Small Planet Airlines recorded a 43% year-on-year increase in revenue for the first half of the year to 30 June 2012.
Its revenue in Poland and Lithuania increased 181% and 25% respectively, compared to the same period last year.
Chief executive Vytautas Kaikaris says that its Polish operations grew as a consequence of the collapse of OLT Express.
The airline did not provide a revenue figure for its Italian operations, though it says holidaymaker numbers were down 30%.
Passenger load factor stood at "approximately 90%", the airline says, compared with a global average of 83.1%.