flyExclusive (FLYX) Q2 2025 earnings summary

Executive summary

• Achieved strong top- and bottom-line improvements in Q2 2025, driven by fleet modernization, operational efficiencies, and strategic transformation initiatives.

• Fastest growing private aviation operator since 2019, now 5th largest in the U.S., maintaining 100% operational control over a modernized fleet of 90+ jets.

• Charter flight hours grew 12% year-over-year and 7% sequentially, with 16% revenue growth and 119% gross profit increase despite a 10% reduction in fleet size.

• Membership hours and active members increased 32% year-over-year, with strong demand for fractional and Jet Club programs.

• Net loss narrowed to $39.2 million from $60.8 million in the prior year period, reflecting improved gross margin and cost controls.

Financial highlights

• Q2 2025 revenue reached $91.3 million, up 16% year-over-year and 4% sequentially; H1 2025 revenue grew 13% to $179.5 million.

• Gross profit up 119% in Q2 to $13.7 million; gross margin improved to nearly 15%, double last year.

• Adjusted EBITDA loss improved 67% year-over-year to $5.2 million, and year-to-date Adjusted EBITDA loss improved to $11.6 million.

• SG&A costs declined by $1.2 million, now 22% of revenue versus 27% last year, with annualized cost savings exceeding $10 million.

• Jet club and charter revenue rose 6.5% to $156.5 million; fractional ownership revenue more than doubled to $17.1 million.

Outlook and guidance

• Expect to achieve positive Adjusted EBITDA by end of 2025 and compound profitable growth in 2026.

• Targeting further reduction of operating losses to mid-single digits by end of 2025 and elimination by 2026.

• Management expects revenue growth to continue as the fleet expands and membership grows.

• Anticipate strong back half of 2025, especially Q4, driven by bonus depreciation tax law and robust sales pipeline.

• Liquidity is expected to be sufficient for at least 12 months, but additional capital may be needed for growth or changing circumstances.