Core Viewpoint - PLAY is focusing on strengthening its presence in leisure markets and securing ACMI opportunities, which is reflected in its financial results and operational strategies for Q1 2025 [5][6][10]. Financial Performance - Total revenue for Q1 2025 was USD 46.4 million, down from USD 54.4 million in Q1 2024 [15]. - Net loss for Q1 2025 was USD 26.8 million, an improvement from USD 27.2 million in Q1 2024 [18]. - Operating revenue decreased to USD 59.0 million in Q1 2025 from USD 65.7 million in Q1 2024 [2]. - Operating expenses were USD 80.2 million in Q1 2025, down from USD 90.4 million in Q1 2024 [2]. - EBIT for Q1 2025 was negative USD 21.7 million, compared to negative USD 21.3 million in Q1 2024, indicating stable performance despite revenue decline [17]. Operational Statistics - The number of passengers carried in Q1 2025 was 286,000, down from 349,000 in Q1 2024, reflecting a load factor of 77.2% compared to 81.8% in the previous year [11][12]. - The number of flights decreased to 2,203 in Q4 2024 from 2,556 in Q4 2023 [2]. - The load factor improved to 82% in Q4 2024 from 78% in Q4 2023 [2]. Strategic Focus - The company has increased leisure capacity by 17% year-over-year in Q1 2025, aligning with its strategy to focus on leisure destinations [3][12]. - A long-term ACMI agreement was secured with SkyUp Malta for four aircraft through 2027, enhancing revenue stability [3][21]. - The company plans to operate a fleet of seven aircraft during peak summer months, with new destinations including Faro, Portugal, and Antalya, Turkey, starting in summer 2025 [20]. Cost Management - CASK in Q1 2025 was 6.06 US cents, compared to 5.91 US cents in Q1 2024, indicating a slight increase in costs [17]. - The average yield per passenger rose by 1.2% year-over-year, contributing to stable RASK performance [16]. Cash Position - The cash position at the end of Q1 2025 was USD 21.1 million, an increase from USD 17.2 million at the end of Q1 2024 [18][19]. - The company continues to focus on managing liquidity and optimizing working capital to support growth initiatives [19].