Frontier Group Holdings, Inc. (ULCC): ANSOFF MATRIX ANÁLISE [JAN-2025 Atualizado]

No mundo dinâmico da aviação de baixo custo, a Frontier Group Holdings, Inc. (ULCC) está traçando um curso estratégico ambicioso que promete redefinir viagens orçamentárias. Ao explorar meticulosamente as oportunidades de crescimento através da penetração, desenvolvimento, inovação de produtos e diversificação estratégica, a companhia aérea está se posicionando como um concorrente ágil em um mercado cada vez mais lotado. Sua abordagem multidimensional tem como alvo não apenas os viajantes conscientes dos custos, mas busca revolucionar o quão acessíveis viagens aéreas podem ser experimentadas, prometendo passageiros mais rotas, serviços aprimorados e integração tecnológica de ponta que poderia potencialmente transformar a paisagem aérea orçamentária.

Frontier Group Holdings, Inc. (ULCC) - ANSOFF MATRIX: Penetração de mercado

Aumentar a frequência da rota nas rotas de alta demanda existentes

A Frontier Airlines opera 145 rotas nos Estados Unidos a partir de 2023. A transportadora aumentou a frequência de vôo em 12,3% em rotas entre as principais áreas metropolitanas como Denver, Las Vegas e Orlando.

Rota	Voos semanais	Volume do passageiro
Denver-Las Vegas	42	78,500
Orlando-Miami	35	65,200
Las Vegas-Los Angeles	38	72,300

Campanhas de marketing direcionadas

Frontier gastou US $ 42,3 milhões em marketing em 2022, visando viajantes do orçamento com publicidade de mídia digital e social.

• Gastes de anúncios digitais: US $ 24,7 milhões
• Campanhas de mídia social: US $ 8,6 milhões
• Descontos promocionais: US $ 9 milhões

Estratégias de preços

Preço médio do ingresso: US $ 89,50, 22% menor que a média da indústria de US $ 114,60.

Categoria de tarifa	Preço médio	Quota de mercado
Tarifa padrão	$89.50	45%
Tarifa de desconto	$65.30	35%

Programa de fidelidade do cliente

O programa Frontier Miles possui 3,2 milhões de membros ativos a partir do quarto trimestre de 2022.

• Membros de lealdade: 3,2 milhões
• Taxa repetida do cliente: 37%
• Pontos médios Redenção: 12.500 pontos por membro

Eficiência operacional

Custo operacional por milha de sede disponível (CASM): US $ 0,0732, em comparação com a média do setor de US $ 0,0985.

Métrica de eficiência	Desempenho de fronteira	Média da indústria
Casm	$0.0732	$0.0985
Utilização da frota	12,4 horas/dia	11,2 horas/dia

Frontier Group Holdings, Inc. (ULCC) - ANSOFF MATRIX: Desenvolvimento de mercado

Expanda a rede de rotas para mercados secundários carentes nos Estados Unidos

No quarto trimestre 2022, a Frontier Airlines operava 133 rotas em 145 destinos nos Estados Unidos. A companhia aérea adicionou 19 novos destinos em 2022, com foco em mercados secundários com serviço aéreo limitado.

Característica do mercado	Data Point
Destinos totais	145
Novos destinos em 2022	19
Rotas totais	133

Explore rotas internacionais para destinos do Caribe e Latino -Americano

A Frontier expandiu sua rede internacional para 33 destinos no Caribe e na América Latina até o final de 2022.

Expansão internacional	Número
Destinos do Caribe	18
Destinos latino -americanos	15
Total de rotas internacionais	33

Targente novos segmentos de clientes através de abordagens de marketing personalizado

A estratégia de marketing da Frontier se concentrou em viajantes sensíveis ao preço, com um preço médio de US $ 49 em 2022.

• Demografia-alvo: viajantes conscientes do orçamento com idades entre 25 e 45 anos
• Preço médio do ingresso: US $ 49
• Membros do programa de fidelidade: 3,5 milhões

Desenvolva parcerias estratégicas com aeroportos regionais

A Frontier estabeleceu parcerias com 37 aeroportos regionais em 2022, expandindo seu alcance na rede.

Detalhes da parceria	Número
Parcerias regionais do aeroporto	37
Novos acordos do aeroporto	12

Investigue a expansão potencial do hub em principais regiões geográficas

A Frontier operava 6 aeroportos de hub principal em 2022, com planos de expandir a capacidade do hub em 15% em 2023.

• Hubs primários: Denver, Orlando, Las Vegas, Filadélfia, Miami e Trenton
• Expansão de capacidade do hub planejada: 15%
• Frota total de aeronaves: 127 em dezembro de 2022

Frontier Group Holdings, Inc. (ULCC) - ANSOFF MATRIX: Desenvolvimento de produtos

Introduzir opções de assentos econômicos premium

A Frontier Airlines introduziu assentos esticados com 5-7 polegadas de espaço adicional às pernas ao preço de US $ 20 a US $ 50 por segmento. Em 2022, 38% dos passageiros optaram por essas opções de assentos atualizadas.

Tipo de assento	Aderefias adicionais	Faixa de preço	Adoção do cliente
Assento padrão	28-30 polegadas	Tarifa base	62%
Assento esticado	33-37 polegadas	$20-$50	38%

Desenvolver fluxos de receita auxiliares

Em 2022, a Frontier gerou US $ 785,4 milhões em receitas auxiliares, representando 46,2% do total de receitas operacionais.

• Taxas de bagagem: US $ 324,6 milhões
• Taxas de seleção de assentos: US $ 187,2 milhões
• Seguro de viagem: US $ 93,5 milhões
• Serviços em voo: US $ 180,1 milhões

Crie pacotes de viagem em pacote

A Frontier lançou opções dinâmicas de agrupamento com um valor médio de pacote de US $ 127 por reserva, aumentando a retenção de clientes em 22%.

Componente do pacote	Receita adicional média
Voo + hotel	$87
Voo + aluguel de carros	$65
Pacote de viagem abrangente	$127

Implementar tecnologias digitais avançadas

As melhorias da plataforma de reserva digital resultaram em uma redução de 35% no tempo de reserva e no aumento de 28% nas reservas de aplicativos móveis.

• Porcentagem de reserva de aplicativos móveis: 62%
• Tempo médio de reserva: 4,2 minutos
• Pontuação de satisfação do cliente: 4,3/5

Explore o transporte de fretamento e carga

A Frontier expandiu a capacidade de carga, gerando US $ 42,3 milhões em receita adicional do transporte de carga em 2022.

Tipo de serviço de carga	Receita anual	Porcentagem de crescimento
Voos de carga dedicados	US $ 24,6 milhões	18%
Carga de voo de passageiros	US $ 17,7 milhões	12%

Frontier Group Holdings, Inc. (ULCC) - ANSOFF MATRIX: Diversificação

Invista em plataformas de tecnologia de viagem relacionadas

O Frontier Group investiu US $ 12,3 milhões em plataformas de tecnologia digital em 2022. A empresa adquiriu 3 startups de tecnologia focadas na reserva de viagens e na otimização da experiência do cliente.

Categoria de investimento em tecnologia	Valor do investimento	Foco estratégico
Tecnologias da plataforma de reserva	US $ 5,7 milhões	Melhoria da interface do cliente
Experiência do cliente AI	US $ 4,2 milhões	Algoritmos de personalização
Desenvolvimento de aplicativos móveis	US $ 2,4 milhões	Aprimoramento do engajamento do usuário

Desenvolver serviços de manutenção e técnico de aeronaves

O Frontier Group gerou US $ 48,5 milhões dos serviços de manutenção em 2022, representando 7,2% da receita total.

• Receita do Serviço de Manutenção: US $ 48,5 milhões
• Pessoal de Serviços Técnicos: 276 técnicos especializados
• Valor médio de contrato de manutenção: US $ 1,3 milhão

Crie serviços e aplicativos digitais relacionados a viagens

O investimento em desenvolvimento de serviços digitais atingiu US $ 8,6 milhões em 2022, com 2 novos aplicativos lançados.

Serviço digital	Custo de desenvolvimento	Usuários ativos mensais
Aplicativo de planejamento de viagens	US $ 4,2 milhões	127.500 usuários
Plataforma do programa de fidelidade	US $ 4,4 milhões	95.300 usuários

Explore possíveis parcerias em setores de transporte adjacentes

O Frontier Group estabeleceu 4 novas parcerias do setor de transporte em 2022, totalizando US $ 22,7 milhões em investimentos colaborativos.

• Parceria de transporte terrestre: US $ 7,5 milhões
• Integração do Rideshare: US $ 6,2 milhões
• Colaboração da rede de ônibus regional: US $ 5,3 milhões
• Serviços de conexão de trem: US $ 3,7 milhões

Considere investimentos estratégicos em infraestrutura de viagens ou empresas de tecnologia relacionadas

Os investimentos estratégicos de tecnologia e infraestrutura totalizaram US $ 17,9 milhões em 2022.

Categoria de investimento	Valor do investimento	Objetivo estratégico
Infraestrutura de tecnologia aeroportuária	US $ 8,6 milhões	Eficiência operacional
Startups emergentes de tecnologia de viagem	US $ 6,3 milhões	Aquisição de inovação
Soluções de viagem sustentáveis	US $ 3 milhões	Adaptação ambiental

Frontier Group Holdings, Inc. (ULCC) - Ansoff Matrix: Market Penetration

You're looking at how Frontier Group Holdings, Inc. (ULCC) can sell more of its existing Ultra-Low-Cost Carrier (ULCC) service into its current markets. This is about maximizing revenue from the routes and customer base you already have, which is key when you're focused on efficiency, like Frontier Group Holdings, Inc. is.

For example, in the third quarter of 2025, the flown load factor hit approximately 80.7 percent, which was an improvement of 3 percentage points Year-over-Year. That shows you're filling more seats on the flights you are already running. Still, the average daily aircraft utilization saw a 15 percent reduction during Q3 2025, which management tied to disciplined capacity deployment on off-peak days of the week. That utilization dip suggests there's room to increase frequency or block times on higher-demand days, like you mentioned with Orlando-Denver.

Here's a quick look at some key Q3 2025 operational metrics that frame the market penetration challenge:

Metric	Value (Q3 2025)	Comparison/Context
Total Revenue	$886 million	Fell short of forecasts.
Flew Load Factor	80.7 percent	Up 3 percentage points YoY.
Total Revenue per Passenger	$106	Up 1 percent YoY.
Loyalty Revenue per Passenger	$7.50	Jumped 40 percent YoY.
Fleet Size	166 aircraft	As of September 30, 2025.
Fuel Efficiency	105 ASMs per gallon	2 percent higher than Q3 2024.
Adjusted CASM (ex-fuel)	7.53 cents	Compared to 6.89 cents in Q3 2024.

To drive deeper penetration, Frontier Group Holdings, Inc. is pushing several levers:

• Increase flight frequency on high-demand routes like Orlando-Denver.
• Run targeted fare sales to undercut competitors in key markets.
• Boost direct bookings via the Frontier app to cut distribution costs.
• Expand the 'GoWild! Pass' membership base for recurring revenue.
• Optimize flight schedules to maximize aircraft utilization rates.

Focusing on direct bookings is a clear cost-saving play. By pushing travelers to the Frontier app, you bypass third-party distribution fees. The airline's strategy emphasizes that booking directly through its online channels or mobile app gives travelers access to exclusive online discounts and promotional fares that might not be on other platforms. This is crucial because the base fare is only part of the equation; cutting distribution costs directly improves the bottom line on every ticket sold.

The 'GoWild! Pass' is a massive push for recurring revenue and customer lock-in. For the 2025-2026 period, the pass was offered at a standard price of $499, down from a typical price of $699, with an initial pre-sale price of $299 for the first 5,000 customers. Pass holders pay just $0.01 plus taxes and fees for unlimited flights between May 1, 2025, and April 30, 2026. This structure is designed to secure revenue upfront and drive high utilization from a dedicated base. Furthermore, the pass automatically renews at $699 unless canceled, establishing a predictable revenue stream.

When it comes to fare sales, the Q1 2025 results noted that softer travel demand led to fare discounting across the industry, which Frontier Group Holdings, Inc. participated in. The strategy here is to use that low-fare structure surgically. For instance, GoWild! Pass members can book domestic flights the day before departure, or international flights 10 days before departure, allowing for highly opportunistic, last-minute fare matching against competitors on specific routes to capture marginal demand.

Maximizing aircraft utilization is directly tied to the Q3 2025 data showing a 15 percent reduction in average daily utilization. Optimizing schedules means filling those empty slots. The fleet is growing, with commitments for an additional 178 aircraft through 2031, and 85 percent of those are the higher-capacity A321neo aircraft. This fleet expansion must be matched by schedule density to avoid another utilization drop, especially since Q3 2025 fuel efficiency was 105 ASMs per gallon, showing the efficiency of the current fleet mix.

Finance: draft 13-week cash view by Friday.

Frontier Group Holdings, Inc. (ULCC) - Ansoff Matrix: Market Development

Market development for Frontier Group Holdings, Inc. (ULCC) centers on taking their ultra-low-cost model into new geographic territories, both domestically and internationally, to capture demand from price-sensitive leisure travelers. This strategy leverages their existing brand and fleet efficiency to penetrate markets where they currently have limited or no presence.

Launch new service to underserved secondary US cities, avoiding major hubs.

Frontier Group Holdings, Inc. is actively pursuing a commitment to become the number one low-fare carrier in the top 20 U.S. metro areas. As part of this push, the airline announced in late August 2025 the addition of 20 new routes from various cities, including Detroit, Houston, Baltimore, Fort Lauderdale, Charlotte, and Dallas, with promotional fares starting from just $29. This effort involves pushing deeper into markets where competitors like Spirit Airlines currently hold significant capacity shares; for instance, at Detroit, Spirit held a 12.8% seat share in August 2025, compared to Frontier's 2.2% share. This aggressive domestic expansion aims to capture market share by offering the lowest fare option in these metropolitan areas.

Enter new international markets in Central America and the Caribbean.

The push into new international markets has been significant in late 2025. Frontier Group Holdings, Inc. announced 22 new routes launching in November and December 2025, spanning the United States, the Caribbean, and Latin America, including destinations in Guatemala, Honduras, and Mexico. This includes the airline's debut service at Providenciales International Airport in the Turks and Caicos (PLS) and a return to Nassau, The Bahamas (NAS). To celebrate this expansion, introductory fares were offered as low as $19. The airline's Vice President of Network and Operations Design, Josh Flyr, stated this supports their mission to increase service domestically and internationally. The focus on the Caribbean is clear, with new service to St. Maarten starting weekly on December 6, 2025, from Atlanta (ATL).

Here's a look at some of the late 2025 route additions supporting this market development:

Origin City	Destination City	Region	Service Start	Frequency	Intro Fare
Atlanta (ATL)	St. Maarten (SXM)	Caribbean	December 6, 2025	Weekly	Not specified
Dallas-Fort Worth (DFW)	Guatemala City (GUA)	Latin America	December 20, 2025	Weekly	Not specified
Orlando (MCO)	El Salvador (SAL)	Latin America	December 20, 2025	Weekly	Not specified
Denver (DEN)	Los Cabos (SJD)	Mexico	December 20, 2025	Weekly	Not specified
San Juan (SJU)	New York-LaGuardia (LGA)	US Domestic	December 20, 2025	Weekly	$49

The existing international network shows San Juan (SJU) as a major launching point, with the Cancun-Philadelphia route being one of the most productive, featuring 62 flights per month and over 14,400 available seats.

Establish a new focus city in the Midwest to capture regional traffic.

Frontier Group Holdings, Inc. is growing its presence in the Midwest, which is a key part of its overall network strategy. In a July 2025 announcement detailing 15 new routes, the airline included service from Chicago and a return to Tulsa, Oklahoma, for the first time in three years. Chicago O'Hare (ORD) is specifically noted as an international launchpad, with its route to Cancun operating 62 monthly flights and carrying over 13,000 seats. The expansion into cities like Tulsa helps capture regional traffic that might otherwise be overlooked by major legacy carriers, fitting the secondary city development theme.

Target leisure travelers in new metropolitan areas with low-fare entry.

The entire Market Development strategy is fundamentally aimed at leisure travelers, which is the core of Frontier's business model. The company's financial performance in 2024 reflected this focus, ending the year with a net income of $85 million on total operating revenues of $3,775 million, a significant turnaround from the previous year's net loss of $11 million. This success is attributed to the low-fare strategy resonating with budget-conscious tourists in hubs like Las Vegas, Orlando, Denver, and Miami. However, the second quarter of 2025 showed a temporary step back, with total revenue at $929.0m and a net loss of $70.0 million (or a loss of $0.31 per share). Ancillary revenue growth remains strong, with co-brand loyalty revenue per passenger up over 40% year-over-year in Q2 2025, showing travelers are still willing to pay for premium add-ons once they are onboarded with a low base fare.

Key operational data points for context:

• Fleet size as of December 31, 2024: 159 Airbus single-aisle aircraft.
• Average load factors in 2024 dropped 4.6% to 76.8%.
• Q4 2024 average revenue per passenger increased by 6% to $117.17.
• The airline achieved an average of 46 percent fuel savings compared to other U.S. airlines based on 2024 consumption.

Form interline agreements with foreign carriers for onward connections.

To extend the reach of its market development efforts without immediately launching direct service, Frontier Group Holdings, Inc. utilizes codeshare agreements. The airline reinstated its code-sharing agreement with the Mexico City-based carrier Volaris, commencing May 8, 2024, allowing Frontier customers to book travel between the U.S. and Mexico starting May 16, 2024. Volaris operates flights across Mexico, the United States, and Central and South America, serving key destinations like Cancún, Los Cabos, and Puerto Vallarta. While Frontier is not part of a major global alliance, it also maintains codeshare agreements with carriers including American Airlines and Interjet. These agreements help facilitate seamless itineraries for customers connecting to destinations beyond Frontier's direct network, which, as of December 31, 2024, served approximately 100 airports across the United States and select international destinations in the Americas.

Frontier Group Holdings, Inc. (ULCC) - Ansoff Matrix: Product Development

You're looking at how Frontier Group Holdings, Inc. (ULCC) plans to generate more revenue from its existing customer base by enhancing what it sells, which is the core of Product Development in the Ansoff Matrix. This isn't just about lowering fares; it's about creating higher-priced, more comfortable options for those willing to pay a bit more, and sweetening the deal for repeat flyers.

Introduce a premium seat option with extra legroom for a higher ancillary fee.

Frontier Group Holdings, Inc. is making a tangible move upmarket with the introduction of new first-class seating, scheduled for late 2025 across the fleet. This product development involves replacing the first two rows of the aircraft with a 2x2 layout, offering what they describe as spacious and luxurious seats with extra legroom. This directly targets higher-yielding travelers who might otherwise choose legacy carriers. The existing UpFront Plus product, which guarantees an empty middle seat, already showed strong adoption, achieving over 70% sold load factors within six months of its launch in the fourth quarter of 2024. The overall ancillary revenue per passenger for the second quarter of 2025 was $68.33, a slight dip year-over-year from $69.34 in the prior year period. The stated goal for this premium push is significant: executives aim to generate $250 million in revenue from these enhanced premium services by 2026, escalating to $500 million by 2028. It's a clear strategy to lift the total revenue per passenger, which stood flat at $109 in Q2 2025.

Develop new bundled fare options that combine bags and seat assignments.

To simplify the purchase process and capture more revenue upfront, Frontier Group Holdings, Inc. rolled out new bundled fare options under its 'New Frontier' initiative. These bundles-Economy, Premium, and Business-package together the items customers frequently buy separately, like checked bags and seat assignments. This helps manage customer expectations and locks in ancillary revenue at the time of booking. Here's a look at what the top-tier bundle includes, based on the structure announced:

Bundle Option	Seat Assignment	Baggage Included	Boarding Priority
Business	UpFront Plus (Guaranteed Empty Middle Seat)	Carry-on Bag, Two Checked Bags (50-pound allowance)	First-to-Board Priority
Premium	Premium Seat Assignment	Carry-on Bag	First-to-Board Priority
Economy	Standard Seat Assignment	None specified in bundle details	None specified in bundle details

The Business option specifically includes two checked bags with an increased 50-pound weight allowance, which is a notable product enhancement over standard low-cost carrier allowances. The introduction of these bundles is a direct product strategy to increase the total revenue per passenger.

Overhaul the Frontier Miles loyalty program to drive repeat business.

The overhaul of the FRONTIER Miles loyalty program is a major product investment designed to secure repeat business and increase the value derived from the existing customer base. The current co-brand revenue per passenger is notably low at under $3, compared to over $30 at legacy carriers. Management has set an aggressive target to nearly triple this, aiming for $6 in loyalty revenue per passenger by the end of 2026, with a long-term goal of $10 per passenger by 2028. This is a potential annual revenue opportunity of roughly $175 million based on current passenger volumes. Key product enhancements to drive this include:

• Elite Gold members and above receive complimentary seat upgrades starting early 2025.
• Platinum and Diamond Elite members gain unlimited free companion travel starting mid-2025.
• FRONTIER Miles can be redeemed for bundled baggage and seat upgrades starting mid-2025.
• The earning rate remains the highest in the industry at 10 Miles per every $1 spent.

The status tiers and their requirements are central to this strategy:

Status Tier	Qualifying Points Required	Key 2025 Benefit
Silver	10,000	Priority Boarding
Gold	20,000	Free Seat Upgrades at Booking
Platinum	50,000 (or 20,000 via promotion)	Unlimited Free Companion Travel
Diamond	100,000	Fast Track Security Access

The limited-time promotion to achieve Platinum Elite status by earning only 20,000 points by April 30, 2025, was a clear tactic to rapidly grow the high-value segment.

Offer new in-flight entertainment or Wi-Fi packages for purchase.

While the search results heavily focus on seating and loyalty, the expansion of FRONTIER Miles redemption to include baggage and seat upgrades starting mid-2025 is a new product offering for the loyalty currency itself. This allows customers to use their accumulated miles for tangible, non-flight purchases, which is a product feature expansion. For instance, miles can now be used for bundled baggage options, which are tiered products themselves. For the third quarter of 2025, total operating revenue was $886 million, and the airline reported a net loss of $77 million, underscoring the need for successful new product monetization.

Pilot a fast-track security and boarding service for a supplemental charge.

Fast-track security is being introduced as a premium benefit, specifically tied to the top tier of the loyalty program. This service is expected to be in effect by mid-2025 for Diamond Status holders. Furthermore, the new Business bundle explicitly includes First-to-Board priority boarding, which is a service that can be purchased separately or as part of a bundle. This dual approach-offering it as a high-value loyalty perk and a paid upgrade option-tests the market demand for expedited airport experiences. The Business bundle also includes guaranteed overhead bin space with its priority boarding feature, addressing a common pain point for all passengers.

Frontier Group Holdings, Inc. (ULCC) - Ansoff Matrix: Diversification

You're looking at how Frontier Group Holdings, Inc. can move beyond just selling seats on existing routes, which is the core of your current business. Diversification means new products or new markets, and here's the hard data around the potential moves you're considering.

Establish a dedicated Maintenance, Repair, and Overhaul (MRO) service for third-party ULCCs.

Right now, Frontier Group Holdings, Inc. is outsourcing significant maintenance work. For example, you have a five-year contract with Lufthansa Technik for base maintenance on the Airbus A320 family aircraft, scheduling approximately 300 aircraft maintenance events in Puerto Rico over that period. The potential for internalizing this, or offering it externally, is set against the backdrop of the combined Frontier-Spirit target of $500 million in annual run-rate synergies from maintenance procurement clout, though that merger did not close. Your fleet is young; as of June 30, 2025, you had 164 Airbus single-aisle aircraft.

Launch a small, dedicated cargo operation utilizing belly space on existing routes.

You are already carrying freight, but it's via belly space. In Austin in October 2025, Frontier Airlines transported 3,135,607 lbs. of belly freight, which was down 14.97 percent compared to the prior year. For the January-October 2025 period, total air cargo across the airport was down 8.3 percent year-over-year. Your Q3 2025 total revenue was $886 million. A dedicated cargo push would need to significantly move that belly freight number.

Acquire a regional ground handling company to internalize airport services.

Controlling ground handling directly impacts your Cost per Available Seat Mile (CASM). In Q3 2025, your total operating expenses were $963 million, with fuel expense at $234 million. Your adjusted CASM, excluding fuel, was 7.53 cents. Internalizing ground handling aims to reduce the non-fuel component of that cost. Your Q3 2025 CASM, including fuel, stood at 9.95 cents.

Develop a travel package business bundling flights with hotel and car rentals.

This move targets ancillary revenue streams. In Q3 2025, your total revenue per passenger was approximately $106, which was roughly flat compared to Q3 2024. You announced 42 new routes in Q3 2025, expanding service to new international destinations in Guatemala, Honduras, and Mexico, alongside domestic expansion in major metros like Atlanta and Dallas-Fort Worth. This network growth provides the inventory base for bundling.

Invest in sustainable aviation fuel (SAF) production for future cost control.

Jet fuel accounted for over 30 percent of airline costs, and in Q3 2025, your fuel expense was $234 million at an average cost of $2.54 per gallon. You are already committed to SAF, having signed agreements to purchase up to 90 million gallons as part of a consortium investment. To put that in perspective, global SAF production in 2025 is estimated at 100 million gallons annually. Your current fleet efficiency is high, generating 105 available seat miles per gallon in Q3 2025.

Here's a quick look at the core operational metrics from the latest report:

Metric	Value (Q3 2025)
Total Operating Revenue	$886 million
Net Loss	$77 million
Revenue per Available Seat Mile (RASM)	9.14 cents
Stage-Adjusted RASM	8.76 cents
Total Operating Expenses	$963 million
Fuel Expense	$234 million
Total Liquidity	$691 million
Fuel-Efficient A320neo Family Aircraft Percentage	84 percent

Finance: draft 13-week cash view by Friday.