Executive Summary

Q1 2024 revenue was $79.97M, up 3.8% year-over-year; operating loss widened to $27.43M as public-company SG&A and non-cash rent expenses surged; net loss was $32.99M; operating cash flow was -$25.97M .
Segment mix shifted materially: Jet Club & Charter revenue rose 47% YoY to $74.42M, Fractional grew to $4.06M, GRP fell to $0 following the WUP termination, and MRO increased to $1.49M .
Management secured a $25M preferred equity investment in August 2024 to bolster liquidity and fund fleet modernization; the company did not hold a dedicated Q1 call and planned to discuss Q1 with Q2 results later .
Wall Street consensus estimates from S&P Global were unavailable for EGGF this quarter (Capital IQ mapping not present); comparisons to consensus could not be made (S&P Global data unavailable).

What Went Well and What Went Wrong

What Went Well

Jet Club & Charter demand strength: Jet Club & Charter revenue increased 47% YoY to $74.42M, reflecting strong activity despite pricing pressure .
Fractional expansion: Fractional revenue rose to $4.06M (from $0.85M), indicating traction of the new offering .
Strategic capital infusion: “This equity investment represents a significant milestone in our strategic plan to upgrade and increase the size of our fleet,” said CEO Jim Segrave regarding the $25M Series B preferred financing .

What Went Wrong

Profitability and cash burn: Operating loss widened to $27.43M and operating cash flow was -$25.97M; SG&A increased $9.25M YoY due to public company costs; non-cash rent expense was $5.60M .
Gross margin compression: Gross margin fell to ~7.2% as cost of revenue rose 13.9% YoY to $74.23M, outpacing revenue growth .
GRP revenue elimination: GRP declined from $24.96M in Q1 2023 to $0 in Q1 2024 following termination of the WUP agreement, reducing mix diversity .

Financial Results

Metric	Q1 2023	Q1 2024
Revenue ($USD Millions)	$77.03	$79.97
Cost of Revenue ($USD Millions)	$65.19	$74.23
Gross Profit ($USD Millions)	$11.84 (calc from above)	$5.74 (calc from above)
Gross Profit Margin %	15.4% (calc)	7.2% (calc)
Selling, General & Administrative ($USD Millions)	$15.93	$25.18
Depreciation & Amortization ($USD Millions)	$6.42	$6.49
(Gain)/Loss on aircraft held for sale ($USD Millions)	$(2.10)	$1.49
Total Costs & Expenses ($USD Millions)	$85.43	$107.40
Operating Income (Loss) ($USD Millions)	$(8.40) (calc)	$(27.43) (calc)
EBIT Margin %	-10.9% (calc)	-34.3% (calc)
Net Income (Loss) ($USD Millions)	$(11.71)	$(32.99)
Diluted EPS ($USD)	N/A (not disclosed)	$(0.32)
Cash from Operations ($USD Millions)	$(2.76)	$(25.97)

Segment breakdown:

Revenue Segment	Q1 2023	Q1 2024
Jet Club & Charter ($USD Millions)	$50.52	$74.42
Guaranteed Revenue Program (GRP) ($USD Millions)	$24.96	$0.00
Fractional Ownership ($USD Millions)	$0.85	$4.06
Maintenance, Repair & Overhaul ($USD Millions)	$0.70	$1.49

Notes:

The company did not hold a dedicated Q1 2024 earnings call and indicated Q1 results would be discussed with Q2, limiting “prior quarter” comparisons to Q4 2023; Q4 2023 quarterly detail was not disclosed in the May 1, 2024 press release .
Q3 2023 filings reflect the SPAC predecessor (EG Acquisition Corp.) and are not comparable to FlyExclusive’s operating results .

Guidance Changes

No formal guidance was issued with the Q1 2024 release; the related press release focused on the $25M preferred equity investment and referenced filing the Form 10-Q, with no financial outlook provided .

Metric	Period	Previous Guidance	Current Guidance	Change
(None disclosed)	—	—	—	—

Earnings Call Themes & Trends

There was no standalone Q1 2024 call; management indicated Q1 would be discussed alongside Q2 results later, limiting period-specific narrative tracking .

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q1 2024)	Trend
Liquidity & Capital Structure	Late filings notices (NYSE American non-compliance notices) and quiet period reiteration	$25M Series B preferred financing; conversion features and dividend schedule detailed	Strengthening via equity; higher dividend obligations later in FY25
Fleet Modernization & Vertical Integration	Ongoing modernization and in-house MRO capability (FY23 materials)	CEO emphasized investment to “upgrade and increase the size of our fleet” and deliver best-in-class experience	Accelerating with capital infusion
Reporting & Compliance	Late 10-K and 10-Q filings acknowledged; intent to regain compliance	Q1 10-Q filed Aug 12, 2024; press confirmed filings	Compliance regained within grace periods

Management Commentary

“This equity investment represents a significant milestone in our strategic plan to upgrade and increase the size of our fleet…execute on our vertical integration strategy and deliver a best-in-class experience for our customers.” — Jim Segrave, Founder & CEO .
Company indicated Q1 results were furnished via Form 10-Q and would be discussed with Q2 results at a later date .

Q&A Highlights

No Q1 2024 earnings call or Q&A session was held; management planned to combine Q1 discussion with the Q2 call .

Estimates Context

S&P Global consensus estimates were unavailable due to missing Capital IQ mapping for EGGF; as a result, we cannot provide consensus comparisons (Values from S&P Global unavailable).

Where estimates may need to adjust:

Mix shift (GRP elimination) and higher SG&A run-rate as a public company imply structurally lower margins versus prior-year baseline; consensus models should reflect the absence of GRP and elevated overhead .

Key Takeaways for Investors

Revenue growth masked margin compression: Revenue +3.8% YoY, but gross margin ~7.2% and EBIT margin -34.3% reflect cost pressure and mix changes post-WUP termination .
Segment evolution matters: Strength in Jet Club & Charter (+47% YoY) and Fractional offsets GRP’s removal; portfolio is more dependent on core charter/club pricing and utilization .
Liquidity bolstered, but capital costs rise: The $25M preferred with step-up dividend rates (12% → 16% → 20%) and automatic conversion mechanics adds near-term cash obligations before conversion .
Cash burn elevated: Operating cash flow was -$25.97M; watch execution on cost discipline and fleet efficiency to reduce burn .
Compliance trajectory improving: After late filings notices, Q1 10-Q was filed Aug 12, 2024; ongoing timely reporting remains a de-risking catalyst .
Model resets needed: With GRP eliminated and public-company costs in SG&A, prior-period margin baselines are not indicative; update forecasts accordingly .
Near-term trading: Without Q1-specific guidance or consensus, stock reactions likely hinge on liquidity updates, Q2 performance, and progress on fleet modernization communicated in subsequent calls .

Additional Sources

Q1 2024 10-Q: Revenue, segment data, costs, cash flows .
Q1 press release (with Q1 reported and financing): and SEC exhibit .
Late filing notices (context): .

FLYEXCLUSIVE INC. (EGGF)·Q1 2024 Earnings Summary