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Canada Jetlines Reports First Quarter 2023 Net Loss of $3.62 Million or $0.05 per Share

Canada Jetlines has reported a first quarter net loss of $3.62 million or (0.05) per share on a 59 percent increase in revenue from Q4 2022 to $5.1 million. At March 31, 2023, the carrier had current assets of $5.1 million in liquidity.

Jetlines Airbus A320 - Courtesy Canada Jetlines

On Tuesday (May 16, 2023) Canada Jetlines Operations Ltd. reported their first quarter financial results for the period ending March 31, 2023. The carrier reported a first quarter net loss of $3.62 million or ($0.05) per share on a 59 percent increase in revenue versus Q4 2022 to $5.1 million. The company continues to increase the operations of charters and ACMI flights, generating $3.38 million in revenue during the first quarter compared to $2.4 million in the prior quarter. At March 31, 2023, Canada Jetlines had liquidity totaling $5.1 million

In Tuesday’s announcement, Jetlines’ President and CEO, Eddy Doyle, said,

“We are pleased to report that several key milestones were achieved in Q1 2023, in February 2023 the Company was proud to introduce Las Vegas as its first international scheduled destination, this was followed in March with a new route from Toronto to Cancun, Mexico. Charter flights and ACMI lease contracts continued to grow throughout the first quarter of 2023 and in March the Company announced it was chosen to provide an aircraft and crew for a 5-month ACMI contract beginning at the end of March, 2023.

Canada Jetlines' First Quarter 2023 Financial Results - Courtesy Canada Jetlines

“In March, Canada Jetlines announced it was in discussion with Qatar Airways for a potential codeshare agreement where Canada Jetlines would provide service between Toronto and Doha, subject to government approval and completing all applicable agreements between the two airlines. This would offer Canadian travelers access to Qatar Airways’ unparalleled network via Doha to destinations in the Middle East, Africa, Indian Subcontinent and across Asia. The Company is continuing to work through the Canadian government approval process and definitive documentation with Qatar Airways.

“Looking forward, Canada Jetlines has recently announced a number of other charter contracts, including with two Canadian football teams. Canada Jetlines’ 3rd aircraft is expected to be delivered in July 2023 and the Company intends to add up to two additional aircraft to its fleet in 2023 and continue to grow its schedule and Charter/ACMI business.”

Canada Jetlines is a new leisure-focused carrier, which will utilize a growing fleet of Airbus A320s to provide Canadians with value vacation choices and convenient travel options. The airline will provide exciting vacation packages to iconic Canadian destinations and beyond. With their fleet expected to expand to 15 aircraft by 2025, Canada Jetlines aims to offer best-in-class operating economics, and customer comfort, providing an elevated guest-centric experience from the first touchpoint.

Source: Canada Jetlines


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