April 23, 2024
Top 5 fractional and charter operator FlyExclusive will report its Q4 and Full Year 2023 results within 15 days.
Following its SPAC-based IPO last December, observers will have to wait a bit longer to see how well FlyExclusive is flying.
Yesterday, the fifth-largest U.S. fractional/charter operator filed an extension to report its fourth quarter and full-year 2023 results.
According to the “notification of late filing” to the SEC, results will be filed within 15 days.
Before its IPO, FlyExclusive had cut revenue projections.
The revised forecast cut 2023 total revenue from $367.3 million to $323.1 million.
Charter revenue expectation dropped from $359.4 million to $316.6 million.
MRO Revenue was cut from $4.8 million to $3.9 million.
Revenue from fractional share sales was estimated to be $2.6 million, $400,000 more than its prior forecast.
Adjusted EBITDA forecasted earnings went from $32.0 million to $25.2 million in the update presentation.
The forecasted net loss for last year increased from $11.9 to $27.6 million.
Private flight hours in the U.S. fell by 3.7% last year, according to Argus TraqPak. However, it was still the industry’s second-best year ever.
FlyExclusive flight hours fell by 2.5%.
Operators say they still face increased costs and delays from ongoing supply chain and labor issues.
FlyExclusive’s stock price, which trades under FLYX, spiked to $24.21 in recent weeks before falling to $4.56 at yesterday’s close.
