Flyexclusive FLYX

flyExclusive is a premier owner/operator of jet aircraft providing private jet passenger experiences dedicated to surpassing expectations for quality convenience and safety. The company operates as a vertically integrated private aviation company offering a full range of industry services including charter flights fractional ownership jet club memberships and maintenance repair and overhaul services. Its operations are centered at its corporate headquarters in Kinston North Carolina within the North Carolina Global TransPark which provides access to an 11 500 foot runway and strategic advantages for cost effective growth.

flyExclusive generates revenue through multiple channels including private jet charter services for wholesale and retail ad hoc customers jet club membership programs fractional ownership sales and flight service deposits aircraft management services for third party owners maintenance repair and overhaul work performed for both its own fleet and external clients and avionics installation and support services including as an authorized dealer and installer for Starlink aviation connectivity systems. Revenue is also derived from partnership programs where the company purchases and upfits aircraft then sells them at a premium while leasing them back to retain operational control.

The company operates through the following segments: Charter Services Jet Club Fractional Ownership Maintenance Repair and Overhaul (MRO) Aircraft Management Services and Partnership Programs.

• Charter Services includes wholesale and retail ad hoc flights where third party affiliates and individual customers book private air travel directly with flyExclusive typically sold within three days of the flight using a proprietary pricing model based on daily and hourly rates plus incidental costs.

• Jet Club offers multi tiered membership options including Jet Club IV and Jet Club 25 as active programs where customers pay a deposit based on membership level along with daily and hourly rates and a monthly membership fee with a 24 month term and rates adjusted after the first anniversary based on changes in aircraft operating costs and fuel prices.

• Fractional Ownership allows members to purchase or place a deposit towards a fractional share of aircraft providing immediate access to light mid and super mid fleets through separate operating deposits with profits realized on sales amortized over the contract life while maintaining aircraft control and providing superior customer experience without monthly management fees blackout dates or minimal peak days.

• Maintenance Repair and Overhaul (MRO) operations provide interior and exterior refurbishment avionics installation paint and maintenance services for both flyExclusive’s fleet and third party aircraft including as an authorized dealer and installer for Starlink aviation connectivity systems with facilities expanded through a new 48 000 square foot hangar opened in the third quarter of 2022 and an expanded Mobile Service Unit program launched in 2025.

• Aircraft Management Services involve charging fixed monthly management fees to third party aircraft owners for whom flyExclusive manages flight operations sales and expenses as demonstrated through the Aircraft Management Services Agreement with Volato Group Inc.

• Partnership Programs involve flyExclusive purchasing and upfitting aircraft then selling them at a premium and leasing them back via triple net lease to retain control while providing partners tax depreciation benefits and flights at owner rates to optimize cash flow.

flyExclusive positions itself as the third largest private jet operator in the United States based on departures from the first half of 2025 and one of the nation’s largest Citation operators. The company differentiates itself through vertical integration operational control of its fleet a lean customer to aircraft ratio exceeding 95% of customer flights fulfilled by its own fleet and in house maintenance capabilities targeting 80% in house work. Competitive advantages include its strategic location in Kinston North Carolina providing cost efficiency and organizational synergy its focus on aircraft acquisition over operator acquisition its proprietary customer and pilot apps and its investment in in house pilot training facilities to reduce industry bottlenecks.

flyExclusive serves a diverse customer base including retail individuals booking ad hoc private air travel third party affiliate charter companies requiring aircraft to service their own customers fractional owners seeking access to private aviation through shared ownership jet club members seeking tiered membership benefits and third party aircraft owners utilizing its management and maintenance services. Specific customer names are not disclosed in the filing but the company references relationships with entities such as Volato Group Inc. for aircraft management services and notes its role as a preferred provider for various partner owners in its partnership program.