flyExclusive (FLYX) Q2 2025 earnings summary

Executive summary

• Achieved strong Q2 2025 results with significant top- and bottom-line improvements, driven by fleet modernization, operational transformation, and efficiencies.

• Fastest growing private aviation operator since 2019, now 5th largest in the U.S., maintaining 100% operational control over a modernized fleet of 86–90+ jets.

• Charter flight hours grew 12% year-over-year and 7% sequentially, with 18,605 hours flown.

• Active fractional and Jet Club membership rose 32% year-over-year to 1,077.

• Net loss narrowed to $39.2 million from $60.8 million in the prior year period, reflecting improved gross margin and cost controls.

Financial highlights

• Q2 2025 revenue increased 16% year-over-year to $91.3 million; H1 2025 revenue up 13% to $179.5 million.

• Gross profit up 119% in Q2 to $13.7 million; gross margin improved to 15% from 8% year-over-year.

• Adjusted EBITDA loss improved 67% year-over-year to $5.2 million in Q2 and to $11.6 million YTD.

• Adjusted EBITDAR loss improved 97% in Q2 to $0.3 million and 95% YTD to $1.3 million.

• Jet club and charter revenue rose 6.5% to $156.5 million; fractional ownership revenue more than doubled to $17.1 million.

Outlook and guidance

• Expect to achieve positive Adjusted EBITDA by end of 2025 and profitable growth in 2026, with further reduction of operating losses to mid-single digits by end of 2025.

• Anticipate strong back half of 2025, especially Q4, due to bonus depreciation tax law changes.

• Liquidity is expected to be sufficient for at least 12 months, but additional capital may be needed for growth or changing circumstances.