FLYEXCLUSIVE INC.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Nov 12, 2025
FLYX$1.11-4.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in thousands, except share amounts) | 2025 | 2024 | 2025 | 2024 |
| Revenue | $92,132 | $76,923 | $271,589 | $235,908 |
| Costs and expenses | ||||
| Cost of revenue | 79,533 | 68,238 | 233,967 | 215,227 |
| Selling, general and administrative | 19,516 | 20,001 | 60,804 | 66,674 |
| Depreciation and amortization | 6,505 | 6,110 | 18,526 | 19,283 |
| (Gain) loss on aircraft sales and aircraft held for sale | (2,123) | 3,480 | (3,313) | 4,897 |
| Total costs and expenses | 103,431 | 97,829 | 309,984 | 306,081 |
| Loss from operations | (11,299) | (20,906) | (38,395) | (70,173) |
| Other income (expense) | ||||
| Interest income | 156 | 979 | 1,095 | 3,419 |
| Interest expense | (5,052) | (5,619) | (14,869) | (15,940) |
| (Loss) gain on lease termination | (2,158) | 24 | (2,137) | 163 |
| Change in fair value of warrant liabilities | (2,812) | 1,500 | (2,031) | (2,179) |
| Loss on extinguishment of debt | — | — | (4,161) | — |
| Other income (expense) | 87 | (114) | 300 | (270) |
| Total other expense, net | (9,779) | (3,230) | (21,803) | (14,807) |
| Loss before income taxes | (21,078) | (24,136) | (60,198) | (84,980) |
| Income tax benefit | — | — | — | — |
| Net loss | (21,078) | (24,136) | (60,198) | (84,980) |
| Less: Net loss attributable to redeemable noncontrolling interests | (15,766) | (18,515) | (45,387) | (60,715) |
| Less: Net (loss) income attributable to noncontrolling interests | (1,044) | 653 | (386) | (6,997) |
| Net loss attributable to flyExclusive, Inc. | (4,268) | (6,274) | (14,425) | (17,268) |
| Add: Series A Preferred Dividends | (1,056) | (1,000) | (3,095) | (2,257) |
| Add: Series B Preferred Dividends | (1,584) | (451) | (3,881) | (451) |
| Net loss attributable to common stockholders | $(6,908) | $(7,725) | $(21,401) | $(19,976) |
| Basic and Diluted Loss Per Share | $(0.25) | $(0.32) | $(0.80) | $(0.85) |
| Weighted Average Common Shares Outstanding (Basic & Diluted) | 27,772,428 | 24,275,741 | 26,910,055 | 23,586,260 |
| Other comprehensive loss | ||||
| Net loss attributable to flyExclusive, Inc. | $(4,268) | $(6,274) | $(14,425) | $(17,268) |
| Unrealized gains on available-for-sale debt securities | — | 371 | — | 179 |
| Comprehensive loss attributable to flyExclusive, Inc. | $(4,268) | $(5,903) | $(14,425) | $(17,089) |
Condensed Consolidated Statements of Stockholders' Equity (Deficit) / Members' Equity (Deficit) and Temporary Equity (Unaudited)
| Temporary Equity · Permanent Equity | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Redeemablenoncontrolling · Series APreferred · Series BPreferred · Class A Common stock · Class B Common stock · Additionalpaid-in · Accumulatedothercomprehensiveincome · Accumulated · Total flyExclusivestockholders’equity · Noncontrolling · Totalstockholders’equity (deficit) /members' | |||||||||||||||||||||||||
| (in thousands, except share amounts) · interest · stock · stock · Shares · Amount · Shares · Amount · capital (Revised) · (loss) · deficit (Revised) · (deficit) · Interests (Revised) · equity | |||||||||||||||||||||||||
| Balances at December 31, 2024 | $159,514 | $23,799 | $15,073 | 18,199,586 | $2 | 59,930,000 | $6 | $— | $(56) | $(233,441) | $(233,489) | $23,431 | $(210,058) | ||||||||||||
| Contributions from non controlling interests | — | — | — | — | — | — | — | — | — | — | 71 | 71 | |||||||||||||
| Distributions to non controlling interests (revised) | — | — | — | — | — | — | — | — | — | — | — | (9,636) | (9,636) | ||||||||||||
| Unrealized gains on available-for-sale securities | — | — | — | — | — | — | — | — | 54 | — | 54 | — | 54 | ||||||||||||
| Issuance of Class A common stock pursuant to Securities Purchase Agreement | — | — | — | 2,000,000 | — | — | — | 5,800 | — | — | 5,800 | — | 5,800 | ||||||||||||
| Issuance of Series B Preferred stock | — | — | 3,963 | — | — | — | — | 4,426 | — | — | 4,426 | — | 4,426 | ||||||||||||
| Accretion of Redeemable non controlling interest to redemption amount (revised) | 50,068 | — | — | — | — | — | — | (11,100) | — | (38,968) | (50,068) | — | (50,068) | ||||||||||||
| Dividends payable on Series A Preferred temporary equity | — | 662 | — | — | — | — | — | — | — | (662) | (662) | — | (662) | ||||||||||||
| Amortization of discount on Series A Preferred temporary equity | — | 345 | — | — | — | — | — | — | — | (345) | (345) | — | (345) | ||||||||||||
| Dividends payable on Series B Preferred temporary equity | — | — | 992 | — | — | — | — | — | — | (992) | (992) | — | (992) | ||||||||||||
| Amortization of discount on Series B Preferred temporary equity | — | — | 190 | — | — | — | — | (190) | — | — | (190) | — | (190) | ||||||||||||
| Stock based compensation | — | — | — | — | — | — | — | 1,064 | — | — | 1,064 | — | 1,064 | ||||||||||||
| Net loss | (17,558) | — | — | — | — | — | — | — | — | (5,449) | (5,449) | (40) | (5,489) | ||||||||||||
| Balances at March 31, 2025 | $192,024 | $24,806 | $20,218 | 20,199,586 | $2 | 59,930,000 | $6 | $— | $(2) | $(279,857) | $(279,851) | $13,826 | $(266,025) | ||||||||||||
| Contributions from non controlling interests | — | — | — | — | — | — | — | — | — | — | — | 1,354 | 1,354 | ||||||||||||
| Distributions to non controlling interests | — | — | — | — | — | — | — | — | — | — | — | (9,431) | (9,431) | ||||||||||||
| Unrealized gains on available-for-sale securities | — | — | — | — | — | — | — | — | 2 | — | 2 | — | 2 | ||||||||||||
| Accretion of Redeemable non controlling interest to redemption amount | (24,839) | — | — | — | — | — | — | 24,839 | — | — | 24,839 | — | 24,839 | ||||||||||||
| Dividends payable on Series A Preferred temporary equity | — | 758 | — | — | — | — | — | — | — | (758) | (758) | — | (758) | ||||||||||||
| Amortization of discount on Series A Preferred temporary equity | — | 274 | — | — | — | — | — | — | — | (274) | (274) | — | (274) | ||||||||||||
| Dividends payable on Series B Preferred temporary equity | — | — | 1,305 | — | — | — | — | — | — | (1,305) | (1,305) | — | (1,305) | ||||||||||||
| Dividends paid on Series B Preferred temporary equity | — | — | (360) | — | — | — | — | — | — | — | — | — | — | ||||||||||||
| Amortization of discount on Series B Preferred temporary equity | — | — | 188 | — | — | — | — | (188) | — | — | (188) | — | (188) | ||||||||||||
| Stock based compensation | — | — | — | — | — | — | — | 948 | — | — | 948 | — | 948 | ||||||||||||
| Net income (loss) | (12,063) | — | — | — | — | — | — | — | — | (4,764) | (4,764) | 698 | (4,066) | ||||||||||||
| Balances at June 30, 2025 | $155,122 | $25,838 | $21,351 | 20,199,586 | $2 | 59,930,000 | $6 | $25,599 | $— | $(286,958) | $(261,351) | $6,447 | $(254,904) | ||||||||||||
| Temporary Equity · Permanent Equity | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Redeemablenoncontrolling · Series APreferred · Series BPreferred · Class A Common stock · Class B Common stock · Additionalpaid-in · Accumulatedothercomprehensiveincome · Accumulated · Total flyExclusivestockholders’equity · Noncontrolling · Totalstockholders’equity (deficit) /members' | |||||||||||||
| (in thousands, except share amounts) | interest | stock | stock | Shares | Amount | Shares | Amount | capital (Revised) | (loss) | deficit (Revised) | (deficit) | Interests (Revised) | equity |
| Contributions from non controlling interests | — | — | — | — | — | — | — | — | — | — | — | 102 | 102 |
| Distributions to non controlling interests | — | — | — | — | — | — | — | — | — | — | — | (5,972) | (5,972) |
| Accretion of Redeemable non controlling interest to redemption amount | 166,706 | — | — | — | — | — | — | (26,348) | — | (140,358) | (166,706) | — | (166,706) |
| Dividends payable on Series A Preferred temporary equity | — | 767 | — | — | — | — | — | — | — | (767) | (767) | — | (767) |
| Amortization of discount on Series A Preferred temporary equity | — | 289 | — | — | — | — | — | — | — | (289) | (289) | — | (289) |
| Dividends payable on Series B Preferred temporary equity | — | — | 1,584 | — | — | — | — | — | — | (1,584) | (1,584) | — | (1,584) |
| Amortization of discount on Series B Preferred temporary equity | — | — | 80 | — | — | — | — | (80) | — | — | (80) | — | (80) |
| Stock based compensation | — | — | — | — | — | — | — | 829 | — | — | 829 | — | 829 |
| Net loss | (15,766) | — | — | — | — | — | — | — | — | (4,268) | (4,268) | (1,044) | (5,312) |
| Balances at September 30, 2025 | $306,062 | $26,894 | $23,015 | 20,199,586 | $2 | 59,930,000 | $6 | $— | $— | $(434,224) | $(434,216) | $(467) | $(434,683) |
| Temporary Equity · Permanent Equity | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Redeemablenoncontrolling · Series APreferred · Series BPreferred · Class A Common stock · Class B Common stock · Additionalpaid-in · Accumulatedothercomprehensiveincome · Accumulated · Total flyExclusivestockholders’equity · Noncontrolling · Totalstockholders’equity (deficit) /members' | |||||||||||||
| (in thousands, except share amounts) | interest | stock | stock | Shares | Amount | Shares | Amount | capital (Revised) | (loss) | deficit (Revised) | (deficit) | Interests (Revised) | equity |
| Balances at December 31, 2023 | $(35,525) | $— | $— | 16,647,529 | $2 | 59,930,000 | $6 | $126,978 | $(69) | $(80,456) | $46,461 | $24,394 | $70,855 |
| Contributions from non controlling interests | — | — | — | — | — | — | — | — | — | — | — | 157 | 157 |
| Distributions to non controlling interests | — | — | — | — | — | — | — | — | — | — | — | (2,455) | (2,455) |
| Acquisitions of non controlling interests | — | — | — | — | — | — | — | (1,984) | — | — | (1,984) | (1,434) | (3,418) |
| Unrealized gains on available-for-sale securities | — | — | — | — | — | — | — | — | (169) | — | (169) | — | (169) |
| Exchange of warrants for Class A common stock | — | — | — | 277,447 | — | — | — | 371 | — | — | 371 | — | 371 |
| Issuance of Class A common stock upon cashless exercise of warrants | — | — | — | 967,045 | — | — | — | 4,302 | — | — | 4,302 | — | 4,302 |
| Issuance of Series A Preferred stock | — | 20,361 | — | — | — | — | — | — | — | — | — | — | — |
| Accretion of Redeemable non controlling interest to redemption amount | 192,364 | — | — | — | — | — | — | (129,667) | — | (62,697) | (192,364) | — | (192,364) |
| Dividends payable on Series A Preferred temporary equity | — | 188 | — | — | — | — | — | — | — | (188) | (188) | — | (188) |
| Amortization of discount on Series A Preferred temporary equity | — | 97 | — | — | — | — | — | — | — | (97) | (97) | — | (97) |
| Net loss | (21,699) | — | — | — | — | — | — | — | — | (5,841) | (5,841) | (5,450) | (11,291) |
| Balances at March 31, 2024 | $135,140 | $20,646 | $— | 17,892,021 | $2 | 59,930,000 | $6 | $— | $(238) | $(149,279) | $(149,509) | $15,212 | $(134,297) |
| Contributions from non controlling interests | — | — | — | — | — | — | — | — | — | — | — | 103 | 103 |
| Distributions to non controlling interests | — | — | — | — | — | — | — | — | — | — | — | (3,734) | (3,734) |
| Acquisitions of non controlling interests | — | — | — | — | — | — | — | 256 | — | 5 | 261 | 2,944 | 3,205 |
| Unrealized gains on available-for-sale securities | — | — | — | — | — | — | — | — | (24) | — | (24) | — | (24) |
| Issuance of Class A common stock upon cashless exercise of warrants | — | — | — | 7,565 | — | — | — | 35 | — | — | 35 | — | 35 |
| Accretion of Redeemable non controlling interest to redemption amount (revised) | (5,657) | — | — | — | — | — | — | 5,657 | — | — | 5,657 | — | 5,657 |
| Dividends payable on Series A Preferred temporary equity | — | 631 | — | — | — | — | — | — | — | (631) | (631) | — | (631) |
| Amortization of discount on Series A Preferred temporary equity | — | 341 | — | — | — | — | — | — | — | (341) | (341) | — | (341) |
| Net loss | (20,501) | — | — | — | — | — | — | — | — | (5,153) | (5,153) | (2,200) | (7,353) |
| Balances at June 30, 2024 | $108,982 | $21,618 | $— | $17,899,586 | $2 | $59,930,000 | $6 | $5,948 | $(262) | $(155,399) | $(149,705) | $12,325 | $(137,380) |
| Temporary Equity · Permanent Equity | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Redeemablenoncontrolling · Series APreferred · Series BPreferred · Class A Common stock · Class B Common stock · Additionalpaid-in · Accumulatedothercomprehensiveincome · Accumulated · Total flyExclusivestockholders’equity · Noncontrolling · Totalstockholders’equity (deficit) /members' | |||||||||||||
| (in thousands, except share amounts) | interest | stock | stock | Shares | Amount | Shares | Amount | capital (Revised) | (loss) | deficit (Revised) | (deficit) | Interests (Revised) | equity |
| Contributions from non controlling interests | — | — | — | — | — | — | — | — | — | — | — | 6,068 | 6,068 |
| Distributions to non controlling interests (revised) | — | — | — | — | — | — | — | — | — | — | — | (8,682) | (8,682) |
| Acquisitions of non controlling interests | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Unrealized gains on available-for-sale securities | — | — | — | — | — | — | — | — | 371 | — | 371 | — | 371 |
| Issuance of Class A common stock upon cashless exercise of warrants | — | — | — | 300,000 | — | — | — | — | — | — | — | — | — |
| Issuance of Series B Preferred stock | — | — | 13,526 | — | — | — | — | 10,603 | — | — | 10,603 | — | 10,603 |
| Accretion of Redeemable non controlling interest to redemption amount (revised) | 44,566 | — | — | — | — | — | — | (16,504) | — | (28,062) | (44,566) | — | (44,566) |
| Dividends payable on Series A Preferred temporary equity | — | 827 | — | — | — | — | — | — | — | (827) | (827) | — | (827) |
| Amortization of discount on Series A Preferred temporary equity | — | 173 | — | — | — | — | — | — | — | (173) | (173) | — | (173) |
| Dividends payable on Series B Preferred temporary equity | — | — | 451 | — | — | — | — | — | — | (451) | (451) | — | (451) |
| Amortization of discount on Series B Preferred temporary equity | — | — | 47 | — | — | — | — | (47) | — | — | (47) | — | (47) |
| Net loss | (18,515) | — | — | — | — | — | — | — | — | (6,274) | (6,274) | 653 | (5,621) |
| Balances at September 30, 2024 | $135,033 | $22,618 | $14,024 | $18,199,586 | $2 | $59,930,000 | $6 | $— | $109 | $(191,186) | $(191,069) | $10,364 | $(180,705) |
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Cash flows from operating activities: | ||
| Net loss | $(60,198) | $(84,980) |
| Adjustments to reconcile net loss to net cash from operating activities: | ||
| Depreciation and amortization | 16,538 | 19,283 |
| Amortization of finance lease right-of-use assets | 1,988 | — |
| Amortization of contract costs | 1,161 | 821 |
| Non-cash interest income | (634) | (2,093) |
| Non-cash interest expense | 2,174 | 1,126 |
| Non-cash rent expense | 16,497 | 15,818 |
| (Gain) loss on aircraft sales and aircraft held for sale | (3,313) | 4,897 |
| (Gain) loss on lease termination | 2,137 | (163) |
| Provision for credit losses | 105 | 2,076 |
| Provision for inventory reserve | 21 | — |
| Realized loss on investment securities | 238 | 59 |
| Change in fair value of private placement warrant liability | 606 | 433 |
| Change in fair value of public warrant liability | 353 | 3,960 |
| Change in fair value of penny warrant liability | 1,072 | (2,214) |
| Loss on extinguishment of debt | 4,161 | — |
| Stock-based compensation | 2,841 | — |
| Changes in operating assets and liabilities, net of effects from acquisitions: | ||
| Accounts receivable | (839) | (752) |
| Due from related parties | 1,385 | 19 |
| Other receivables | (1,198) | (1,797) |
| Parts and supplies inventory | (404) | (836) |
| Prepaid expenses and other current assets | (4,172) | 261 |
| Operating lease liabilities | (16,300) | (15,989) |
| Other assets | (240) | (76) |
| Accounts payable | 13,036 | (4,062) |
| Other current liabilities | 185 | (2,932) |
| Deferred revenue | 3,124 | 6,276 |
| Other non-current liabilities | 9,366 | 6,431 |
| Net cash flows from operating activities | (10,310) | (54,434) |
| Cash flows from investing activities: | ||
| Capitalized development costs | (24) | (412) |
| Purchases of property and equipment | (14,923) | (14,656) |
| Proceeds from sales of property and equipment | 47,048 | 28,533 |
| Finance lease direct initial costs | (381) | — |
| Purchases of engine overhauls | (17,825) | (18,364) |
| Purchases of investments | (15,457) | (45,495) |
| Proceeds from sale of investments | 80,025 | 57,449 |
| Proceeds from notes receivable | — | 15,040 |
| Net cash flows from investing activities | 78,463 | 22,095 |
Condensed Consolidated Statements of Cash Flows (Unaudited) (continued)
| (in thousands) | 2025 | 2024 |
|---|---|---|
| Cash flows from financing activities: | ||
| Proceeds from issuance of debt | 10,324 | 71,413 |
| Repayment of debt | (84,145) | (50,282) |
| Payment of debt issuance costs | (1,950) | (4,018) |
| Proceeds from sale-leaseback of aircraft | 15,500 | — |
| Payment of dividends, preferred stock | (361) | — |
| Repayment of finance lease | (3,864) | — |
| Cash contributions - non-controlling interests | 735 | 6,327 |
| Cash distributions - non-controlling interests | (23,184) | (13,920) |
| Proceeds from common stock issuance, net of issuance costs | 5,800 | — |
| Proceeds from preferred stock issuance, net of issuance costs | — | 29,847 |
| Net cash flows from financing activities | (81,145) | 39,367 |
| Net increase (decrease) in cash and cash equivalents | (12,992) | 7,028 |
| Cash and cash equivalents at beginning of period | 31,694 | 11,626 |
| Cash and cash equivalents at end of period | $18,702 | $18,654 |
| Supplemental disclosure of cash flow information: | ||
| Non-cash investing and financing activities: | ||
| Exchange of Fly public warrants for flyExclusive Class A common stock | $— | $371 |
| Change in redemption value of redeemable noncontrolling interest | $191,935 | $231,273 |
| FlyExclusive Class A common stock issued on cashless exercise of public warrants | $— | $4,337 |
| Issuance of penny warrants in connection with Class A Preferred temporary equity issuance | $— | $3,746 |
| Issuance of penny warrants in connection with Class B Preferred temporary equity issuance | $— | $11,712 |
| Dividends payable and amortization of discount on Class A Temporary Equity | $3,095 | $2,257 |
| Dividends payable and amortization of discount on Class B Temporary Equity | $4,339 | $451 |
| Transfers from prepaid engine overhaul to property and equipment | $4,704 | $9,833 |
| Transfer of fixed assets and prepaid engine overhauls to held for sale | $1,238 | $— |
| Transfers of aircraft from held for sale, non-current portion to held for sale, current portion | $4,085 | $— |
| Unrealized change in fair value of available-for-sale securities | $56 | $(178) |
| ROU assets obtained in exchange for operating lease liabilities | $10,522 | $7,326 |
| ROU assets obtained in exchange for finance lease liabilities | $23,074 | $— |
| Non-cash exchanges for non-controlling ownership interest | $1,063 | $— |
| Acquisition of non-controlling interests | $— | $6,892 |
(Amounts in thousands, except per share amounts)
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.