FlyExclusive Q1 revenues up 3.8% despite red ink

The second-largest publicly traded pure private jet charter/fractional operator, FlyExclusive, has filed its delayed Q1 financials.

Revenues increased from $77.0 million to $79.9 million year-over-year.

However, growth in expenses outpaced the top line, increasing from $85.4 million to $107.4 million.

Net Loss Attributable to FlyExclusive, Inc. decreased from $9.2 million to $5.8 million.

However, Loss Before Income Taxes increased from $11.7 million to $32.9 million.

The difference was mainly due to a Net Loss Attributable To Redeemable Noncontrolling Interests, which increased from zero last year to $21.7 million in Q1 2024.

According to Financial Edge, “NCIs are created when a company partially acquires or disposes of a subsidiary. They retain all the economic benefits of their holding in proportion to their ownership and may have the right to sell their shares to the group at a predetermined price.”

FlyExclusive became publicly traded in December via a SPAC merger.

Net Loss Attributable To Noncontrolling Interests increased from $2.5 million to $5.4 million.

Comprehensive Loss Attributable To FlyExclusive decreased from $9.1 million to $6.0 million.

Cash and cash equivalents dropped sequentially from $11.6 million to $5.3 million.

If FlyExclusive files its Q2 financials by Wednesday, it will be back in compliance with New York Stock Exchange requirements after receiving a non-compliance notice for missing the Q1 deadline.

In June, FlyExclusive switched CFOs.

For FY 2023, FlyExclusive posted $320 million in revenues, a 1% dip.

Wheels Up, the largest publicly traded stand-alone charter/fractional operator, released its Q2 earnings last week.

Download the full report: FlyExclusive Q1 2024 Financials