FLYX-WT · flyExclusive, Inc.

flyExclusive’s Q1 2026 results mark a pivotal inflection point: the company achieved its first positive Adjusted EBITDA ($0.2M), reversing a $6.4M loss in Q1 2025, driven by structural improvements in fleet efficiency and revenue mix. Revenue grew 9% YoY to $96M, supported by +7% higher flight hours despite a 7% smaller fleet—evidence of successful fleet refresh (31 non-performing aircraft eliminated) and +15% improvement in dispatch availability. Gross margin expanded 699 bps YoY to 20%, reflecting higher-margin MRO (+14% YoY) and fractional revenues, alongside disciplined cost management. The shift toward contractually committed demand—now 39% of total revenue versus just 5% in 2021—enhances revenue visibility and quality. SG&A leverage improved, with +9% growth in revenue per SG&A headcount, signaling operating scale benefits. Balance sheet discipline is evident in a $10M reduction in long-term notes payable, while the $98M ATM facility remains available for strategic flexibility. Management attributes progress to vertical integration (MRO, avionics, paint), geographic deployment of 13 Mobile Service Units (planned to expand to 30+), and OEM-concentrated fleet strategy (Citation, Bombardier) enabling consistent service delivery. Though forward guidance is not quantified in Exhibit 99.1, the presentation outlines a 'Profitable Growth roadmap' targeting continued Adjusted EBITDA margin expansion through fleet utilization gains, external MRO growth, and SG&A leverage—underscoring execution on previously announced initiatives rather than new strategic pivots.