PLAY has expanded its fleet to include 10 aircraft from the Airbus as load factor increases..

PLAY airlines offers affordable travel options between North America and Europe. Since its inaugural flight in 2021, PLAY has expanded its fleet to include 10 aircraft from the Airbus A320 family and with an average aircraft age of just over 2 years, PLAY is a real value-for-money option. 

Strategically based in Iceland, PLAY leverages its location in the middle of the Atlantic Ocean to efficiently connect passengers travelling between North America and Europe, enabling the airline to maintain low operational costs and pass on savings to customers. 

Passengers flying with PLAY can add a complimentary stopover in Iceland for up to 10 days, allowing them to explore the country's natural wonders and vibrant capital, Reykjavik, without additional charges. 

For those looking to extend their layover into a multi-day stopover, PLAY offers this option at no extra cost, allowing travellers to immerse themselves in Iceland's unique landscapes, breathtaking northern lights and world-famous culture before continuing their journey across the Atlantic. 

PLAY serves key destinations in North America, including Baltimore, Boston, New York, and Washington DC in the United States, as well as Toronto in Canada. In Iceland, visitors can experience breathtaking sights such as waterfalls, glaciers, geysers, and diverse wildlife within easy reach of the comfort of Reykjavik. 

Since its inception, PLAY has operated a fleet of 10 Airbus A320/321neo aircraft, boasting an average age of just over 2 years, ensuring passengers enjoy a comfortable, safe, and reliable journey. With an impressive 83% on-time performance in 2023, PLAY has established itself as a dependable choice for travellers. 

Recognized for excellence, PLAY's cabin crew was voted the best by USA Today readers and the airline itself was named the best low-cost airline in Northern Europe, reflecting its commitment to providing exceptional service and value to passengers. 

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Latest Results 

• PLAY airlines revenues increased by 66% between years, from USD 33 million in Q1 in 2023 to USD 54 million in Q1 2024 despite capacity increase of 63%
• PLAY’s cash position was USD 17.1 million at the end of Q1. PLAY has since received USD 32 million following a share capital increase and will go into the summer season with a healthy cash position. Uplisting to Nasdaq Iceland Main Market is in process as planned.
• PLAY carried 349 thousand passengers in Q1 2024, which is a 64% increase from Q1 2023. 
• The load factor increased at the same time, from 78.4% in Q1 2023 to 81.8% in Q1 2024.
• Q1 was operationally successful with an on-time performance of 87.8%, which is a considerably better performance than with the airline’s main competitor.
• Earnings before interest and taxes (EBIT) in Q1 were negative USD 20.4 million. EBIT was negatively impacted by inaccurate news coverage of seismic activities in the Reykjanes Peninsula.
• Total revenue per available seat kilometer (TRASK) was 4.2 US cents, same as during Q1 2023.
• Cost per available seat kilometer (CASK) was 5.9 US cents in Q1 2024, which is 8% less than in Q1 2023 mainly due to favorable trends in ETS prices impacting fuel expenses positively. 
• CASK ex-fuel is down 4.2% YoY and was 4.3 US cents.
• Yield was USD 151 driven by strong ancillary revenue per passenger of USD 50.

Einar Örn Ólafsson, CEO, said:  "The Q1 2024 results were in line with our expectations. The results were heavily impacted by a drop in demand following the inaccurate global news coverage on seismic activity in the Reykjanes Peninsula in Q4 2023. We had reported that this would negatively affect our outcome and now the results are in. 
Despite this, we saw positive signs in our operations and sales. Demand started picking up drastically in January 2024 and we had record sales days in Q1 which have resulted in a healthy forward booking status. Our total revenues increased 66% between years, from USD 33 million in Q1 2023 to USD 54 million in Q1 2024. This is a true sign of how our airline is becoming more known and gaining market share. 
The motto at PLAY airlines is to keep costs low so we can continue to offer competitive airfares. In Q1 we saw our CASK decreasing 8% compared to Q1 2023 and the CASK ex-fuel also trended in the right direction for us. Our team remains focused on keeping our business lean.
Operationally Q1 can be very challenging in Iceland due to weather conditions. Still, we saw an exceptional on-time performance of 87.8%, which is above our target of 85% on-time performance for the full year. This is something to be proud of and I am grateful for the tremendous job my colleagues at PLAY have done to deliver these results. 
In Q1, PLAY received subscription commitments from existing shareholders and other investors which amounted to USD 32 million. PLAY is therefore in a strong financial position to achieve its goals. 
The truly vital summer season is ahead of us, and I am looking forward to working with my colleagues at PLAY to deliver exceptional service to our passengers. "







PLAY airlines carried 349 thousand passengers in Q1 2024, compared to 212 thousand in Q1 2023, which is a 64% increase between years. This increase is notable because PLAY´s load factor increased significantly between years, from 78.4% in Q1 2023 to 81.8% in Q1 2024. 
Of all the passengers flying with PLAY in Q1 2024, 27% were traveling from Iceland, 36% were going to Iceland and 37% were connecting passengers (VIA). 
Q1 was operationally successful. PLAY had an 87.8% on-time performance in the quarter, which is beyond the airline’s full-year target of 85%. 
PLAY launched ticket sales to five new destinations in its route network in Q1. PLAY will be starting scheduled flights to Madeira, Marrakech, Vilnius and Split in 2024 and will do a six-week schedule to Cardiff in the fall. Additionally, PLAY will operate one flight to the winter wonderland of Rovaniemi in Finland in December.