v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (23,047) $ (32,990)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 5,933 6,491
Amortization of finance lease right-of-use assets 318 0
Amortization of contract costs 364 275
Non-cash interest income (634) (768)
Non-cash interest expense 1,519 324
Non-cash rent expense 5,574 5,599
(Gain) loss on aircraft sales and aircraft held for sale (1,205) 1,489
(Gain) on lease termination (38) (132)
Provision for credit losses 62 1,756
Realized (gain) loss on investment securities (43) 46
Change in fair value of warrant liability (569) 2,780
Loss on extinguishment of debt 4,161 0
Stock-based compensation 1,064 0
Changes in operating assets and liabilities, net of effects from acquisitions:    
Other receivables (266) (680)
Parts and supplies inventory (349) (247)
Prepaid expenses and other current assets 530 (2,081)
Operating lease liabilities (5,331) (5,738)
Other assets (81) (31)
Accounts payable 3,296 1,910
Other current liabilities (2,394) (5,690)
Deferred revenue (2,170) (666)
Other non-current liabilities 2,918 2,208
Net cash flows from operating activities (10,464) (25,965)
Cash flows from investing activities:    
Capitalized development costs (23) (165)
Purchases of property and equipment (4,098) (38,531)
Proceeds from sales of property and equipment 19,198 0
Finance lease direct initial costs (381) 0
Purchases of engine overhauls (5,438) (2,705)
Purchases of investments (15,457) (28,962)
Proceeds from sale of investments 72,339 29,310
Proceeds from notes receivable 0 10,986
Net cash flows from investing activities 66,140 (30,067)
Cash flows from financing activities:    
Proceeds from issuance of debt 314 39,092
Repayment of debt (67,056) (10,270)
Payment of deferred financing costs 0 (1,019)
Payment of debt issuance costs (373) 0
Principal payments from finance leases (43) 0
Cash contributions - noncontrolling interests 863 157
Cash distributions - noncontrolling interests (12,125) (2,455)
Proceeds from preferred stock issuance, net of issuance costs 5,800 24,250
Net cash flows from financing activities (72,621) 49,755
Net increase (decrease) in cash and cash equivalents (16,945) (6,277)
Cash and cash equivalents at beginning of period 31,694 11,626
Cash and cash equivalents at end of period 14,749 5,349
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 50,068 192,364
FlyExclusive Class A common stock issued on cashless exercise of public warrants 0 4,302
Issuance of penny warrants in connection with Class A Preferred temporary equity issuance 0 3,746
Increase in dividends payable and accreted discount on Series A Preferred temporary equity 0 285
Transfers from prepaid engine overhaul to property and equipment 866 5,346
Transfer of fixed assets and prepaid engine overhauls to held for sale 605 0
Unrealized change in fair value of available-for-sale securities (54) 169
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 7,833 3,571
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability 14,023 0
Non-cash exchanges for non-controlling ownership interest 2,190 3,692
Series A Preferred Stock    
Non-cash investing and financing activities:    
Dividends payable on Temporary Equity 1,007 0
Series B Preferred stock    
Non-cash investing and financing activities:    
Dividends payable on Temporary Equity 1,182 0
Private Placement Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability (347) 910
Penny Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability (20) (2,332)
Public Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability (202) 4,202
Nonrelated Party    
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable (567) 249
Related Party    
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable $ 491 $ (69)

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