Global Crossing Airlines Reports Fourth Quarter & Full Year 2025 Financial Results

Executive Summary

• Global Crossing Airlines Group (GlobalX) reported FY 2025 revenue of $246.3 M (+10% YoY) and achieved its first full‑year positive operating income ($8.9 M), marking a material turnaround from the prior year’s loss.
• EBITDA surged to $20.9 M for FY 2025, more than four times the 2024 level, driven by record aircraft utilization (average 2,062 hrs/aircraft) and higher block‑hour revenue.
• Cash and restricted cash increased to $20.5 M at year‑end; the company also signed LOIs for two additional A320 passenger aircraft (one entering service Q1 2026) and secured multiple new charter contracts (concert tours, NHL teams, government & CRAF extensions).

Key Details

• Financial Highlights – Q4 2025 vs. Q4 2024
• Revenue: $60.3 M vs. $59.9 M (+1%).
• Operating Income: $1.5 M vs. $3.5 M (‑57%).
• Net Loss: $(1.9) M vs. $(0.6) M.
• EBITDA: $5.3 M vs. $5.2 M (+2%).

• Cash flow from operations: $18.6 M vs. $10.3 M (+80%).

• Financial Highlights – FY 2025 vs. FY 2024

• Revenue: $246.3 M vs. $223.8 M (+10%).
• Operating Income (Loss): $8.9 M vs. $(1.1) M → first positive operating profit.
• Net Loss: $(3.1) M vs. $(11.5) M.
• EBITDA: $20.9 M vs. $5.1 M (≈4×).

• EBITDAR: $78.3 M vs. $62.8 M (+25%).

• Operational Metrics

• Net Aircraft Available: 16.0 (up 16% YoY).
• Total Block Hours: 33,564 (↑17%).
• % of Block Hours – ACMI: 84% (↑13%).

• Average Utilization per Aircraft: 2,062 hrs (↑7%).

• Liquidity

• Cash & restricted cash at 12/31/2025: $20.5 M vs. $14.0 M year‑earlier.

• Fleet Expansion & Contracts

• LOIs for two additional A320 passenger aircraft; first to enter service Q2 2026.
• Secured major concert tour contracts for spring 2026.
• Signed charter agreements with four NHL teams for the 2026 season.
• Extended CSI Aviation, Inc. contract through end‑2026.

• One‑year extension of Civil Reserve Air Fleet (CRAF) agreement, with option to extend up to three additional years.

• Management Commentary

• Executive Chairman Chris Jamroz highlighted “transformative results” and the first annual positive operating profit despite aircraft delivery delays and a weak cargo market.

• President/CFO Ryan Goepel noted a 247% YoY increase in cash flow from operations, $20.5 M cash balance, and confidence in continued revenue and operating‑income growth.

• Conference Call – March 5 2026, 8:30 a.m. ET (dial‑in details provided).

Notable Quotes

“In 2025, GlobalX delivered transformative results… our first‑ever annual positive operating profit, and record operating cash flow.” — Chris Jamroz, Executive Chairman
“Our relentless focus on cash resulted in a 247% increase year‑over‑year in cash flow from operations for 2025…” — Ryan Goepel, President & CFO

Materiality Assessment: Material – Positive (significant improvement in profitability and cash generation; forward‑looking fleet expansion and contract wins indicate material impact on future performance).