flyExclusive, Inc. reported a revenue increase of 9.3% for the first quarter of 2026, totaling $96.4 million compared to $88.1 million in the same period last year. The growth was driven primarily by a 7.9% rise in jet club and charter revenue, which reached $83.1 million, alongside a 26.7% increase in fractional ownership revenue. Despite the revenue growth, the company recorded a net loss of $13.4 million, a significant improvement from the $23.0 million loss reported in the prior year, indicating a 42% reduction in losses.
The company's total costs and expenses rose to $106.0 million, up from $102.9 million in the previous year, largely due to increased selling, general, and administrative expenses, which grew by 8.2% to $22.7 million. Notably, depreciation and amortization expenses decreased by 17.1% to $5.2 million, reflecting a reduction in owned aircraft. The company also experienced a notable change in the gain or loss on aircraft sales, which shifted by $2.0 million due to less favorable market conditions for selling aircraft.
In terms of operational metrics, flyExclusive ended the quarter with 80 aircraft on its certificate, down from 96 a year earlier, and reported 1,039 members contributing to revenues, a slight increase from 1,023 in the previous year. The company’s average aircraft utilization was 228 hours per aircraft, with total flight hours increasing to 18,537 from 17,333. The company continues to focus on fleet modernization, which it expects will enhance operational efficiency and customer service.
Strategically, flyExclusive is navigating a challenging economic environment, particularly following the termination of its agreement with Wheels Up, which had previously accounted for a significant portion of its revenue. The company is actively working to replace this lost revenue through its jet club and fractional ownership programs. Additionally, flyExclusive has entered into a merger agreement with Jet.AI, which is expected to enhance its service offerings and market position. The company anticipates that its current cash reserves, along with operational cash flows, will be sufficient to fund its operations for at least the next 12 months, although it may seek additional capital to support growth initiatives.
About FLYEXCLUSIVE INC.
FlyExclusive is a private jet operator offering aircraft management, fractional ownership, jet club memberships, and charter services. Its fleet includes Citation, Gulfstream, HondaJet, and Challenger aircraft, serving domestic and international markets. The company emphasizes safety, operational efficiency, and vertical integration through in-house maintenance and pilot training, providing a premium, customer-centric private aviation experience with cost-effective, scalable programs.
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