Spirit Airlines' first quarter results improved, following its emergence from restructuring on March 12, 2025.
The company reported a net profit of $72.2 million from January 1 through March 12, 2025, and a net loss of $10.9 million from March 13 through March 31. This is compared to a net loss of $142.6 million in the full first quarter last year.
Pre-restructuring, the company generated $755.4 million in revenues and $257 million post-restructuring, totalling $1bn, down slightly from $1.3bn in the first quarter last year.
The company's operating expenses were $1bn pre-restructuring and $259 million post-restructuring, totalling $1.3bn, down from $1.5bn in the first quarter of 2024.
The company's operating loss post-restructuring totalled $2 million, while $287.2 million from January 1 through March 12. This compares with a operating loss of $207.3 million in the first quarter last year.
As of the end of the first quarter, the company's total assets were $8.9bn, down from $9.6bn a year prior. As of the end of the quarter, the company had $758.1 million in cash and cash equivalents, compared to $565.2 million as of March 12, 2025, as well as $1.1bn at the start of the year.
During the first quarter, the company took delivery of two aircraft under sale and leaseback transactions. In addition, the company had a fleet of consisting of 213 A320 family aircraft as of the end of the period. Spirit said it secured financing for one aircraft scheduled for delivery from Airbus for this year, which will be finalised as a sale and leaseback transaction.
As of March 31, 2025, the company has 53 A320 family aircraft on order, including A320neo and A321neos.