Spirit Aviation (FLYYQ) Registration Filing summary

Company overview and business model

• Operates as a value-focused airline with an all-Airbus fleet, serving the U.S., Latin America, and the Caribbean, targeting price-sensitive travelers and emphasizing low costs and guest experience improvements.

• Underwent a comprehensive transformation plan, Project Bravo, to enhance guest experience, realign network, and redesign loyalty program.

• Emerged from Chapter 11 bankruptcy in March 2025, with a new holding company structure and fresh start accounting.

Financial performance and metrics

• Pro forma net loss for the year ended December 31, 2024, was $1.06 billion, with a basic and diluted loss per share of $53.76.

• For the quarter ended March 31, 2025, pro forma net loss was $333 million, with a loss per share of $16.93.

• Reorganization value of assets post-bankruptcy was $8.72 billion, with enterprise value estimated between $6.1 and $6.8 billion.

• Issued $840 million in senior secured notes due 2030 and entered a $275 million exit revolving credit facility.

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of shares by selling stockholders; all proceeds go to selling stockholders.

• Company bears registration and compliance costs, while selling stockholders bear commissions and discounts.