Island Air, downsizing in the wake of mounting losses, is now nearly $35 million in the red through its first two years under the ownership of billionaire Larry Ellison.

That includes the first three months of this year when the state’s second-largest airline lost $4.5 million on $8.2 million in revenue, according to new data from the U.S. Department of Transportation. In the year-earlier quarter, Island Air lost $3.6 million on revenue of $7.7 million.

The airline announced on April 29 that it would cut 20 percent, or roughly 68 people, from its workforce, reduce service and postpone indefinitely a decision on bringing in a new fleet. At the time, CEO Dave Pflieger cited $21 million in losses that the airline had incurred in 2014.

Island Air, which had a 7 percent interisland market share before that announcement, declined to comment Wednesday on the progress of its turnaround plan.

However, a person close to the situation who asked not to be identified because the person was not authorized to speak by Island Air said some employees have been leaving of their own accord, including 15 to 20 of the company’s 60 pilots.

The airline is advertising for pilot applicants on its website. The starting pay for a first officer is being advertised at $33.84 an hour.

Island Air declined to comment on employee matters. An Island Air spokeswoman said its April 29 turnaround plan “has us consolidating our operations to a smaller number of markets, so we can fix our cost and revenue structure and become strong enough to grow in a sustainable manner.”

“While that strategic effort is still underway there is nothing new to report,” the spokeswoman added.

On June 1, Island Air eliminated Kauai service, reduced the frequency of Honolulu-Lanai flights to two daily flights from five daily, and added a 25-minute layover on Maui for the Lanai route.

The flight cutbacks left Island Air with only Honolulu-Maui and Maui-Lanai routes.