I'm waiting on the December ridership report to run a detailed analysis, but using a placeholder assumption that December is a carbon copy of November (in 2021 they were just restarting service, in 2022 there was an 80% ridership jump because Boca/Aventura opened, and in 2023 ridership jumped by 15% but IIRC they were still ramping up service to Orlando across those months, so this will probably be low):
The official lower-end projections in their latest prospectus from this spring (05/06/24) was:
Short distance:
Ridership: 1.8m
Average fare: $32.42
Revenue: $57m
Long distance:
Ridership: 2.2m
Average fare: $103.47
Revenue: $228m
Combined:
Ridership: 4.0m
Average fare: $71.98
Revenue: $285m
Ancillary Revenue: $53m
Total Revenue: $338m
Now, where are we?
Short distance:
Ridership: 1,124,373
Average fare: $29.17
Revenue: $32.8m
Long Distance:
Ridership: 1,621,501
Average fare: $73.20
Revenue: $118.7m
Combined:
Ridership: 2,745,874
Average fare: $55.17
Revenue: $151.5m
Ancillary Revenue: $35.1m
Total Revenue: $186.6m
Obviously, Brightline is not making its ridership projections for 2024, and these were the low case projections. Now, let's be honest - as I noted last year, the big issue has been train capacity. Going from four car trains to five car trains has helped nudge ridership back up by about 15% over the last few months, and I think the trains have only just become reliably all five cars long in the last two months or so. Going to six (and then seven) should help relieve this. Loosely speaking, I'd think that each car on all of the sets is worth 40-50,000 riders/month, so at seven cars you'd be close to the above projections.
Of course, Brightline is officially projecting 6.7-7.9m riders for 2025 in their report, and given train capacity that dog won't hunt.
Over on the revenue side, $186.6m isn't quite enough to cover projected expenses for 2024 (that's $199m or $227m depending on what you roll in), but the numbers will likely flip to a net-positive situation on those numbers for Nov/Dec. Probably not by a lot, but it'll probably be positive vs the lower number going into 2025 and if the other cars are delivered on time it'd cover the higher number.
Covering debt service is still a long way off from where we are (though the Stuart and Cocoa stations should help there - adding a few hundred thousand more riders will be a net positive), but Brightline does seem to be approaching a point where, at worst, they could do a debt-reorganization bankruptcy and come out profitable.