Employee and Stakeholder Information Update

A message from Air North President and CEO Joe Sparling

As we near the end of 2021, I want to take this opportunity to thank all of our employees for your continuing hard work and all of our stakeholders for your continuing support. I also want to provide an update on our efforts to navigate our way through the pandemic.

As I mentioned in my last update, our financial performance has improved significantly year-over-year. We showed a healthy profit in Q3 with no dependence on subsidy and although we will show a loss in Q4, and a significant pre-subsidy loss for the year, we expect to produce close to break-even post-subsidy results in 2021 with about half as much subsidy as 2020. The impact of COVID-19 on our business has been significant, turning a 2019 gross profit of $7.2 million into a 2020 pre-subsidy loss of $14.2 million and a post-subsidy loss of $4.2 million.