flyExclusive disclosed that its third‑quarter 2025 revenue rose 20% year‑over‑year to $92.1 million, driven by a 51% increase in retail membership and a 91% jump in fractional ownership sales. The company’s on‑demand charter and Jet Club segments also contributed to the top‑line growth, with Jet Club sales up 4% and fractional sales up 91% compared with the same period last year.
Gross margin expanded 46% from the previous year, reflecting higher pricing power in the charter and fractional markets and improved operational leverage from a more efficient fleet mix. The company’s integrated maintenance and interior renovation capabilities helped keep operating costs in check, allowing margin gains even as fuel and labor costs rose.
Adjusted EBITDA swung to a $1.9 million loss, a dramatic improvement from the $13 million loss reported in Q3 2024. The turnaround was largely due to the reduction of non‑performing aircraft and the acceleration of high‑margin fractional sales, which offset the higher cost base associated with fleet modernization. Adjusted EBITDAR turned positive at $2.8 million, up from a negative $8.3 million year‑ago, underscoring the company’s progress toward profitability.
Management indicated that guidance for the next quarter will be provided during the earnings call, but emphasized continued focus on cost discipline and strategic investments in high‑return verticals. The company’s leadership expressed confidence that the current momentum in demand and the improved margin profile will support a steady path to profitability.
Investors reacted negatively to the announcement, despite the company’s stronger-than‑expected financial performance and operational improvements. The market’s response highlights lingering concerns about valuation and the broader economic environment, even as flyExclusive demonstrates clear progress in revenue growth and margin expansion.
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