flyExclusive posts first Q1 positive adjusted EBITDA as utilisation gains take hold

The company plans to add around 20 aircraft in 2026.

• $96.3m revenue, up 9% year-on-year.
• Adjusted EBITDA of $0.2m, first-ever positive Q1, a $6.6m improvement on the same period last year.
• Gross profit of $19.1m, up 69% year-on-year, with gross margin expanding 699 basis points to 20%.

Aviation company flyExclusive generated $96.3m in consolidated revenue in the first quarter of 2026, up 9% year-over-year, as the operator posted its first-ever positive adjusted EBITDA in the seasonally weakest quarter of the year.

Adjusted EBITDA came in at $0.2m, a $6.6m swing from the $(6.4)m recorded in Q1 2025. Gross profit jumped 69%YoY to $19.1m, with gross margin expanding 699 basis points to 20%. The primary driver was the near elimination of non-performing legacy aircraft.

“That is a reduction of more than 90% in the financial drag associated with legacy aircraft, and this has been one of the single most consequential operational and financial improvements we have made as a company,” said CEO Jim Segrave in first quarter prepared remarks.

Three more aircraft are expected to exit in Q2, cutting the drag to under $100,000 per month. Replacement aircraft, Challenger 350s, CJ3s and XLS models, carry contribution margins of 27% for the CJ3 and XLS variants and 39% for the Challenger.

“The quality of our fleet today is categorically positively different from where we were 18 months ago, and that difference is increasingly evident in our financial results,” Segrave said.

Core fleet utilisation averaged 75 hours per aircraft per month, up 15% from 65 hours in Q1 2025, even as the total fleet shrank 7% to 80 aircraft. Total flight hours rose 7%YoY to 18,537, the third-highest quarterly volume for the company.

The company said approximately half of Q1 revenue came from contractually committed demand across fractional, JetClub and partner programmes, up from 9% in 2020, against a long-term target of 70%. Retail fractional share sales rose 47%YoY, with total fractional retail activity up 27% to approximately $14m.

“The reinstatement of 100% bonus depreciation has materially accelerated customer interest in fractional ownership and the pipeline we are seeing for the balance of the year, in part reflects that dynamic,” Segrave noted.

JetClub sales totalled $25.8m, split between $16.6m in renewals and $9.2m in new member additions. Members contributing to revenue reached 1,039.

The company’s wholesale segment grew 24%YoY to $50.9m. External MRO revenue rose 14% to approximately $2m, supported by Starlink installation demand following flyExclusive’s authorised dealership appointment in Q1, alongside avionics, paint and interior work.

“Few operators in the private aviation space have the in-house capability, physical infrastructure and licensing to serve the range of maintenance, avionics and completion needs that we can address,” Segrave said.

Segrave acknowledged macro challenges including fuel costs, market volatility and geopolitical uncertainty but said these have had little impact on demand. “We have not seen any demand disruption within our customer base. The customers we serve are among the most economically resilient in the world,” he said.

On the outlook, Segrave said: “Our revenue and flight hours for the second quarter will significantly exceed first quarter results. We are halfway through the quarter and expect to deliver around 15% top line growth quarter-to-quarter.”

The company plans to add around 20 aircraft in 2026.

“The transformation phase of this company is largely behind us. We are now in the execution phase, and that is an entirely different and more straightforward operating mode,” Segrave said.