Breeze has their money - $83mm of it. Their DOT filing says they plan a March 2021 start date, plunging straight into scheduled service (no period of charter service prior to scheduled).
By the end of the 12th month of operation (Feb 2022) they project 22 aircraft in operation. Presumably this includes some A220s, since those start delivering in August 2021.
The three big investors (totaling $75mm) were entities connected with Joel Petersen, former long-time JetBlue chair (which together with prior investments by Peterson now own about 24% of Breeze), Sandlot (controlled by David Jensen of Orem, UT) and owning 14%, and an unnamed Texas family, based in Dallas, which owns 5.6%.
E190s and E195s from *both* Nordic Aviation Capital *and* Azul are on tap, as are the aforementioned A220s.
Be interesting how the DOT and FAA see this. It's not unusual for early-stage airlines to have restrictions on their ability to add aircraft, and those restrictions are typically a lot lower than 22. In this case, Breeze is turning the difficulty level to 11 by starting with not just 22 aircraft within one year of operation, but across two completely different aircraft types.
Breeze expects to have spent $57.5mm before it operates a single flight which is... a bunch. A total of $102.8mm has now been invested in equity.
First year operating losses are projected at $30mm on $116.5mm of revenue (negative 26% operating margin).
Cash at the end of the first 12 months is projected to be $0.6mm. Presumably the plan contemplates some kind of additional financing before then, because an airline with 22 operating aircraft, 24 delivered, etc needs a bit more than $0.6mm cash to operate.
As noted in the text of this Supplement, Breeze has adjusted its plans to confront the
challenges and take advantage of the opportunities caused by the COVID-19 pandemic. In March
2021, Breeze plans to introduce scheduled service on three routes from a southeastern United
States airport to four points northeast, and from another airport farther south to four points in the
northeast, southeast and the southern plains. See Exhibit T-1 at 1. In the subsequent months,
Breeze will increase the number of destinations from the two initial airports and open another
airport in the southeastern United States with service to points in the midwest, southern plains and
northeast. See Exhibit T-1 at 2-4. Beginning in July, Breeze plans to initiate service from another
airport in the southeast to points in the midatlantic, northeast and southern plains while increasing
the number of destinations from its initial airports. See Exhibit T-1 at 5-6. In October, Breeze
plans to begin service from two additional southeastern airports with service primarily to the
northeast, see Exhibit T-1 at 7.