FLYX FLYEXCLUSIVE INC.

Overview and Growth

FLYEXCLUSIVE INC. generated $375.88M of revenue in fiscal 2025, with net loss of $17.59M and an operating cash inflow of $6.69M. At $375.88M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $327.27M in fiscal 2024, revenue recorded a 14.9% year-over-year increase. Diluted earnings per share were -$1.01, translating the period’s attributable earnings into the amount reported for each diluted share. The company employed $440.00M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.85x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $56.25M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 15.0% of revenue, showing how much of the top line remained after direct costs. The company recorded an operating loss of $47.23M after the reported operating expense base. Relative to revenue, the operating deficit measured 12.6%, showing the shortfall after operating costs. The bottom-line result was a net loss of $17.59M after operating, financing, tax, and other recognized items. Net margin was -4.7%, reflecting a loss equal to 4.7% of reported revenue. The company reported a pretax loss of $67.08M, before the effect of income taxes. The pretax loss equaled 17.8% of revenue, measuring the pre-tax deficit against sales. The reported income-tax provision was $37.00K, the amount recognized between pretax income and the final net-income result. The loss-to-assets relationship was 4.0%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit decreased from $21.07M in fiscal 2024 to $17.59M.

Liquidity and Capital Structure

The company held $440.00M of assets against $524.27M of liabilities and -$325.65M of equity, revealing how the asset base was financed. With total equity at -$325.65M, the company carried a negative book-capital position, increasing its reliance on liabilities and future earnings. The near-term balance sheet paired $74.37M of current assets with $269.95M of current liabilities at the reporting date. Current assets covered only 0.28x of current liabilities, so current liabilities exceeded current assets at period end. Cash and equivalents totaled $29.34M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 10.9%, excluding receivables and other current assets. Borrowings totaled $117.47M, adding a fixed financing obligation alongside the company’s equity capital. Debt represented 26.7% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 119.2%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 6.7%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 18.3% from $538.29M in fiscal 2024, leaving current total assets lower year over year. Cash and equivalents were 7.4% lower than fiscal 2024 cash of $31.69M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

The company reported $6.69M of operating cash flow, a cash inflow that shows the cash generated by operations. The cash-flow statement records $30.94M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 462.6% of operating cash flow, quantifying the share of cash from operations directed to investment. Negative free cash flow was $24.25M, leaving a cash deficit after capital spending and reducing financial flexibility. Free-cash-flow margin was -6.5%, reflecting a cash deficit equal to 6.5% of revenue after capital spending. The cash deficit after capital spending represented 5.5% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.