flyExclusive Soars on Leaner Fleet, Hits Key Profitability Milestone

KINSTON, NC – February 09, 2026 – Private aviation operator flyExclusive (NYSE American: FLYX) has signaled a dramatic operational and financial turnaround, announcing preliminary unaudited results for 2025 that showcase record revenue, significantly narrowed losses, and its first-ever quarter of positive Adjusted EBITDA. The performance caps what the company is calling a "transformational year," achieved through a disciplined strategy of fleet modernization and enhanced efficiency that saw it generate more income with fewer aircraft.

The Kinston-based company expects its fourth-quarter revenue to land between $103.0 million and $106.0 million, the highest in its history. This represents a roughly 13% increase over the same period in 2024. For the full year, revenue is projected to be between $374.0 million and $378.0 million, a 15% jump from the previous year, underscoring a period of robust growth even as the broader private aviation market remains highly competitive.

Anatomy of a Turnaround

The most significant metric in the preliminary report is the company's swing to profitability on an adjusted basis. For the fourth quarter of 2025, flyExclusive anticipates an Adjusted EBITDA between $5.5 million and $8.0 million. This marks a monumental shift from the $(7.8) million Adjusted EBITDA loss reported in the fourth quarter of 2024 and represents the company’s first quarter in the black for this key non-GAAP measure.

This improvement is also reflected in the company's bottom line. The net loss for the fourth quarter is expected to shrink to a range of $(13.0) million to $(10.0) million, a marked improvement from the $(16.5) million loss a year prior. For the full year 2025, the net loss is projected to narrow by approximately 30%, to a range of $(73.0) million to $(70.0) million, compared to a staggering $(101.5) million loss in 2024.

“These preliminary unaudited results indicate that 2025 was a transformation of our business,” said Jim Segrave, Chairman and Chief Executive Officer of flyExclusive, in a statement accompanying the results. “The investment in adding the high-performing Challengers to our fleet coupled with improved fleet optimization and utilization drove historic top-line growth resulting in significantly improved profitability.”

The positive momentum aligns with the company's stated goal of achieving profitability by the end of 2025, a target set after a challenging 2024. The results suggest that the strategic initiatives put in place are not only working but are accelerating the company’s path toward sustainable financial health.

Leaner and Smarter: The Fleet Optimization Strategy

Perhaps the most compelling aspect of flyExclusive's turnaround is how it was achieved. The company grew its annual revenue by 15% while simultaneously reducing its active fleet by approximately 14%. This counter-intuitive success story is rooted in a rigorous fleet modernization and optimization plan.

Throughout 2025, the company aggressively culled its fleet of older, non-performing aircraft that were a significant drain on resources. This included phasing out its fleet of Citation X jets. At their peak, these underperforming planes were responsible for an estimated $36 million annual drag on performance. By September 2025, the removal of 24 such aircraft had slashed associated monthly operating losses from over $3 million to just $500,000 and improved overall maintenance dispatch availability by nearly 100%.

In place of these older jets, flyExclusive has been strategically expanding its fleet of Bombardier Challenger aircraft. The company considers its Challenger 350s to be the most economically productive segment of its fleet, citing strong customer demand, mission flexibility, and favorable operating characteristics. In January 2026, the company added two more Challenger 350s, bringing its total to eight, with plans to add more Challengers, as well as XLS and CJ3 models, throughout the year.

This strategic pivot is underpinned by the company's vertically integrated model, which includes extensive in-house Maintenance, Repair, and Overhaul (MRO) facilities. This control allows flyExclusive to refurbish newly acquired aircraft to its own premium standard efficiently and manage operating costs more effectively than competitors who rely on third-party maintenance.

Navigating a Competitive Sky

flyExclusive's strong performance comes amid a buoyant but evolving private aviation landscape. The industry has retained many of the new clients it gained during the pandemic, with flight activity in 2025 remaining 34% higher than in 2019. This sustained demand, driven by a growing number of high-net-worth individuals and a preference for the flexibility of private travel, has benefited major operators.

Industry leader NetJets, a subsidiary of Berkshire Hathaway, reported consistent revenue growth throughout 2025, driven by its shared ownership programs and increased flight hours. Meanwhile, competitor Wheels Up (NYSE: UP) is undergoing its own transformation, reporting a 51% improvement in its Adjusted EBITDA loss in the first quarter of 2025 despite a revenue decline, indicating a sector-wide focus on improving profitability.

Within this context, flyExclusive's ability to boost revenue while trimming its fleet size stands out as a particularly effective execution of an efficiency-focused strategy, positioning it to compete not just on availability but on operational excellence.

Charting a Tech-Forward Course

Looking ahead, flyExclusive is betting on technology to further differentiate its service and enhance its value proposition. A key part of this future-facing strategy is its new authorized dealership agreement with Starlink, the satellite internet constellation operated by SpaceX.

Installations of Starlink's high-speed, low-latency internet service are set to begin on flyExclusive’s own fleet in early 2026, starting with the flagship Challenger 350 aircraft. The system promises speeds of up to 310 Mbps, allowing passengers to engage in activities previously impossible in the air, such as streaming 4K video, participating in seamless video calls, and using VPNs for secure work. This "gate-to-gate" connectivity, which works reliably over oceans and remote landmasses, moves in-flight internet from a luxury amenity to a core utility.

Crucially, the agreement also positions flyExclusive as a certified installer for third-party aircraft owners and operators. This leverages its MRO capabilities to create an entirely new revenue stream, selling and installing the high-demand technology for others.

“The capabilities of our vertically integrated platform, highlighted by our recent Starlink dealership agreement... allows us to continue to provide a world-class experience for our customers,” Segrave noted.

Fortifying the Financial Foundation

Underpinning the operational turnaround is a concerted effort to strengthen the company's balance sheet. In 2025, flyExclusive reduced its total long-term notes payable by more than $80 million. This significant deleveraging was accomplished while maintaining cash levels roughly in line with the end of 2024, indicating strong operational cash flow and disciplined financial management.

This move directly addresses previous concerns about the company's debt load, which stood at over $250 million at the end of 2024, primarily related to aircraft financing. By tackling its debt without depleting its cash reserves, flyExclusive is building a more resilient financial foundation for future growth.

Brad Garner, the company’s Chief Financial Officer, emphasized this focus. “Our transformation has been centered on fleet modernization, utilization and cost management driving to sustained profitability,” he stated. “Our continued execution against those initiatives in the fourth quarter resulted in transitioning to positive Adjusted EBITDA, demonstrating the sustainable operating leverage in our model as we continue to scale.”

As flyExclusive prepares to release its final audited results on March 5, 2026, the preliminary figures paint a clear picture of a company successfully navigating a complex turnaround, emerging leaner, more efficient, and on a promising trajectory toward sustained profitability.