flyExclusive (FLYX) investor relations material

Executive summary

• Q3 revenue rose 20.5% YoY to $111.063M; gross profit increased 95% to $24.6M and Adjusted EBITDA was $5.1M versus a $1.9M loss.

• Flight hours increased 7.1% with 19% fewer aircraft generating revenue, reflecting higher utilization and fleet modernization.

• Nine-month revenue grew 17.3% to $318.537M; Adjusted EBITDA was $8.570M versus a $13.545M loss, and long-term notes payable declined to $136.0M.

Financial highlights

• Q3 operating loss narrowed to $7.852M from $11.299M; net loss narrowed to $12.997M from $21.078M.

• Nine-month net loss narrowed to $37.833M from $60.198M; gross profit rose 77% to $66.4M.

• Nine-month operating cash flow was $6.129M versus $10.310M used in the prior-year period; Q3 operating cash flow was approximately $4M.

• Cash was $19.560M at September 30, down from $29.340M at year-end 2025.

Outlook and guidance

• Management expects Q4 revenue above $115M and Adjusted EBITDA above $7M; a presentation showed Q4 2026E Adjusted EBITDA of $6.6M.

• Q4 dispatch availability target is above 70%, with that level expected to be sustainable through 2027.

• Q4-to-date utilization was nearly 100 flight hours per aircraft per month; a further 20% utilization increase over 12 months is targeted using new FMS software.

• Three CJ3+ aircraft are expected in early 2027; additions depend on delivery timing, crew and parts availability, and financing terms.

• Long-term roadmap targets 12%+ Adjusted EBITDA margin; near-term operating losses may continue amid fleet modernization and cost-saving initiatives.