Global Crossing Airlines Group Inc. (JETBF) reports earnings
Global Crossing Airlines Group Inc. (JETBF) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in total revenue to $223.8 million from $160.1 million in the previous year. This increase is attributed mainly to the growth in ACMI revenue, which rose by 204% to $123.1 million.
Charter revenue decreased by 16.4% to $95.5 million, while other revenue slightly decreased to $5.2 million. The decline in charter revenue was due to a shift towards more ACMI flying.
Operating expenses increased by 27.8% to $224.9 million, with significant increases in salaries, wages, and benefits, as well as aircraft rent. The company also reported higher maintenance costs due to increased fleet size and block hours.
The company reported an operating loss of $1.1 million, an improvement from the $15.9 million loss in the previous year, due to higher revenue growth outpacing the increase in operating expenses.
Interest expense increased to $9.0 million from $4.9 million, primarily due to interest on debentures issued in 2023.
Net loss for the year was $11.4 million, compared to $20.8 million in 2023. The decrease in net loss is attributed to the improved operating performance.
Cash provided by operating activities was $8.1 million, while cash used in investing activities was $10.0 million, primarily for aircraft and equipment purchases.
Global Crossing Airlines Group Inc. ended the year with $12.3 million in cash and cash equivalents and $1.7 million in restricted cash.
The company has significant lease commitments and plans to increase its fleet to 19 passenger aircraft by the end of 2025.
Global Crossing Airlines Group Inc. continues to focus on expanding its ACMI and charter services, with a strategy to control costs and improve operational efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Global Crossing Airlines Group Inc. annual 10-K report dated March 6, 2025. To report an error, please email [email protected].