16 August, 2023

Canada Jetlines releases second quarter results...

The Canadian budget airline Canada Jetlines has reported total operating revenues for the second quarter of 2023 of $8.8 million up from $5.1 million in the previous quarter.  The airline has increased its charter and ACMI (Aircraft, Crew, Maintenance, and Insurance) flights which generated $6.34 million this quarter.  

Total operating expenses for the quarter were $9.23 million as compared to $8.15 million in the previous quarter, an increase of 13%. Increases were primarily driven by increased flying activity.

Total assets increased to $27,860,429 at the end of the current quarter from $27,289,573 as at December 31, 2022. The minor increase in total assets is primarily attributable to an increase in current assets that was partially offset by a decrease in Right-of-use assets due to depreciation.

Total liabilities increased to $33,753,436 at the end of the current quarter from $28,948,171 as at December 31, 2022. The increase was made up of the liabilities associated with an increase in deferred revenue and an increase in accounts payable and accrued liabilities, explained by the timing of payments and invoices received at the end of the period.

Summary of Quarterly Results


June 30, 2023

March 31, 2023

December 31, 2022





Income (loss) and comprehensive income (loss)




Earnings (loss) per share (basic and diluted)




Total assets




Total liabilities




Management Commentary

Eddy Doyle, CEO and President of Jetlines commented: “We are pleased to report that several key milestones were achieved in Q2 2023. The Company has achieved exceptional flying hours in Q2 2023 as compared to Q1 2023, an increase of 265% and a 72.8% increase in its operating revenue. Canada Jetlines also took delivery of its 3rd aircraft at the end July 2023. The Company intends to add up to two additional aircraft to its fleet in 2023 and continue to grow its schedule, with the upcoming fall/winter season, and grow its Charter/ACMI business.”


The Company ended the quarter with $5.1 million in current assets, an increase of $2 million compared to December 31, 2022. The increase is mainly due to the increase in cash balance.

Current liabilities increased from $8.2 million at December 31, 2022 to $13.1 million, mainly due to an increase of $0.8 million in accounts payable and accrued liabilities. In addition, there is a $4 million increase in deferred revenue for cash collected in terms of future flying.

Based on the Company’s working capital position, the Company will need to raise additional capital to support its business plan. The Company is 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.