Core Viewpoint - flyExclusive announced its fourth quarter and full year 2025 financial results, highlighting significant developments in its operations and financial performance [2]. Financial Results - The company filed its Form 10-K for the year ending December 31, 2025, which includes detailed financial information and reconciliations of non-GAAP to GAAP metrics [2]. - The earnings conference call was held to discuss these results, indicating a structured approach to investor communication [1][2]. Leadership Involvement - The call featured key executives, including Jim Segrave, the Founder and CEO, and Brad Garner, the CFO, emphasizing the leadership's direct engagement with investors [1][3].

Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenue of $105 million, a 15% increase year-over-year, and generated $6.8 million of positive Adjusted EBITDA, marking its first positive quarter since going public [4][25] - For the full year 2025, revenue reached $376 million, up 15%, with gross profit increasing by 53% [5][20] - Adjusted EBITDA for the full year improved by over $49 million, narrowing the loss to $7 million, with an Adjusted EBITDA margin improvement of 1,531 basis points compared to 2024 [25][26] Business Line Data and Key Metrics Changes - Charter flight revenue in Q4 2025 was approximately $98 million, a 13% increase year-over-year, with flight hours also increasing by 13% to about 20,400 [20][21] - Fractional and jet club programs saw a 33% increase in contractually committed demand hours year-over-year, with fractional sales revenue increasing nearly 56% compared to the prior year [21][22] - The MRO segment reported external revenue of approximately $2.9 million in Q4 2025, up 52% from the same period in 2024, and a 48% increase for the full year [22][23] Market Data and Key Metrics Changes - The company is now the number one charter operator in the United States and the third largest overall when including fractional turboprop and management operators [5][11] - The average fleet utilization increased approximately 23% per aircraft to an average of 73 hours per plane over the full year [5] Company Strategy and Development Direction - The company is focused on disciplined growth, with plans to add approximately 20 CJ3, XLS, and Challenger aircraft in 2026, while continuing to reduce fleet age and improve utilization [10][11] - The acquisition of Volato's aircraft sales division and its scheduling and optimization software platform is expected to enhance operational efficiency and profitability [12][29] - The company aims to leverage technology, including AI, to improve scheduling and operational efficiency, which is anticipated to be a game changer for the business [15][29] Management's Comments on Operating Environment and Future Outlook - Management indicated that Q1 2026 results will exceed Q1 2025 but will not surpass Q4 2025 results, as Q4 is typically the strongest quarter [8] - The company expects to reduce first quarter 2026 losses by approximately 50% compared to the first quarter of 2025, continuing the positive trajectory established over the last two years [9][10] - Management emphasized that the transformation achieved is sustainable and that the company is now positioned for disciplined growth [30][31] Other Important Information - The company reduced long-term debt by approximately 36% in 2025, amounting to an $84 million reduction, while maintaining cash position compared to 2024 [16][26] - High-speed internet installation in the fleet is expected to be completed by year-end, enhancing customer demand and pricing power [17][18] Q&A Session Summary Question: What are the expectations for future growth? - Management expects to continue improving financial performance metrics in 2026, with a focus on disciplined growth and operational efficiency [10][11] Question: How will the acquisition of Volato impact operations? - The acquisition is anticipated to enhance operational efficiency through advanced scheduling and optimization software, contributing positively to profitability [12][29] Question: What is the strategy for fleet modernization? - The company plans to add younger, more efficient aircraft to the fleet while continuing to optimize both retail and wholesale channels [22][24]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenue of $105 million, a 15% increase year-over-year, and generated $6.8 million of positive Adjusted EBITDA, marking the first positive quarter since going public [4][25] - For the full year 2025, revenue reached $376 million, up 15%, with gross profit increasing by 53% [5][20] - Adjusted EBITDA for the full year improved by over $49 million, narrowing the loss to $7 million, with an Adjusted EBITDA margin improvement of 1,531 basis points compared to 2024 [25][26] Business Line Data and Key Metrics Changes - Charter flight revenue in Q4 2025 was approximately $98 million, a 13% increase year-over-year, with flight hours also increasing by 13% to about 20,400 [20][21] - Fractional and jet club programs saw a 33% increase in demand hours year-over-year, contributing to a 56% increase in fractional sales revenue for the full year [21][22] - The MRO segment reported external revenue of approximately $2.9 million in Q4 2025, up 52% from the previous year, and a 48% increase for the full year [22][23] Market Data and Key Metrics Changes - The company is now the number one charter operator in the U.S. based on hours flown and the third largest overall, with a fleet that is 14% smaller than the previous year [5][20] - Contractually committed demand hours from fractional club and partner programs increased by approximately 33% [7] Company Strategy and Development Direction - The company aims to continue scaling from strength, focusing on disciplined growth and fleet modernization, with plans to add approximately 20 new aircraft in 2026 [8][11] - The acquisition of Volato's aircraft sales division and the upcoming integration of their scheduling and optimization software are expected to enhance operational efficiency and profitability [12][29] - The company is also focusing on high-speed internet installation across its fleet, which is anticipated to create pricing power and increase demand [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding Q1 2026 results compared to Q1 2025, while acknowledging that Q4 2025 results will not be surpassed due to seasonal trends [8][9] - The company expects to improve dispatch reliability by another 10% in 2026, translating to an additional $25 million in annualized bottom line performance improvement [10] - Management emphasized that the transformation achieved over the past two years has created a more predictable and efficient business model [30] Other Important Information - The company reduced long-term debt by approximately 36% in 2025, amounting to an $84 million reduction, while maintaining cash position [16][26] - The company has successfully implemented its ATM program, providing flexibility for future growth and debt reduction [16][26] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the call concluded without a Q&A segment [33]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported revenue of $105 million, a 15% increase year-over-year, and generated $6.8 million of positive Adjusted EBITDA, marking its first positive quarter since going public [4][27] - For the full year 2025, revenue reached $376 million, up 15%, with gross profit increasing by 53% [5][21] - Adjusted EBITDA for the full year improved by over $49 million, narrowing the loss to $7 million, with an Adjusted EBITDA margin improvement of 1,531 basis points compared to 2024 [27][28] Business Line Data and Key Metrics Changes - Charter flight revenue in Q4 2025 was over $98 million, a 13% increase year-over-year, with flight hours also increasing by 13% to approximately 20,400 [21][24] - The fractional and jet club programs saw a 33% increase in contractually committed demand hours year-over-year, with fractional sales revenue increasing nearly 56% compared to the prior year [22][24] - The MRO segment reported external revenue of approximately $2.9 million in Q4 2025, up 52% from the previous year [25] Market Data and Key Metrics Changes - The company is now the number one charter operator in the United States based on hours flown and the third largest overall [5][12] - The average fleet utilization increased approximately 23% per aircraft to an average of 73 hours per plane over the full year [5] Company Strategy and Development Direction - The company is focused on disciplined growth, with plans to add approximately 20 CJ3, XLS, and Challenger aircraft in 2026, while continuing to reduce fleet age and improve utilization [11][12] - The acquisition of Volato's aircraft sales division and its technology platform is expected to enhance operational efficiency and profitability [13][29] - The company aims to leverage AI and operational expertise to improve scheduling and optimize flight operations, which could significantly increase revenue [14][16] Management's Comments on Operating Environment and Future Outlook - Management indicated that Q1 2026 is expected to exceed Q1 2025 results but will not surpass Q4 2025 results, as Q4 is typically the strongest quarter [9] - The company anticipates reducing first quarter 2026 losses by approximately 50% compared to the first quarter of 2025, continuing the positive trajectory established over the last two years [10] - Management emphasized that the transformation achieved is sustainable and that the company is now positioned for disciplined growth [20][32] Other Important Information - The company reduced long-term debt by approximately 36% in 2025, representing an $84 million reduction, while maintaining cash position [17][28] - High-speed internet installation in the fleet is expected to be completed by year-end, enhancing customer demand and pricing power [18][19] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Q4 2025 HIGHLIGHTS Record Revenue Growth flyExclusive, Inc. Q4 & Full Year 2025 Earnings Review March 5, 2026 1 DISCLAIMERS & OTHER IMPORTANT INFORMATION FORWARD-LOOKING INFORMATION. This Presentation contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to flyExclusive the products and services offered by flyExclusive and the markets in which it operates and flyExclusive's expectations, intentions, strategies, assumptions or beliefs about future eve ...

Revenue Expectations - Record fourth quarter 2025 revenue is expected to be between $103.0 million and $106.0 million, representing an approximate 13% increase compared to $91.4 million in Q4 2024[6] - Full year 2025 revenue is expected to range between $374.0 million and $378.0 million, an increase of approximately 15% compared to full year 2024, achieved with approximately 14% fewer aircraft[6] Net Loss Projections - Net loss for Q4 2025 is expected to range between $(13.0) million and $(10.0) million, an improvement compared to a net loss of $(16.5) million in Q4 2024[6] - Full year 2025 net loss is expected to range between $(73.0) million and $(70.0) million, an improvement of approximately 30% compared to a $(101.5) million loss in 2024[6] Adjusted EBITDA - Fourth quarter 2025 Adjusted EBITDA is expected to range between $5.5 million and $8.0 million, marking the Company's first quarter of positive Adjusted EBITDA[6] - Full year 2025 Adjusted EBITDA is expected to range between $(8.5) million and $(5.0) million, representing an improvement of approximately $50 million from full year 2024[6] Financial Management - The Company reduced total long-term notes payable by more than $80 million compared to 2024 while maintaining cash position year-over-year[4] Strategic Investments - The investment in high-performing Challenger aircraft and improved fleet optimization contributed to historic top-line growth and significantly improved profitability[5] Customer Experience Enhancements - The Company has a Starlink dealership agreement, with installation in aircraft expected to begin in Q1 2026, enhancing customer experience[5] Upcoming Events - The Company plans to host a conference call on March 5, 2026, to discuss its financial results for Q4 and full year 2025[8]

Fleet and Operations - flyExclusive has grown its fleet from 2 jets in 2015 to 82 owned and leased aircraft, becoming the third largest private jet operator in the U.S. by 2025[25] - The company operates with over 95% of customer flights fulfilled by its own fleet, minimizing reliance on third-party operators[35] - flyExclusive's Maintenance, Repair, and Overhaul (MRO) facility handles approximately 70% of aircraft maintenance in-house, with a target to increase this to 80%[40] - flyExclusive's operational efficiencies are enhanced by requiring longer flight notice periods, allowing for better scheduling and reduced need for affiliate lift[39] - The company has opened a new 48,000 square foot hangar dedicated to its MRO division, significantly increasing capacity for maintenance and refurbishment[28] - flyExclusive's strategic location in Kinston, North Carolina, allows for cost-effective operations and organizational synergy[26] - The company has entered the Maintenance, Repair, and Overhaul (MRO) business, launching operations in 2021 and expanding services, including a new 48,000 square foot hangar[117] Membership and Customer Programs - The jet club launched in 2020 has seen significant growth, with multi-tiered membership options and a focus on customer-centered pricing[27] - flyExclusive's fractional ownership program, introduced in Q2 2022, allows customers immediate access to its fleet without monthly management fees[30] - Jet Club IV and Jet Club 25 are active programs with a 24-month term, where members pay a monthly membership fee and rates are adjusted after the first anniversary based on aircraft operating costs and fuel prices[48] - The Platinum Jet Club program introduced in March 2023 allows existing customers to add funds to their account with fixed rates and no membership fee[47] Financial Performance and Projections - The company requires additional liquidity and capital resources to achieve projected growth rates, particularly for acquiring additional aircraft[93] - flyExclusive's growth strategies include expanding into new domestic and international markets and developing adjacent businesses, but these may face significant challenges[89] - The company may not be able to successfully integrate future acquisitions, which could adversely affect its financial position[98] - A decrease in demand for private aviation services could negatively impact flyExclusive's business and financial results[99] - The company has $3.4 million of aircraft classified as held for sale and $223.7 million of property and equipment, net of accumulated depreciation, with $218.6 million related to aircraft[110] - As of December 31, 2025, the company had approximately $108.9 million in total long-term debt outstanding, with principal payments of long-term debt totaling $138.6 million during the year ended December 31, 2025[142] - The company was not in compliance with certain financial covenants as of December 31, 2025, and received waiver letters for outstanding debt obligations totaling $8.9 million[145] Regulatory and Compliance Issues - The company is subject to various government regulations, including those from the FAA, DOT, and TSA, impacting operations and safety[56][67][70] - The company has a focus on compliance with evolving privacy and data protection laws, including the California Consumer Privacy Act and the EU's General Data Protection Regulation[76][77] - The FAA issued a new rule in April 2024 requiring a safety management system for all certificate holders under FAA Part 135, increasing regulatory compliance costs for the company[170] - The company is subject to federal law restrictions requiring at least 75% of voting stock to be owned by U.S. citizens, with potential adverse effects on business if compliance fails[172] - The company incurs substantial costs to maintain various federal, state, and local permits, approvals, and licenses necessary for operations[173] Risks and Challenges - The private aviation industry is highly competitive, with various operators and alternatives affecting market share[101] - The supply of qualified pilots is limited, which may increase labor costs and affect operational efficiency[103] - Pilot attrition has shown significant volatility, which could adversely affect operations and financial results if rates exceed hiring capabilities[106] - The company may face increased labor costs and operational disruptions due to potential unionization of pilots and maintenance workers[107] - The transition to in-house maintenance could impact relationships with vendors and internalize risks associated with MRO services[118] - The company is exposed to operational disruptions due to maintenance requirements, which could lead to underutilization of aircraft[115] - The company may incur substantial maintenance costs related to leased aircraft return obligations, which could negatively impact financial results[114] - The company faces risks from climate change, including increased operational costs and potential impacts from severe weather events[151] - The company is subject to risks associated with geopolitical events, which can disrupt flight operations and increase costs[160] Cybersecurity and Technology - The company has implemented a Cybersecurity Program based on the NIST Cybersecurity Framework to manage risks from cybersecurity threats[216] - The Cybersecurity Program includes identification and assessment of threats, technical safeguards, incident response plans, and third-party risk management processes[218] - The Audit and Risk Committee oversees the company's cybersecurity risks and receives periodic reports from management regarding the effectiveness of the Cybersecurity Program[223] - The company has not identified any material risks from cybersecurity threats as of the date of the report, despite ongoing vigilance[221] Corporate Governance and Structure - The company was formed as a Delaware corporation for the purpose of effecting a merger, completing a Business Combination with LGM Enterprises, LLC on December 27, 2023[79] - As of February 28, 2026, existing equityholders control a majority of the voting power, classifying the company as a "controlled company" and exempting it from certain corporate governance requirements[182] - The multi-class structure of the company's Common Stock concentrates voting power with the CEO, potentially limiting other stockholders' influence on important transactions[184] - The company qualifies as an "emerging growth company," which may make its securities less attractive to investors due to reliance on certain exemptions from disclosure requirements[188] Internal Controls and Reporting - The company identified material weaknesses in internal control over financial reporting, which may lead to future misstatements and reporting failures[190] - As of December 31, 2025, the company concluded that its internal control over financial reporting was not effective due to inadequate accounting policies and insufficient personnel with technical competency[191] - The company failed to timely file Form 10-Q for the quarter ended September 30, 2023, and Form 10-K for the year ended December 31, 2024, which could result in loss of investor confidence[192] Tax and Financial Obligations - Under the Tax Receivable Agreement, the company is required to pay Existing Equityholders 85% of tax savings realized, which may exceed actual tax benefits[193] - Payments under the Tax Receivable Agreement could be substantial and may adversely affect the company's financial condition if they exceed actual tax benefits realized[197] - The company may face significant adverse consequences if it fails to comply with NYSE American listing standards, including potential delisting[199] Market and Stock Performance - Future capital raises may dilute existing stockholders and adversely affect the market price of the company's common stock[203] - The company does not expect to declare any dividends in the foreseeable future, requiring investors to rely on share price appreciation for returns[209] - The proposed merger with Jet.AI will result in the issuance of approximately 6,865,672 shares of Class A Common Stock, assuming SpinCo's net cash at closing is $12,000,000 and the average closing price is $2.01 per share[211] - The resale of a substantial number of Class A Common Stock shares could adversely affect the market price and trading volume, making it difficult for shareholders to sell at desired prices[213]

Core Viewpoint - Jet.AI Inc. has made significant updates regarding its capital structure and financing arrangements in connection with a merger agreement with flyExclusive, indicating improved financial stability and strategic flexibility for future opportunities [1][2][4]. Group 1: Capital Structure and Financing - The newly executed amendment to the merger agreement eliminates the requirement for Jet.AI to secure a $50 million financing arrangement with a third-party investor, as the company has sufficient positive net working capital to meet the minimum cash closing condition [2][3]. - Jet.AI confirmed that it no longer has any preferred stock outstanding, further strengthening its capital position [2]. Group 2: Strategic Flexibility - The amendment allows Jet.AI to pursue additional merger and acquisition opportunities, provided these transactions are conditioned upon the completion of the merger with flyExclusive [4]. - The proposed transaction with flyExclusive remains subject to customary closing conditions, and there is no assurance that it will be completed as currently contemplated [5].

Core Insights - Jet.AI Inc. is focused on high-performance GPU infrastructure and AI cloud services, with significant operational developments and strategic priorities for 2026 [1][40] - The company has approximately $9 million in cash and no debt, providing a stable platform for future projects [2] - Jet.AI is in the final stages of selling its aviation business to flyExclusive, which will result in shareholders owning two distinct securities: JTAI and FLYX [4][5] Financial Position - The company has a cash balance of approximately $9 million and no debt, allowing for operational flexibility [2] - The sale of the aviation business is expected to provide significant value, with an estimated $13.4 million return for shareholders based on the recent share price of flyExclusive [8] Strategic Projects - Jet.AI is investing in three data center projects in Manitoba and the Canadian Maritimes, with a potential total value of $300 million if all projects reach the powered-land stage [12][23] - The Manitoba project has a development potential of multi-hundred megawatts, with an implied value of $100 to $200 million for Jet.AI's 17.5% GP stake [30][27] - The Maritimes project is expected to support approximately 500 megawatts of capacity, with an implied value of approximately $88 million for Jet.AI's GP equity stake [35] Investment in AIIA - Jet.AI owns 49.5% of the sponsor entity of AI Infrastructure Acquisition Corp. (AIIA), representing its largest asset on a mark-to-market basis [9] - AIIA currently holds approximately $138 million in trust and has about fifteen months to complete a transaction [10] Future Financing and Growth - The company plans to pursue external financing through various tools, including a $50 million facility and a $250 million shelf registration [21] - The rapid expansion of the data center industry is reflected in public-market pricing, with significant valuations for hyperscale data center operators [22] Closing Remarks - The company emphasizes the importance of aligning with the growing demand for computing infrastructure and technological advancements in AI [39]

Core Insights - Off The Hook YS Inc. has launched a nationwide dealer incentive program in partnership with flyExclusive to enhance dealer engagement and transaction volume, solidifying its position as the largest buyer and seller of pre-owned boats in the U.S. [1][3] Group 1: Company Overview - Off The Hook YS Inc. is recognized as America's largest buyer and seller of pre-owned boats, with a focus on transforming the market for approximately 1 million used boats sold annually in the U.S., valued at an estimated $10 billion [3][5] - The company utilizes proprietary AI-powered systems and a national acquisition model, achieving over $100 million in boat purchases annually with a 5X inventory turn [5] Group 2: Incentive Program Details - The new incentive program allows eligible dealer partners to earn private aviation flight hours with flyExclusive, creating a performance-based reward structure that aligns with Off The Hook's operational scale and efficiency [2][3] - This initiative aims to deepen dealer relationships and enhance the national acquisition and brokerage network of Off The Hook Yachts [1][3] Group 3: Strategic Partnership - The collaboration with flyExclusive is expected to introduce private aviation benefits that support the business operations of dealers and customers, thereby connecting the marine and aviation sectors on a national scale [3][4] - The partnership is seen as a strategic move to strengthen Off The Hook's national network and create powerful incentives for high-performing dealers [3]