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flyExclusive Inc. Class A (FLYX-5.21%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a total revenue of $76.9 million for the third quarter of 2024, an increase from $62.0 million in the same quarter of the previous year. This increase is primarily attributed to higher jet club and charter revenue.
Cost of revenue for the quarter was $68.2 million, compared to $63.3 million in the previous year, reflecting an increase in salaries, aircraft repair, and maintenance expenses.
The company reported a gross profit loss of $20.9 million for the quarter, compared to a loss of $15.9 million in the previous year, with the decline attributed to increased operating expenses.
Interest expense for the quarter was $5.6 million, while interest income was $0.9 million, resulting in a net interest expense of $4.7 million.
flyExclusive recorded a net loss of $24.1 million for the quarter, slightly improved from a net loss of $24.6 million in the previous year.
Cash used in operating activities was $54.4 million for the nine months ended September 30, 2024, compared to cash provided by operating activities of $3.6 million in the previous year.
Cash provided by investing activities was $22.1 million, primarily due to proceeds from the sale of property and equipment.
The company raised $39.4 million from financing activities, including proceeds from debt issuance and preferred equity issuance.
flyExclusive's total assets as of September 30, 2024, were $487.1 million, with total liabilities of $496.2 million, resulting in a stockholders' deficit of $180.7 million.
The filing also discusses the company's ongoing legal proceedings, including litigation with Wheels Up Partners LLC (UP-1.20%) over the termination of a revenue program agreement.
The company continues to focus on fleet modernization and expanding its fractional ownership program to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the flyExclusive Inc. Class A quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.