March 10, 2025
2024 revenue at FlyExclusive grew 3.8% to $327 million with a $52 million EBITDA loss as execs pointed to a laundry list of positive news.
FlyExclusive reported revenues for 2024 increased 3.8% to a record $327.3 in 2024 compared to 2023, reversing a 1% decline from 2022.
Jet Club and ad hoc charter revenue spiked 24.3% from $237.8 million to $295.5 million.
That offset a $66.9 million decline from guaranteed revenue programs, which dropped to zero.
More on that in a bit.
Fractional ownership revenue increased from $6.0 million to $22.7 million.
MRO revenue increased from $4.6 million to $7.2 million.
Aircraft management services increased from zero to $1.9 million.
The company also grew fractional ownership deposits from $16.7 million at the end of 2023 to $30.3 million at the close of 2024.
Net loss increased from $54.7 million in 2023 to $101.5 million last year.
EBITDA loss increased from $0.3 million to $51.8 million.
(The full 10-k filing can be downloaded at the end of this story.)
However, executives at the nation’s fifth-largest charter/fractional operator say looking at the results sequentially by quarter tells a different story.
For example, EBITDA loss decreased sequentially every quarter from $19.4 million in Q1 2024 to $16 million in Q2, $10.3 million in Q3, and $6 million in Q4 2024.
Net loss also decreased every quarter from $33.0 million in Q1 to $16.5 million in Q4.
Gross margin also increased sequentially by quarter, starting at 7% in Q1 and ending at 18% in Q4.
Chairman and CEO Jim Segrave told analysts, “When we entered the year, we were fresh off our transition to a public company.”
The Kinston, North Carolina-based private aviation company went public in the final days of 2023 via a SPAC merger.
Of the losses, Segrave noted, “We were still carrying the weight of 37 non-performing aircraft that had been a drag on margins and operations.”
In a separate interview with Private Jet Card, Comparisons, Segrave said continued post-Covid parts shortages and supply chain issues meant those airplanes sat on the ground for days and weeks when there was a maintenance issue.
Before Covid, he said that parts were more readily available, and aircraft were back in the air that day or the next.
Talking to analysts about his introduction to running a publicly traded enterprise, Segrave said, “We lacked expertise, experience, and leadership in certain areas needed to execute our plan as a public company. SG&A was elevated, driven by the typical growing pains of going public, with outside consulting expenses peaking at over $1.3 million per month. And while our vertically integrated platform was in place, it was not being leveraged.”
Segrave noted, “Twelve months later, the picture is dramatically different.”
He added the company is making “tremendous strides.”
On the call, Segrave commented:
‘We started 2024 with over 100 aircraft on our certificate—but 37 of those were what we classified as non-performing. That’s a polite way of saying they were losing money. They had dispatch availability as low as 30%, which made them costly and inefficient to operate. These aircraft were down for maintenance more than twice the time that they were available to generate revenue, creating more operational friction than value. Altogether, these aircraft represented roughly $30 million in annual EBITDA drag.
By the end of the year, we had sold or eliminated 20 of those aircraft. That number continues to improve in early 2025, and we expect fewer than eight to remain by mid-year. At the same time, we began onboarding Challenger 300s and Challenger 350s—modern, fuel-efficient, high-performance super-midsize jets. Their dispatch availability has exceeded expectations delivering better than 80%, nearly 300% better than the aircraft they are replacing. These jets are better for operations, better for customers, and better for our bottom line.’
Segrave and CFO Brad Garner reeled off an extensive list of positives:
Per its SEC filing, FlyExclusive ended 2024 with 89 aircraft on its certificate, down from 102 at the end of 2023.
Adding 14 HondaJet aircraft operated under its Volato agreement, it ended with 103 total aircraft.
Average hours per aircraft increased from 579.3 to 660.9.
Segrave said that means only 10.5 members per aircraft.
He said FlyExclusive can triple memberships on a current number of aircraft with a more reliable fleet.
Segrave said the company has seen a strong response to its updated Jet Club jet, which was unveiled earlier this month.
He said the expected favorable tax policy will likely provide tailwinds for fractional sales.
That $66.9 million drop in GRP revenue was due to its previous deal to supply supplemental lift to Wheels Up.
The pair are currently in litigation.
Per the SEC filing, “On October 31, 2024, FlyExclusive filed an answer denying that Wheels Up is entitled to any of the relief sought by Wheels Up and also filed a counterclaim for breach of contract.”
It added, “The parties are currently engaged in settlement discussions, but no settlement has been reached as of the date of this disclosure.”
DOWNLOAD: FlyExclusive 2024 Full-Year Financial Results
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