Global Crossing Airlines Reports First Quarter 2025 Financial Results

Rhea-AI Summary

Global Crossing Airlines (JETMF) reported strong Q1 2025 financial results, marking significant improvements over Q1 2024. The company achieved revenue of $66.6 million, up 24% year-over-year, and turned a net loss into a profit of $0.2 million. EBITDAR doubled to $20.6 million, while EBITDA improved to $5.4 million from -$3.5 million. The company expanded its fleet to 19 aircraft, with net aircraft availability increasing 34% to 16.7. Total block hours grew 29% to 7,546, with average utilization per aircraft up 6%. Operating expenses increased to $63.5 million due to fleet expansion costs. Cash position stood at $10.2 million as of March 31, 2025, down from $14.0 million at year-end 2024.

Positive

• Revenue increased 24% YoY to $66.6 million
• Turned $6.4M loss into $0.2M profit
• EBITDAR doubled to $20.6M from $9.3M
• Fleet expanded to 19 aircraft with 34% increase in net aircraft availability
• Total block hours grew 29% to 7,546
• Cash flow from operations improved from -$2.1M to $0.1M

Negative

• Operating expenses increased to $63.5M from $58.5M
• Cash position decreased to $10.2M from $14.0M at year-end 2024
• Minimal net profit of just $0.00 per share

GAAP Net Income of $0.2 Million or $0.00 per Share; EBITDAR¹ of $20.6 Million

Revenue of $66.6 Million with Total Block Hours of 7,546

MIAMI, May 07, 2025 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (Cboe CA: JET, Cboe CA: JET.B, OTCQB: JETMF) (the “Company” or “GlobalX”), the Nation's fastest growing charter airline, today announced its financial and operating results for the first quarter ended March 31, 2025. Except as otherwise disclosed, all figures for the three-month period are presented in United States dollars and prepared in accordance with U.S. GAAP.

Financial and Operational Summary
	Q1 2025	Q1 2024	% Change
Revenue:	$66.6M	$53.8M	24%
Net Income (Loss):	$0.2M	$(6.4)M	N/A
EBITDAR1:	$20.6M	$9.3M	~2x
EBITDA1:	$5.4M	$(3.5)M	N/A
Net Aircraft Available:	16.7	12.5	34%
Total Block Hours, including Sub Service:	7,546	5,859	29%
Average Utilization Per Aircraft:	442	416	6%

Management Commentary

“Our Q1 results underscore the growing momentum of our charter platform and the continued execution of our strategic plan introduced last year,” said Chris Jamroz, Executive Chairman of GlobalX. “During the quarter, we further streamlined core operations and strengthened internal processes while the growth of our platform reflected its versatility, with all business segments delivering improvements in both revenue and profitability this quarter. Our unwavering commitment to operational excellence and disciplined growth continues to build the foundation for long-term value creation for our customers, partners and shareholders. With precision and reliability as the cornerstones of our business, we believe we are making steady progress toward our goal of becoming the largest narrow body charter airline in North America.”

Ryan Goepel, President and CFO of GlobalX, added, “Q1 marked a strong start to the year and a significant improvement over Q1 2024 as we generated double-digit revenue growth, a $11M improvement in EBITDAR¹, a $9M improvement in EBITDA¹ and a $7M improvement in Net Income, despite rotating ten aircraft through scheduled maintenance in preparation for the summer. We are well positioned to build on this momentum as we continue to expand our fleet and execute on our strategic plan centered on profitable narrow body charter operations.”

Q1 2025 Financial Highlights (vs. Q1 2024) – Three Month Period

• Revenue: Revenue increased 24% to $66.6 million compared to $53.8 million. The increase was primarily driven by higher block hours flown and aircraft fleet expansion, as well as increased revenue per block hour flown for both ACMI and Charter.
  
• Total Operating Expenses: Operating expenses were $63.5 million compared to $58.5 million. The increase was primarily driven by higher aircraft rent, maintenance, and personnel costs associated with the ongoing expansion of the GlobalX fleet.
  
• Net Income (Loss)/EPS: Net income improved to $0.2 million compared to $(6.4) million. Earnings per share increased to $0.00 per basic and diluted share, compared to $(0.11) net loss per basic and diluted share.
  
• EBITDAR¹: EBITDAR increased approximately 2x to $20.6 million compared to $9.3 million. This was primarily driven by increased revenue, fleet expansion, and higher average rates per block hour flown for passenger ACMI.
  
• Cash Flow from Operations: Cash flow from operations improved to $0.1 million compared to cash used of $2.1 million. The increase was primarily driven by improved profitability, disciplined cost management, and efficiency gains across the business.
  

Operational Updates

• GlobalX took delivery of one A321 passenger aircraft, expanding the Company’s fleet to a total of 19 aircraft.
• Transported more than twice as many collegiate teams for the 2025 college basketball finals tournament compared to the prior year quarter.
• Proactively completed three heavy maintenance events and nine non-heavy maintenance events across ten aircraft, all of which returned to service ahead of the second quarter.
  

Liquidity

• Cash and Restricted Cash: The Company had approximately $10.2 million in cash and restricted cash at March 31, 2025, compared to $14.0 million at December 31, 2024.
  

__________________
¹ Refer below to the section “Non-GAAP Financial Measures” for additional information

Conference Call and Webcast

The GlobalX management team will host a conference call tomorrow, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing JET@elevate-ir.com.

Date: Thursday, May 8, 2025
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (800) 717-1738
International dial-in number: (646) 307-1865
Conference ID: 10283
Webcast: GlobalX's Q1 2025 Conference Call

If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

The conference call will also be available for replay on the investor relations section of the Company’s website at www.globalairlinesgroup.com.

About Global Crossing Airlines Group, Inc.

GlobalX is a US 121 domestic flag and supplemental airline flying the Airbus A320 family of aircraft. The Company’s services include domestic and international ACMI and charter flights for passengers and cargo throughout the US, Caribbean, Europe, and Latin America. GlobalX is IOSA certified by IATA and holds TCOs for Europe and the UK.

For more information:

Company Contact

Ryan Goepel, President & CFO
Tel: (720) 330-2829

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza
Email: JET@elevate-ir.com

Non-GAAP Financial Measures

The Company evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America ("GAAP") and non-GAAP financial measures, including Adjusted operating expenses, adjusted operating income (loss), Adjusted operating margin, adjusted pre-tax income (loss), Adjusted pre-tax margin, Adjusted net income (loss), Adjusted diluted earnings (loss) per share, adjusted EBITDA and adjusted EBITDAR. These non-GAAP financial measures are provided as supplemental information to the financial information and financial outlook presented in this press release that is calculated and presented in accordance with GAAP and these non-GAAP financial measures are presented because management believes that they supplement or enhance management's, analysts' and investors' overall understanding of the Company's underlying financial performance and trends and facilitate comparisons among current, past and future periods.

Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in the press release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in the method of calculation and in the items being adjusted. We encourage investors to review our financial statements and other filings with the Securities and Exchange Commission in their entirety and not to rely on any single financial measure.

EBITDA is defined as operating income (loss), plus depreciation, amortization, interest, taxes is an important supplemental measure of operating performance that the Company believes is useful measures to facilitate comparisons to its historical consolidated and business-level performance and operating results. The Company believes its presentation of EBITDA, a key metric used internally by management, provides investors with a supplemental view of the Company’s operating performance that facilitates analysis and comparisons of its ongoing business operations because they exclude items that may not be indicative of the Company’s ongoing operating performance.

EBITDAR which is defined as Operating income (loss), plus depreciation, amortization, interest, taxes and aircraft rent is an important metric to be considered to allow investors to compare results across different airlines regardless of how the airlines acquired their aircraft. This distinction is important when comparing the operational results of an airline leasing its aircraft versus an airline purchasing its aircraft. Specifically, the airline leasing aircraft would see the costs relating to those aircraft flow through aircraft rent, while an airline that owns their aircraft would see their costs for those aircraft flow through depreciation and amortization. In order to compare the operating results of the two airlines an investor needs to look at EBITDAR, which is why it is presented.

EBITDAR Reconciliation (in thousands)	Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Operating Income (Loss)	$	3,109		$	(4,619	)
Depreciation and amortization		2,248			1,166
EBITDA		5,357			(3,453	)
Aircraft Rent		15,241			12,761
EBITDAR		20,598			9,308

Cautionary Note Regarding Forward-Looking Information

This press release contains certain “forward-looking statements” and “forward-looking information”, as defined under applicable United States and Canadian securities laws, concerning anticipated developments and events that may occur in the future. Forward-looking statements contained in this press release include, but are not limited to, statements with respect to the Company’s financial performance, continued growth, growing momentum of the Company’s charter platform and the execution of the Company’s strategic plan, the unwavering commitment to operational excellence and disciplined growth, long term value creation, the goal of becoming the largest narrow body charter airline in North America, continued fleet expansion, profitable narrow body charter operations, the Company’s future focus, details regarding future financial results, and the Company’s status as the Nation’s fastest growing charter airline. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking statements contained in this press release is based on certain factors and assumptions regarding, among other things, the receipt of financing to continue airline operations, the accuracy, reliability and success of GlobalX’s business model; GlobalX’s ability to accurately forecast demand; GlobalX will be able to successfully conclude definitive agreements for transactions subject to LOI; the timely receipt of governmental approvals; the success of airline operations of GlobalX; GlobalX’s ability to successfully enter new geographic markets; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; the Company has or will have sufficient aircraft to provide the service; the impact of competition and the competitive response to GlobalX’s business strategy; the future price of fuel, and the availability of aircraft. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The Company has identified certain known material risk factors applicable to it in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC and its other filings with the SEC. Moreover, it is not always possible for the Company to predict how new risks and uncertainties that arise from time to time may affect it. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements are made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update any forward-looking statements. If GlobalX does update one or more forward-looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements.

GLOBAL CROSSING AIRLINES GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share quantities)
		March 31, 2025				December 31, 2024
		(Unaudited)
Current Assets
Cash and cash equivalents		$	7,289			$	12,345
Restricted cash			2,934				1,698
Accounts receivable, net of allowance			8,893				6,678
Prepaid expenses and other current assets			2,284				2,142
Current assets held for sale			420				489
Total Current Assets			21,820				23,352
Property and equipment, net			12,351				10,308
Finance leases, net			29,529				27,489
Operating lease right-of-use assets			85,965				89,809
Deposits			11,908				11,552
Other assets			3,753				4,229
Total Assets		$	165,326			$	166,739
Current liabilities
Accounts payable		$	12,792			$	12,568
Accrued liabilities			24,005				20,418
Deferred revenue			4,258				8,903
Customer deposits			4,009				4,080
Current portion of long-term operating leases			16,233				16,479
Current portion of finance leases			5,454				3,434
Total current liabilities			66,751				65,882
Other liabilities
Note payable, net of debt issuance costs			29,912				29,729
Long-term operating leases			71,250				75,128
Long-term finance leases			25,513				25,182
Other liabilities			291				286
Total other liabilities			126,966				130,325
Total Liabilities		$	193,717			$	196,207
Commitments and Contingencies (Note 9)
Stockholders' Equity (Deficit)
Common Stock
$.001 par value; 200,000,000 authorized; 63,690,332 and 61,758,727 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		$	64			$	62
Additional paid-in capital			41,500				40,951
Retained deficit			(70,414	)			(70,568	)
Total Company's stockholders’ deficit			(28,850	)			(29,555	)
Noncontrolling interest			459				87
Total stockholders’ deficit			(28,391	)			(29,468	)
Total Liabilities and Deficit		$	165,326			$	166,739
See accompanying notes to condensed consolidated financial statements.

  

GLOBAL CROSSING AIRLINES GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands, except share and per share amounts)
		Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
Revenue		$	66,601		$	53,835
Operating Expenses
Salaries, Wages, & Benefits			18,792			16,775
Aircraft Fuel			7,405			8,199
Maintenance, materials and repairs			3,852			2,933
Depreciation and amortization			2,248			1,166
Contracted ground and aviation services			6,306			6,903
Travel			2,956			4,282
Insurance			1,261			1,633
Aircraft Rent			15,241			12,761
Other			5,431			3,802
Total Operating Expenses		$	63,492		$	58,454
Operating Income (Loss)			3,109			(4,619	)
Non-Operating Expenses
Interest Expense			2,583			1,760
Total Non-Operating Expenses			2,583			1,760
Income (Loss) before income taxes			526			(6,379	)
Income tax expense			-			-
Net Income (Loss)			526			(6,379	)
Net Income attributable to Noncontrolling Interest			372			-
Net Income (Loss) attributable to the Company			154			(6,379	)
Income (Loss) per share:
Basic		$	-		$	(0.11	)
Diluted		$	-		$	(0.11	)
Weighted average number of shares outstanding			62,205,192			59,234,601
Fully diluted shares outstanding			69,619,293			59,234,601
See accompanying notes to condensed consolidated financial statements.

 

GLOBAL CROSSING AIRLINES GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (In thousands, except shares quantities)
		Common Stock Number of Shares		Amount			Additional Paid in Capital			Retained Deficit				Total			Noncontrolling Interest		Total
Beginning – January 1, 2024		58,925,871		$	59		$	38,943		$	(59,094	)		$	(20,092	)	$	225	$	(19,867	)
Issuance of shares - share based compensation on RSUs		742,079			1			342			—				343			—		343
Loss for the period		—			—			—			(6,379	)			(6,379	)		—		(6,379	)
Ending – March 31, 2024		59,667,950		$	60		$	39,285		$	(65,473	)		$	(26,128	)	$	225	$	(25,903	)
		Common Stock Number of Shares		Amount			Additional Paid in Capital			Retained Deficit				Total			Noncontrolling Interest		Total
Beginning – January 1, 2025		61,758,727		$	62		$	40,951		$	(70,568	)		$	(29,555	)	$	87	$	(29,468	)
Issuance of shares – options exercised		50,000			—			12			—				12			—		12
Issuance of shares - share based compensation on RSUs		1,876,109			2			534			—				536			—		536
Income for the period		—			—			—			154				154			372		526
Issuance of shares - ESPP		5,496			—			3			—				3			—		3
Ending – March 31, 2025		63,690,332		$	64		$	41,500		$	(70,414	)		$	(28,850	)	$	459	$	(28,391	)
See accompanying notes to condensed consolidated financial statements.

 

GLOBAL CROSSING AIRLINES GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands)
		For the three months ended March 31,
			2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)		$	526			$	(6,379	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation expense			2,248				1,166
Credit losses			—				359
Loss on sale of spare parts			72				—
Amortization of debt issue costs			183				157
Amortization of operating lease right of use assets			3,844				2,704
Share-based payments			536				343
Interest on finance leases			1,086				309
Changes in assets and liabilities:
Accounts receivable			(2,193	)			4,248
Assets held for sale			(3	)			3
Prepaid expenses and other current assets			(47	)			(626	)
Accounts payable			224				4,518
Accrued liabilities and other liabilities			(1,128	)			(5,569	)
Operating lease obligations			(4,124	)			(3,073	)
Other liabilities			(1,118	)			(294	)
Net cash provided by (used in) operating activities			106				(2,134	)
CASH FLOWS FROM INVESTING ACTIVITIES
Deposits, deferred costs and other assets			(142	)			(1,529	)
Purchases of property and equipment			(2,732	)			(1,717	)
Net cash used in investing activities			(2,874	)			(3,246	)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on finance leases			(1,067	)			(231	)
Proceeds on issuance of shares			15				—
Net cash used in financing activities			(1,052	)			(231	)
Net decrease in cash, cash equivalents, and restricted cash			(3,820	)			(5,611	)
Cash, cash equivalents and restricted cash - beginning of the period			14,043				17,675
Cash, cash equivalents and restricted cash - end of the period		$	10,223			$	12,064
Non-cash investing and financing activities
Reclass of Property and equipment to Accounts receivable (aircraft receivable) and Prepaid expenses and other current assets (deferred maintenance)		$	117			$	-
Right-of-use (ROU) assets acquired through operating leases		$	-			$	12,252
Equipment acquired through finance leases		$	3,453			$	17,100
Cash paid for
Interest		$	3,765			$	2,588
See accompanying notes to condensed consolidated financial statements.

FAQ

What were JETMF's Q1 2025 revenue and earnings?

Global Crossing Airlines reported Q1 2025 revenue of $66.6 million (up 24% YoY) and net income of $0.2 million ($0.00 per share), compared to a loss of $6.4 million in Q1 2024.

How many aircraft does Global Crossing Airlines operate in 2025?

As of Q1 2025, Global Crossing Airlines operates a total fleet of 19 aircraft, with net aircraft availability of 16.7 aircraft during the quarter.

What was JETMF's EBITDAR in Q1 2025?

Global Crossing Airlines reported EBITDAR of $20.6 million in Q1 2025, approximately double the $9.3 million reported in Q1 2024.

How much cash does Global Crossing Airlines have in 2025?

As of March 31, 2025, Global Crossing Airlines had approximately $10.2 million in cash and restricted cash, down from $14.0 million at December 31, 2024.

What was Global Crossing Airlines' operational performance in Q1 2025?

The company achieved 7,546 total block hours (up 29% YoY) with average aircraft utilization of 442 hours (up 6% YoY), while completing maintenance on ten aircraft during the quarter.