during the third quarter. The remaining two aircraft in the identified non-performing fleet are under contract to be sold.<\/p>\n \nAt the same time, dispatch availability increased to 58%, up from 49% in the third quarter of 2025. Management estimates that each additional percentage point of dispatch availability represents approximately $2.5 million in potential annual contribution at the Company’s current fleet size, assuming that incremental availability can be converted into productive flying.<\/p>\n \nThese improvements contributed to a gross margin of 22% in the third quarter of 2026, compared with 14% in the prior-year quarter and 20% in the second quarter of 2026.<\/p>\n Expanding Profitability and Operating Leverage<\/b><\/p>\n \nThird-quarter Adjusted EBITDA improved by approximately $7.1 million year over year to $5.1 million, compared with an Adjusted EBITDA loss of $1.9 million in the third quarter of 2025.<\/p>\n \nAdjusted EBITDA margin for the quarter increased to approximately 5%, compared with negative 2% in the prior-year quarter.<\/p>\n \nFor the first nine months of 2026, revenue increased 17% to $318.5 million, while gross profit grew 76% to $66.4 million.<\/p>\n \nYear-to-date Adjusted EBITDA reached approximately $8.6 million, an improvement of approximately $22.1 million compared with the first nine months of 2025.<\/p>\n \nThe Company’s operating efficiency gains extended beyond aircraft utilization. Third-quarter revenue per SG&A employee increased approximately 8% year over year, while SG&A expense as a percentage of revenue declined approximately 106 basis points to 20%.<\/p>\n \n“We’re seeing the benefit of operating leverage across the business,” said Brad Garner, Chief Financial Officer of flyExclusive. “Our revenue is growing faster than our overhead, our aircraft are more productive, and the improvements in dispatch availability are creating additional operating capacity without requiring a proportional increase in fleet size.<\/p>\n \n“This is reflected in our gross margin for the quarter, which expanded from 14% to 22% in just one year. We remain focused on converting that operating progress into sustainable earnings and cash generation while maintaining disciplined capital allocation.”<\/p>\n Growth Across Jet Club, Fractional and Maintenance Services<\/b><\/p>\n \nDemand for flyExclusive’s retail aviation products remained strong during the quarter.<\/p>\n \nJet Club retail sales during the third quarter increased approximately 22% year over year to $38.6 million, while fractional share sales and flight-fund deployments increased approximately 22% to $16.8 million.<\/p>\n \nThese products support the Company’s strategy of increasing contractually committed customer demand, improving revenue visibility and more effectively matching flight requirements with available fleet capacity.<\/p>\n \nThe Company’s vertically integrated maintenance business continued expanding, with external MRO revenue increasing approximately 38% to $4.3 million during the quarter.<\/p>\n \nflyExclusive has deployed 14 Mobile Service Units across strategic geographic regions, extending its maintenance capabilities beyond its facilities in Kinston, North Carolina. Management estimates the internal Mobile Service Unit program delivers approximately 50% cost savings compared with external providers while supporting faster aircraft return-to-service.<\/p>\n \nThe Company continues to invest in additional maintenance capabilities, including avionics, aircraft refurbishment, paint, and Starlink installations, expanding opportunities to serve both its own fleet and third-party customers.<\/p>\n Strengthened Financial Position and Continued Investment<\/b><\/p>\n \nflyExclusive ended the third quarter with approximately $19.6 million in cash and cash equivalents, compared with $14.2 million at June 30, 2026.<\/p>\n \nLong-term notes payable declined to approximately $136.0 million, representing a reduction of approximately $13.0 million and $106.0 million from third-quarter 2025 and third quarter 2024 levels, respectively.<\/p>\n \nManagement remains focused on balancing liquidity, debt reduction and disciplined investment in productive fleet capacity and operating capabilities.<\/p>\n Third Quarter Financial and Operating Summary<\/b><\/p>\n Metric<\/b><\/p>\n<\/td>\n Three Months Ended Three Months Ended Change<\/b><\/p>\n<\/td>\n<\/tr>\n \nRevenue<\/p>\n<\/td>\n \n$111.1M<\/p>\n<\/td>\n \n$92.1M<\/p>\n<\/td>\n \n+21%<\/p>\n<\/td>\n<\/tr>\n \nGross profit<\/p>\n<\/td>\n \n$24.6M<\/p>\n<\/td>\n \n$12.6M<\/p>\n<\/td>\n \n+95%<\/p>\n<\/td>\n<\/tr>\n \nGross margin<\/p>\n<\/td>\n \n22.2%<\/p>\n<\/td>\n \n13.7%<\/p>\n<\/td>\n \n+850 bps<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA<\/p>\n<\/td>\n \n$5.1M<\/p>\n<\/td>\n \n$(1.9)M<\/p>\n<\/td>\n \n+$7.1M<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDAR<\/p>\n<\/td>\n \n$9.4M<\/p>\n<\/td>\n \n$2.8M<\/p>\n<\/td>\n \n+$6.6M<\/p>\n<\/td>\n<\/tr>\n \nTotal flight hours<\/p>\n<\/td>\n \n19,660<\/p>\n<\/td>\n \n18,289<\/p>\n<\/td>\n \n+7%<\/p>\n<\/td>\n<\/tr>\n \nEnding aircraft on certificate<\/p>\n<\/td>\n \n73<\/p>\n<\/td>\n \n90<\/p>\n<\/td>\n \n(19%)<\/p>\n<\/td>\n<\/tr>\n \nDispatch availability<\/p>\n<\/td>\n \n58.2%<\/p>\n<\/td>\n \n48.9%<\/p>\n<\/td>\n \n+930 bps<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Figures rounded. Adjusted EBITDA and Adjusted EBITDAR are non-GAAP measures. See reconciliations and important disclosures under \u201cNon-GAAP Financial Measures\u201d below.<\/i><\/p>\n Conference Call and Investor Materials<\/b><\/p>\n \nManagement will discuss third-quarter results, operating performance and the Company’s strategic priorities on its earnings conference call on Thursday, November 12, 2026 at 8:30 AM ET<\/b>. Interested parties can access the conference call by dialing (877) 404-1250 (toll free) or +1 (215) 268-9892 (international) and referencing event code 13763833.<\/p>\n \nInvestors and interested parties may access the live webcast, earnings presentation and supporting financial materials through the Company’s Investor Relations website at https:\/\/ir.flyexclusive.com<\/a>.<\/p>\n \nA replay of the webcast will be available following the call.<\/p>\n About flyExclusive<\/b><\/p>\n \nflyExclusive is a vertically integrated, FAA-certificated air carrier offering private jet experiences through fractional ownership, Jet Club memberships and on-demand charter services to destinations around the world. The Company operates one of the largest private jet fleets in the United States, supported by in-house maintenance, repair, refurbishment and avionics capabilities in Kinston, North Carolina.<\/p>\n Three Months Ended September 30,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Nine Months Ended September 30,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(12,997<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(21,022<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(37,833<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(60,198<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(63<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(156<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(276<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,095<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,742<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,052<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,698<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,869<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n73<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,468<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,505<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,102<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,526<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n564<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n99<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n910<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n339<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n517<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n620<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,182<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,377<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,775<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,127<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,271<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,140<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,130<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,327<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,711<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(160<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,077<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(217<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,161<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n405<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(621<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,812<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,070<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,031<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n46<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n195<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,109<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,947<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,570<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(13,545<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,302<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,734<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,340<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,024<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9,411<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,787<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n20,910<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,479<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Forward-Looking Statements<\/b><\/p>\n \nThis release contains forward-looking statements within the meaning of the U.S. federal securities laws, including statements regarding future financial and operating performance, aircraft utilization and availability, growth initiatives, fleet modernization, profitability, liquidity, capital allocation, MRO expansion and the Company’s business strategy.<\/p>\n \nThese statements reflect management’s current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including changes in demand, aircraft availability, operating costs, financing conditions, execution of business initiatives, regulatory requirements and other factors described in the Company’s Annual Report on Form 10-K filed March 5, 2026, and subsequent SEC filings.<\/p>\n \nflyExclusive undertakes no obligation to update forward-looking statements except as required by law.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20261112570164\/en\/<\/a><\/span><\/p>\n Media Contact Investor Relations Contact KEYWORDS:<\/b> United States North America North Carolina<\/p>\n INDUSTRY KEYWORDS:<\/b> Transportation Air Transport Travel<\/p>\n\n
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September 30, 2026<\/b><\/p>\n<\/td>\n\n
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September 30, 2025<\/b><\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Net loss<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Add (deduct):<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Interest income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Interest expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Income tax expense\/benefit<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Litigation costs (1)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Acquisition costs (2)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Equity-based compensation<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Non-cash loss on assets held for sale (3)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Realized losses due to fleet modernization (4)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Loss on extinguishment of debt<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Loss on abandoned projects(5)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Change in fair value of warrant liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n SOX control remediation<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Adjusted EBITDA<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Aircraft lease costs<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Adjusted EBITDAR<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n <\/p>\n
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Hannah Rose, VP of Marketing
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media@flyexclusive.com<\/a><\/p>\n
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investors@flyexclusive.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20261112570164\/en\/759957\/3\/Dark_Blue_Logo.jpg\"){kind=logo}
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