Aircraft management and charter group AirX is stepping up efforts to raise further capital to fund ambitious plans to expand its fleet. The Malta-based company said on Monday that it will soon close the second stage of a Series A funding round expected to raise an initial $30 million, and is now seeking to raise an additional amount of debt-based funding of between $100 million and $200 million.

According to AirX founder and chairman John Matthews, the new capital will be deployed in quarterly tranches of around $30 million to fund the addition of at least 40 large business jets to the fleet through the end of 2026. The company operates 17 aircraft, including a mix of seven Bombardier Challenger 850s; three Embraer Legacy 600/650s and five Lineage jets; Airbus ACJ340; and Boeing Business Jet.

Unveiling its new aircraft livery this week, AirX said that it expects to confirm 2024 revenues of €150 million ($156 million) and EBITDA in excess of €30 million. It predicted that in 2025 revenues and EBITDA could grow to €200 million and €42 million, respectively.

Matthews told AIN that while he envisions AirX’s longer-term future as a public company, he is in discussions with numerous prospective private debt partners. He said that the group’s strategy for now is focused on achieving five years of sustained growth as a private company.

“There is a lot of money out there,” he commented. “There are so many listed entities in our sector that struggle to achieve positive EBITDA or net cash. Billions have been spent with limited success, but AirX has demonstrated that even a fraction of that investment can yield extraordinary results.”

Matthews formed AirX in 2011 after acquiring the assets of what was then a financially distressed private charter operator. It now holds more than $100 million in mortgages and leases on aircraft and has a maintenance, repair, and overhaul operation at London Stansted Airport.

In 2024, Thomas Flohr, founder of rival charter group VistaJet, started legal action in Malta against Matthews and his company, seeking $422 million in damages over allegations that AirX executives had sought to inflict reputational damage by spreading rumors about VistaJet, which has a fleet of around 350 jets. Matthews has acknowledged the case, which—according to The Wall Street Journal—is based on leaked Whats App messages, but an AirX spokesman said he would not be commenting further on proceedings.