Shares of Kinston-based flyExclusive more than doubled today in heavy morning trading after the private-jet operator signed a dealership agreement to sell and install Starlink communications systems.
flyExclusive says it is installing Starlink service on its Challenger 350 fleet and will provide sales, installation and support services to other aircraft owners and operators as part of its maintenance operation in Kinston and the Global TransPark complex.
Shares increased about $4, or 125%, to $7.20 by noon today. Shares have mostly traded in the $3.50 range in recent months. Nearly 150 million shares traded by noon today, compared with average daily volume of less than 30,000 shares.
While there are other authorized Starlink dealers, flyExclusive is “one of the only private aviation companies that has Part 145 certification from the FAA. This authorizes flyExclusive to perform maintenance, repair, paint, interior, avionics services — and now Starlink installations — on third-party aircraft in addition to its owned fleet,” says spokeswoman Laurie Steinberg.
Since going public as a special-purpose acquisition company at $10 in early 2024, flyExclusive has reported net losses of more than $120 million and its net tangible value was a negative $430 million as of Sept. 30. The company is among the five largest U.S. charter-jet operators.
Starlink is a satellite-based communications service owned by billionaire Elon Musk’s SpaceX, a privately held business that is expected to go public this year. It’s best known for providing connectivity in remote locations that may not be served effectively by other mobile services.
“Starlink raises the bar for in-flight Wi-Fi,” flyExclusive CEO Jim Segrave said in a release. “Leveraging the capabilities of our vertically integrated platform, we can install, support, and control quality end-to-end for our fleet and for external clients.”
flyExclusive Chief Operating Officer Matt Lesmeister noted that the dealership agreement “gives external operators a fast, trusted path to upgrade their aircraft through a proven MRO partner.”
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.