v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (67,114) $ (101,495)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 22,025 24,966
Amortization of finance lease right-of-use assets 1,562 743
Amortization of contract costs 1,543 1,136
Non-cash interest income (634) (2,712)
Non-cash interest expense 3,306 1,477
Non-cash rent expense 21,410 21,199
(Gain) loss on aircraft sales and aircraft held for sale (2,688) 2,795
Loss (gain) on lease termination 2,468 (133)
Provision for credit losses 305 2,190
Provision for inventory reserve 13 0
Realized loss on investment securities 284 59
Change in fair value of warrant liability 1,430 1,467
Loss on extinguishment of debt 1,395 0
Stock-based compensation 4,480 753
Changes in operating assets and liabilities, net of effects from acquisitions:    
Other receivables 905 (2,680)
Parts and supplies inventory 577 (516)
Prepaid expenses and other current assets (2,159) (123)
Operating lease liabilities (21,119) (21,166)
Other assets (2,309) (335)
Accounts payable 12,745 4,693
Other current liabilities 6,026 (756)
Deferred revenue 9,455 45,788
Other non-current liabilities 16,801 13,630
Net cash flows from operating activities 6,688 (10,929)
Cash flows from investing activities:    
Capitalized development costs (22) (492)
Purchases of property and equipment (30,941) (56,666)
Proceeds from sales of property and equipment 102,801 50,776
Finance lease direct initial costs (1,546) (385)
Purchases of engine overhauls (25,945) (24,508)
Purchases of investments (15,457) (61,878)
Proceeds from sale of investments 80,025 70,083
Proceeds from notes receivable 0 15,201
Net cash flows from investing activities 108,915 (7,869)
Cash flows from financing activities:    
Proceeds from issuance of debt 27,284 71,413
Repayment of debt (138,601) (57,743)
Payment of debt issuance costs (1,984) (849)
Proceeds from failed sale-leaseback of aircraft 34,000 0
Payment of dividends, preferred stock (1,000) 0
Repayment of finance lease (21,187) (9,048)
Cash contributions - noncontrolling interests 6,634 6,485
Cash distributions - noncontrolling interests (28,903) (19,771)
Proceeds from common stock issuance, net of issuance costs 5,800 0
Proceeds from preferred stock issuance, net of issuance costs 0 48,379
Net cash flows from financing activities (117,957) 38,866
Net increase (decrease) in cash and cash equivalents (2,354) 20,068
Cash and cash equivalents at beginning of period 31,694 11,626
Cash and cash equivalents at end of period 29,340 31,694
Supplemental disclosure of cash flow information:    
Cash paid for interest 16,800 19,706
Finance lease interest 1,289 0
Non-cash investing and financing activities:    
Non-cash directors and officers insurance 0 2,032
Exchange of public warrants for flyExclusive Class A common stock 0 371
Change in redemption value of redeemable noncontrolling interest 104,426 268,423
Conversion of Series B Temporary Equity to Class A common stock 24,300 0
Issuances of Class A common stock 2,700 0
Issuance of Class A common stock upon cashless exercise of warrants 9,479 4,337
Excise tax payable 189 156
Transfers from prepaid engine overhaul to property and equipment 0 10,764
Change in purchases of property and equipment in accounts payable 0 14,570
Transfer of fixed assets and prepaid engine overhauls to held for sale 1,238 42,960
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 13
ROU assets obtained in exchange for operating lease liabilities 12,884 14,866
ROU assets obtained in exchange for finance lease liabilities 25,197 16,039
Transfers from finance lease ROU assets to property and equipment 27,349 0
Consideration payable to customer 2,166 0
Non-cash exchanges for non-controlling ownership interest 1,063 0
Acquisitions of non-controlling interests 0 20,734
Series A Preferred Stock    
Non-cash investing and financing activities:    
Issuance of penny warrants in connection with temporary equity 0 3,746
Dividends payable and amortization of discount on Temporary Equity 4,166 3,259
Series B Preferred stock    
Non-cash investing and financing activities:    
Dividends payable and amortization of discount on Temporary Equity 6,264 1,233
Private Placement Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability 433 (173)
Public Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability 252 3,607
Penny Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability 745 (1,967)
Nonrelated Party    
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable (1,211) (1,175)
Related Party    
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable 1,320 (734)
Notes receivable - related parties $ (4,128) $ 0

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