Boston-based jet card, membership, and charter broker Magellan Jets is projecting over $140 million in gross revenues in 2023 as it expands its services.
Magellan Jets increased sales by 50% in 2022, reaching the $120 million mark.
According to a post on its website, “[T]he company grew gross revenue to a total of $120 million last year and is projecting $140 million for 2023.”
In 2021, the privately held provider said it hit $80 million in revenues.
The company is on the Inc. 5000 list of high-growth private companies.
“The team’s accomplishment caps off a decade in which Magellan has consistently grown gross revenue by 34 percent year over year. It concludes a year in which Magellan’s Jet Card program saw a 30 percent increase in sales and an 89 percent renewal rate. It comes at a time when the provider’s booking rates have significantly surpassed those of the rest of the industry; Magellan increased total flight hours by 19.9 percent in 2022 compared to 2021, beating the private jet industry average growth of 7.7 percent flight hours over the same time period,” the company wrote on its website.
Earlier this year, Magellan Jets announced expansion into aircraft sales and management.
Executives say they plan to open one-to-two more private lounges per year over the next several years.
In the past two years, Magellan has added one-way pricing with guaranteed availability to Hawaii and within Europe. That’s in addition to its North American primary service area.