FLYEXCLUSIVE INC.

Third-largest US private-jet operator with thin, loss-making economics and very weak liquidity.

Strengths

• Vertically integrated model with scaled fleet (82 aircraft) and growing jet-club/fractional/MRO lines
• Operating cash flow margin modestly positive (36th pct)

Risks

• Current and quick ratios near 0.27 (10th pct), low gross margin (13th pct), and negative operating/net margins
• Negative book equity, material weaknesses, and ongoing financing dependence amid pending Volato merger uncertainty

Notable findings

• Negative equityNegative book equity (debt/equity -0.33)
• Net lossNet loss (net margin -4.7%)
• Cash burnNegative free cash flow (-24.3M)
• Weak liquidityCurrent ratio 0.28 (<1)
• Material weakness• We identified material weaknesses in our internal control over financial reporting, and we may identify additional material weaknesses in the future that may cause us to fail to meet our reporting o
• Pending merger• The Proposed Merger of FlyX Merger Sub, Inc