Air taxi operator, Dayjet which operates a fleet of very light jets announced in a company-released statement that it was laying off employees and scaling back its growth plans.

The flight operator’s founder and CEO, Ed Iacobucci, pointed to a lack of access to additional financing as the prime reason for the stumble. “Without the growth capital required to open new markets, the company must scale back to a size that is consistent with the demand,” he said in a company-issued statement. Dayjet would need $40 million to reach profitability and expand its operations to include 50 aircraft and 30 hubs. Currently Dayjet has 28 jets in 11 markets in Florida, Georgia, Mississippi, Alabama and South Carolina.

Dayjet operates a fleet of Eclipse 500 VLJs and sells trips by the seat, using an on-demand model. The company has over 1,500 fliers, and more than a third of those are regular customers, but the most notable ripple effect may be the impact on Eclipse Aviation, the maker of the Eclipse 500. It has been reported that Dayjet is Eclipse’s largest single customer, with orders for 237 of the $1.6 million VLJ models.