Hawaiian Holdings (NASDAQ: HA) is riding on its continued healthy demand scenario. The company's efforts to expand are commendable. However, a surge in operating expenses and weak liquidity does not bode well for the company. Factors Favoring HA The uptick in air travel demand bodes well for Hawaiian Holdings. In the first quarter of 2024, scheduled airline traffic (measured by revenue passenger miles) increased 5.9% year over year. Scheduled capacity (measured in available seat miles or ASM) rose 2.7% year over year. Passenger load factor (percentage of seats filled by passengers) improved by 2.4 pts to 80.6% year over year. For the second quarter of 2024, the company expects a 3.5%-6.5% year-over-year increase in ASM. Meanwhile, for the full year, the company expects the metrics to improve 4.5%-7.5% year over year. HA's expansion efforts are praiseworthy. On Apr 15, 2024, Hawaiian Holdings began Boeing 787-9 Dreamliner revenue service, a move expected to double premium seating on key routes while maintaining competitive operating costs. The airline also announced new flights from Salt ...