Two years after travel came roaring back after COVID, Via Rail’s ridership numbers are still substantially below where they were before the pandemic, and the Crown corporation is bleeding money even as it faces an urgent need to replace its trains.

In its newly released annual report, Via Rail said its total revenues reached a five-year high in 2023 to $430.7 million, but operating expenses increase over the same period to $812.5 million, resulting in a $381.8 million operating loss.