FLYEXCLUSIVE INC.
For the period ended Dec 31, 2025. Filed Mar 5, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 5, 2026
FLYX$1.11-4.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
Consolidated State ments of Cash Flows
| Year EndedDecember 31, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Cash flows from operating activities: | ||
| Net loss | $(67,114) | $(101,495) |
| Adjustments to reconcile net loss to net cash from operating activities: | ||
| Depreciation and amortization | 22,025 | 24,966 |
| Amortization of finance lease right-of-use assets | 1,562 | 743 |
| Amortization of contract costs | 1,543 | 1,136 |
| Non-cash interest income | (634) | (2,712) |
| Non-cash interest expense | 3,306 | 1,477 |
| Non-cash rent expense | 21,410 | 21,199 |
| (Gain) loss on aircraft sales and aircraft held for sale | (2,688) | 2,795 |
| Loss (gain) on lease termination | 2,468 | (133) |
| Provision for credit losses | 305 | 2,190 |
| Provision for inventory reserve | 13 | — |
| Realized loss on investment securities | 284 | 59 |
| Change in fair value of private placement warrant liability | 433 | (173) |
| Change in fair value of public warrant liability | 252 | 3,607 |
| Change in fair value of penny warrant liability | 745 | (1,967) |
| Loss on extinguishment of debt | 1,395 | — |
| Stock-based compensation | 4,480 | 753 |
| Changes in operating assets and liabilities, net of effects from acquisitions: | ||
| Accounts receivable | (1,211) | (1,175) |
| Notes receivable - related parties | (4,128) | — |
| Due from related parties | 1,320 | (734) |
| Other receivables | 905 | (2,680) |
| Parts and supplies inventory | 577 | (516) |
| Prepaid expenses and other current assets | (2,159) | (123) |
| Operating lease liabilities | (21,119) | (21,166) |
| Other assets | (2,309) | (335) |
| Accounts payable | 12,745 | 4,693 |
| Other current liabilities | 6,026 | (756) |
| Deferred revenue | 9,455 | 45,788 |
| Other non-current liabilities | 16,801 | 13,630 |
| Net cash flows from operating activities | 6,688 | (10,929) |
| Cash flows from investing activities: | ||
| Capitalized development costs | (22) | (492) |
| Purchases of property and equipment | (30,941) | (56,666) |
| Proceeds from sales of property and equipment | 102,801 | 50,776 |
| Finance lease direct initial costs | (1,546) | (385) |
| Purchases of engine overhauls | (25,945) | (24,508) |
| Purchases of investments | (15,457) | (61,878) |
| Proceeds from sale of investments | 80,025 | 70,083 |
| Proceeds from notes receivable | — | 15,201 |
| Net cash flows from investing activities | 108,915 | (7,869) |
Consolidated Statements of Cash Flows (continued)
| Year EndedDecember 31, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Cash flows from financing activities: | ||
| Proceeds from issuance of debt | 27,284 | 71,413 |
| Repayment of debt | (138,601) | (57,743) |
| Payment of debt issuance costs | (1,984) | (849) |
| Proceeds from failed sale-leaseback of aircraft | 34,000 | — |
| Payment of dividends, preferred stock | (1,000) | — |
| Repayment of finance lease | (21,187) | (9,048) |
| Cash contributions - non-controlling interests | 6,634 | 6,485 |
| Cash distributions - non-controlling interests | (28,903) | (19,771) |
| Proceeds from common stock issuance, net of issuance costs | 5,800 | — |
| Proceeds from preferred stock issuance, net of issuance costs | — | 48,379 |
| Net cash flows from financing activities | (117,957) | 38,866 |
| Net increase (decrease) in cash and cash equivalents | (2,354) | 20,068 |
| Cash and cash equivalents at beginning of period | 31,694 | 11,626 |
| Cash and cash equivalents at end of period | $29,340 | $31,694 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $16,800 | $19,706 |
| Finance lease interest | $1,289 | $— |
| Non-cash investing and financing activities: | ||
| Non-cash directors and officers insurance | $— | $2,032 |
| Exchange of public warrants for flyExclusive Class A common stock | $— | $371 |
| Change in redemption value of redeemable noncontrolling interest | $104,426 | $268,423 |
| Conversion of Series B Temporary Equity to Class A common stock | $24,300 | $— |
| Issuances of Class A common stock | $2,700 | $— |
| Issuance of Class A common stock upon cashless exercise of warrants | $9,479 | $4,337 |
| Excise tax payable | $189 | $156 |
| Issuance of penny warrants in connection with Series A Preferred Temporary Equity | $— | $3,746 |
| Dividends payable and amortization of discount on Series A Temporary Equity | $4,166 | $3,259 |
| Dividends payable and amortization of discount on Series B Temporary Equity | $6,264 | $1,233 |
| Transfers from prepaid engine overhaul to property and equipment | $— | $10,764 |
| Change in purchases of property and equipment in accounts payable | $— | $14,570 |
| Transfer of fixed assets and prepaid engine overhauls to held for sale | $1,238 | $42,960 |
| 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 | $13 |
| ROU assets obtained in exchange for operating lease liabilities | $12,884 | $14,866 |
| ROU assets obtained in exchange for finance lease liabilities | $25,197 | $16,039 |
| Transfers from finance lease ROU assets to property and equipment | $27,349 | $— |
| Consideration payable to customer | $2,166 | $— |
| Non-cash exchanges for non-controlling ownership interest | $1,063 | $— |
| Acquisition of non-controlling interests | $— | $20,734 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.