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Here are 1-2 brief analogies to describe flyExclusive:

• Think of flyExclusive as a leading private jet service, similar to NetJets, offering fractional ownership, jet cards, and on-demand charters.

• It's like the Four Seasons or Ritz-Carlton of private air travel, providing ultra-luxury services and exclusive access to a fleet of jets.

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• Jet Card Programs: Offers pre-paid blocks of flight hours at fixed rates, providing guaranteed access to private jet travel with consistent pricing and availability.
• Fractional Jet Ownership: Allows individuals or businesses to own a share of a private jet, granting a set number of flight hours annually while flyExclusive manages operations, maintenance, and crew.
• Aircraft Charter Services: Provides on-demand private jet travel where customers book specific flights and aircraft for immediate or future needs.
• Aircraft Management Services: Delivers comprehensive operational, maintenance, and crew management solutions for private aircraft owners, potentially including chartering the aircraft to third parties.

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flyExclusive (FLYX) primarily sells private aviation services directly to end-users rather than to other companies for resale or integration into their own services. Therefore, its major customers fall into categories of individuals and businesses who directly utilize their private jet services.

The up to three categories of customers that flyExclusive serves are:

• High-Net-Worth Individuals (HNWIs) and Families: These customers utilize flyExclusive's jet card programs, fractional ownership, and on-demand charter services for personal travel, leisure, family trips, and other private travel needs, valuing privacy, flexibility, and efficiency.

• Corporations and Businesses: This category encompasses large corporations, private equity firms, and other businesses that leverage private aviation for executive travel, urgent business meetings, client transportation, and efficient operational conduct, where time savings and productivity are paramount.

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• Textron Inc. (TXT)

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Jim Segrave, Founder, CEO & Chairman

Jim Segrave is a seasoned entrepreneur and the founder, CEO, and Chairman of flyExclusive. He has a long history in the aviation industry, starting in 1993 with Segrave Aviation, Inc., an aircraft charter company he founded. Segrave Aviation was later sold to Delta Air Lines in 2010 and subsequently became Delta Private Jets. He also served as President of Delta Private Jets from 2010 to 2013. Beyond aviation, Segrave founded LGM Ventures, LLC, which manages fixed-base operations (FBOs), a daycare center, and a restaurant and bar.

Brad Garner, Chief Financial Officer

Brad Garner was appointed Chief Financial Officer of flyExclusive on September 27, 2024. Prior to this role, he served as Chief Financial and Compliance Officer at Hale Partnership Capital Management, LLC ("HPCM"), a multi-strategy investment partnership with a focus on public equity, private equity, and real estate, since 2015. While at HPCM, he also acted as the CFO of Best Bar Ever, Inc., a protein bar company, where he facilitated the spin-off of non-core assets and structured multiple rounds of venture capital investment and eventual exit. Additionally, Garner served as the Chief Financial and Principal Accounting Officer for the publicly traded HG Holdings, Inc. from 2018 through 2022.

Matthew Lesmeister, Chief Operating Officer

Matthew Lesmeister became Chief Operating Officer for flyExclusive on September 27, 2024, after serving as the company's Chief Financial Officer since June 2024. Before joining flyExclusive, Lesmeister was the Vice President, Transformation and Strategy at Fox Factory Holding Corp., a publicly traded global leader. In that role, he was responsible for developing investment strategies that led to a global transformation, integrating several acquisitions across global business units, and driving continuous operational improvement. He brings 14 years of public company experience to his roles.

Mike Guina, Chief Commercial Officer

Mike Guina transitioned to Chief Commercial Officer on September 27, 2024. He previously held the title of President, overseeing flyExclusive's fleet, dispatch, maintenance, and pilot operations. Before his time at flyExclusive, Guina served as Executive Vice President of Delta Private Jets. He joined Delta Private Jets through the acquisition of Segrave Aviation in January 2010, where he had been Executive Vice President for six years. Earlier in his career, Guina spent a decade with Air Partner PLC, ultimately becoming President of U.S. Operations and a board member.

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Key Business Risks for flyExclusive (FLYX)

1. Financial Challenges and Debt Burden: flyExclusive has reported significant financial losses, including a net loss of $101.5 million in 2024, and carries over $250 million in long-term debt, primarily for aircraft acquisitions. The company faces substantial interest payments, totaling approximately $21 million annually. There are concerns about rapidly depleting cash reserves and short-term obligations exceeding liquid assets, which raise questions about the company's financial stability. Furthermore, capital raises to address these financial needs pose a risk of dilution for shareholders. The company also experienced compliance issues with the NYSE due to late filing of financial reports.
2. Intense Competition and Revenue Pressures: The private aviation sector is highly competitive, with numerous players offering similar services such as fractional jet ownership, jet card programs, and on-demand charters. flyExclusive faces competition from established companies like NetJets and Wheels Up. A significant challenge was the termination of its revenue-sharing agreement with Wheels Up, which accounted for a substantial portion of flyExclusive's revenue (22% in 2023, 38% in the first half of 2023), contributing to a decline in overall revenue.
3. Operational Challenges and Fleet Efficiency: flyExclusive has encountered operational hurdles, including supply chain issues for aircraft parts that have led to increased aircraft downtime. Older jets in their fleet experienced low dispatch availability, with nearly 70% being unavailable at certain times, directly impacting their ability to conduct flights and generate revenue. The company is actively working to modernize its fleet and replace less efficient aircraft to improve operational margins.

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flyExclusive (symbol: FLYX) operates in several key segments within the private aviation industry, including private jet charter services, fractional ownership, maintenance, repair, and overhaul (MRO), and aircraft sales/partnerships. The addressable markets for these main products and services are sizable.

• Private Jet Charter Services: The global private jet charter services market is estimated to be approximately USD 16.38 billion in 2025. North America dominates this market, accounting for 82.47% of the revenue share in 2024.
• Fractional Ownership: The global fractional aircraft ownership market was valued at USD 9.6 billion in 2024 and is projected to grow to USD 18.2 billion by 2033.
• Maintenance, Repair, and Overhaul (MRO) for Business Jets: The global business jet maintenance market was valued at USD 6.7 billion in 2022 and is projected to reach USD 10.4 billion by 2032. North America held the largest share of this market in 2022.
• Private Aircraft Sales/Partnerships: The North American private aircraft market, which includes business jets and encompasses sales and various ownership models, generated revenues of USD 11.97 billion in 2024. The global private aircraft market was USD 28.01 billion in 2024 and is expected to reach USD 29.87 billion in 2025.

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• Fleet Modernization and Expansion: flyExclusive is making substantial investments in its private jet fleet, with a particular focus on expanding its super-midsize Challenger fleet. The company expects the Challenger fleet to grow to 12-15 aircraft and represent as much as 30% of overall revenue by the end of 2025, just over a year after introducing the first Challenger 350. These aircraft are noted for materially improving availability, uptime, and per-aircraft economics. This strategic modernization also involves reducing non-performing aircraft, which has dramatically decreased operating losses and allows for more efficient revenue generation with fewer assets.
• Growth in Fractional and Jet Club Memberships: The company has demonstrated strong growth in its recurring revenue streams. Fractional active membership grew by 32% year-over-year in Q2 2025, with fractional sales surging 79% and Jet Club sales rising 26% year-over-year in the same period. Total fractional and Jet Club membership increased nearly 30% over the last year, reaching over 1,000 customers contributing to revenue in Q1 2025. Management anticipates continued membership growth.
• Expansion of Maintenance, Repair, and Overhaul (MRO) Services: flyExclusive's vertically integrated MRO sector is a growing revenue stream. MRO revenue increased by 28% year-over-year in Q2 2025 to $2.9 million, providing additional revenue opportunities.
• Operational Efficiency and Improved Aircraft Utilization: Although not a direct revenue driver, the company's focus on operational efficiencies and fleet optimization leads to improved aircraft utilization and profitability, which in turn supports revenue growth. flyExclusive increased flight hours by 12% year-over-year in Q2 2025 despite operating 10 fewer aircraft. This improved utilization allows the company to generate more revenue with fewer assets and is a key part of their strategy to achieve positive adjusted EBITDA by 2025.
• Jet.AI Merger: The planned merger with Jet.AI is anticipated to finalize in the second half of 2025. This merger could potentially lead to expanded market reach, a larger customer base, and new service offerings, thereby contributing to future revenue growth.

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Share Repurchases

• flyExclusive, Inc. has a share repurchase program in place.

Share Issuance

• The number of shares outstanding for flyExclusive increased by 56.02% in one year.
• Shares outstanding grew from 16.6 million in December 2023 to 18.2 million in December 2024.
• In May 2025, flyExclusive announced a $250 million mixed securities shelf offering, which provides the company with flexibility for future equity issuance.

Inbound Investments

• On March 4, 2024, flyExclusive received approximately $25 million in cash from an equity investment by EnTrust Global, which involved the purchase of Series A Non-Convertible Redeemable Preferred Stock, intended to fund working capital and aircraft acquisition plans.
• An additional $25 million preferred equity investment from EnTrust Global was announced on August 8, 2024, involving Series B Convertible Preferred Stock, aimed at fleet upgrades and expansion.
• Institutional investors, particularly Entrust Global Partners L.L.C., have purchased approximately $44.27 million worth of flyExclusive shares over the past 24 months.

Outbound Investments

• flyExclusive entered a merger agreement to acquire the aviation division of Jet.AI, aiming to expand its capital base and customer reach.
• The company strategically acquired Volato's Aircraft Sales Division, including its Vaunt Platform and Mission Control Software, for $2.1 million in stock.

Capital Expenditures

• Capital expenditures were approximately -$56.98 million in the last 12 months as of June 2025. Annual capital expenditures were -$81.17 million in FY 2024, -$104.43 million in FY 2023, and -$167.07 million in FY 2022.
• A significant focus of capital expenditures has been on fleet modernization, involving the sale of underperforming aircraft and the acquisition of modern, fuel-efficient Challenger 300s and 350s.
• The company has invested in its Maintenance, Repair, and Overhaul (MRO) capabilities, including state-of-the-art paint technologies and a 48,000 square foot hangar dedicated to maintenance, avionics, and interior refurbishment.