Canada Jetlines Details Financial Results for Q1 2024

Canada Jetlines Operations Ltd. reported their financial outcomes for the first quarter ending March 31, 2024. The company revealed an operating revenue of $11.5 million, marking a substantial increase from the prior year. However, Canada Jetlines also faced a net loss of $6.4 million, despite the growth in operational scale, including an expanded fleet size from two to three aircrafts.

Significant operational enhancements included increased flying hours and the launching of new routes such as Toronto to Miami. Despite higher revenue, the company’s expenses also surged, primarily due to growth in fleet operations. Additionally, assets and liabilities increased by 77.5% and 64.6% respectively, attributed to enhanced operational scope and infrastructural investments.

Total operating expenses reached $17.1 million, a notable rise from the previous $8.2 million, underscoring increased activities tied to the larger fleet. The first quarter also saw adjustments in EBITDAR, marking improvements in financial handling despite higher comprehensive losses compared to the same quarter in the previous year.

The report also included details about a non-convertible term loan facilitated by an affiliate of a company director, intended for bolstering working capital and supporting ongoing business needs. Despite the financial uptake, the administration highlighted the necessity for additional funds to sustain operational and business development plans.