Raleigh, North Carolina-based FlyExclusive expects a 30% reduction in net loss for 2025 and continued improvement in its finances.
FlyExclusive won’t report its final full-year and fourth-quarter results until next month; however, it offered preliminary unaudited results in a press release this morning.
Highlights include record Q4 revenue, positive Adjusted EBITDA, and a 30% reduction in net loss.
Record fourth quarter revenue is expected to be between $103.0 million and $106.0 million.
That represents the highest quarterly revenue in the company’s history.
It also means a year-over-year increase of more than 10% from $91.4 million in the fourth quarter of 2024.
Full-year 2025 revenue is expected to range from $374.0 million to $378.0 million.
Per the company, that represents a 15% gain over 2024.
FlyExclusive reported revenues for 2024 increased 3.8% to a record $327.3 in 2024 compared to 2023, reversing a 1% decline from 2022.
The gains come with “approximately 14% fewer aircraft, reflecting higher utilization and improved fleet efficiency.”
The company said it also reduced long-term notes payable by more than $80 million while maintaining its year-over-year cash position.
The now Raleigh, North Carolina-based private jet operator has been working to return to profitability since posting losses after its December 2023 IPO.
To that end, the company reports it achieved a “significant profitability improvement,” reducing its Q4 2025 net loss to $10-13 million.
2024 Q4 net loss was $16.5 million.
Full-year net loss for 2025 is expected to be in the $70-73 million range.
Its 2024 full-year net loss was $101.5 million.
Fourth quarter 2025 Non-GAAP Adjusted EBITDA is projected to range between $5.5-$8.0 million.
Q4 2024 Adjusted EBITDA was negative $7.8 million.
Once finalized, it would mark FlyExclusive’s first quarter of positive Adjusted EBITDA.
Full Year 2025 Adjusted EBITDA is expected to range between negative $5-8.5 million.
Per the release, that would be an improvement of approximately $50 million in Adjusted EBITDA from full-year 2024.
EBITDA loss was $51.8 million in 2024.
Per the release:
‘The Company’s expected performance reflects higher aircraft utilization and improved contribution per aircraft throughout 2025. During the year, FlyExclusive reduced its active fleet while increasing total revenue, reflecting the removal of non-performing aircraft, expanding the high-performing Challenger fleet, significantly improved execution, and a more productive fleet mix. The company continued its commitment to strengthening the balance sheet in 2025, reducing total long-term notes payable for the full year by more than $80 million while ending 2025 with cash roughly in line with year-end 2024.’
Chairman and CEO Jim Segrave said, “These preliminary unaudited results indicate that 2025 was a transformation of our business.”
He added, “The investment in adding the high-performing Challengers to our fleet, coupled with improved fleet optimization and utilization, drove historic top-line growth resulting in significantly improved profitability.”
Segrave continued, “The capabilities of our vertically integrated platform, highlighted by our recent Starlink dealership agreement, with installation in our aircraft expected to begin in the first quarter of 2026, allows us to continue to provide a world-class experience for our customers.”
CFO Brad Garner said, “Our transformation has been centered on fleet modernization, utilization, and cost management, driving to sustained profitability.”
He added, “Our continued execution against those initiatives in the fourth quarter resulted in transitioning to positive Adjusted EBITDA, demonstrating the sustainable operating leverage in our model as we continue to scale.”
FlyExclusive said its preliminary unaudited fourth quarter and full year 2025 revenue results “are based on current expectations and might be adjusted upon completion of annual audit procedures.”
The company expects to release final financial results after market close on March 5, 2026.
FlyExclusive plans to host a conference call on Thursday, March 5, 2026, at 5:30 p.m. EST to discuss its financial results for the quarter and year ended December 31, 2025.
The company recently relocated its headquarters from Kinston to Raleigh, North Carolina.
Last month, Segrave spoke about the turnaround.
In December, it announced plans to double the number of mobile service units.
The mobile service units improve dispatch reliability peforming remote maintenance.
FlyExclusive ranked as the fifth-largest operator based on charter and fractional hours, according to the most recent 2024 ARGUS TraqPak full year data.
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