In Q1 2022, the airline had revenue of $17,194,380 and expenses of $38,221,230, for a loss of $21,026,850, and an operating margin of -122%
In Q2 2022, the airline had revenue of $28,113,070 and expenses of $64,617,250, for a loss of $36,504,180, and an operating margin of -130%
In Q3 2022, the airline had revenue of $34,470,200 and expenses of $72,366,360, for a loss of $37,896,160, and an operating margin of -110%
In Q4 2022, the airline had revenue of $55,574,110 and expenses of $86,233,630, for a loss of $30,659,520, and an operating margin of -55%
In Q1 2023, the airline had revenue of $67,378,610 and expenses of $115,400,500, for a loss of $48,021,890, and an operating margin of -71%
Admittedly it takes some time for an airline to establish itself, and it’s expected that an airline will lose money for some amount of time after launch. That’s one of the reasons the airline raised over $300 million in capital to launch operations. By my math, the airline had an operational loss of around $175 million over the course of five quarters, which is a lot. That means the carrier has burned through nearly two-third of its startup capital in those quarters alone.