As a total outsider there are a couple of interesting points in here......
Never worry if the owners are draining the airline's coffers. Far better that than the airline draining the owners pockets.
One way Newquay in particular might grow its traffic is by expansion of connecting routes, especially those not operated from Exeter. It has been mentioned for example Air Southwest might look at Newquay to London City, sorry but I believe that unless things have changed since I was an airline MD that will end in tears. What might work though would be taking an existing route which terminates at London City and adding the additional sector IE: Brussels - London City - Newquay.
I am sure carefully researched ( I am available for an extortionate fee) there are candidates out there.
Finally remember too, expansion is not always a good thing and does not necessarily mean greater profits. Air Southwest have something most airlines would love and that is a core route which has always been a great moneyspinner.
Remember the tortoise and the hare......