flyExclusive (FLYX) investor relations material

Executive summary

• Achieved strong operational and financial performance in Q2 2025, driven by fleet modernization, efficiency initiatives, and growth in jet club, charter, and fractional ownership programs.

• Charter flight hours grew 12% year-over-year and 7% sequentially, with 16% more revenue and 119% more gross profit on a smaller fleet.

• Fractional shares sold rose 21% year-over-year, with a robust sales pipeline and positive outlook for bonus depreciation tax treatment.

• 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.

• 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 was $91.3M, up 16% year-over-year and 4% sequentially; year-to-date revenue up 13% to $179.5M.

• Gross profit increased 119% year-over-year to $13.7M; gross margin nearly doubled to 15%.

• Adjusted EBITDA loss improved 68% year-over-year to $5.2M; year-to-date Adjusted EBITDA loss improved 67% to $11.6M.

• SG&A costs declined by $1.2M year-over-year, now 22% of revenue versus 27% last year; annualized cost savings exceeded $10M.

• Maintenance and repair organization (MRO) revenue grew 28% year-over-year to $2.9M.

Outlook and guidance

• Expect continued fleet modernization, with Challenger fleet in low double digits by year-end and ongoing investment in efficiency.

• Anticipate strong Q4 2025, driven by bonus depreciation and robust fractional sales pipeline.

• Project positive adjusted EBITDA by end of 2025 and profitable growth in 2026, targeting elimination of operating losses by 2026.

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

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