Projections driven by a change in its initial business model could see the island’s recently launched commercial carrier, BermudAir, soaring to profitability by next summer.

Adam Scott, the chief executive, said the airline fancied its chances with extra seating arrangements and ambitious plans for fleet and route expansions in the near future.

The airline operates two Embraer 175 aircraft owned by Azorra Aviation, a commercial aircraft lessor firm based in Fort Lauderdale, Florida.

BermudAir has two additional aircraft planned for delivery in the first quarter of 2025, Mr Scott said in an interview with the airline news network ch-aviation.

The carrier launched in September 2023, offering travellers economy and business-class seats, with plans to implement premium-only aisle class.

The aisle-class seating configuration makes each seat a window and an aisle seat.

BermudAir was working on the concept with the British airline design company Factorydesign, but it suffered a delay before the launch of the carrier.

Mr Scott said the model in use today had broadened the carrier’s sales — but added that he had not given up on the aisle seat for business class.

He said: “We now have a much better understanding of the opportunity here in Bermuda and what the market is looking for, and there is a place for the aisle-class product in our future.

“It's just a case of optimising in terms of pitch, in terms of how we best use the real estate we have on our aircraft.

“I definitely believe that we'll have the aisle-class product at some point in the future.

“It won't be in the distant future, hopefully.”

He said the E175 aircraft seating provided reliable passenger comfort, adding: “We have a 32-inch pitch in the economy seat.

“With the Embraers, we only have a two-by-two configuration, so we got rid of the whole middle-seat dilemma.”

He said adjustments to the business model meant that per-seat revenue projections had evolved, which he saw as more stable and a better long-term approach.

Mr Scott said the carrier had raised more than $2 million via its tokenised bond issuance since an initial $1 million raised in May.

It raked in more funds on the Obligate on-chain capital markets platform.

Mr Scott said: “We're really open to different ways of raising funding.

“We’re an airline, so we’re always raising capital and looking at where we need to go and how we want to develop the business going forward, and what our midterm and long-term plans are.

“I think the fintech aspect is a really unique one because Bermuda is a burgeoning fintech community as well.”

He said that BermudAir was considering using fintech for a frequent flyer programme, but that plans remained under development.

Extolling the island as a business and holiday location with easy access from the US East Coast and Canada, Mr Scott said the carrier was working to make Bermuda a year-round destination given its vibrant business community.

He added: “It's one of the global centres of reinsurance and other financial services industries.

“The rationale for Bermuda in the first place was that, even pre-Covid, the mainline operators really operate on a seasonal basis into Bermuda.

“So there's a lot of capacity during the peak summer months, but then that capacity goes away early on in September, October, and doesn't come back until March or April.”

He said the airline works closely with the Bermuda Tourism Authority and the Bermuda Hotel Association.

BermudAir originally planned to launch as an all-premium carrier that would rival business jet operations.

Ahead of launch, however, the airline introduced economy class, expanding its target audience.

Transatlantic flights are on BermudAir’s radar, and Mr Scott said Des Moines, Iowa was another destination under consideration.

The airline was said to be open to flying to routes in the wider Caribbean, but Mr Scott did not give any scheduled operations there.

The airline is also open to partnering with larger carriers, with talks in the early stages.

“We are also looking into finding strategic partners in cities we do not fly to,” Mr Scott said.

“It might make sense to have more frequencies in our aircraft type versus what they may otherwise fly today in a much larger aircraft type.”