Fly Play (PLAY) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $46.4 million, down 15% year-over-year, mainly due to reduced capacity and the timing of Easter shifting to Q2.

• EBIT was negative $21.7 million, nearly unchanged from last year, supported by ACMI revenue and cost efficiency.

• Net loss for Q1 2025 was $26.8 million, with equity at $60.4 million as of March 31, 2025.

• Major milestone: awarded a second AOC in Malta, enabling ACMI operations for SkyUp and diversifying revenue streams.

• Strategic focus on expanding leisure operations and ACMI projects, with network optimization and increased capacity to Southern Europe.

Financial highlights

• Revenue fell by $8 million year-over-year to $46.4 million, with operating expenses decreasing in line with lower production.

• EBIT stable at -$21.7 million; EBITDA loss was $11.7 million, nearly unchanged from prior year.

• Net loss per share was 1.9 US cents, improved from 4.0 US cents in Q1 2024.

• Cash and cash equivalents at quarter end were $21.1 million, up from $17.2 million in Q1 2024, with no external interest-bearing debt.

• Cash flow from operations positive at $0.4 million; working capital improved by $20 million.

Outlook and guidance

• Operational improvements expected in all remaining quarters of 2025, with a 15–20% reduction in overhead costs targeted.

• Fleet split between scheduled operations from Iceland and ACMI projects with SkyUp; four aircraft to be deployed for ACMI damp leasing through 2027.

• Strong forward unit revenue and load factor ahead year-over-year for all forward quarters in 2025.

• Confident in continued growth of leisure offering and market share in Icelandic leisure travel.

• Leisure capacity to increase by 7% in 2025, with a focus on new destinations and ACMI leasing.