flyExclusive, the Kinston-based private jet charter company, narrowed its quarterly loss with additional members who boosted revenue and fewer old planes, which helped reduce costs.
The net loss of $23 million in the first quarter compared with a $33 million deficit a year earlier. Revenue climbed 10.2% to $88.1 million, the company said in a securities filing earlier this week.
On an analysts’ call Wednesday, CEO Jim Segrave said replacing non-performing planes with new jets reduced expenses while creating a more reliable and comfortable fleet for members. “Engagement from new and existing members continues to grow,’’ Segrave said
Members contributing to revenue increased from 791 to 1,023 in the first three months of 2025, offsetting the 20% fleet reduction.
“We expect our revenue to increase over time as a result of adding aircraft to our fleet and
forecasted membership growth,’’ flyExclusive said in the filing.
CFO Brad Garner told analysts the company anticipates reducing costs after total expenses fell 4.2% to $102.9 million in the quarter. The company plans to continue adding new planes, Segrave said.
“We still have work ahead of us,’’ Garner said. “But the momentum is real. We are more
streamlined, more capable and better aligned than at any point in our history.’’
The stock closed at about $2.87. They have traded between $1.79 and $8.39 this year. The stock is down 9% in 2025.
The financial chief referred to 2025 as “a leapfrog year,’’ bouncing off Segrave’s assertion in a March interview that “we made a massive transition” leading to narrowing losses. Losses totaled $68 million in 2023 and 2024.
Segrave launched the company in 2015 with two jets after selling his Segrave Aviation to Delta Air Lines. He has built one of the five largest companies in the charter jet industry, offering service on a mix of owned and leased aircraft, including light, midsize, super-midsize and large aircraft.
It also maintains, repairs and overhauls planes for third parties and its own fleet.
flyExclusive went public in affiliation with New York-based EG Acquisition, a “special purpose acquisition company,” or SPAC company that raised $225 million when it went public in 2021.
