Reported Q: Q2 2024 Rev YoY: -21.3% EPS YoY: -171.1% Move: -14.29%
flyExclusive Inc WT
FLYX-WT
$0.240 -14.29%
Exchange AMEX Sector Industrials Industry Airlines Airports Air Services
Q2 2024
Published: Aug 14, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for FLYX-WT

Reported

Report Date

Aug 14, 2024

Quarter Q2 2024

Revenue

79.01M

YoY: -21.3%

EPS

-0.32

YoY: -171.1%

Market Move

-14.29%

Previous quarter: Q1 2024

Follow this company to get upcoming quarter alerts automatically.

Earnings Highlights

  • Revenue of $79.01M down 21.3% year-over-year
  • EPS of $-0.32 decreased by 171.1% from previous year
  • Gross margin of -0.5%
  • Net income of -5.15M
  • ""We are eliminating 37 non-performing aircraft, replacing those with challengers, continuing to build our fractional and club programs, building our leadership team, eliminating outside consulting expenses and rightsizing our SG&A."" - Jim Segrave
FLYX-WT
Company FLYX-WT

Swipe to view all report sections

Executive Summary

FlyExclusive reported a Q2 2024 revenue of $79.01 million and $159.01 million for the first half, reflecting a 10% YoY decline driven by a substantial fleet transition and revenue mix shift toward lighter jet categories. The company posted a Q2 net loss of $5.15 million and a H1 net loss of $12.31 million, with negative EBITDA of $15.51 million in Q2 and a H1 EBITDA of approximately negative $35 million. The primary earnings headwind is the fleet refresh: elimination of non-performing jets is underway, with 15 of 37 aircraft already exited in H1 and roughly 20 Challenger-350s slated to replace them; management asserts this will lift margins and fleet-wide profitability over the next 12-18 months as dispatch reliability improves and operating costs decline. Management highlights strong progress in growing the Jet Club and fractional programs (Jet Club memberships up about 28% YTD; fractional/partnerships approaching 1,000 members), market-share gains versus peers (flight hours up ~17% in H1 vs the top 25 operators), and material cost optimization (reduction in outside consulting costs from nearly $1.3 million per month to under $100k). The company also disclosed a post-Q2 financing event of $25.5 million in preferred equity and appointed a new CFO, signaling a more disciplined financial framework and scaling capabilities. The strategic pathway remains bold: onboard one Challenger-350 per month in 2H 2024, expect each Challenger to generate roughly $10 million in annual revenue, and remove EBITDA drag of over $30 million per year at peak. While liquidity and leverage remain substantial concerns, the company argues the combination of fleet modernization, higher-margin mix, and disciplined cost management should drive meaningful profit-generation and cash-flow improvements over the next 18-24 months.

Key Performance Indicators

Revenue
Decreasing
79.01M
QoQ: -1.20% | YoY: -21.25%
Gross Profit
Decreasing
-424.00K
-0.54% margin
QoQ: -107.39% | YoY: -101.50%
Operating Income
Decreasing
-21.84M
QoQ: 20.36% | YoY: -310.02%
Net Income
Decreasing
-5.15M
QoQ: 11.78% | YoY: -168.28%
EPS
Decreasing
-0.32
QoQ: 8.57% | YoY: -171.11%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 88.13 -0.30 +10.2% View
Q4 2024 91.37 0.84 +20.3% View
Q3 2024 76.92 -0.32 +24.0% View
Q2 2024 79.01 -0.32 -21.3% View
Q1 2024 79.97 -0.35 +3.8% View