Flyte Aviation, Inc.
VJET NYSE Surgical & Medical Instruments & Apparatus Financials FY2017–FY2025
Revenue
Total sales reported in the income statement.
$0.8M
95.0%
vs prior year
Operating margin
Operating income as a share of revenue.
−2,581.6%
95.3 pts
Net income
Profit after all expenses, interest and tax.
−$17.2M
Free cash flow
Cash from operations minus capital spending.
−$8.3M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−166.3%
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Flyte Aviation, Inc. does
No business description yet.
- Legal name
- Flyte Aviation, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 31, 2026
- Accession · CIK
- 0001437749-26-010549
0001716621
Revenue and margins
Flyte Aviation, Inc. had $0.8M of revenue in fiscal 2025, up 95.0% on the year before.
FY17
Revenue $5.9M
FY18
Revenue $6.3M
FY19
Revenue $7.2M
FY20
Revenue $4.4M
FY21
Revenue $0.0M
FY22
Revenue $0.0M
FY23
Revenue $0.4M
FY24
Revenue $0.4M
FY25
Revenue $0.8M
Q3 '23
Revenue $0.1M
Q4 '23
Revenue $0.1M
Q1 '24
Revenue $0.1M
Q2 '24
Revenue $0.1M
Q3 '24
Revenue $0.1M
Q4 '24
Revenue $0.1M
Q1 '25
Revenue $0.1M
Q2 '25
Revenue $0.2M
Q3 '25
Revenue $0.2M
Q4 '25
Revenue $0.2M
Q1 '26
Revenue $0.4M
Q2 '26
Revenue $1.0M
FY17
Gross 29.0%
Operating −302.6%
Net −302.6%
FCF −103.4%
FY18
Gross 32.8%
Operating −498.0%
Net −492.8%
FCF −305.1%
FY19
Gross −22.9%
Operating −801.9%
Net −791.2%
FCF −464.5%
FY20
Gross −43.4%
Operating −803.7%
Net −818.3%
FCF −644.1%
FY21
Gross −6,990.9%
Operating −133,027.3%
Net −113,954.5%
FCF −126,772.7%
FY22
Gross −1,050.0%
Operating −192,578.6%
Net −191,892.9%
FCF −161,321.4%
FY23
Gross 93.2%
Operating −17,674.0%
Net −15,966.5%
FCF −4,682.1%
FY24
Gross 90.0%
Operating −2,676.9%
Net −3,962.6%
FCF −2,223.3%
FY25
Gross 92.3%
Operating −2,581.6%
Net −2,098.0%
FCF −1,015.0%
Gross
Operating
Net
FCF
Q3 '23
Gross 95.5%
Operating −2,052.6%
Net −1,448.9%
FCF −1,376.7%
Q4 '23
Gross 94.5%
Operating −2,028.9%
Net −522.7%
FCF −1,489.8%
Q1 '24
Gross 93.9%
Operating −3,190.2%
Net −3,262.2%
FCF −2,395.1%
Q2 '24
Gross 82.8%
Operating −2,921.5%
Net −4,537.6%
FCF −1,873.1%
Q3 '24
Gross 89.6%
Operating −2,978.1%
Net −4,291.7%
FCF −2,883.3%
Q4 '24
Gross 92.6%
Operating −2,047.7%
Net −3,777.2%
FCF −1,922.1%
Q1 '25
Gross 92.3%
Operating −2,500.0%
Net −2,828.7%
FCF −1,642.0%
Q2 '25
Gross 93.4%
Operating −2,210.4%
Net −2,409.9%
FCF −1,070.8%
Q3 '25
Gross 92.0%
Operating −1,336.7%
Net −996.0%
FCF −965.9%
Q4 '25
Gross 91.6%
Operating −4,143.3%
Net −2,427.7%
FCF −635.3%
Q1 '26
Gross 90.3%
Operating −536.6%
Net −389.1%
FCF −648.6%
Q2 '26
Gross 9.6%
Operating −388.1%
Net −323.4%
FCF −282.2%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income −$17.8M
FY18
Net income −$30.8M
FY19
Net income −$57.0M
FY20
Net income −$36.0M
FY21
Net income −$25.1M
FY22
Net income −$26.9M
FY23
Net income −$70.6M
FY24
Net income −$16.6M
FY25
Net income −$17.2M
Q3 '23
Net income −$1.9M
Q4 '23
Net income −$0.7M
Q1 '24
Net income −$2.7M
Q2 '24
Net income −$4.2M
Q3 '24
Net income −$4.1M
Q4 '24
Net income −$5.6M
Q1 '25
Net income −$4.0M
Q2 '25
Net income −$5.1M
Q3 '25
Net income −$2.3M
Q4 '25
Net income −$5.8M
Q1 '26
Net income −$1.7M
Q2 '26
Net income −$3.3M
FY17
Diluted EPS −$2.35
FY18
Diluted EPS −$3.34
FY19
Diluted EPS −$108.28
FY20
Diluted EPS −$21.22
FY21
Diluted EPS −$248.22
FY22
Diluted EPS −$25.98
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity —
Return on assets −157.6%
FY18
Return on capital −754.9%
Return on equity −104.3%
Return on assets −72.3%
FY19
Return on capital −238.5%
Return on equity −114.1%
Return on assets −96.4%
FY20
Return on capital —
Return on equity −132.8%
Return on assets −93.0%
FY21
Return on capital —
Return on equity −144.0%
Return on assets −92.0%
FY22
Return on capital —
Return on equity −234.3%
Return on assets −141.8%
FY23
Return on capital —
Return on equity −463.5%
Return on assets −296.7%
FY24
Return on capital —
Return on equity −101.0%
Return on assets −56.9%
FY25
Return on capital −166.3%
Return on equity −182.7%
Return on assets −78.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$8.3M in fiscal 2025, −1,015.0% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow −$6.1M
FY18
Free cash flow −$19.1M
FY19
Free cash flow −$33.4M
FY20
Free cash flow −$28.4M
FY21
Free cash flow −$27.9M
FY22
Free cash flow −$22.6M
FY23
Free cash flow −$20.7M
FY24
Free cash flow −$9.3M
FY25
Free cash flow −$8.3M
Q3 '23
Free cash flow −$1.8M
Q4 '23
Free cash flow −$1.9M
Q1 '24
Free cash flow −$2.0M
Q2 '24
Free cash flow −$1.7M
Q3 '24
Free cash flow −$2.8M
Q4 '24
Free cash flow −$2.9M
Q1 '25
Free cash flow −$2.3M
Q2 '25
Free cash flow −$2.3M
Q3 '25
Free cash flow −$2.2M
Q4 '25
Free cash flow −$1.5M
Q1 '26
Free cash flow −$2.8M
Q2 '26
Free cash flow −$2.9M
FY17
Cash from operations −$5.5M
Capital spending $0.5M
FY18
Cash from operations −$18.5M
Capital spending $0.6M
FY19
Cash from operations −$33.2M
Capital spending $0.3M
FY20
Cash from operations −$28.3M
Capital spending $0.1M
FY21
Cash from operations −$27.6M
Capital spending $0.3M
FY22
Cash from operations −$22.6M
Capital spending $0.0M
FY23
Cash from operations −$20.6M
Capital spending $0.1M
FY24
Cash from operations −$9.3M
Capital spending $0.1M
FY25
Cash from operations −$8.3M
Capital spending $0.0M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$1.8M
Capital spending $0.0M
Q4 '23
Cash from operations −$1.9M
Capital spending $0.0M
Q1 '24
Cash from operations −$1.9M
Capital spending $0.0M
Q2 '24
Cash from operations −$1.7M
Capital spending $0.0M
Q3 '24
Cash from operations −$2.8M
Capital spending $0.0M
Q4 '24
Cash from operations −$2.9M
Capital spending $0.0M
Q1 '25
Cash from operations −$2.3M
Capital spending $0.0M
Q2 '25
Cash from operations −$2.3M
Capital spending $0.0M
Q3 '25
Cash from operations −$2.2M
Capital spending $0.0M
Q4 '25
Cash from operations −$1.5M
Capital spending $0.0M
Q1 '26
Cash from operations −$2.8M
Capital spending $0.0M
Q2 '26
Cash from operations −$2.9M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Flyte Aviation, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.00B
FY22
Diluted shares 0.00B
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Flyte Aviation, Inc. can carry it.
FY17
Cash $8.2M
Debt —
FY18
Cash $64.3M
Debt $0.9M
FY19
Cash $14.6M
Debt $0.6M
FY20
Cash $23.9M
Debt —
FY21
Cash $15.0M
Debt —
FY22
Cash $15.9M
Debt —
FY23
Cash $3.6M
Debt —
FY24
Cash $2.9M
Debt —
FY25
Cash $0.1M
Debt $3.1M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $15.0M | $15.9M | $3.6M | $2.9M | $0.1M |
| Debt incl. finance leases | — | — | — | — | $3.1M |
| Debt / equity | — | — | — | — | 0.4x |
| Current ratio | 3.2x | 2.2x | 1.7x | 1.5x | 0.1x |
| Quick ratio | 3.0x | 2.2x | 1.7x | 1.5x | 0.1x |
| Total assets | $21.0M | $16.8M | $30.7M | $27.8M | $15.9M |
| Total liabilities | $7.4M | $7.6M | $9.5M | $16.0M | $9.2M |
| Shareholders' equity | $13.7M | $9.3M | $21.2M | $11.8M | $7.1M |
| Net debt (− = net cash) | — | — | — | — | $3.0M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | — | — | — | — | — | — |
| Current ratio rose | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✓ | ✕ | ✓ | ✕ | — | — | — |
| Gross margin rose | — | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| F-score | — / 3 | 4 / 8 | 3 / 9 | 2 / 8 | 1 / 8 | 2 / 8 | 3 / 7 | 3 / 7 | 3 / 7 |
| Accruals ratio | −108.6% | −28.9% | −40.3% | −20.0% | 9.4% | −22.7% | −210.0% | −25.2% | −40.7% |
| Altman Z'' | −15.20 | 9.69 | −9.94 | −16.35 | −31.37 | −45.59 | −43.63 | −36.02 | −73.23 |
9 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $5.9M | $6.3M | $7.2M | $4.4M | $0.0M | $0.0M | $0.4M | $0.4M | $0.8M |
| Gross profit | $1.7M | $2.1M | −$1.7M | −$1.9M | −$1.5M | −$0.1M | $0.4M | $0.4M | $0.8M |
| Research and development | $4.5M | $2.8M | $4.5M | $9.0M | $12.3M | $6.4M | $0.5M | $0.3M | $0.9M |
| Operating income | −$17.8M | −$31.2M | −$57.7M | −$35.4M | −$29.3M | −$27.0M | −$78.1M | −$11.2M | −$21.1M |
| Interest expense | $0.0M | $0.0M | $0.3M | $0.1M | — | — | — | — | — |
| Pretax income | −$17.8M | −$30.8M | −$56.9M | −$35.3M | −$27.3M | −$26.9M | −$70.6M | −$13.5M | −$19.5M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $3.1M | −$1.8M |
| Net income | −$17.8M | −$30.8M | −$57.0M | −$36.0M | −$25.1M | −$26.9M | −$70.6M | −$16.6M | −$17.2M |
| Net income to common | — | — | — | — | — | — | −$71.4M | −$21.8M | −$17.2M |
| Diluted EPS | −$2.35 | −$3.34 | −$108.28 | −$21.22 | −$248.22 | −$25.98 | — | — | — |
| Diluted shares | 0.01B | 0.01B | 0.00B | 0.00B | 0.00B | 0.00B | — | — | — |
| Cash flow | |||||||||
| Cash from operations | −$5.5M | −$18.5M | −$33.2M | −$28.3M | −$27.6M | −$22.6M | −$20.6M | −$9.3M | −$8.3M |
| Capital expenditure | $0.5M | $0.6M | $0.3M | $0.1M | $0.3M | $0.0M | $0.1M | $0.1M | $0.0M |
| Free cash flow | −$6.1M | −$19.1M | −$33.4M | −$28.4M | −$27.9M | −$22.6M | −$20.7M | −$9.3M | −$8.3M |
| Depreciation and amortization | $0.2M | $0.6M | $1.8M | $2.4M | $1.6M | $0.4M | $2.1M | $2.1M | $2.1M |
| Stock-based compensation | $12.7M | $14.7M | $23.5M | $4.1M | $2.2M | $0.4M | $1.2M | $0.1M | $0.3M |
| Balance sheet | |||||||||
| Cash and short-term investments | $8.2M | $64.3M | $14.6M | $23.9M | $15.0M | $15.9M | $3.6M | $2.9M | $0.1M |
| Total debt | — | $0.9M | $0.6M | — | — | — | — | — | $3.1M |
| Current assets | $10.0M | $69.2M | $36.0M | $27.6M | $17.1M | $16.8M | $4.2M | $3.3M | $0.4M |
| Current liabilities | $2.6M | $6.0M | $6.8M | $7.8M | $5.4M | $7.6M | $2.5M | $2.2M | $3.9M |
| Inventory | $1.2M | $2.1M | $2.8M | $0.9M | $1.0M | $0.0M | $0.0M | $0.0M | $0.1M |
| Property and equipment, net | $1.2M | $4.8M | $5.1M | $2.5M | $1.8M | $0.0M | $0.1M | $0.1M | $0.1M |
| Goodwill | — | — | — | — | — | $0.0M | $0.0M | — | $0.0M |
| Intangible assets | — | — | — | — | — | $0.0M | $26.3M | $24.3M | $15.2M |
| Total assets | $11.3M | $74.0M | $44.1M | $33.4M | $21.0M | $16.8M | $30.7M | $27.8M | $15.9M |
| Total liabilities | $18.9M | $7.3M | $10.9M | $12.3M | $7.4M | $7.6M | $9.5M | $16.0M | $9.2M |
| Shareholders' equity | −$7.6M | $66.7M | $33.2M | $21.1M | $13.7M | $9.3M | $21.2M | $11.8M | $7.1M |
| Margins | |||||||||
| Gross margin | 29.0% | 32.8% | −22.9% | −43.4% | −6,990.9% | −1,050.0% | 93.2% | 90.0% | 92.3% |
| Operating margin | −302.6% | −498.0% | −801.9% | −803.7% | −133,027.3% | −192,578.6% | −17,674.0% | −2,676.9% | −2,581.6% |
| EBITDA margin | −298.8% | −488.0% | −777.6% | −750.0% | −125,913.6% | −189,571.4% | −17,204.5% | −2,174.8% | −2,323.3% |
| Net margin | −302.6% | −492.8% | −791.2% | −818.3% | −113,954.5% | −191,892.9% | −15,966.5% | −3,962.6% | −2,098.0% |
| FCF margin | −103.4% | −305.1% | −464.5% | −644.1% | −126,772.7% | −161,321.4% | −4,682.1% | −2,223.3% | −1,015.0% |
| Returns | |||||||||
| Return on capital | — | −754.9% | −238.5% | — | — | — | — | — | −166.3% |
| Return on capital employed | −205.7% | −45.8% | −154.9% | −137.9% | −187.0% | −291.2% | −276.4% | −44.0% | −176.9% |
| Return on equity | — | −104.3% | −114.1% | −132.8% | −144.0% | −234.3% | −463.5% | −101.0% | −182.7% |
| Return on assets | −157.6% | −72.3% | −96.4% | −93.0% | −92.0% | −141.8% | −296.7% | −56.9% | −78.8% |
| Return on tangible equity | — | −46.2% | −171.8% | −170.4% | −183.4% | −290.1% | — | — | — |
| Growth | |||||||||
| Revenue growth | — | 6.6% | 15.1% | −38.8% | −99.5% | −36.4% | 3,057.1% | −5.0% | 95.0% |
| Share count change | — | 22.3% | −94.3% | 223.0% | −94.1% | 923.8% | — | — | — |
| Financial health | |||||||||
| Debt / equity | — | 0.0x | 0.0x | — | — | — | — | — | 0.4x |
| Interest coverage | −4,440.0x | −2,225.7x | −230.9x | −327.8x | — | — | — | — | — |
| Current ratio | 3.8x | 11.6x | 5.3x | 3.6x | 3.2x | 2.2x | 1.7x | 1.5x | 0.1x |
| Quick ratio | 3.4x | 11.3x | 4.9x | 3.4x | 3.0x | 2.2x | 1.7x | 1.5x | 0.1x |
| Capital allocation | |||||||||
| Capex / revenue | 9.3% | 9.3% | 3.7% | 1.5% | 1,204.5% | 121.4% | 17.2% | 16.0% | 2.1% |
| Stock comp / revenue | 216.5% | 235.4% | 327.0% | 92.7% | 10,168.2% | 3,192.9% | 275.3% | 12.9% | 41.3% |
| Quality scores | |||||||||
| Piotroski F-score | — | 4.0 | 3.0 | 2.0 | 1.0 | 2.0 | 3.0 | 3.0 | 3.0 |
| Altman Z'' | −15.2 | 9.7 | −9.9 | −16.3 | −31.4 | −45.6 | −43.6 | −36.0 | −73.2 |
| Accruals ratio | −108.6% | −28.9% | −40.3% | −20.0% | 9.4% | −22.7% | −210.0% | −25.2% | −40.7% |
Source: SEC EDGAR XBRL filings (CIK 0001716621). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.