The loss was for the year till the end of March 2007. This is money burned before they started flying and in their first few weeks of operation.
In the last 6 months they have slowly ramped up the load factor on their first flight to Newark. A second plane starts on that route from around the 23rd September. Starting their second destination will lead to more stress on the cash flow until it builds trade. I think they are going to ask shareholders for more cash. The more useful stats is now much cash it is burning at the moment.
The rising cost of fuel is going to hurt the start-ups