flyExclusive, Inc. (NYSE American: FLYX), a leading provider of premium private jet experiences, recently reported financial results for the second quarter and first half ended June 30, 2026. The Company generated record second-quarter revenue of USD 111.1 million, up 22% year over year, and its third consecutive quarter of positive Adjusted EBITDA, producing more revenue from a smaller, more productive fleet.
The Company achieved those results with 6% fewer aircraft than a year ago, as flight hours increased 8%, core fleet utilization increased 14%, gross profit increased 65% and gross margin expanded more than 500 basis points to 20.4%. Adjusted EBITDA of USD 4.2 million improved USD 9.4 million from a USD (5.2) million loss a year earlier. The results extend a two-year transformation in which second-quarter revenue has grown more than 40%.
“The second quarter provides clear evidence of how fundamentally this business has changed. The operating model has been rebuilt, and investors should no longer view flyExclusive as a company in transition,” said Jim Segrave, Founder and Chief Executive Officer. “The question is no longer whether flyExclusive can become profitable. We are profitable. The opportunity now is demonstrating how much earnings power this platform can produce as we scale it.”
Growth was broad-based. Charter, or flight, revenue rose approximately 20% to USD 103.9 million, led by a USD 9 million increase from the Challenger fleet, which grew to 10 aircraft, and 36% growth in the light-jet category. Retail fractional share sales and flight-fund deployments increased 34% to USD 14.6 million, Jet Club retail sales rose 13% to USD 30.0 million across 997 revenue-contributing members, and external maintenance, repair, and overhaul (MRO) revenue grew 52% to USD 4.4 million.
That momentum closed a banner first half of 2026, where revenue increased 15% to USD 207.5 million, gross profit grew 67% to approximately USD 41.8 million, and Adjusted EBITDA of approximately USD 4.4 million improved USD 16 million over the prior-year period. First-half Adjusted EBITDA improved by nearly USD 40 million in two years, from an approximately USD (35) million loss in 2024 to a positive USD 4.4 million in 2026.
The gains reflect steady operational and cost improvement. Dispatch availability rose more than 1,000 basis points year over year, from approximately 48% to 58%, against a target of more than 70%, and at the current fleet size each additional percentage point represents roughly USD 2.5 million of annual contribution. SG&A fell to approximately 18% of first-half revenue from 29% two years ago, while revenue per SG&A employee surpassed USD 1 million, up more than 50% over the same span, reflecting real operating leverage rather than simple cost-cutting.
The Company has also materially strengthened its financial position. Long-term notes payable declined approximately USD 94 million since 2024, including USD 12.4 million during the first half of 2026. Following quarter end, the Jet.AI transaction added approximately USD 12 million of liquidity in addition to adding three light jets immediately along with deposits securing three new CJ3+ aircraft expected to deliver in early 2027, positioning flyExclusive to add productive aircraft to a substantially more efficient platform. The Company has multiple additional financing alternatives available that could provide up to USD 50 million of additional liquidity. Management believes its available capital alternatives substantially exceed currently forecast growth-capital requirements and intends to remain disciplined regarding dilution and cost of capital.
“This is a platform story now, not a turnaround story,” said Brad Garner, Chief Financial Officer. “Today, flyExclusive is reporting the results of executing against its plan: a fleet generating more revenue per aircraft than at any point in our history, a cost structure that has gained operating leverage every quarter, and three consecutive quarters of positive Adjusted EBITDA. The hard work of proving the model is behind us, and the growth is still in front of us.”
Based on current operating trends, flyExclusive expects third-quarter Adjusted EBITDA of approximately USD 5-7 million. If achieved, Q3 would mark the Company’s fourth consecutive quarter of positive Adjusted EBITDA, completing a full year of sustained quarterly Adjusted EBITDA profitability. The Company is not providing fourth-quarter guidance but expects the second half of 2026 to continue the consistent trend of year-over-year improvement demonstrated over the past two years.
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