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airBaltic Reports First Quarter 2023 Net Loss of €11.4 Million on Record Q1 Revenue of €105.1M

airBaltic has reported a first quarter net loss of €11.4 million on a year-over year increase in revenue of 39 percent to €105.1 million, a company first quarter record.

airBaltic Airbus A220-300 - Courtesy airBaltic

On Thursday (May 11, 2023), air Baltic announced their first quarter financial results for the period ending March 31, 2023. The carrier reported a first quarter net loss of €11.4 million on a year-over-year increase in revenue to €105.1 million, a company Q1 record. The number of passengers carried during the first quarter grew by 77 percent compared to the same period last year to 770,000. The carrier's average load factor for the quarter reached 71.0 percent, up 8.5 percent versus Q1 2019.

In Thursday’s announcement, airBaltic’s President and CEO, Martin Gauss, said,

“The first quarter of 2023 has surpassed our expectations, driving airBaltic towards strong commercial performance and sustained profitability. Our clear target and ambition are to achieve EUR 700 million in revenue and witness a substantial increase in carried passengers, reaching 4.4 million by the end of 2023. Looking ahead to 2023, we continue the successful path towards IPO in 2024. Our core objectives remain unchanged – to ensure the best connectivity between the Baltics – one of the key European business centres of the future – and the world, as well as enhance the passenger experience and deliver a fundamental contribution to the economy.”

airBaltic's First Quarter 2023 Financial Results - Courtesy airBaltic

Established in 1995, Air Baltic Corporation SA (airBaltic) is a joint stock company with most of the equity (97.96%) held by the Latvian state and the remaining 2.04 percent held by other shareholders. The airline Group also includes Air Baltic Training SIA, Loyalty Services SIA, Baltijas Kravu Centrs SIA and Crew Resources AS. One of the most punctual carriers in the world, the airline connects the Baltic region to over 70 destinations in Europe, the Middle East, and the CIS with a fleet of 41 Airbus A220-300s. airBaltic employs around 2,300 team members.

Source: airBaltic

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