Canada Jetlines has announced that its revenue for 2022 came to $3.3 million, with 72% derived from charter and wet-lease operations after the carrier's first flights in September.
The company reported almost $16 million in operating expenses for the 2022 fiscal year, up more than £12 million on 2021 due to it starting flying and adding aircraft in the meantime.
Assets stood at $27.3 million at the end of 2022, a $22 million year-on-year increase. Liabilities climbed from $1 million to almost $29 million over the period.
"Current liabilities increased from $821K in 2021 to $8.2 million, mainly due to an increase of $4.1 million in leased aircraft liabilities as the Company grew its fleet from zero aircraft in 2021 to two aircraft by December 2022", the carrier explained, warning that it "will need to raise additional capital during the next twelve months and beyond to support its business plan".
To that end, the carrier said it was "seeking additional capital in the form of debt, convertible debt or equity in order to further invest in the business and facilitate the continued growth of the fleet, including the acquisition of additional leased aircraft, as well as additional working capital."
“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," said chief executive Eddy Doyle.
"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," Doyle added.