Louisville, Colorado, January 9, 2024 – Sierra Space, a leading commercial space company building the first end-to-end business and technology platform in space to benefit life on Earth, announced today that it was honored in Built In’s 2024 Best Places to Work Awards, earning a place on 100 Best Large Places to Work in Colorado. The annual awards program evaluates companies of all sizes, from startups to established enterprises, and honors a wide range of companies in large tech markets across the United States.
Built In determines the winners of Best Places to Work by using company data about compensation packages, total rewards and culture programs. Sierra Space won this industry accolade not only for its commitment to providing competitive salaries and comprehensive benefits packages, but also for fostering an engaging work environment and culture that is embraced by its 2,000 team members across seven states.
If you are excited about venturing into uncharted territories and are driven to being exceptional, Sierra Space has a place for you. We offer a broad range of diverse career opportunities across various corporate sectors. Join our team and collaborate with like-minded individuals who share a common goal: shaping the future of space exploration while advancing the greater good. Dare to dream at SierraSpace.com/Careers.
CEO, Founder and largest shareholder, Bjorn Tore Larsen:
“Q2 marked a significant period of ramping-up as we inaugurated new destinations in the US and Europe. Additionally, more of our fleet of fuel efficient Boeing 787 Dreamliners were brought into production. By the end of Q2 the airline had more than doubled capacity, with June being our first month of increased production, and notably our first month generating bottom line profits.
Q3 is expected to be our first financial quarter generating a profit. The move to profitability is driven primarily by having all 15 aircraft generating revenue for the first time, from July 1st; 10 of which are operating for Norse and five generating revenue through sublease income.
A milestone was passed during Q3 as we surpassed one million booked passengers. By providing affordable air fares on competitive and established routes to key primary airports and destinations, we allow more people to explore the world and enjoy the experience of long-haul travel whether for leisure or business. Norse will be the first truly low-cost profitable long-haul airline”.
For further information please see Q1 2023 report and company update presentation attached.
• Revenue increased by 152% quarter-on-quarter (“QoQ”) to USD 100.1 million
• 204,564 passengers carried, up 86% QoQ
• Revenue per passenger increased 89% QoQ to USD 422
• Available Seat Kilometres (ASK) up by 51% QoQ due to planned ramp-up as Norse brought more aircraft into production
• Positive EBITDAR of USD 2.2 million, the first positive EBITDAR on a quarterly basis since inception of the Company
• Intra-quarter Norse recorded its first profitable month (June) and continued positive momentum
into Q3
• Load factors showed strong development during the quarter, with monthly average load factors of 67%, 72% and 82% in April, May and June respectively. The positive development continued post quarter end with an average load factor of 85% in July
• USD 19.0 million cash generated from operations in the quarter, an increase of USD 39.8 million QoQ
• Total cash held at quarter end of USD 59.1 million
• As communicated in November 2022 in relation to a private placement at the time, Norse made good on its promise to shareholders that it would perform a repair offering, which it completed during the quarter, raising NOK 150 million gross (USD 14.1 million)
• Norse upgraded to Euronext Expand at Oslo Stock Exchange, a regulated market, during the quarter
• Heavy increase in production through Q3 compared to Q2 with all Norse aircraft generating revenue for the first time from 1st July 2023
NEW YORK–(BUSINESS WIRE)– JetBlue (NASDAQ: JBLU) today unveiled a reimagined version of its popular Mint experience, which first disrupted the market with a fresh take on premium travel at an “unpremium” price in 2014. JetBlue’s first complete redesign of Mint again sets a new standard – this time on transatlantic flights – featuring 24 private suites with a sliding door for every Mint customer, a custom-designed seat cushion by Tuft & Needle, and countless design touches that help every customer feel at home in the air. As part of the refresh, JetBlue will also introduce its latest innovation, the stunning Mint Studio, which will offer the most space in a premium experience from any U.S. airline (a).
“Mint was an idea to make premium travel across the U.S. less stuffy and more affordable, and its performance has exceeded even our most optimistic expectations of going beyond New York, Los Angeles and San Francisco,” said Joanna Geraghty, president and chief operating officer, JetBlue. “It’s remarkable how Mint’s thoughtful design has resonated with customers as we successfully grew it to more than 30 routes. We put our heart into this redesign of Mint and were inspired by our original vision of offering customers an exceptional experience at a lower fare – which is what JetBlue is all about.”
The first major design overhaul of Mint – designed in partnership with Acumen Design Associates – will launch on JetBlue’s highly anticipated London flights this summer, and a 16-seat layout will debut on a limited number of flights between New York and Los Angeles in 2021.
Introducing the New Mint Experience
We made every seat a suite: Inspired by the popularity of the four private suites in its current Mint configuration, JetBlue’s transatlantic Mint will offer more privacy with 24 individual suites. Every inch of space anticipates customer needs, with features including a tilting 17-inch Thales AVANT seatback screen, wireless charging capabilities, an integrated phone ledge for multitasking, and easy-to-reach in-seat power, as well as laptop, shoe and handbag stowage.
JetBlue is the first carrier to outfit its aircraft with Thompson Aero Seating’s VantageSOLO seat, the company’s revolutionary single aisle seating solution with a herringbone configuration developed and designed specifically for narrow-body aircraft and further customized for JetBlue.
Mint Studio is the pinnacle of space and privacy: The all-new Mint Studio – conceptualized by Acumen and developed in partnership with AIM Altitude – is JetBlue’s latest game-changing innovation, offering the most space in a premium experience from any U.S. airline. Each aircraft will have two Mint Studios in the first row, providing ample room for working or relaxing, and featuring a 22-inch tilting Thales AVANT seatback screen, an extra side table for added productivity, and a guest seat that can accommodate an additional Mint customer during flight at cruising altitude. When reclined, customers can kick back and relax on the largest lie-flat bed of any U.S. carrier (b).
Our proprietary seat design is truly a bed in the sky: JetBlue tapped Tuft & Needle, the innovative mattress company that pioneered the bed-in-a-box trend, to shape the entire Mint sleep experience onboard. Engineered for comfort, every Mint seat is layered with Tuft & Needle’s proprietary T&N Adaptive® foam and a breathable cover to create a cool and comfortable sleep experience unlike anything in the sky. The seat complements additional sleep amenities developed in partnership with the brand, including a convertible blanket with a built-in foot pocket, a memory foam lined pillow with a pillowcase, and a snooze kit with a matching eye mask and earplugs.
Bringing the JetBlue Touch to Transatlantic Travel
JetBlue’s latest version of Mint will feature a thoughtful, residential-inspired design and custom-for-JetBlue touches throughout the cabin interior.
Residential textures, such as flannel-covered privacy dividers, concrete lampshades, woodgrain table patterns and soft, vegan leather-covered seats and headrests, make customers feel at home in the air.
Custom-created suite gradient panels bring light into the cabin, while patterned door shrouds with the signature Mint leaf make a bold brand statement in a functional way.
First-of-its-kind mood lighting enhances the inflight experience, and a welcoming blue floor arc helps direct the customer boarding flow.
Transatlantic Mint product features and design elements, combined with the award-winning service from hospitality-trained Mint inflight crewmembers, will offer an elevated flying experience for a fraction of what other airlines charge for premium seats.
JetBlue Airways Corp. (NASDAQ: JBLU) and American Airlines Group Inc. (NASDAQ: AAL) announced a strategic partnership that will create seamless connectivity for travelers in the Northeast and more choice for customers across their complementary domestic and international networks. In addition, the relationship will accelerate each airline’s recovery as the travel industry adapts to new trends as a result of the pandemic.
The partnership includes an alliance agreement that proposes codeshare and loyalty benefits that will enhance each carrier’s offerings in New York and Boston, providing strategic growth and driving value for customers and crewmembers of both airlines. (Graphic: Business Wire)
The partnership includes an alliance agreement that proposes codeshare and loyalty benefits that will enhance each carrier’s offerings in New York and Boston, providing strategic growth and driving value for customers and crewmembers of both airlines. Customers will experience a number of benefits from the new partnership, including:
New and expanded routes: The partnership enables new strategic growth opportunities for both airlines. As a result, American will launch international service from New York (JFK) to Tel Aviv (TLV) and to Athens (ATH) and JFK to Rio De Janeiro (GIG) will return as a daily seasonal route in winter 2021, in addition to continuing to serve popular long-haul destinations like London (LHR) and Madrid (MAD). JetBlue will also accelerate its growth in key cities, bringing its award-winning service to more customers. JetBlue will grow in greater New York City, adding flights at LaGuardia (LGA) and Newark (EWR), while also increasing its presence at JFK for seamless connections to American’s expanded international network. JetBlue plans to enhance service to strategic markets on the East Coast, West Coast, and in the Southeast, building on JetBlue’s recently announced service between EWR and nine markets, including Mint® service to Los Angeles (LAX) and San Francisco (SFO).
More choice and loyalty benefits: Through their integrated networks,JetBlue and American will operate reciprocal codeshare flights, giving customers new options with improved schedules, competitive fares and nonstop access to more domestic and international destinations. JetBlue will gain connectivity to more U.S.destinations, a broad global network and an improved frequent flyer proposition, while American will complement JetBlue’s improved and expanded service with new international routes. JetBlue and American loyalty members will also enjoy new benefits while the carriers are exploring additional premium experiences for customers.
Seamless experience: Customers will enjoy a seamless experience across both airlines, including the ability to book a single itinerary on either website, convenient connections and an improved on-the-ground experience — resulting in a compelling proposition for both leisure and corporate customers. Additionally, customers seeking more comfort in transcontinental service will have access to both JetBlue’s Mint and American’s three-class Transcon service.
“Pairing JetBlue’s domestic network with American’s international route map creates a new competitive choice in the Northeast, where customers are longing for an alternative to the dominant network carriers,” said Joanna Geraghty, president and chief operating officer, JetBlue. “This partnership with American is the next step in our plan to accelerate our coronavirus recovery, get our crewmembers and our aircraft flying again, and fuel JetBlue’s growth into the future.”
“This is an incredible opportunity for both of our airlines,” said American Airlines President Robert Isom. “American has a strong history in the Northeast, and we’re proud to partner with JetBlue as the latest chapter in that long history. Together, we can offer customers an industry-leading product in New York and Boston with more flights and more seats to more cities.”
New routes from the Northeast
The partnership between American and JetBlue enables sustainable international growth for customers in the Northeast from JFK, which will continue to complement the robust international service from Philadelphia (PHL), for even more options.
Upon the implementation of the alliance agreement, American intends to launch service between JFK and TLV and will introduce new seasonal service between JFK and ATH next summer, to meet the strong local demand. The new nonstop service to TLV and ATH from JFK will be the first long-haul international flights that American has launched from New York in more than four years. American will also operate daily seasonal service to GIG beginning in winter 2021 during the peak summer travel period in Rio de Janeiro. And, once the coronavirus pandemic has ended, the new partnership is certain to facilitate American adding new long-haul markets in Europe, Africa, India and South America
As New York’s Hometown Airline®, JetBlue plans to increase flying out of New York’s three major airports, bringing its award-winning experience to more customers. Its growth at JFK will be aimed at offering even more connection opportunities to American’s growing international network of destinations. From both New York and Boston, JetBlue plans to enhance service to strategic markets, including those on the East Coast, West Coast, and in the Southeast. This will further build on JetBlue’s recently announced growth between EWR and nine markets, including Mint service to LAX and SFO.
More choice and loyalty benefits: Codeshare creates more options for customers
JetBlue and American will begin a new codeshare relationship, giving customers seamless access to more destinations, including international service. The codeshare will introduce JetBlue customers to more than 60 new routes operated by American and will introduce American’s customers to more than 130 new routes operated by JetBlue. Codesharing allows customers to book a single itinerary combining flights from both airlines, which will result in a one-stop check-in experience and seamless flight connections from origin to destination.
“JetBlue customers will have more routes and destinations to choose from through American Airlines’ extensive global network,” said Scott Laurence, head of revenue and planning, JetBlue. “Together we will offer customers better options than either of us could alone. This partnership enables JetBlue to bring our low fares and great service to even more customers by expanding our presence in our hometown, growing relevance in Boston, and supporting our successful Mint franchise.”
“Leisure travel is important to our customers, and JetBlue’s network paired with their award-winning service, are the perfect fit,” said Vasu Raja, Chief Revenue Officer at American Airlines. “Both airlines’ customers value access to more destinations, whether it’s a JetBlue customer who wants more direct access to South America from New York, or an American customer who wants more robust service to Florida. Together, we can give our customers the best of both worlds.”
A China Eastern Airlines aircraft is seen at Hongqiao International Airport in Shanghai
WASHINGTON (Reuters) – The U.S. Transportation Department plans to issue a revised order in the coming days that is likely to allow some Chinese passenger airline flights to continue, government and airline officials said.
On Thursday, China said it would ease coronavirus restrictions to allow in more foreign carriers, shortly after Washington said it planned to bar Chinese passenger airlines from flying to the United States by June 16 due to Beijing’s curbs on U.S. carriers.
The change should allow U.S. carriers to resume once-a-week flights into a city of their choice starting on June 8, but that would be still significantly fewer than what the U.S. government says its aviation agreement with China allows.
The Transportation Department did not immediately comment.
The department said on Wednesday Chinese carriers could operate “the same number of scheduled passenger flights as the Chinese government allows ours.” It added the order was to “restore a competitive balance and fair and equal opportunity among U.S. and Chinese air carriers.”
The U.S. order would halt the four weekly U.S. roundtrip flights by Air China <0753.HK>, China Eastern Airlines Corp, China Southern Airlines Co <1055.HK> and Xiamen Airlines Co.
U.S. and airline officials have privately raised concerns about the revised Chinese rules and it is unclear if carriers would agree to fly just once a week to China when they have sought approval for two or three daily flights.
Delta Air Lines <DAL.N> and United Airlines <UAL> asked to resume flights to China this month. Both said they were reviewing the order from the Civil Aviation Administration of China.
American Airlines <AAL> is sticking with its previous plan to resume service to China at the end of October, spokesman Ross Feinstein said.
The CAAC said all airlines can increase the number of international flights involving China to two per week if none of their passengers test positive for COVID-19, the disease caused by the novel coronavirus, for three consecutive weeks.
If five or more passengers on one flight test positive upon arrival, the CAAC will bar the airline for a week. Airlines would be suspended for four weeks if 10 passengers or more test positive.
(Reporting by David Shepardson in Washington; additional reporting by Tracy Rucinski in Chicago; Editing by Chris Reese, Richard Chang and Bernadette Baum)
FORT WORTH, Texas — American Airlines Group Inc. (NASDAQ: AAL) today reported its fourth-quarter and full-year 2019 financial results, including these highlights:
Fourth-quarter 2019 earnings were $0.95 per diluted share. Excluding net special items1, earnings were $1.15 per diluted share, up 19% year over year.
Full-year 2019 earnings were $3.79 per diluted share. Excluding net special items2, earnings were $4.90 per diluted share, up 8% year over year.
Accrued $213 million for the company’s profit-sharing program in 2019, including $74 million in the fourth quarter.
Returned $1.3 billion to shareholders in the form of dividends and share repurchases in 2019.
“During the fourth quarter, we made important progress to address the issues that impacted our business in 2019, and, thanks to our incredible team, we ended the year with our strongest operational quarter on record,” said American Airlines Chairman and CEO Doug Parker.
“While our results for the quarter reflect this progress, we know there is more work to be done. Looking to 2020, we are focused on three key areas. First, we will continue to deliver operational excellence and build on our strong fourth-quarter results. Our team has done a tremendous job, and we will keep driving improvement in key operational metrics in the year ahead. Second, we will deliver those results while growing where we have a competitive advantage in our most profitable hubs. And third, these initiatives combined with our capital plan will enable us to drive significant free cash flow in 2020 and beyond.”
Fourth-Quarter Revenue and Expenses
Pre-tax earnings were $571 million in the fourth quarter of 2019. Pre-tax earnings excluding net special items for the fourth quarter of 2019 were $679 million, a $90 million increase from the fourth quarter of 2018, or 15.1% year-over-year increase from the same period last year.
Continued strength in passenger demand and a record passenger load factor drove a 3.4% year-over-year increase in fourth-quarter 2019 total revenue to a record $11.3 billion. Driven by a 2.4% increase in passenger load factor, passenger revenue per available seat mile (PRASM) grew 0.9% to 14.72 cents, a record for the fourth quarter. Cargo revenue was down 18.3% to $216 million due primarily to a 15.6% decline in cargo volume. Other revenue was up 5.4% to $750 million due primarily to higher loyalty revenue. Fourth-quarter total revenue per available seat mile (TRASM) increased by 0.5% compared to the fourth quarter of 2018 on a 2.9% increase in total available seat miles.
Total fourth-quarter 2019 operating expenses were $10.6 billion, up 2.1% year over year, driven primarily by higher salaries and benefits, maintenance, and regional expenses. Total fourth-quarter 2019 cost per available seat mile (CASM) was 15.06 cents, down 0.8% from fourth-quarter 2018. Excluding fuel and net special items, consolidated fourth-quarter CASM was 11.59 cents, up 2% year over year.1
2020 Priorities
In 2020, American is focused on operational excellence, efficient and profitable growth, and generating significant free cash flow.
Operational excellence: Running a reliable operation is a significant driver of customers’ likelihood to recommend and American’s goal to become customers’ airline of choice.
Efficient and profitable growth: Grow in high-revenue markets that produce at or above average unit revenues, largely due to new gates in Dallas-Fort Worth and Charlotte, North Carolina.
Generating significant free cash flow3: Use free cash flow to naturally de-lever the company’s balance sheet and return capital to American’s shareholders.
LONDON/CHICAGO (Reuters) – Boeing Co’s new chief executive has sent the aerospace giant back to the drawing board on proposals for a new mid-market aircraft, effectively shelving in their current form plans worth $15 billion-$20 billion that had been overtaken by the 737 MAX crisis.
A decision on whether to launch a New Midsize Airplane (NMA) seating 220-270 passengers, which seemed imminent barely a year ago, had already been postponed as Boeing gave all its attention to the grounding of the smaller 737 MAX after two fatal crashes.
But days after taking the helm with a mandate to lift Boeing out of its 10-month-old reputational crisis, Chief Executive Dave Calhoun said the competitive playing field had changed.
“Since the first clean sheet of paper was taken to it, things have changed a bit … the competitive playing field is a little different,” he told journalists on a conference call on Wednesday.
“We’re going to start with a clean sheet of paper again; I’m looking forward to that,” Calhoun said.
He also spoke of a fresh approach to the market.
A Boeing spokesman said Calhoun had ordered up a new study on what kind of aircraft was needed. New aircraft typically take 6-7 years or more to bring to market once a decision is made, though Boeing aims to shorten that in part through digital technology and new business models designed around the NMA.
Calhoun “has asked the team to do an assessment of the future market and what kind of airplane is needed to meet the future market,” spokesman Gordon Johndroe said.
Noting that the original assessments on the NMA were made about two and a half years ago, he said the new study would “build upon what has been learned … in design and production.”
In further evidence of a change of pace, people familiar with the matter said a meeting between Boeing and a major potential supplier, originally scheduled for next week, had been abruptly cancelled with no new date set.
That contrasts with the approach just weeks ago when Boeing was still presenting new details of the NMA to some airlines, including a working logo – “theNMA” – and details of an “advanced composite” structure, according to a slide seen by Reuters.
The NMA had been designed to address a slender gap between single-aisle workhorse jets like the 737 MAX and long-haul wide-body jets like the 787.
But most of the effort revolved around a new production system designed not only to support the NMA but to lay the groundwork for the next single-aisle aircraft after the 737 MAX.
Calhoun said he expected the MAX, whose return to service was delayed again earlier this week, to resume its previous place in the market and remain in service for a generation.
Traditionally toe-to toe-with Europe’s Airbus SE, Boeing has fallen behind in sales for the largest category of single-aisle planes, such as the 200-240-seat Airbus A321neo, which overlaps with the niche being targeted by the NMA.
By delaying a decision on the NMA, Boeing already risked losing the sweetest part of the market, especially after Airbus seized contracts with two major U.S. airlines, analysts said.
Analysts have also questioned whether Boeing, facing costs equivalent to a new programme to repair the MAX crisis, as well as delays on its large new 777X jet whose maiden flight is set for Thursday, would have appetite for such a costly project now.
(Reporting by Tracy Rucinski in Chicago and Tim Hepher in London; Editing by Matthew Lewis)
WASHINGTON (Reuters) – U.S. President Donald Trump called Boeing <BA> Chief Executive Dennis Muilenburg this week to ask about the status of 737 MAX production, two people briefed on the matter confirmed.
The call on Sunday was brief and Muilenburg assured Trump that the planned production halt was temporary and that the company would not be laying off any workers. The production halt, set to begin in January, was announced by Boeing Monday after a board meeting.
Boeing and the White House declined to comment on the call, reported earlier by the New York Times.
Separately, S&P Global Ratings on Thursday downgraded Boeing’s credit rating to “A-” from “A” and lowered the short-term rating to “A-2” from “A-1.”
The change “reflects the uncertainty over when the 737 MAX will return to service, the risk to the supply chain from the planned production halt, and possible long-term impact to Boeing’s competitive position.”
U.S. officials have repeatedly said they are waiting for additional answers from Boeing and have at time faulted the quality of submissions from the planemaker since the plane was grounded in March after two fatal crashes killed 346 people.
“We’ve had conversations about the importance of making sure that we are looking at complete documentation and not piecemeal documentation,” FAA Administrator Steve Dickson told Reuters in September. “It’s really better to be very methodical and very detailed rather than try to rush a partially completed product and then say, ‘We’ll get back to you with the rest of it.’”
Boeing has repeatedly said it is working with regulators to safely return the plane to service and acknowledged last week it would not occur until 2020.
Dickson said last week there are nearly a dozen milestones that must be completed before the MAX returns to service. Approval is not likely until at least February and could be delayed until March, U.S. officials told Reuters last week.
American Airlines Group Inc <AAL> and Southwest Airlines Co <LUV> have canceled flights into April because of the grounding.
(Reporting by David Shepardson; Editing by Nick Zieminski)
JetBlue Founder David Neeleman Selects Salt Lake City as Headquarters for New Airline
America’s newest and perhaps most innovative airline does not yet have a name, or any airplanes. But it now has a headquarters.
David Neeleman’s startup will be based in Salt Lake City, where it plans to spend a capital investment of $3.2 million and create nearly 400 jobs over the next five years, according to local authorities. In return, the state offered tax rebates worth as much as about $1.1 million over five years.
“There’s a super strong technology base, and lower cost of living than California and some of the coastal areas,” Lukas Johnson, the airline’s chief commericial said in an interview. “We want to focus more on the technology aspect of the transportation side, and it makes a lot of sense. The tech sector is booming out here.”
FORT WORTH, Texas — American Airlines was named to Newsweek’s 2020 list of America’s Most Responsible Companies, appearing among the top 100 companies in the publication’s inaugural ranking. American ranked highest among U.S. airlines included on the list.
“We believe our company’s focus is in the right place when we’re doing more than moving people from destination to destination — we’re taking great care of those people on their journeys, and we’re conducting our business in a responsible and sustainable way,” said Steve Johnson, Executive Vice President of Corporate Affairs for American. “Our team members work hard every day to put that purpose into practice as they interact with their colleagues, our customers and the communities we serve, and we know our company is stronger for it. We’re proud to see their efforts recognized through our inclusion on this list.”
American’s approach to corporate responsibility is guided by three strategic objectives: to make culture a competitive advantage, to create a world-class customer experience and to build the airline to thrive forever. The company’s commitment to corporate responsibility is detailed in its latest Corporate Responsibility Report.
Newsweek’s list was developed from an analysis of publicly available key performance indicators in the areas of environmental, social and corporate governance, in addition to an independent survey.
