v3.25.1
Consolidated Statements of Shareholders' Equity (Deficit) / Members' Equity (Deficit) and Temporary Equity - USD ($)
$ in Thousands
Total
Wordsworth
Glenn Willis
Honda Jet
Series A Preferred Stock
Series B Preferred stock
Common Class A
Common Class B
Total flyExclusive stockholders’ equity (deficit)
Total flyExclusive stockholders’ equity (deficit)
Wordsworth
Total flyExclusive stockholders’ equity (deficit)
Glenn Willis
Total flyExclusive stockholders’ equity (deficit)
Series A Preferred Stock
Total flyExclusive stockholders’ equity (deficit)
Series B Preferred stock
Common Stock
Common Class A
Common Stock
Common Class B
LGM Enterprises, LLC members' deficit
Additional paid-in capital
Additional paid-in capital
Wordsworth
Additional paid-in capital
Glenn Willis
Additional paid-in capital
Series B Preferred stock
Accumulated other comprehensive loss
Accumulated deficit
Accumulated deficit
Series A Preferred Stock
Accumulated deficit
Series B Preferred stock
Noncontrolling Interests
Noncontrolling Interests
Wordsworth
Noncontrolling Interests
Glenn Willis
Noncontrolling Interests
Honda Jet
Beginning balance at Dec. 31, 2022 $ 0                                                      
Temporary Equity                                                        
Change in redemption value of redeemable noncontrolling interest 5,826                                                      
Ending balance at Dec. 31, 2023 (35,525)                                                      
Beginning balance at Dec. 31, 2022 47,417               $ (5,117)             $ (4,641)         $ (476)       $ 52,534      
Permanent Equity                                                        
Unrealized gains (losses) on available-for-sale debt securities 407                                                      
Net loss (54,738)                                                      
Excise tax payable (1,032)                                                      
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 non controlling interests 13,500               3,959             3,959                 9,541      
Distributions to non controlling interests (61,630)               (40,251)             (40,251)                 (21,379)      
Other 0                                                      
Net Income (loss) 0                                                      
Aircraft trades 0               7,319             7,319                 (7,319)      
Unrealized gains (losses) on available-for-sale debt securities 156               156                       156              
Net loss [1] (56,025)               (47,134)             $ (47,134)                 (8,891)      
Change in redemption value of redeemable noncontrolling interest 5,826                                                      
Net Income (loss) [1] 1,080                                                      
Ending balance at Dec. 31, 2023 (35,525)                                                      
Permanent Equity                                                        
Unrealized gains (losses) on available-for-sale debt securities 251               251                       251              
Net loss 1,287                                                      
Change in redemption value of redeemable noncontrolling interest (5,826)               (5,826)               (5,826)                      
Excise tax payable (1,032)               (1,032)               (1,032)                      
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      
Temporary Equity                                                        
Issuance of Series A Preferred stock         $ 20,540 $ 13,526                                            
Change in redemption value of redeemable noncontrolling interest 268,423                                                      
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 non controlling interests 6,484                                               6,484      
Distributions to non controlling interests (19,771)                                               (19,771)      
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
Unrealized gains (losses) on available-for-sale debt securities 13               13                       13              
Net loss (101,495)                                                      
Issuance of stock (in shares)                           300,000                            
Merger, net of redemptions and transaction costs           10,603             $ 10,603             $ 10,603                
Issuance of Class A common stock upon cashless exercise of warrants (in shares)                           974,610                            
Issuance of Class A common stock upon cashless exercise of warrants 4,337               4,337               4,337                      
Issuance of Class A common stock upon conversion of Bridge Notes (in shares)                           277,447                            
Exchange of warrants for Class A common stock 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)            
Excise tax payable (156)                                                      
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)          
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.
(in thousands)Controlling InterestsNoncontrolling
Interests		Redeemable noncontrolling interestTotal
Net loss of LGM Enterprises, LLC attributed to the pre-Merger period from January 1, 2023 through December 27, 2023$(47,134)$(8,891)$— $(56,025)
Net income (loss) of flyExclusive, Inc. attributed to the post-Merger period from December 28, 2023 through December 31, 2023.299 (92)1,080 1,287 
Total net income (loss) for the year ended December 31, 2023$(46,835)$(8,983)$1,080 $(54,738)