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PLAY Airlines Reports FY 2022 Net Loss of $45.5 Million on $140 Million in Revenue

PLAY Airlines has reported a full year 2022 net loss of $45.5 million versus a FY21 net loss of 22.5 million on a year-over-year increase in revenue to 140 million, compared to 16 million in 2021. The carrier ended the year with cash and restricted cash of $36.2 million.

PLAY Airbus A321neo - Courtesy PLAY Airlines

On Wednesday (February 15, 2023), PLAY Airlines announced their financial results for the fourth quarter and full year ending December 31, 2022. The carrier reported a FY22 net loss of $45.5 million, compared to a net loss of 22.5 million for FY 2021, on a year-over-year increase in revenue from $16.0 million to $140.0 million. During 2022, PLAY carried 789,000 passengers with an average load factor of 79.7 percent. At December 31, 2022, the airline had cash and restricted cash totaling $36.2 million. PLAY reported a fourth quarter EBITDA of negative 17.6 million on an increase in revenue to $37.9 million, up from $9.7 million in Q4 2021.

In Thursday’s announcement, PLAY’s CEO, Birgir Jónsson, said,

”We are pleased to report strong growth in our revenue base and load factor in the fourth quarter of 2022. For the past months we have been achieving a higher load factor than most of the airlines we compare ourselves with at the same time as our punctuality is world-class. The quarter was operationally successful, with almost 250,000 passengers flown and a load factor of 80.3%. These metrics make all of us at PLAY really proud and confirm that we are being well-received in the market. PLAY has a healthy financial position and a healthy cash balance. In 2022 we were still running the company at a loss but that is to be expected given the fact that we are a start-up company in a steep growth period as adding aircraft, destinations, and staff as well as introducing a new brand into the market is time consuming and capital intensive.

“We do however see clear and positive signs that show we are on the right track and that we will soon see a return on our investments as we become more established in the market. We have been very successful in controlling our cost level and it is great to see that the revenue is now beginning to grow, creating the perfect cocktail for success. We saw a very positive trend in ancillary revenues in the quarter with airport sales per passenger increasing, the successful ramping up of our cargo operations and have now launched new digital solutions designed to increase our ancillary revenue as well as our service level.

“The year begins with very strong booking trends and increased unit revenue making us confident that our revenue base is maturing and developing positively. Our capacity in summer 2023 is growing by close to 77% compared to summer 2022 and we are adding four new aircraft to our fleet as well as welcoming around 200 new team members. It is a real pleasure to see the PLAY team continuously growing stronger and working hard on reaching our goals for the year. We enter the new year filled with energy and ambition and a laser focus on reaching our goals. I believe our great team of Players is only just beginning to show the world what they are made of and I am both humble and glad to be a part of this great team of people.”

For the fourth quarter, PLAY’s operating expenses totaled $46.2 million, with cost per available seat kilometer, excluding fuel (CASK-ex) of 3.9 US cents for the quarter. The airline’s full year CASK-ex came in at 4.0 US cents, in line with expectations.

Founded in 2019 by Arnar Magnússon and launched in June 2021, PLAY is a new Iceland-based low-cost carrier (LCC) which operates flights between Iceland and Europe, as well as to North America. The carrier’s core motto is ‘Pay Less PLAY More’, meaning that the airline’s customers spend less on airfare and more while enjoying their holiday destination. PLAY’s fleet of Airbus A320neos and A321neos currently connect customers to 20+ European and U.S. destinations. In 2023, Play will expand their fleet of Airbus A320/321neos to 10 aircraft, and increase their network to 36 destinations.

Source: PLAY Airlines


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