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Side-by-side financial comparison of FLYEXCLUSIVE INC. (FLYX) and System1, Inc. (SST). Click either name above to swap in a different company.
FLYEXCLUSIVE INC. is the larger business by last-quarter revenue ($92.1M vs $51.9M, roughly 1.8× System1, Inc.). FLYEXCLUSIVE INC. runs the higher net margin — -4.6% vs -26.0%, a 21.3% gap on every dollar of revenue. On growth, FLYEXCLUSIVE INC. posted the faster year-over-year revenue change (19.8% vs -31.3%). Over the past eight quarters, FLYEXCLUSIVE INC.'s revenue compounded faster (21.9% CAGR vs -21.8%).
FLYEXCLUSIVE INC. is a U.S.-headquartered private aviation services provider that offers private jet charter, aircraft management, maintenance repair, and fractional ownership programs. It primarily serves high-net-worth individuals, corporate clients, and government entities across North America, delivering personalized on-demand air travel solutions prioritizing safety and convenience.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
FLYX vs SST — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $92.1M | $51.9M |
| Net Profit | $-4.3M | $-13.5M |
| Gross Margin | 13.7% | 41.0% |
| Operating Margin | -12.3% | -33.6% |
| Net Margin | -4.6% | -26.0% |
| Revenue YoY | 19.8% | -31.3% |
| Net Profit YoY | 32.0% | 4.8% |
| EPS (diluted) | $-0.25 | $-3.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $51.9M | ||
| Q3 25 | $92.1M | $61.6M | ||
| Q2 25 | $91.3M | $78.1M | ||
| Q1 25 | $88.1M | $74.5M | ||
| Q4 24 | — | $75.6M | ||
| Q3 24 | $76.9M | $88.8M | ||
| Q2 24 | $79.0M | $94.6M | ||
| Q1 24 | $80.0M | $84.9M |
| Q4 25 | — | $-13.5M | ||
| Q3 25 | $-4.3M | $-18.5M | ||
| Q2 25 | $-4.8M | $-17.5M | ||
| Q1 25 | $-5.4M | $-15.9M | ||
| Q4 24 | — | $-14.2M | ||
| Q3 24 | $-6.3M | $-23.6M | ||
| Q2 24 | $-5.2M | $-26.4M | ||
| Q1 24 | $-5.8M | $-10.5M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | 13.7% | 36.9% | ||
| Q2 25 | 15.0% | 35.7% | ||
| Q1 25 | 12.8% | 38.2% | ||
| Q4 24 | — | 42.1% | ||
| Q3 24 | 11.3% | 28.0% | ||
| Q2 24 | 7.9% | 27.6% | ||
| Q1 24 | 7.2% | 21.9% |
| Q4 25 | — | -33.6% | ||
| Q3 25 | -12.3% | -25.3% | ||
| Q2 25 | -13.5% | -20.4% | ||
| Q1 25 | -16.7% | -17.6% | ||
| Q4 24 | — | -15.7% | ||
| Q3 24 | -27.2% | -24.6% | ||
| Q2 24 | -27.6% | -30.8% | ||
| Q1 24 | -34.3% | -30.4% |
| Q4 25 | — | -26.0% | ||
| Q3 25 | -4.6% | -30.1% | ||
| Q2 25 | -5.2% | -22.4% | ||
| Q1 25 | -6.2% | -21.3% | ||
| Q4 24 | — | -18.7% | ||
| Q3 24 | -8.2% | -26.6% | ||
| Q2 24 | -6.5% | -27.9% | ||
| Q1 24 | -7.3% | -12.4% |
| Q4 25 | — | $-3.58 | ||
| Q3 25 | $-0.25 | $-2.30 | ||
| Q2 25 | $-0.26 | $-2.23 | ||
| Q1 25 | $-0.30 | $-0.21 | ||
| Q4 24 | — | $-3.41 | ||
| Q3 24 | $-0.32 | $-3.37 | ||
| Q2 24 | $-0.32 | $-3.80 | ||
| Q1 24 | $-0.35 | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $18.7M | $86.9M |
| Total DebtLower is stronger | $123.9M | $305.1M |
| Stockholders' EquityBook value | $-434.2M | $30.5M |
| Total Assets | $448.1M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $86.9M | ||
| Q3 25 | $18.7M | $54.6M | ||
| Q2 25 | $15.8M | $63.6M | ||
| Q1 25 | $14.7M | $43.9M | ||
| Q4 24 | — | $63.6M | ||
| Q3 24 | $18.7M | $69.1M | ||
| Q2 24 | $9.3M | $75.7M | ||
| Q1 24 | $5.3M | $69.9M |
| Q4 25 | — | $305.1M | ||
| Q3 25 | $123.9M | $259.2M | ||
| Q2 25 | $111.6M | $263.3M | ||
| Q1 25 | $121.6M | $267.4M | ||
| Q4 24 | — | $255.1M | ||
| Q3 24 | $197.9M | $259.2M | ||
| Q2 24 | $206.3M | $263.3M | ||
| Q1 24 | $209.4M | $268.6M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | $-434.2M | $42.7M | ||
| Q2 25 | $-261.4M | $58.2M | ||
| Q1 25 | $-281.5M | $67.2M | ||
| Q4 24 | — | $80.3M | ||
| Q3 24 | $-192.0M | $90.3M | ||
| Q2 24 | $-149.7M | $109.4M | ||
| Q1 24 | $-149.5M | $131.7M |
| Q4 25 | — | $405.0M | ||
| Q3 25 | $448.1M | $385.2M | ||
| Q2 25 | $443.4M | $429.2M | ||
| Q1 25 | $466.8M | $419.2M | ||
| Q4 24 | — | $459.1M | ||
| Q3 24 | $487.1M | $479.3M | ||
| Q2 24 | $494.7M | $511.3M | ||
| Q1 24 | $524.1M | $521.1M |
| Q4 25 | — | 10.01× | ||
| Q3 25 | — | 6.07× | ||
| Q2 25 | — | 4.53× | ||
| Q1 25 | — | 3.98× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | — | 2.87× | ||
| Q2 24 | — | 2.41× | ||
| Q1 24 | — | 2.04× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-209.0K | $-10.6M |
| Free Cash FlowOCF − Capex | $-11.0M | — |
| FCF MarginFCF / Revenue | -12.0% | — |
| Capex IntensityCapex / Revenue | 11.7% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-51.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-10.6M | ||
| Q3 25 | $-209.0K | $-2.1M | ||
| Q2 25 | $363.0K | $24.5M | ||
| Q1 25 | $-10.5M | $-15.9M | ||
| Q4 24 | — | $772.0K | ||
| Q3 24 | $-12.3M | $-5.0K | ||
| Q2 24 | $-16.2M | $10.0M | ||
| Q1 24 | $-26.0M | $-16.0M |
| Q4 25 | — | — | ||
| Q3 25 | $-11.0M | — | ||
| Q2 25 | $353.0K | — | ||
| Q1 25 | $-14.6M | $-16.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-25.7M | $-36.0K | ||
| Q2 24 | $-26.6M | — | ||
| Q1 24 | $-64.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | -12.0% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | -16.5% | -21.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | -33.5% | -0.0% | ||
| Q2 24 | -33.7% | — | ||
| Q1 24 | -80.6% | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | 11.7% | 0.0% | ||
| Q2 25 | 0.0% | 0.0% | ||
| Q1 25 | 4.7% | 0.1% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | 17.5% | 0.0% | ||
| Q2 24 | 13.2% | 0.0% | ||
| Q1 24 | 48.2% | 0.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
