Global Crossing Airlines Reports Second Quarter 2025 Financial Results

Executive Summary

• Global Crossing Airlines Group reported its financial and operating results for the second quarter ended June 30, 2025, showing year-over-year growth in revenue, net income, and operational metrics.
• The company achieved record block hours of 8,065, driven by fleet expansion and increased utilization, while transitioning from an exclusively leased model to a hybrid ownership model with its first Airbus A320 acquisition.
• Cash flow from operations improved significantly to $8.8 million, up from $0.9 million in the prior year period, reflecting improved profitability and disciplined cost management.

Key Details

• Revenue: Increased 7% to $61.4 million (Q2 2024: $57.5 million).
• Net Income: Increased 100% to $0.6 million ($0.01 per basic and diluted share) compared to $0.3 million in Q2 2024.
• EBITDAR: Increased 6% to $19.8 million (Q2 2024: $18.7 million).
• EBITDA: Increased 48% to $5.9 million (Q2 2024: $4.0 million).
• Operating Expenses: Increased 6% to $58.1 million, primarily due to higher maintenance and personnel costs associated with fleet expansion.
• Cash Flow from Operations: Improved to $8.8 million, an increase of $7.9 million year-over-year.
• Operational Metrics:
  • Total Block Hours: 8,065 (up 13% from 7,152 in Q2 2024).
  • Net Aircraft Available: 17.1 (up 19% from 14.4).
  • Average Utilization Per Aircraft: 471 hours (up 3% from 458).
  • ACMI Block Hours: Represented 84% of total block hours (up from 72%).
• Recent Operational Updates:
  • Transitioned to a hybrid ownership model with the acquisition of its first Airbus A320 in July 2025.
  • Completed two heavy maintenance events and twelve non-heavy maintenance events during Q2.
  • Increased pilot headcount by 7% year-over-year to 150 pilots.
• Liquidity: Cash and restricted cash stood at approximately $14.1 million as of June 30, 2025.
• Balance Sheet Highlights:
  • Total Assets: $165.5 million.
  • Total Liabilities: $192.4 million.
  • Stockholders' Deficit: $(26.9) million.
• Six-Month Period (YTD) Highlights:
  • Revenue: $128.0 million (up from $111.4 million).
  • Net Income: $1.1 million (vs. Net Loss of $(6.1) million).
  • Operating Income: $6.4 million (vs. Operating Loss of $(2.1) million).

Notable Quotes

• Chris Jamroz, Executive Chairman: “Our second quarter performance reflects the consistency of our execution and the strength of the operating platform we’ve been transforming and strengthening over the past 18 months... That focus is now translating into results: improved profitability, a significant increase in cash flow from operating activities, and record block hours flown... The momentum we carried from Q1 into Q2 underscores the versatility of our charter model and affirms our long-term path to sustainable profitability.”
• Ryan Goepel, President and CFO: “We continued to execute on our strategic plan in the second quarter as we generated growth across all key financial metrics with record block hours flown... As a result, cash flow provided by operating activities in Q2 increased year-over-year by $7.9 million, reflecting both improved profitability and disciplined cost management. With a growing fleet, continued strong demand for our leading charter operations, and a focused approach to profitable growth, we believe are well-positioned to build on this momentum in the second half of 2025.”