flyExclusive, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For the three months ended September 30, 2024, flyExclusive generated revenue of $76.9 million, a 24% increase from $62.0 million in the same period of 2023. The growth was primarily driven by a 17.3% rise in jet club and charter revenue, which reached $69.6 million, and a substantial 257.7% increase in fractional ownership revenue, totaling $5.3 million. However, for the nine months ended September 30, 2024, total revenue decreased slightly to $235.9 million from $239.4 million in 2023, largely due to the termination of the Guaranteed Revenue Program (GRP) with Wheels Up, which resulted in a complete loss of $66.9 million in revenue.

Total costs and expenses for the third quarter rose to $97.8 million, up 25.6% from $77.9 million in 2023, while for the nine-month period, they increased by 20.9% to $306.1 million. This rise in expenses was attributed to higher salaries, aircraft lease costs, and maintenance expenses. Consequently, the company reported a loss from operations of $20.9 million for the third quarter, worsening from a loss of $15.9 million in the prior year. The nine-month loss from operations surged to $70.2 million, compared to $13.9 million in 2023.

The net loss for the third quarter was $24.1 million, a slight improvement from $24.6 million in 2023. However, the nine-month net loss escalated to $85.0 million from $30.5 million in the previous year. The accumulated deficit as of September 30, 2024, stood at $201.6 million, worsening from $80.5 million at the end of 2023.

Strategically, flyExclusive completed a merger with EG Acquisition Corp. on December 27, 2023, which significantly altered its capital structure. The company has also entered into an Aircraft Management Services Agreement with Volato Group, enhancing its service offerings. Additionally, the company has been actively modernizing its fleet, with some aircraft classified as held for sale.

Financially, flyExclusive's cash and cash equivalents increased to $18.7 million as of September 30, 2024, up from $11.6 million at the end of 2023. The company reported a working capital deficit of $132.9 million, reflecting ongoing liquidity challenges. The company anticipates needing additional capital for growth, which it plans to secure through equity issuances or refinancing existing debt.