Waves (Guernsey) did not relaunch operations on September 1, 2018, as previously announced, Bailiwick Express has reported. In addition, the airline's sole aircraft, a Cessna (single turboprop) 208B Grand Caravan, has been put for sale by its US-based owner.

The start-up operator suspended charter operations in late June 2018 to allow it to "reconsider its business model". It said at that time that it would relaunch at the beginning of September, offering flights between Alderney and each of Jersey and Guernsey.

However, in early September all of Waves' customers were notified that their flights were cancelled and that they would receive a refund. It is unclear if and when the airline could actually recommence operations.

The start-up currently does not have any aircraft. Waves' sole aircraft, Cessna 208B 2-CREW (msn 208B2148) left the Channel Islands in June for maintenance and has not returned since. According to the sale advertisement, the aircraft is currently stationed at Naples, FL. The seller is EastWest Aircraft Sales Inc.

The airline said that the lease of the Cessna turboprop had ended and that it was in talks with the lessor regarding the future of the unit.

Waves received an unrestricted Air Transport Licenses for the Guernsey to Jersey and Guernsey to Alderney routes in early 2018, but did not have the authority to sell individual seats. The local government denied Waves' application for an Air Transport Licence (ATL) to operate non-scheduled, ad-hoc air taxi services in June 2018. The carrier is currently indebted to the local authorities to the tune of almost GBP40,000 pounds (USD52,000).