Avelo Airlines Embarks on Profitable Journey with Impressive Q4 Results

Celebrating a significant milestone, Avelo Airlines has announced its first-ever profitable quarter, marking a notable achievement as it nears its third anniversary. This triumph highlights a year of robust growth, with revenue soaring to $265 million, a remarkable 74% increase from the previous year. The airline's strategic focus on cost management and operational efficiency has established it as a leader in the U.S. airline industry, boasting one of the lowest cost structures nationally.

In the fourth quarter of 2023, Avelo achieved profitability amid high fuel prices, thanks to a record pre-tax margin in December. This resilience and operational excellence led to a 15 percentage point improvement in its pre-tax margin over 2022, demonstrating the airline's solid growth and financial health.

Andrew Levy, Founder, Chairman, and CEO of Avelo Airlines, expressed optimism for the future, highlighting the airline's strong liquidity, margin improvement, and industry-leading reliability as key factors for expected profitability in 2024. Levy also praised Avelo's 1,000 crewmembers for their teamwork and customer focus, which have been pivotal to the airline's success.

A notable achievement in 2023 was establishing the U.S. airline industry's lowest cost structure, with a stage length-adjusted Cost per Average Seat Mile (CASM) excluding fuel dropping to 6.6 cents in Q4. This efficiency, achieved despite relatively low aircraft utilization, underscores Avelo's competitive advantage and commitment to affordability.

As Avelo Airlines moves into 2024, its blend of financial resilience, operational reliability, and customer-focused service positions it for continued growth and innovation, promising an even brighter future for the airline and its customers.