flyExclusive reports growth in Q2 revenue

flyExclusive announced second quarter results for 2024 wherein it reported revenue of $79m, posting significant growth in all three operating segments including jet club and charter, fractional ownership and maintenance, repair and overhaul despite terminating the guaranteed revenue programme with WheelsUp.

Breakdown showed flyExclusive booked $72.5m revenue from its jet club and charter segment , growing by 28.7% from last year’s $56.3m. Meanwhile, revenue from fractional ownership and maintenance, repair and overhaul clocked in at $4.2m and $2.2m, growing by 344%YoY and 101.6%YoY, respectively.

However, the company reported an operating loss of $21.8m owing to sharp increases in cost of revenue (up11.8%YoY) and selling, general and administrative expenses (up 15.8%YoY).

Subsequently, the company reported a net loss of $27.8m in the quarter under review as the company also saw higher interest expense and other expenses despite being partially offset by slight increase in other income.

Meanwhile, in terms of liquidity, as of June 30, 2024, flyExclusive had $9.3m of cash and cash equivalents, $69.4m in short-term investments in securities and $4.4m available borrowing capacity under the 2018 Term Loan.

Moreover, the company also holds $0.5m of available borrowing capacity under the 2023 Revolving Line of Credit.

Earlier on Tuesday, the company also announced its first quarter results reporting a pre-tax loss tripled to $32.9m.