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flyExclusive Inc. Class A (FLYX) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $327.3 million for the year, a 3.8% increase from the previous year. This increase was primarily driven by a 24% rise in jet club and charter revenue, offset by the termination of the Guaranteed Revenue Program (GRP) on June 30, 2023, which resulted in a 100% decrease in GRP revenue.
Cost of revenue for the year was $290.2 million, representing 88.7% of total revenue, compared to 83.8% in the prior year. This increase in cost ratio was attributed to efforts to modernize the fleet.
The company reported a net loss of $101.5 million for the year, compared to a net loss of $54.7 million in the previous year. The increase in net loss was primarily due to increased selling, general, and administrative expenses and a loss on aircraft held for sale.
flyExclusive's total assets amounted to $538.3 million as of December 31, 2024, with cash and cash equivalents of $31.7 million.
The filing also details the issuance of Series A and Series B Preferred Stock, which provided the company with additional capital of approximately $50.5 million.
flyExclusive's operations are primarily based in Kinston, North Carolina, and the company aims to be the world's most vertically integrated private aviation company.
The report highlights various risks, including the potential impact of economic conditions on demand for private aviation services and the competitive nature of the industry.
The company identified material weaknesses in its internal control over financial reporting, which it is working to remediate.
flyExclusive does not anticipate paying cash dividends to common stockholders in the foreseeable future.
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 annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.