v3.25.1
Consolidated Statements of Shareholders' Equity (Deficit) / Members' Equity (Deficit) and Temporary Equity - USD ($)
$ in Thousands
Total
Wordsworth [Member]
Glenn Willis [Member]
Honda Jet [Member]
Activity Prior to the Merger
Effects of the Merger
Activity Subsequent to the Merger
Series A Preferred Stock [Member]
Series B Preferred Stock [Member]
Common Class A
Common Class B
Total flyExclusive stockholders’ equity (deficit)
Total flyExclusive stockholders’ equity (deficit)
Wordsworth [Member]
Total flyExclusive stockholders’ equity (deficit)
Glenn Willis [Member]
Total flyExclusive stockholders’ equity (deficit)
Activity Prior to the Merger
Total flyExclusive stockholders’ equity (deficit)
Effects of the Merger
Total flyExclusive stockholders’ equity (deficit)
Activity Subsequent to the Merger
Total flyExclusive stockholders’ equity (deficit)
Series A Preferred Stock [Member]
Total flyExclusive stockholders’ equity (deficit)
Series B Preferred Stock [Member]
Common Stock
Common Class A
Common Stock
Common Class A
Effects of the Merger
Common Stock
Common Class B
Common Stock
Common Class B
Effects of the Merger
LGM Enterprises, LLC members' deficit
LGM Enterprises, LLC members' deficit
Activity Prior to the Merger
LGM Enterprises, LLC members' deficit
Effects of the Merger
Additional paid-in capital
Additional paid-in capital
Wordsworth [Member]
Additional paid-in capital
Glenn Willis [Member]
Additional paid-in capital
Effects of the Merger
Additional paid-in capital
Activity Subsequent to the Merger
Additional paid-in capital
Series B Preferred Stock [Member]
Accumulated other comprehensive loss
Accumulated other comprehensive loss
Activity Prior to the Merger
Accumulated other comprehensive loss
Activity Subsequent to the Merger
Accumulated deficit
Accumulated deficit
Effects of the Merger
Accumulated deficit
Activity Subsequent to the Merger
Accumulated deficit
Series A Preferred Stock [Member]
Accumulated deficit
Series B Preferred Stock [Member]
Noncontrolling Interests
Noncontrolling Interests
Wordsworth [Member]
Noncontrolling Interests
Glenn Willis [Member]
Noncontrolling Interests
Honda Jet [Member]
Noncontrolling Interests
Activity Prior to the Merger
Noncontrolling Interests
Activity Subsequent to the Merger
Beginning balance at Dec. 31, 2022 $ 0                                                                                          
Temporary Equity                                                                                            
Merger, net of redemptions and transaction costs           $ (42,431)                                                                                
Change in redemption value of redeemable noncontrolling interest 5,826           $ 5,826                                                                              
Net Income (loss) [1]             1,080                                                                              
Ending balance at Dec. 31, 2023 (35,525)                                                                                          
Temporary equity, ending balance at Dec. 31, 2023               $ 0 $ 0                                                                          
Beginning balance at Dec. 31, 2022 47,417                     $ (5,117)                       $ (4,641)                 $ (476)               $ 52,534          
Permanent Equity                                                                                            
Shares issued (in shares)                                         7,027,255   60,000,000                                              
Excise tax payable (1,032)           (1,032)                   $ (1,032)                           $ (1,032)                              
Unrealized gains on available-for-sale securities 407           251                   251                                   $ 251                      
Net income (loss) (54,738)                                                                                          
Merger, net of redemptions and transaction costs           37,452                   $ 37,452         $ 1   $ 6     $ 80,748       $ 37,452             $ (80,755)                  
Issuance of Class A common stock upon conversion of bridge Notes (in shares)                                         9,550,274                                                  
Issuance of Class A common stock upon conversion of Bridge Notes           95,503                   95,503         $ 1                 95,502                                
Redemption of LGM Common Units (triggering cancellation of Class B common stock) for Class A common stock and immediate transfer of Class A common stock to third party pursuant to Non-Redemption Agreement (in shares)                                         70,000   (70,000)                                              
Stock-based compensation           882                   882                           882                                
Equity-classified obligation to issue shares pursuant to Amended Underwriting Agreement           3,324                   3,324                           3,324                                
Reduction to equity resulting from equity-classified obligation to issue shares pursuant to Amended Underwriting Agreement being deemed an offering cost           $ (3,324)                   $ (3,324)                           $ (3,324)                                
Change in redemption value of redeemable noncontrolling interest             (5,826)                   (5,826)                           $ (5,826)                              
Net Income (loss) [1]             $ 207                   $ 299                                         $ 299               $ (92)
Ending balance (in shares) at Dec. 31, 2023                   16,647,529 59,930,000                 16,647,529   59,930,000                                                
Ending balance at Dec. 31, 2023 70,855                     46,461               $ 2   $ 6         $ 126,978           (69)     $ (80,456)         24,394          
Beginning balance at Dec. 31, 2022 0                                                                                          
Ending balance at Dec. 27, 2023 (42,431)                                                                                          
Beginning balance at Dec. 31, 2022 47,417                     (5,117)                       $ (4,641)                 (476)               52,534          
Permanent Equity                                                                                            
Contributions from members         $ 13,500                   $ 3,959                   $ 3,959                                       $ 9,541  
Distributions to non controlling interests         (61,630)                   (40,251)                   (40,251)                                       (21,379)  
Non-cash contributions from members         0                                                                                  
Non-cash distributions to members         0                                                                                  
Aircraft trades         0                   7,319                   7,319                                       (7,319)  
Unrealized gains on available-for-sale securities         156                   156                                     $ 156                        
Net income (loss) (56,025)       $ (56,025) [1]                   $ (47,134) [1]                   $ (47,134) [1]                                       $ (8,891) [1]  
Ending balance at Dec. 31, 2023 (35,525)                                                                                          
Temporary equity, ending balance at Dec. 31, 2023               0 0                                                                          
Permanent Equity                                                                                            
Net income (loss) 1,287                                                                                          
Ending balance (in shares) at Dec. 31, 2023                   16,647,529 59,930,000                 16,647,529   59,930,000                                                
Ending balance at Dec. 31, 2023 70,855                     46,461               $ 2   $ 6         126,978           (69)     (80,456)         24,394          
Temporary Equity                                                                                            
Change in redemption value of redeemable noncontrolling interest 268,423                                                                                          
Issuance of Preferred stock               20,540 13,526                                                                          
Dividends payable on Preferred temporary equity               2,097 1,233                                                                          
Amortization of discount on Series A Preferred temporary equity               1,162 314                                                                          
Net Income (loss) (73,384)                                                                                          
Ending balance at Dec. 31, 2024 159,514                                                                                          
Temporary equity, ending balance at Dec. 31, 2024               23,799 15,073                                                                          
Permanent Equity                                                                                            
Contributions from members 6,484                                                                               6,484          
Distributions to non controlling interests (19,771)                                                                               (19,771)          
Shares issued (in shares)                                       300,000                                                    
Excise tax payable (156)                                                                                          
Unrealized gains on available-for-sale securities 13                     13                                         13                          
Net income (loss) (101,495)                                                                                          
Merger, net of redemptions and transaction costs                 10,603                   $ 10,603                         $ 10,603                            
Stock issued upon exercise of warrants (in shares)                                       974,610                                                    
Issuance of Class A common stock upon cashless exercise of warrants 4,337                     4,337                             4,337                                      
Acquisitions of non controlling interests   $ 0 $ (3,418)                   $ (1,129) $ (855)                           $ (1,129) $ (855)                         $ 1,129 $ (2,563)      
Acquisitions of non controlling interests 3,205     $ 18,969               261                             256                 5         2,944     $ 18,969    
Dividends payable on Series A Preferred temporary equity               (2,097) (1,233)                 $ (2,097) (1,233)                                       $ (2,097) $ (1,233)            
Amortization of discount on Series A Preferred temporary equity               $ (1,162) $ (314)                 $ (1,162) $ (314)                         $ (314)             $ (1,162)              
Issuance of Class A common stock upon conversion of bridge Notes (in shares)                                       277,447                                                    
Issuance of Class A common stock upon conversion of Bridge Notes 371                     371                             371                                      
Stock-based compensation 753                     753                             753                                      
Change in redemption value of redeemable noncontrolling interest (269,542)                     (269,542)                             (131,382)                 (138,160)                    
Net Income (loss) (28,111)                     (21,074)                                               (21,074)         (7,037)          
Ending balance (in shares) at Dec. 31, 2024                   18,199,586 59,930,000                 18,199,586   59,930,000                                                
Ending balance at Dec. 31, 2024 $ (210,058)                     $ (234,607)               $ 2   $ 6         $ 9,618           $ (56)     $ (244,177)         $ 24,549          
[1] The Merger occurred on December 27, 2023. As a result, net loss for the year ended December 31, 2023 was attributed to the pre-Merger period from January 1, 2023 through December 27, 2023 and to the post-Merger period from December 28, 2023 through December 31, 2023. During the pre-Merger period, net loss was attributable to LGM Enterprises,

LLC and its noncontrolling interests. During the post-Merger period, net income was attributable to flyExclusive, Inc. and its noncontrolling interests and redeemable noncontrolling interest. Refer to the table below for the attribution of net income (loss) to controlling interests (LGM Enterprises, LLC for the pre-Merger period and flyExclusive, Inc. for the post-Merger period), noncontrolling interests, and redeemable noncontrolling interest during the pre-Merger and post-Merger periods.