Global Crossing Airlines Reports Third Quarter 2025 Financial Results

Executive Summary

• Global Crossing Airlines Group, Inc. reported Q3 2025 revenue of $58.0 M, an 11% year‑over‑year increase driven by higher ACMI activity.
• EBITDAR rose 22% to $18.9 M and EBITDA improved to $4.3 M, narrowing the net loss to $(2.0) M versus a $(4.9) M loss in Q3 2024.
• The company announced delivery of its first leased A319, the purchase of an A320, and a strategic ACMI agreement with Sunrise Airways; Executive Chairman Chris Jamroz also disclosed a personal acquisition of 1.5 M shares & warrants (≈7% fully‑diluted).

Key Details

• Financial Highlights (Q3 2025 vs. Q3 2024)
• Revenue: $58.0 M ↑ 11%
• Net loss: $(2.0) M (improved from $(4.9) M) – EPS: $(0.03) vs. $(0.08) prior year
• EBITDAR: $18.9 M ↑ 22%
• EBITDA: $4.3 M (previously a loss of $(0.6) M)

• Cash & restricted cash: $7.2 M (down from $14.0 M at year‑end 2024)

• Operating Metrics

• Total block hours: 9,901 hrs ↑ 23% YoY
• % of block hours ACMI: 96% ↑ 14 pts
• Average utilization per aircraft: 618 hrs ↑ 26% (vs. 491 hrs)

• Net aircraft available: 15.9 (up 5%)

• Management Commentary

• Executive Chairman Chris Jamroz highlighted strong revenue and margin growth but noted missed net‑income target due to execution issues.

• CFO Ryan Goepel cited ~500 lost block hours from unscheduled maintenance as a key cost driver; announced $5 M annualized SG&A reductions and operational improvements.

• Fleet & Commercial Updates

• Received first of four leased A319s and the company’s inaugural purchased A320; remaining three aircraft to be delivered over next three months.

• Signed strategic ACMI agreement with Sunrise Airways for two dedicated A320s beginning November 2025.

• Shareholder Transaction

• Executive Chairman Chris Jamroz agreed to purchase a block of 1.5 M shares and warrants, becoming the largest non‑institutional shareholder (~7% fully diluted).

• Liquidity & Capital Structure

• Cash balance fell to $7.2 M from $14.0 M (Dec 2024) reflecting higher operating cash outflows and fleet investments.

• No new financing disclosed in this release.

• Conference Call

• Management call scheduled for Nov 6, 2025 at 8:30 a.m. ET; dial‑in details provided.

Notable Quotes

“We achieved some of the highest aircraft utilization rates since our inception… while we’re proud of this progress, the results were nonetheless a disappointment to us.” – Chris Jamroz, Executive Chairman
“Over the past sixty days we’ve taken decisive action … we expect a more normalized SG&A run rate beginning in December.” – Ryan Goepel, President & CFO

Materiality Assessment: Material – Positive (Quarterly earnings release with significant revenue growth, margin improvement, and operational updates that are likely to influence investor decisions).