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Brightline Revenue Doubled In Second Quarter To $1.5M

Brightline Revenue Doubled In Second Quarter To $1.5M

Brightline released their second quarter earnings reports last week.

The reports covers the three month period ending on June 30, 2018, when the system was still not fully operational. MiamiCentral station opened for the first time about halfway through the quarter, in mid-May.

During the quarter Brightline carried 106,090 passengers, up 42% from the first quarter. Revenue was $1.5 million, up 100% from the first quarter.

Revenue is expected to double again in the third quarter, while the growth in passenger count will meet or exceed the second quarter growth rate, Brightline said. The company increased service by 50% in August to meet demand, with 32 daily departures now offered.

The company generated an operating loss of $26.2 million. The net loss was $28.3 million when including interest expense.

In the report, Brightline said that their Florida rail system is intended to generate meaningful profits, and the company is now pursuing several expansion opportunities. One of those is an extension to Tampa, with a bid submitted to the Florida Department of Transportation on March 26 for corridor rights.

Early work construction of the expansion of Brightline’s Florida passenger rail system to Orlando is also now underway, the company said.  On August 29, the Florida Development Finance Corporation approved Brightline’s request for the issuance of $1.75 billion in Private Activity Bonds that will finance construction.

On September 18, 2018 Brightline agreed to acquire XpressWest, a high-speed rail project with rights to develop a federally approved corridor connecting Southern California
and Las Vegas. It will be the company’s first corridor outside Florida and the second privately funded express intercity passenger service in the nation.

 

Seats in the premium select class cost $30 for the 30 minute trip from Miami to Fort Lauderdale. The cheapest seat on the same train costs $15:

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Acere!
Acere!

They should send this report to the CITY OF MIAMI and the STATE OF FLORIDA since the GENIUSES want to continue expanding highways instead of doing what MODERN people are doing.

Anonymous
Anonymous

The Orlando connection will be the real profit generator.IMO

Anonymous
Anonymous

Interested to see next quarter. Remember first quarter was full of discounts and they only had west palm beach to Fort Lauderdale so this Qtr it would be obvious that numbers would grow with Miami opening and prices increasing.

Anonymous
Anonymous

1.5 revenue and 28 loss. Brightline will never make money. Its all about freight trains and real estate. Unfortunately the critics and fanboys are not smart enough to understand it.

Anon
Anon

no, actually it’s about the real estate and TOD. Brightline’s parent company has been buying land all around their stations and along their tracks for 20 years. When Miami Central is fully opened and occupied, as well as the Orlando route, Brightline will be making money.

Anonymous
Anonymous

I was thinking about taking it to a 90’s theme bar brawl this Saturday but I realized it runs every two hours on weekends -.-

Anonymous
Anonymous

Um, I don’t remember Brightline promising to tailor it’s train schedules to everyone’s liking.

Anonymous
Anonymous

Spoken like a true client facing, Miami customer service champ…you missed the point, subete al burro y vuelve a tu isla.

Anonymous
Anonymous

Hey brainiac, did you miss the point where he said he suddenly “REALIZED?!” That entails the fact that he already knew but didn’t take advantage of it early enough.

Anonymous
Anonymous

Your reading comprehension isn’t that good and did you assume my gender ?

Anonymous
Anonymous

You wouldn’t have missed anything in a “90’s theme bar brawl.”

Anonymous
Anonymous

is it bad ?

Anonymous
Anonymous

Ouch. $100 million+ loss a year.

Anonymous
Anonymous

Are these reported losses including initial costs? Not that I have experience in high speed rail budgets but I couldn’t imagine there operating costs being that high.

Anonymous
Anonymous

sorry for being pedantic but its not high speed rail.

Anonymous
Anonymous

Hey, even airlines take a loss in it’s initial operating costs.

Anonymous
Anonymous

and 50 years later , gov still subsidises main carriers ..

Anonymous
Anonymous

Look at the unicorns like wework and uber, they have hundreds of millions of losses every year and still have a ridiculously high valuation or Amazon which didn’t make money for a long time..