Key Takeaways VLRS Q1 revenues fell 11.7% to $678M due to peso depreciation and lower revenue per passenger. TRASM dropped 17% year over year, while the base fare plunged nearly 29% to just $39. Total expenses rose to $688M, and a current ratio of 0.74 flags serious short-term liquidity concerns.Controladora Vuela Compania de Aviacion, B. de C.V.’s (VLRS) —also known asVolaris— top line is grappling with the adverse currency translation effect. Weak liquidity and escalated operating expenses also put a st ...