Announcement • Sep 30
Fly Play Hf. Decides to Cease Operations The Board of Fly Play hf. has decided to cease operations. All of the company's flights have been canceled. The company will work closely with authorities and employees to implement necessary measures to wind down operations. There are several reasons for this decision, including: the company's performance has long been weaker than expected, ticket sales have been poor in recent weeks and months following negative media coverage of its operations, and there has been discontent among some employees due to changes in the company's strategy. Great hopes had been pin on the revised business model introduced last fall, which at the time was considered a source of considerable optimism. Unfortunately, it has now become clear that these changes cannot deliver results sufficient to overcome the company's deep-rooted challenges that have built up over time. Insight, the new business plan should have been implemented earlier. In light of the above, PLAY is ceasing operations today. Thousands of passengers will need to reorganize their return journeys, around 400 people will lose their jobs, and the company's partners will suffer losses. On this occasion, the Board and management of PLAY emphasize that every effort was made to reach a different outcome. This decision is the most painful one imaginable in this situation and has only been taken because all other options were deemed exhausted. The Board sincerely apologizes to everyone negatively affected by this outcome. Reported Earnings • Aug 08
Second quarter 2025 earnings released: US$0.80 loss per share (vs US$0.70 loss in 2Q 2024) Second quarter 2025 results: US$0.80 loss per share (further deteriorated from US$0.70 loss in 2Q 2024). Revenue: US$72.1m (down 7.9% from 2Q 2024). Net loss: US$15.3m (loss widened 90% from 2Q 2024). New Risk • Jul 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: Kr1.17b (US$9.57m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.5% average weekly change). Negative equity (-US$60m). Earnings have declined by 36% per year over the past 5 years. Market cap is less than US$10m (Kr1.17b market cap, or US$9.57m). Announcement • Jul 09
Fly Play hf. announced that it expects to receive ISK 2.4 billion in funding Fly Play hf announced that it has secured binding, conditional subscription commitments from investors for the purchase of a convertible bond totaling ISK 2.4 billion, or approximately $20 million on July 9, 2025. Among the participants in this financing round are the company’s largest shareholders as well as new Icelandic investors. The financing will take the form of a two-year convertible bond issuance. Announcement • Jun 11
Einar Örn Ólafsson and Elías Skúli Skúlason proposed to acquire an unknown majority stake in Fly Play hf. (ICSE:PLAY) from a group of shareholders in a management buyout transaction. Einar Örn Ólafsson and Elías Skúli Skúlason proposed to acquire an unknown majority stake in Fly Play hf. (ICSE:PLAY) from a group of shareholders in a management buyout transaction on June 10, 2025. The consideration consists of common equity of the buyer at a ratio of 1 per common equity of Fly Play hf. A cash consideration valued at ISK 1 per share will be paid by the buyer. Obtained financing of ISK 880 million ($7 million) in the form of equity as well as borrowings. Purchasers need to secure further financing of ISK 1.6 billion ($13 million) to make the offer and support the continued operations and growth of PLAY. Following the completion of the Offer, if submitted, the Offeror intends to seek a delisting of shares, issued by PLAY, on Nasdaq Iceland.
The transaction is subject to approval by regulatory board / committee and controlling more than 90% of shares and votes in Play accepting the offer. Arctica Finance hf. acted as financial advisor to Einar Örn Ólafsson and Elías Skúli Skúlason. Reported Earnings • May 02
First quarter 2025 earnings released: US$1.90 loss per share (vs US$4.00 loss in 1Q 2024) First quarter 2025 results: US$1.90 loss per share (improved from US$4.00 loss in 1Q 2024). Revenue: US$46.4m (down 15% from 1Q 2024). Net loss: US$26.8m (loss narrowed 1.4% from 1Q 2024). Announcement • Apr 11
Fly Play Hf. Announces Committee Changes Fly Play hf. at its AGM held on April 9, 2025, announced that the proposal of the Board of Directors to appoint Jón G. Hjálmarsson, the current chair of the Company's Audit Committee, to act as an independent member of the Company's Audit Committee was approved. Announcement • Mar 28
Play Europe Receives Air Operator Certificate in Malta Play Europe, a subsidiary of Fly Play hf., has been granted an Air Operator Certificate (AOC) from the Civil Aviation Directorate in Malta. The certificate was presented at a formal ceremony held in Malta this morning. Fly Play hf. currently operates a fleet of ten aircraft. Play has already reached an agreement with an airline operator in Eastern Europe, which includes the lease of three aircraft under the new Maltese Air Operator Certificate (AOC). These aircraft will operate exclusively outside of Iceland and not under the Play brand. In other words, they will not fly to or from Iceland, but rather between cities on the European mainland. Pilots and senior cabin crew will be employees of Play Europe and will be hired and based in the country from which the lessee operates. Fly Play hf. will continue to operate as an Icelandic low-cost airline, with the majority of its aircraft based in Keflavík. The first aircraft registered under the Maltese AOC is an Airbus A321-NEO, manufactured in 2018, bearing the registration 9H-PEA. New Risk • Mar 04
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: Kr1.31b (US$9.49m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.3% average weekly change). Negative equity (-US$33m). Earnings have declined by 37% per year over the past 5 years. Shareholders have been substantially diluted in the past year (118% increase in shares outstanding). Market cap is less than US$10m (Kr1.31b market cap, or US$9.49m). New Risk • Feb 21
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$33m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.8% average weekly change). Negative equity (-US$33m). Earnings have declined by 37% per year over the past 5 years. Shareholders have been substantially diluted in the past year (118% increase in shares outstanding). Minor Risk Market cap is less than US$100m (Kr1.46b market cap, or US$10.5m). Reported Earnings • Oct 27
Third quarter 2024 earnings released: EPS: US$0.20 (vs US$0.70 in 3Q 2023) Third quarter 2024 results: EPS: US$0.20 (down from US$0.70 in 3Q 2023). Revenue: US$100.5m (down 8.8% from 3Q 2023). Net income: US$3.49m (down 25% from 3Q 2023). Profit margin: 3.5% (down from 4.2% in 3Q 2023). The decrease in margin was driven by lower revenue. Announcement • Oct 18
Fly Play Hf. Announces Earnings Guidance for 2024 Fly Play hf. announced earnings guidance for 2024. The company EBIT for the full year 2024 is now expected to fall below last year's results, which is a change from previous statements. The increase in capacity across the Atlantic in spring and summer 2024 had a greater negative impact than initially anticipated. Announcement • Jul 30
PLAY Announces Changes in Management and Directors PLAY has made changes to its executive management and directors, effective by the end of July. These changes are a part of PLAY's ongoing efforts to strengthen and enhance its operations. Andri Geir Eyjólfsson has been appointed Chief Operations Officer (COO) of PLAY, succeeding Arnar Már Magnússon. Andri has been with PLAY since 2019 as the Technical Director and has served as Deputy COO for the past year. With 18 years of experience in the aviation industry, Andri has held positions such as Deputy Technical Director at WOW air and various other roles at Air Atlanta, Icelandair and WOW. He studied aircraft maintenance mechanics at TEC Aviation in Denmark. Sigurður Örn Ágústsson, currently Chief of Business Development, will assume the role of Chief Development Officer (CDO) at PLAY, replacing Georg Haraldsson. Georg will continue to serve as an advisor for the company over the coming months. Sigurður brings extensive experience in the aviation industry, having served as CEO and Chairman of the Board at Bluebird and as a board member at Avion Express. He holds an MBA degree from the Katz Graduate School of Business at the University of Pittsburgh. Additionally, PLAY has appointed Ramunas Kurkutis as the Director of Information Technology. Based in PLAY's Vilnius, Lithuania office, Ramunas brings over two decades of managerial experience in information technology with international companies. He has extensive expertise in the aviation, energy, and finance sectors. PLAY has established a new office reporting to the CEO, which includes two divisions: The Legal and Human Resources division, managed by Jóhann Pétur Harðarson. Jóhann has been PLAY's General Counsel since 2021 and has extensive business experience. He holds a cand. jur. degree in law from the University of Iceland and an MBA from NYU Stern School of Business. The Communications and Marketing division, managed by Nadine Guðrún Yaghi. Nadine Guðrún has been Director of Communications and Service at PLAY since 2021 and has a background as a journalist. She holds a cand. jur. degree in law from the University of Iceland. The executive team at PLAY will now comprise six members: Einar Örn Ólafsson, CEO, Ruta Dabašinskaite-Vitke, Chief Financial Officer, Andri Geir Eyjólfsson, Chief Operations Officer, Daníel Snæbjörnsson, Chief Network Officer, Sonja Arnórsdóttir, Chief Commercial Officer, and Sigurður Örn Ágústsson, Chief Development Officer. Announcement • Jul 23
Fly Play Hf. Updates Financial Outlook for 2024 Fly Play hf. updated financial outlook for 2024. The preparation of interim financial report and updated financial outlook for 2024 indicates that EBIT results will not be around zero as previously stated but will be negative. However, EBIT is projected to be much better than last year. Announcement • Jul 10
Fly Play hf. Announces Resignation of Jónína Guðmundsdóttir as Chief People Officer Jónína Guðmundsdóttir has decided to resign as Chief People Officer of PLAY Airlines. She will remain in the position until the end of July. Jóna Björk Sigurjónsdóttir, Director of HR, will take over Jónína’s duties until further notice. Announcement • Jul 04
PLAY Airlines Appoints Ruta Dabašinskaite-Vitke as Chief Financial Officer, Effective from August PLAY airlines has appointed Ruta Dabašinskaite-Vitke as its new Chief Financial Officer. With 15 years of experience in finance and 10 years in general management, Ruta will join the company in August. Ruta holds an MBA degree and has served as the CFO for Bluebird Nordic from 2021 to 2024. Prior to that, she was the CEO of TD Baltic UAB. Announcement • Jun 02
Fly Play hf. Announces CFO Changes Fly Play hf. announced appointment Einar Örn Ólafsson, CEO of PLAY as interim CFO. The measure is temporary until a new CFO has been appointed. At the same time, Ólafur Þór Jóhannesson, the outgoing CFO, will step down as of May 31, 2024, having resigned at his own request last month. New Risk • May 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 120% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 45% per year over the past 5 years. Shareholders have been substantially diluted in the past year (120% increase in shares outstanding). Minor Risk Market cap is less than US$100m (Kr7.91b market cap, or US$56.5m). Announcement • May 03
PLAY airlines Appoints Arnar Már Magnússon as Deputy CEO Arnar Már Magnússon has been appointed as the Deputy CEO of PLAY airlines. Arnar Már has served as the Chief Operations Officer of PLAY and will retain that position alongside his new role. Announcement • Apr 26
Fly Play hf. has filed a Follow-on Equity Offering. Fly Play hf. has filed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,023,155,559
Transaction Features: Subsequent Direct Listing Reported Earnings • Apr 25
First quarter 2024 earnings released First quarter 2024 results: US$0.025 loss per share. Revenue: US$54.5m (up 67% from 1Q 2023). Net loss: US$21.7m (loss widened 26% from 1Q 2023). Announcement • Apr 16
Sigurður Örn Joins Fly Play hf. as Chief of Business Development Fly Play hf. announced that Sigurður Örn has joined PLAY Airlines as Chief of Business Development. This is a new position within the company where Sigurður will oversee the expansion of the company’s business ventures across all departments. Sigurður Örn holds an MBA degree from the Katz Graduate School of Business at the University of Pittsburgh and has an extensive background in aviation. Sigurður previously served as CEO and chairman of Bluebird Nordic and was board member of Avion Express. He also played a key role in negotiating major acquisitions for Avia Solutions Group (AGS), including Avion Express, SmartLynx, and Bluebird Nordic. Announcement • Apr 12
Fly Play hf. has completed a Follow-on Equity Offering in the amount of ISK 500.000004 million. Fly Play hf. has completed a Follow-on Equity Offering in the amount of ISK 500.000004 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 111,111,112
Price\Range: ISK 4.5 New Risk • Feb 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Icelandic stocks, typically moving 7.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.1% average weekly change). Minor Risk Market cap is less than US$100m (Kr4.69b market cap, or US$34.1m). Reported Earnings • Oct 27
Third quarter 2023 earnings released Third quarter 2023 results: EPS: US$0.80. Revenue: US$110.2m (up 84% from 3Q 2022). Net income: US$5.19m (up US$8.05m from 3Q 2022). Profit margin: 4.7% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Announcement • Sep 29
Fly Play hf. Provides Earnings Guidance for the Third Quarter 2023 and Operating and Earnings Guidance for the Year 2023 and 2024 Fly Play hf. provided earnings guidance for the third quarter 2023 and operating and earnings guidance for the year 2023 and 2024. The company estimate of the third quarter result shows that operating profit will be approximately USD 10 million compared to USD 1.3 million in the third quarter of 2022. The company expects to turn a profit of USD 4 million in the third quarter.The company expects to carry around 1.5 million passengers in 2023. The cost per seat kilometer excluding fuel (CASK Ex Fuel) is estimated at around USD 3.7 cents for the full fiscal year 2023.The company expects operating loss for the year 2023 will be around USD 10 million. Furthermore, the company expects revenue of approximately USD 280 million this year.The company plans to carry around 1.8 million passengers in 2024. CASK Ex Fuel is estimated to increase in line with inflation, which includes a 1% increase in cost in 2024 due to recently announced changes to Pilot’s Collective Bargaining Agreements. Estimated revenue for 2024 will be around USD 340 million. The company plans to post an operating profit in 2024. Announcement • Aug 10
Fly Play Hf. Launches Ticket Sales to Frankfurt in Germany in July Fly Play hf. launched ticket sales to Frankfurt in Germany in July. PLAY´s first flight to Frankfurt will be on December 14, 2023, operating four to five flights a week over the winter period. Frankfurt will have direct connectivity to PLAY’s destinations in North America and is PLAY´s fourth destination in Germany along with Berlin, Düsseldorf and Hamburg. Announcement • Jul 29
Fly Play Hf. Provides Earnings Guidance for the Full Year 2023 Fly Play hf. provided earnings guidance for the full year 2023. For the year, the company anticipated carrying 1.5 million to 1.7 million passengers while achieving a positive EBIT for the full year. The airline is projected to generate a total revenue of USD 280 to USD 310 million in 2023. The guidance is in line with the guidance published in the First Quarter results. Reported Earnings • Apr 30
First quarter 2023 earnings released First quarter 2023 results: Revenue: US$32.7m (up 55% from 1Q 2022). Net loss: US$17.2m (loss widened 35% from 1Q 2022). Reported Earnings • Feb 20
Full year 2022 earnings released Full year 2022 results: Revenue: US$139.8m (up US$123.4m from FY 2021). Net loss: US$45.5m (loss widened 102% from FY 2021). Announcement • Feb 08
Fly Play hf. Adds Four New Destinations to Network Fly Play hf. announced four new destinations were added to the network on January 5, 2023: Danish cities Aarhus, Aalborg and Billund, as well as the great business and fashion city Düsseldorf in Germany. These destinations fit perfectly with PLAY's transatlantic routes to North America. The inaugural flights to these destinations are all in early June 2023. On January 10, 2023, PLAY launched ticket sales for daily flights to Toronto Hamilton Airport in Canada, with the first flight scheduled on June 22, 2023. This new route is PLAY's fifth destination in North America and will offer connections to 15 destinations in Europe. Ticket sales for the new route have exceeded all expectations and it is safe to say that the addition of Toronto to the network was the natural next step for PLAY. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 05
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: US$59.9m (up US$53.1m from 3Q 2021). Net loss: US$2.87m (loss narrowed 74% from 3Q 2021). Announcement • Nov 04
Fly Play hf. Provides Earnings Guidance for the Year 2022 and 2023 Fly Play hf. provided earnings guidance for the year 2022 and 2023. The company's guidance for 2022 has been updated and the company forecasts an annual turnover of approx. $140 million this year.The company expects the annual turnover for 2023 to be $310 million to $330 million and the company forecasts a positive operating profit (EBIT) for the full year. Announcement • Sep 08
Fly Play hf. Launches Ticket Sales to Washington Dulles with Daily Operations Starting on April 26, 2023 Fly Play hf. announced that in August 2022, It launched ticket sales to Washington Dulles (IAD) with daily operations starting on April 26, 2023. This new connection is the company’s fourth destination in the U.S., complementing its operations to Baltimore (BWI), Boston (BOS) and New York (SWF). The company will be the only low-cost carrier to connect Dulles International Airport to Europe. Reported Earnings • Aug 23
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: US$32.5m (up US$32.5m from 2Q 2021). Net loss: US$14.3m (loss widened US$13.4m from 2Q 2021). Reported Earnings • May 27
First quarter 2022 earnings released First quarter 2022 results: Revenue: US$9.64m (up US$9.62m from 1Q 2021). Net loss: US$11.2m (loss widened US$10.3m from 1Q 2021). Reported Earnings • May 27
First quarter 2022 earnings released First quarter 2022 results: Revenue: US$9.64m (up US$9.62m from 1Q 2021). Net loss: US$11.2m (loss widened US$10.3m from 1Q 2021). Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 24
Play Airlines Launches Its Ticket Sales to Orlando, Florida in the U.S PLAY airlines has launched its ticket sales to Orlando, Florida in the U.S. PLAY´s first flight to Orlando will be September 30. PLAY will operate flights to Orlando International Airport three times a week, Mondays, Wednesdays and Fridays, and from Orlando International Tuesdays, Thursdays and Saturdays. Orlando will be PLAY´s fourth destination in the U.S. The other three destinations are Boston, Baltimore/Washington DC and New York, all starting in Spring/Summer 2022. PLAY will be adding Airbus A321neo Long Range (LR) aircraft to its fleet, making it possible to operate flights to Orlando. PLAY uses the standard model of the Airbus A321neo, but the Airbus A321neo LR is the same aircraft with more fuel capacity and, therefore, capable of flying further than PLAY’s existing Airbus A321s. The city of Orlando, centrally located in the state of Florida, is a destination characterized by adventure, entertainment, fairytales and endless fun in a sunny setting of a modern and happening city. Orlando has more theme parks and attractions than any other destination in the world, including Walt Disney World, Universal Studios, and Legoland Florida. Florida has a tropical climate, an immense shoreline and incredibly diverse wildlife, making it the perfect destination for any outdoor activity and recreation. From Orlando International Airport, travelers can soon travel around Florida with the Brightline high-speed rail. The expansion of the Brightline rail is well underway, and the route from Orlando International to Miami is expected to open in early 2023. Announcement • Feb 08
PLAY Launches New Low-Cost Route Between Europe and New York PLAY on February 1, launched ticket sales to New York. PLAY´s first flight to New York will be on June 9, and flights will be operated daily. PLAY will fly to New York Stewart International Airport and will be the first airline to operate international flights from the airport for a number of years. This will be a major benefit for the millions of people living in the area and the local tourism industry. This is PLAY´s third destination in the United States as flights to Baltimore/Washington, D.C. will begin in April, and to Boston in May. The cost of operating at New York Stewart Airport is significantly lower than other airports in New York, making it possible for PLAY to offer the lowest fares between New York and Europe. Because of less traffic at the airport, PLAY´s aircraft will spend less time in holding patterns and taxiing on the ground, saving fuel, operating expenses, and reducing carbon emissions. This aligns well with PLAY´s strategy of offering the lowest prices and comfortable and relaxed services in an environmentally-friendly manner. The reception after the launch was very good, and immediately saw a healthy flow of bookings coming from the U.S., Europe and Iceland.