PLAY (Iceland) has decided not to add any new aircraft in 2024 and has terminated its two LOIs for dry leases of aircraft due in 2025 to prioritize financial liquidity in the current market environment.
The airline plans to operate ten aircraft this year and focus on stabilising and optimising the business after a period of rapid growth.
External factors such as the Gaza crisis, oil price spikes, inflationary pressures, and volcanic eruptions negatively impacted PLAY’s financial performance in 2023, resulting in an operating loss of USD35.2 million.
Despite the pause in capacity growth for 2024, PLAY intends to increase its fleet from the current 10 to 12 aircraft by the end of next year and has a long-term plan to expand the fleet to 18-20 aircraft by 2029. The airline also plans to uplist to the Nasdaq Main Market in Iceland to attract fresh capital and a broader range of shareholders.
