It seems they've actually done quite okay, but not great.
Comparing the half year results, only an extra $28 mill of government subsidies have been received. This makes sense as job keeper is gone and certain subsidies were not available.
Pax revenue increased from $42m half year to $125m full year. The Saab operation never went back to full capacity (except QLD. Even WA isn't full schedule) during this second half period before the next round of lockdowns, so a decent amount of that can be attributed to the 737. Rex have been saying it's making money, so I guess they have to be trusted on that.