FLYEXCLUSIVE INC.
For the period ended Jun 30, 2025. Filed Aug 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 13, 2025
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5. Fair Value Measurements
Fair Value Measurements
The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Assets: | ||||
| Cash equivalents: | ||||
| Money market mutual funds | 5,156 | — | — | 5,156 |
| $5,156 | $— | $— | $5,156 | |
| Liabilities: | ||||
| Warrant liability - public warrants | $277 | $— | $— | $277 |
| Warrant liability - private placement warrants | — | 476 | — | 476 |
| Warrant liability - Series A penny warrants | — | — | 1,480 | 1,480 |
| $277 | $476 | $1,480 | $2,233 | |
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Assets: | ||||
| Cash equivalents: | ||||
| Money market mutual funds | $2,710 | $— | $— | $2,710 |
| Investments in Securities | 849 | 64,692 | — | 65,541 |
| $3,559 | $64,692 | $— | $68,251 | |
| Liabilities: | ||||
| Warrant liability - public warrants | $454 | $— | $— | $454 |
| Warrant liability - private placement warrants | — | 780 | — | 780 |
| Warrant liability - Series A penny warrants | — | — | 1,780 | 1,780 |
| $454 | $780 | $1,780 | $3,014 | |
The fair values of government money market funds have been measured on a recurring basis using Level 1 inputs, which are based on unadjusted quoted market prices within active markets. The short-term investments, including investments in fixed income securities, have been measured using quoted pricing on active markets for Level 1 investments and inputs based on alternative pricing sources and models utilizing observable market inputs for Level 2 investments.
The fair value of the Public Warrants is classified as Level 1 due to the use of an observable market quote in an active market. The fair value of the Private Placement Warrants is classified as Level 2 due to the use of an observable market quote for the Public Warrants, which are considered to be a similar asset in an active market. The warrant liability is calculated by multiplying the quoted market price of the Company’s Public Warrants by the total number of Public Warrants and Private Placement Warrants.
The Company’s Level 3 liability consists of the Series A Penny Warrants associated with the issuance of Series A Preferred Stock. This liability has been classified as Level 3 due to the use of unobservable inputs within the valuation, namely volatility.
The fair value of the Series A Penny Warrant liability as of June 30, 2025 and December 31, 2024 was determined utilizing a Monte Carlo simulation valuation method, using the following inputs and assumptions:
| $ in thousands, except for Stock price, Strike price, and share amounts | June 30, 2025 |
|---|---|
| Warrant Shares | 1,304,742 |
| Aggregate Value Cap | $11,250 |
| Stock price | $1.95 |
| Strike price | $0.01 |
| Term (in years) | 3.7 years |
| Volatility | 100.0% |
| Risk free rate | 3.7% |
| Dividend Rate | —% |
| $ in thousands, except for Stock price, Strike price, and share amounts | December 31, 2024 |
|---|---|
| Warrant Shares | 1,274,742 |
| Aggregate Value Cap | $11,250 |
| Stock price | $3.15 |
| Strike price | $0.01 |
| Term (in years) | 4.2 |
| Volatility | 100.0% |
| Risk free rate | 4.3% |
| Dividend Rate | —% |
The following table shows the change in the fair value of the Series A Penny Warrant liability for the six months ended June 30, 2025.
| Balance as of December 31, 2024 | $1,780 |
|---|---|
| Issuance of Series A Penny Warrants | — |
| Change in fair value of Series A Penny Warrants | (300) |
| Balance as of June 30, 2025 | $1,480 |
There have been no other changes in valuation techniques and related inputs. As of June 30, 2025 and December 31, 2024, there were no transfers between Level 1, Level 2, and Level 3.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.