Flyexclusive reports Q3 results; highlights contribution from volato deal

Jim Segrave, Chairman and CEO of flyExclusive, commented on these developments during an earnings call: "If we continue the same trajectory we have over the first three quarters of 2024 as expected, we will attain positive adjusted EBITDA profit in early 2025. We’ve made substantial strides, including eliminating over half of our non-performing aircraft, restructuring our management team, nearly eliminating reliance on outside consulting services to support public company reporting, enhancing our fleet, taking over Volato’s flight operations and customers, expanding our club and fractional customer base, and optimizing internal operations."

The exclusive deal with Volato allowed flyExclusive to take control of Volato's aircraft management service business segment. This included managing their fleet along with associated revenues and expenses while converting existing Volato customers into members of various flyExclusive programs.

By the time they filed their financial report with the Securities and Exchange Commission (SEC), flyExclusive had successfully converted 178 out of 265 active members from Volato’s fractional ownership programs into its JetClub jet card program—a conversion rate nearing 67%. FlyExclusive had set an early November deadline for these conversions.