Private aviation provider FlyExclusive grew second-quarter revenue by 22% year over year to $111.1 million while operating 6% fewer aircraft than a year earlier, the company reported. Flight hours climbed 8%, and core fleet utilization rose 14%. The Raleigh, North Carolina-based company said it recorded its third straight quarter of positive adjusted EBITDA, at $4.2 million, up $9.4 million from a $5.2 million deficit a year earlier.
In the first six months, FlyExclusive revenue climbed 15% to $207.5 million, and adjusted EBITDA reached approximately $4.4 million, an improvement of $16 million from the same period last year. The company has also cut long-term notes payable by roughly $94 million since 2024. After the quarter closed, a transaction involving Jet.AI brought in about $12 million in additional liquidity, along with three light jets.
“This is a platform story now, not a turnaround story,” said Brad Garner, chief financial officer. “The hard work of proving the model is behind us.”
Profitability metrics also improved, FlyExclusive reported: gross profit climbed 65%. Charter revenue climbed about 20% to $103.9 million, driven largely by a $9 million gain from the Challenger fleet, now at 10 aircraft, along with 36% growth in light jets. Sales of fractional shares and flight-fund deployments rose 34% to $14.6 million, while jet club sales gained 13% to $30.0 million across 997 revenue-contributing members.
“The operating model has been rebuilt, and investors should no longer view FlyExclusive as a company in transition,” said founder and CEO Jim Segrave.
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