v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (60,198) $ (84,980)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 16,538 19,283
Amortization of finance lease right-of-use assets 1,988 0
Amortization of contract costs 1,161 821
Non-cash interest income (634) (2,093)
Non-cash interest expense 2,174 1,126
Non-cash rent expense 16,497 15,818
(Gain) loss on aircraft sales and aircraft held for sale (3,313) 4,897
(Gain) loss on lease termination 2,137 (163)
Provision for credit losses 105 2,076
Provision for inventory reserve 21 0
Realized loss on investment securities 238 59
Change in fair value of warrant liability 2,031 2,179
Loss on extinguishment of debt 4,161 0
Stock-based compensation 2,841 0
Changes in operating assets and liabilities, net of effects from acquisitions:    
Other receivables (1,198) (1,797)
Parts and supplies inventory (404) (836)
Prepaid expenses and other current assets (4,172) 261
Operating lease liabilities (16,300) (15,989)
Other assets (240) (76)
Accounts payable 13,036 (4,062)
Other current liabilities 185 (2,932)
Deferred revenue 3,124 6,276
Other non-current liabilities 9,366 6,431
Net cash flows from operating activities (10,310) (54,434)
Cash flows from investing activities:    
Capitalized development costs (24) (412)
Purchases of property and equipment (14,923) (14,656)
Proceeds from sales of property and equipment 47,048 28,533
Finance lease direct initial costs (381) 0
Purchases of engine overhauls (17,825) (18,364)
Purchases of investments (15,457) (45,495)
Proceeds from sale of investments 80,025 57,449
Proceeds from notes receivable 0 15,040
Net cash flows from investing activities 78,463 22,095
Cash flows from financing activities:    
Proceeds from issuance of debt 10,324 71,413
Repayment of debt (84,145) (50,282)
Payment of debt issuance costs (1,950) (4,018)
Proceeds from sale-leaseback of aircraft 15,500 0
Payment of dividends, preferred stock (361) 0
Repayment of finance lease (3,864) 0
Cash contributions - noncontrolling interests 735 6,327
Cash distributions - noncontrolling interests (23,184) (13,920)
Proceeds from common stock issuance, net of issuance costs 5,800 0
Proceeds from preferred stock issuance, net of issuance costs 0 29,847
Net cash flows from financing activities (81,145) 39,367
Net increase (decrease) in cash and cash equivalents (12,992) 7,028
Cash and cash equivalents at beginning of period 31,694 11,626
Cash and cash equivalents at end of period 18,702 18,654
Non-cash investing and financing activities:    
Exchange of public warrants for flyExclusive Class A common stock 0 371
Change in redemption value of redeemable noncontrolling interest 191,935 231,273
FlyExclusive Class A common stock issued on cashless exercise of public warrants 0 4,337
Transfers from prepaid engine overhaul to property and equipment 4,704 9,833
Transfer of fixed assets and prepaid engine overhauls to held for sale 1,238 0
Transfers of aircraft from held for sale, non-current portion to held for sale, current portion 4,085 0
Unrealized change in fair value of available-for-sale securities 56 (178)
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 10,522 7,326
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability 23,074 0
Non-cash exchanges for non-controlling ownership interest 1,063 0
Acquisition of non-controlling interests 0 6,892
Series A Preferred Stock    
Non-cash investing and financing activities:    
Issuance of penny warrants in connection with temporary equity issuance 0 3,746
Dividends payable and amortization of discount on Temporary Equity 3,095 2,257
Series B Preferred stock    
Non-cash investing and financing activities:    
Issuance of penny warrants in connection with temporary equity issuance 0 11,712
Dividends payable and amortization of discount on Temporary Equity 4,339 451
Private Placement Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability 606 433
Penny Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability 1,072 (2,214)
Public Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability 353 3,960
Nonrelated Party    
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable (839) (752)
Related Party    
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable $ 1,385 $ 19

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