FlyExclusive reported incurring net losses of $27.854 million in the second quarter versus a $5.84 million gain in the same period a year ago. In the first half, the company saw net losses of $60.844 million, compared with a $5.881 million loss in the first six months of 2023.
“The team has a lot to be proud of with what we have already accomplished, but we are even more energized about what we can accomplish in the quarters and years ahead," said CEO and founder Jim Segrave during an earnings call late last week.
FlyExclusive has taken steps to eliminate non-performing aircraft in the super-midsize and large-cabin jet categories. As a result, flight hours of its light and midsize jets have gone up. “We do not see this as a negative outcome,” Segrave said.
The process of eliminating non-performing aircraft led to the unprofitable quarter, according to Segrave. He noted that the company reduced the number of non-performing aircraft by 40% this year.
Segrave also noted efforts to be a more “streamlined and public company” throughout the year.