flyExclusive, Inc.

flyExclusive reported first-quarter 2026 consolidated revenue of approximately $96.3 million, up about 9% year over year. Flight revenue increased about 9% to $92.5 million, flight hours rose 7% to 18,537 hours, and utilization on the core fleet averaged 75 hours per aircraft per month versus 65 a year ago. Gross profit was $19.1 million, up 69% year over year, and gross margin was 20%, up roughly 700 basis points. Contribution margin improved to 50.5% from 46.9%, SG&A was approximately $22.7 million, and adjusted EBITDA was positive at about $200,000 versus a $6.4 million loss in Q1 2025. Management said long-term notes payable were reduced by about $10 million in the quarter, and cash and cash equivalents were approximately $18.7 million. For the next quarter, management said revenue and flight hours in Q2 should significantly exceed Q1, with around 15% sequential top-line growth. For the full year, they did not provide formal guidance, but said every quarter of 2026 is expected to outperform the comparable quarter of 2025 on revenue, adjusted EBITDA, and flight hours.

The CEO framed Q1 as evidence that flyExclusive’s multi-year transformation is largely complete and that the company is moving from restructuring into execution. He emphasized the fleet is now more efficient, with nonperforming aircraft cut from 37 at the start of 2024 to 6 at quarter-end, and said dispatch, utilization, and revenue mix improvements are now showing up in results. His tone was confident and upbeat, but he also noted macro uncertainty and said the business is being managed conservatively.

The CFO focused on operating leverage and the quality of growth, citing revenue of $96.3 million, gross profit of $19.1 million, gross margin of 20%, and adjusted EBITDA of about $200,000. He said contribution margin improved to 50.5%, SG&A was about $22.7 million, and revenue per SG&A headcount was about $481,000. On liquidity and capital structure, he said long-term notes payable were reduced by about $10 million in Q1, debt has been cut by roughly 40% since the start of 2025, cash and equivalents were about $18.7 million, and the company still had about $98 million of ATM availability. He also said fuel increases are passed through in contracted programs, limiting margin impact there, while maintenance costs are trending favorably as the fleet mix improves.

There was no traditional analyst Q&A section in the transcript; management instead addressed expected questions in prepared remarks. The main concern was macro volatility, including higher fuel costs, market uncertainty, and geopolitical tension, but management said they have not seen demand disruption and believe current conditions are not a material near-term headwind. They also explained why they did not give formal full-year guidance, citing seasonality, macro uncertainty, and the timing of aircraft additions, while still saying each quarter of 2026 should beat the same quarter of 2025.