STARLUX Airlines reported a strong top-line rebound in QQ2 2024, with revenue of 8,337,428,000 TWD, up 50.96% year over year as travel demand recovers. Gross profit reached 1,568,641,000 TWD, yielding a gross margin of 18.81%, while operating income was 506,311,000 TWD (operating margin 6.07%) and net income amounted to 277,551,000 TWD. The quarter also showed a shift toward higher depreciation and ongoing capex, contributing to a QoQ profitability decrease despite solid YoY improvements in profitability metrics. Operating cash flow was 4,003,403,000 TWD, supporting positive free cash flow of 413,951,000 TWD after capital expenditures of 3,589,452,000 TWD. The balance sheet remains capital-intensive, with total debt of 27,988,206,000 TWD and net debt of 20,018,054,000 TWD, and liquidity metrics showing constrained liquidity with a current ratio of 0.706 and a quick ratio of 0.631. Valuation remains premium with a price-to-earnings ratio of 65.80x and EV/EBITDA of 50.23x, reflecting growth expectations for a recovering travel market. Investors should monitor leverage dynamics, capex cadence, load factors, and yield management as demand normalizes.