flyExclusive, Inc. — Q3 2026 Earnings Summary

Financial Performance:

• Consolidated revenue reached $111 million, representing a 21% year-over-year increase.
• Gross profit increased 95% year-over-year, with gross margin expanding to 22% (an 850 basis point year-over-year improvement).
• Adjusted EBITDA was positive $5.1 million, reflecting a $7.0 million improvement compared to Q3 2025.
• Adjusted EBITDA margin improved by 671 basis points year-over-year.
• Year-to-date (YTD) 2026 Adjusted EBITDA was $22 million, up from $19 million in the prior year period.
• YTD 2026 Adjusted EBITDA margin improved by 929 basis points.
• Long-term notes payable were reduced by $106 million since 2024, an 18% reduction.
• Cash on hand was $106 million.
• Flight revenue grew 19% in Q3 2026 and 16% YTD 2026.
• Fractional revenue grew 69% in Q3 2026 and 43% YTD 2026.
• MRO revenue grew 38% in both Q3 2026 and YTD 2026.
• SG&A as a percentage of revenue decreased by 106 basis points in Q3 2026 and 125 basis points YTD 2026.
• Revenue per SG&A headcount increased 8% in Q3 2026 and 10% YTD 2026.

Guidance and Future Outlook:

• The company targets an Adjusted EBITDA margin of 3.0% to 4.0% in Q1 2026, with a roadmap to reach 5% by Q3 2026.
• Long-term goals include achieving 70% contractually committed revenue and 100% pre-paid revenue.
• The company anticipates continued growth in the private aviation industry, expected to reach $67 billion by 2032.
• Management projects an average Adjusted EBITDA improvement of approximately $2.5 million per quarter.
• The company plans to expand its Mobile Service Units (MSU) from 14 to 30+ trucks.
• Future growth initiatives include fleet expansion, external MRO growth, vertical integration, technology enhancements, and acquisition opportunities.

Business Segments and Product Lines:

• Flight hours increased 7% in Q3 2026 and 2% year-over-year for contractually committed demand (Partner, Fractional, Jet Club) YTD 2026.
• Dispatch availability improved by 930 basis points in Q3 2026 and 900 basis points YTD 2026.
• Core fleet aircraft utilization increased 16% in Q3 2026 and 18% YTD 2026.
• The fleet size was reduced by 16% in Q3 2026 and 3% YTD 2026.
• 35 non-performing aircraft were eliminated, with operating losses on these assets reduced to less than $150,000 per month from over $3 million monthly at the start of 2024.
• The MRO segment operates a 104,000 sq ft facility in Kinston, NC, with 180+ technicians and six dedicated hangars.
• The company received a $30 million grant from North Carolina to expand hangar capacity.
• Retail Jet Club sales increased 22% in Q3 2026 and 7% YTD 2026.
• Retail Fractional sales increased 22% in Q3 2026 and 8% YTD 2026.
• Retail members increased 22% in Q3 2026 and 26% YTD 2026.
• Approximately 50% of revenue is contracted on an annual basis.
• The fleet consists of 70+ light to super-mid jets on certificate with 100% operational control.

Market and Competitive Landscape:

• flyExclusive is the 5th largest private operator by flight hours in the U.S. as of 2025.
• The private aviation industry has grown 3x GDP since 2000.
• Monthly private jet departures are up 47% compared to 2021.
• Approximately 10% of households with net worth over $10 million use private aviation, indicating significant penetration opportunity.
• The company is positioned to capture market share in a fragmented market.
• Industry drivers include the reinstatement of corporate private aviation usage and a shift from commercial to private travel due to commercial aviation headwinds.

Risks and Challenges:

• Forward-looking statements are subject to risks including changes in the competitive landscape, laws, and regulations.
• Risks include the potential inability to achieve or maintain profitability and generate cash.
• The company faces risks related to customer concentration and the ability to recruit, train, and retain qualified personnel.
• Global economic conditions, including interest rates and fuel prices, could impact the business.
• There is a risk regarding the ability to maintain the listing of securities on a national securities exchange.
• The company faces challenges in managing growth effectively and implementing business plans.

Management Commentary and Tone:

• Management highlighted a "structurally improved model" resulting in top- and bottom-line records.
• The tone reflects confidence in "Fleet Refresh and Continually Improving Operating Efficiencies."
• Management emphasized the "Aggressive de-leveraging of the balance sheet while maintaining liquidity."
• The company described itself as the "Fastest growing operator since 2019."
• Management noted that the private aviation industry is cyclical with the biggest demand and volume occurring in the second half of the calendar year.

Other Key Points:

• The company maintains a $92 million At-The-Market (ATM) facility availability.
• flyExclusive is a Starlink Authorized Dealership.
• The MRO facility offers PMA wiring harness and latest generation Satellite Wi-Fi solutions.
• The company operates 14 Mobile Service Units (MSU) with planned expansion to 30+, achieving 50% cost savings compared to external MSU providers.
• Each 1% improvement in dispatch availability results in a $210,000 monthly or $2.5 million annual contribution.
• The company has 675 employees, including approximately 275 pilots.
• Operations are centrally located within two flight hours of approximately 70%+ of the company's flight demand.
• The company is a Part 145 Repair Station.
• Retention for JetCard customers is approximately 83%.