FLYEXCLUSIVE INC.
For the period ended Dec 31, 2024. Filed Mar 24, 2025.
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FY2024 · Filed Mar 24, 2025
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Consolidated Statements of Operations and Comprehensive Loss
| Year Ended December 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Revenue | $327,274 | $315,362 |
| Costs and expenses | ||
| Cost of revenue | 290,212 | 264,176 |
| Selling, general and administrative | 91,337 | 75,430 |
| Depreciation and amortization | 25,709 | 26,982 |
| Loss (gain) on aircraft held for sale | 2,795 | (13,905) |
| Total costs and expenses | 410,053 | 352,683 |
| Loss from operations | (82,779) | (37,321) |
| Other income (expense) | ||
| Interest income | 4,313 | 4,629 |
| Interest expense | (21,183) | (22,223) |
| Gain on forgiveness of CARES Act loan | — | 339 |
| Change in fair value of derivative liability | — | (14,589) |
| Change in fair value of warrant liabilities | (1,467) | (334) |
| Gain on extinguishment of debt | — | 14,843 |
| Other expense | (338) | (82) |
| Total other income (expense), net | (18,675) | (17,417) |
| Loss before income taxes | (101,454) | (54,738) |
| Income tax expense (benefit) | 41 | — |
| Net loss | (101,495) | (54,738) |
| Less: Net income (loss) attributable to redeemable noncontrolling interests | (73,384) | 1,080 |
| Less: Net loss attributable to noncontrolling interests | (7,037) | (8,983) |
| Net loss attributable to flyExclusive, Inc. | (21,074) | (46,835) |
| Add: Series A Preferred Dividends | (3,258) | $— |
| Add: Series B Preferred Dividends | (1,233) | $— |
| Net loss attributable to common stockholders | $(25,565) | $(46,835) |
| Basic and Diluted Loss Per Share* | $(1.07) | |
| Weighted Average Common Shares Outstanding (Basic & Diluted)* | 23,809,490 | |
| Other comprehensive loss | ||
| Net loss attributable to flyExclusive, Inc. | $(21,074) | $(46,835) |
| Unrealized gains on available-for-sale debt securities | 13 | 407 |
| Comprehensive loss attributable to flyExclusive, Inc. | $(21,061) | $(46,428) |
*Basic and diluted earnings (loss) per share has not been presented for the year ended December 31, 2023 in the consolidated statements of operations and comprehensive loss. As a result of the Merger (as defined in Note 4 "Merger"), the Company's capital structure was significantly altered. The Company determined that presenting earnings per share for periods prior to the Merger would not result in values meaningful to the users of the consolidated financial statements. See Earnings per Share in Note 2 "Summary of Significant Accounting Policies" and Note 3 "Earnings (Loss) Per Share" for further discussion.
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