flyExclusive (FLYX) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $96.4 million, up 9.3% year-over-year, with gross profit rising 69% to $19.1 million and gross margin improving to 20%.

• Adjusted EBITDA turned positive at $0.2 million, a $6.6 million improvement from Q1 2025, while net loss narrowed to $13.4 million from $23.0 million.

• Fleet modernization reduced non-performing aircraft from 37 to 6, cutting monthly losses from $3 million to under $250,000, and membership exceeded 1,000 for the eighth consecutive quarter.

• Flight hours increased 7% to 18,537, despite a 7% reduction in fleet size, reflecting improved utilization and operational efficiency.

• Contracted and recurring revenue programs now represent about half of total revenue, supporting predictability and retention.

Financial highlights

• Consolidated revenue was $96.4 million, up 9.3% year-over-year; flight revenue was $92.5 million, up 9%.

• Gross profit rose 69% to $19.1 million, with gross margin at 20%; cost of revenue increased only 0.6% year-over-year.

• Adjusted EBITDA improved from $(6.4) million in Q1 2025 to $0.2 million in Q1 2026.

• SG&A expense was $22.7 million (24% of revenue), with revenue per SG&A headcount up 9% year-over-year.

• Cash and cash equivalents at quarter-end were $18.7 million.

Outlook and guidance

• Every quarter of 2026 is expected to outperform 2025 on revenue, adjusted EBITDA, and flight hours.

• Q2 2026 revenue and flight hours are projected to significantly exceed Q1, with about 15% sequential top-line growth expected.

• No formal full-year guidance provided due to seasonality and macroeconomic uncertainties.

• Management expects revenue growth to continue as more aircraft are added and membership expands.

• Existing cash, operations, and program proceeds expected to fund operations for at least 12 months, but additional capital may be sought for growth.