Global Crossing Airlines Reports Record Fourth Quarter Revenue & Meaningfully Improved Full Year 2024 Financial Results

Rhea-AI Summary

Global Crossing Airlines (JETMF) reported strong Q4 and full-year 2024 results, with annual revenue climbing 40% to $223.8 million. Q4 revenue increased 11% to $59.9 million, driven by higher block hours and fleet expansion.

Q4 highlights include improved EBITDAR of $19.3 million, up 69% year-over-year, and reduced net loss to $(0.6) million compared to $(2.6) million in Q4 2023. The company expanded its fleet to 19 aircraft and secured several key contracts, including a South American ACMI agreement for 1,800 block hours and a DHL cargo contract.

The company's strategic shift towards ACMI operations has proven successful, with ACMI revenue increasing more than 3x compared to 2023. Cargo operations showed significant growth, generating over 1,600 block hours in Q4 2024, a 4x increase year-over-year.

Positive

• Revenue up 40% YoY to $223.8M
• EBITDAR increased 69% to $19.3M in Q4
• ACMI revenue grew 3x compared to 2023
• Cargo block hours up 4x YoY
• Secured major contracts with DHL, TUI Airways
• $2M annual insurance cost savings achieved

Negative

• Q4 net loss of $0.6M
• Operating expenses increased to $56.6M in Q4
• $1.3M one-time charge from Canada Jetlines bankruptcy
• Cash position decreased from $17.7M to $14.0M YoY

FY 2024 Revenue up 40% to $223.8 Million

MIAMI, March 05, 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 fourth quarter and full year ended December 31, 2024. Except as otherwise disclosed, all figures for the three- and twelve-month period are presented in United States dollars and prepared in accordance with U.S. GAAP.

Financial and Operational Summary
	Q4 2024	Q4 2023	% Change
Revenue:	$59.9M	$53.9M	11%
Net Income (Loss):	$(0.6)M	$(2.6)M	N/A
Adjusted Net Income (Loss) 1:	$1.2M	$(1.8)M	N/A
EBITDAR1:	$19.3M	$11.4M	69%
EBITDA1:	$5.1M	$(0.4)M	N/A
Net Aircraft Available:	15.6	11.5	36%
Total Block Hours, including Sub Service:	7,745	5,286	47%
Average Utilization Per Aircraft:	473	421	12%

Financial and Operational Summary
	FY 2024	FY 2023	% Change
Revenue:	$223.8M	$160.1M	40%
Net Income (Loss):	$(11.5)M	$(21.0)M	N/A
Adjusted Net Income (Loss) 1:	$(8.5)M	$(18.5)M	N/A
EBITDAR1:	$62.8M	$20.1M	~3x
EBITDA1:	$5.1M	$(13.6)M	N/A
Net Aircraft Available:	14.3	9.7	47%
Total Block Hours, including Sub Service:	28,820	19,981	44%
Average Utilization Per Aircraft:	1,862	1,863	0%

Management Commentary

“After a setback in Q3 2024, we continued our focus on execution and operating excellence to return onto the path towards sustainable profitability,” said Chris Jamroz, Executive Chairman of GlobalX. “Our quarterly and full year results underscore the growing strength of our charter platform, the resilience of our business model, and the growing demand across the spectrum of charter clients, solidifying GlobalX as the Nation's fastest-growing charter airline. We will continue to leverage our strong foundation in the year ahead to further scale-up operations, strengthen customer relationships, and diversify our revenue mix.”

GlobalX President and CFO, Ryan Goepel, added “Our strategic shift towards ACMI has been a key driver behind our 2024 results, with ACMI revenue increasing more than 3x compared to last year. We have also made steady progress in expanding our fleet to 19 total aircraft, while securing higher-margin contracts for both passenger and cargo. These achievements reflect the strong demand for our services and the trust our partners place in GlobalX, as we continue setting the industry standard for on-time performance and reliability.”

Mr. Goepel continued, “Looking ahead, our focus remains on expanding our fleet, driving operational efficiencies, and maximizing fleet utilization. Our summer schedule is already fully booked driven by high demand from Europe, and when combined with an expanding fleet, our focus on securing higher-margin ACMI contracts and a commitment to operational excellence, we are well positioned to deliver strong financial performance in 2025.”

Q4 2024 Financial Highlights (vs. Q4 2023) – Three Month Period

• Revenue: Revenue increased 11% to $59.9 million compared to $53.9 million. The increase was driven primarily by higher block hours flown and aircraft fleet expansion, as well as increased revenue per block hour flown for ACMI.

• Total Operating Expenses: Operating expenses were $56.6 million compared to $55.2 million. The increase was largely driven by higher aircraft rent, maintenance, and personnel expenses tied to the continued expansion of the GlobalX fleet.

• Net Income (Loss)/EPS: Net income was $(0.6) million compared to $(2.6) million. Loss per share improved to $(0.01) per basic and diluted share, compared to $(0.04) per basic and diluted share. Net income was impacted by a one-time $1.3 million charge related to a guaranty provided by GlobalX to a lessor in 2021 to support the launch of Canada Jetlines for lease return conditions, which was returned to the lessor after Canada Jetlines bankruptcy filing. Adjusted net income increased to $1.2 million compared to $(1.8) million in the year-ago period. 

• EBITDAR¹: EBITDAR increased approximately 69% to $19.3 million compared to $11.4 million. This was primarily driven by increased revenue, fleet expansion, and higher average rates per block hour flown for passenger ACMI.

Operational Updates

• Secured a seven-month ACMI agreement with a South American tour operator, guaranteeing over 1,800 block hours.
• Renewed a six-month cargo contract with Caribbean Cargo Company guaranteeing 200 block hours per month for two cargo aircraft.
• Finalized a contract for four dedicated aircraft to support this year’s college basketball championship tournament, generating a minimum of $5 million in revenue.
• Secured a VIP charter contract for a world-renowned band’s North American tour beginning in April 2024.
• Expanded TUI Airways contract to include a third dedicated aircraft for minimum revenue of $5 million in summer 2025.
• GlobalX’s cargo business generated over 1,600 block hours in Q4 2024, a 4x increase compared to the year-ago period.
• Renegotiated insurance rates for an estimated $2 million in annualized savings in 2025.
• Subsequent to quarter end, GlobalX signed a cargo ACMI contract with DHL to operate in their network into the third quarter of 2025.

Liquidity

• Cash and Restricted Cash: The Company had approximately $14.0 million in cash and restricted cash at December 31, 2024, compared to cash and restricted cash of $7.8 million at September 30, 2024, and $17.7 million at December 31, 2023.

The purpose of the financial outlook is to assist investors, shareholders, and others in understanding certain financial metrics relating to expected 2025 financial results for evaluating the performance of the Company’s business and is dated as of the date of this press release. This information may not be appropriate for other purposes. Information about the Company’s guidance, including the various assumptions underlying it, is forward-looking and should be read in conjunction with “Cautionary Note Regarding Forward Looking Information” in this press release and the related disclosure and information about various economic, competitive, and regulatory assumptions, factors, and risks that may cause the Company’s actual future financial and operating results to differ from what it currently expects.

__________________________________
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, March 6, 2025
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (877) 704-4453
International dial-in number: (201) 389-0920
Conference ID: 13751840
Webcast: GlobalX's Q4 & FY 2024 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.

Adjusted Net Income (Loss) is defined as Net Income (Loss) as adjusted to remove the one time Canada Jetlines charge and share based compensation. The Company believes its presentation of Adjusted Net Income (Loss), 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.

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.

Net Income Reconciliation (in thousands)	Three Months Ended December 31, 2024				Three Months Ended December 31, 2023
Net Income (Loss)	$	(597	)		$	(2,580	)
Canada Jetlines Charge	1,300				-
Share Based Compensation	524				787
Adjusted Net Income (Loss)	1,227				(1,793		)
Net Income Reconciliation (in thousands)	Year Ended December 31, 2024				Three Months Ended December 31, 2023
Net Income (Loss)	$	(11,472	)		$	(21,011	)
Canada Jetlines Charge	1,300				-
Share Based Compensation	1,680				2,465
Adjusted Net Income (Loss)	(8,492		)		(18,546		)

 

EBITDAR Reconciliation (in thousands)	Three Months Ended December 31, 2024				Three Months Ended December 31, 2023
Operating Income (Loss)	$	3,343			$	(1,218	)
Depreciation and amortization	1,795				841
EBITDA	5,138				(377		)
Aircraft Rent	14,123				11,757
EBITDAR	19,261				11,380
EBITDAR Reconciliation (in thousands)	Year Ended December 31, 2024				Three Months Ended December 31, 2023
Operating Income (Loss)	$	(1,129	)		$	(15,867	)
Depreciation and amortization	6,271				2,293
EBITDA	5,142				(13,574		)
Aircraft Rent	57,677				33,632
EBITDAR	62,818				20,058

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, execution of the Company’s strategic plan, the growing demand for the Company’s platform, statements about sustainable profitability and maximization of shareholder value, setting the industry standard for on-time performance and reliability, the Company’s future focus, details regarding future financial results, details regarding and the expected revenue to be generated from contracts plans for aircraft fleet growth and delivery timelines, the Company’s status as the Nation’s fastest growing charter airline and the Company’s growth plans. 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)
	December 31, 2024				December 31, 2023
Current Assets
Cash and cash equivalents	$	12,345			$	11,596
Restricted cash	1,698				6,080
Accounts receivable, net of allowance	6,678				10,181
Prepaid expenses and other current assets	2,142				2,552
Current assets held for sale	489				184
Total Current Assets	23,352				30,593
Property and equipment, net	10,308				5,525
Finance leases, net	27,489				4,108
Operating lease right-of-use assets	89,809				76,881
Deposits	11,552				12,506
Other assets	4,229				1,717
Total Assets	$	166,739			$	131,330
Current liabilities
Accounts payable	$	12,568			$	7,481
Accrued liabilities	20,418				17,465
Deferred revenue	8,903				9,896
Customer deposits	4,080				3,935
Current portion of long-term operating leases	16,479				13,650
Current portion of finance leases	3,434				599
Total current liabilities	65,882				53,026
Other liabilities
Note payable, net of debt issuance costs	29,729				29,175
Long-term operating leases	75,128				65,158
Long-term finance leases	25,182				3,292
Other liabilities	286				546
Total other liabilities	130,325				98,171
Total Liabilities	$	196,207			$	151,197
Commitments and Contingencies (Note 7)
Stockholders' Equity (Deficit)
Common Stock
$.001 par value; 200,000,000 authorized; 61,758,727 and 58,925,871 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	$	60			$	59
Additional paid-in capital	40,951				38,943
Retained deficit	(70,566		)		(59,094		)
Total Company's stockholders’ deficit	(29,555		)		(20,092		)
Noncontrolling interest	87				225
Total stockholders’ deficit	(29,468		)		(19,867		)
Total Liabilities and Deficit	$	166,739			$	131,330

See accompanying notes to 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 December 31, 2024				Three months ended December 31, 2023				Year Ended December 31, 2024				Year Ended December 31, 2023
Revenue	$	59,935			$	53,919			$	223,751			$	160,122
Operating Expenses
Salaries, Wages, & Benefits	16,973				15,793				67,787				54,057
Aircraft Fuel	5,924				9,697				23,828				29,476
Maintenance, materials and repairs	4,184				2,295				13,210				8,603
Depreciation and amortization	1,795				841				6,271				2,293
Contracted ground and aviation services	4,658				5,758				19,599				20,507
Travel	1,989				3,179				11,174				8,334
Insurance	1,374				1,420				6,189				5,009
Aircraft Rent	14,123				11,758				57,677				33,632
Other	5,572				4,410				19,144				14,079
Total Operating Expenses	$	56,591			$	55,150			$	224,879			$	175,990
Operating Loss	3,343				(1,231		)		(1,128		)		(15,868		)
Non-Operating Expenses
Interest Expense	2,552				1,115				8,955				4,916
Loss in Canada Jetlines Operations Ltd.	1,300				-				1,300				-
Total Non-Operating Expenses	3,852				1,115				10,255				4,916
Loss before income taxes	(509		)		(2,346		)		(11,383		)		(20,784		)
Income tax expense	-				2				2				2
Net Loss	(509		)		(2,344		)		(11,385		)		(20,786		)
Net Income attributable to Noncontrolling Interest	88				236				87				225
Net Loss attributable to the Company	(597		)		(2,580		)		(11,472		)		(21,011		)
Loss per share:
Basic	$	(0.01	)		$	(0.04	)		$	(0.19	)		$	(0.37	)
Diluted	$	(0.01	)		$	(0.04	)		$	(0.19	)		$	(0.37	)
Weighted average number of shares outstanding	61,358,492				58,245,242				60,359,587				56,763,879
Fully diluted shares outstanding	61,358,492				58,245,242				60,359,587				56,763,879

See accompanying notes to 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, 2023		53,440,482			$	53			$	30,774			$	(38,083	)		$	(7,256	)		$	—			$	(7,256	)
Issuance of shares – warrants and options exercised		2,877,083			3				1,422				—				1,425					—			1,425
Warrants issued		—			—				3,838				—				3,838					—			3,838
Issuance of shares -  share based compensation on RSUs		1,803,992			2				2,383				—				2,385					—			2,385
Issuance of shares - ESPP		804,314			1				526				—				527					—			527
(Loss) income for the period		—			—				—				(21,011		)		(21,011		)			225			(20,786		)
Ending – December 31, 2023		58,925,871			$	59			$	38,943			$	(59,094	)		$	(20,092	)		$	225			$	(19,867	)
	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		2,080,648			1				1,621				—				1,622					—			1,622
Issuance of shares - ESPP		752,208			—				387				—				387					—			387
Dividends declared to noncontrolling interest		—			—				—				—				—					(225	)		(225		)
(Loss) income for the period		—			—				—				(11,472		)		(11,472		)			87			(11,385		)
Ending – December 31, 2024		61,758,727			$	60			$	40,951			$	(70,566	)		$	(29,555	)		$	87			$	(29,468	)

See accompanying notes to consolidated financial statements

GLOBAL CROSSING AIRLINES GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands)
		For The Twelve Months Ended December 31,
		2024				2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(11,385	)		$	(20,786	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense		6,271				2,293
Credit losses		482				6
Loss on sale of property		—				136
Loss (gain) on sale of spare parts		173				(433		)
Amortization of debt issue costs		649				902
Amortization of operating lease right of use assets		14,300				8,173
Share-based payments		1,680				2,465
Interest on finance leases		3,043				435
Changes in assets and liabilities:
Accounts receivable		3,241				(7,746		)
Assets held for sale		(364		)		1,666
Prepaid expenses and other current assets		410				(322		)
Accounts payable		5,276				2,365
Accrued liabilities and other liabilities		2,104				17,153
Operating lease obligations		(14,430		)		(7,928		)
Other liabilities		(3,379		)		242
Net cash provided by (used in) operating activities		8,071				(1,379		)
CASH FLOWS FROM INVESTING ACTIVITIES
Deposits, deferred costs and other assets		(2,775		)		(9,144		)
Purchases of property and equipment		(7,218		)		(4,042		)
Net cash used in investing activities		(9,993		)		(13,186		)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on finance leases		(1,815		)		(480		)
Noncontrolling interest dividends paid		(225		)		—
Proceeds on issuance of shares		329				1,872
Repayment of notes payables		—				(9,902		)
Proceeds from note payable		—				35,290
Net cash (used in) provided by financing activities		(1,711		)		26,780
Net (decrease) increase in cash, cash equivalents, and restricted cash		(3,633		)		12,215
Cash, cash equivalents and restricted cash - beginning of the period		17,676				5,461
Cash, cash equivalents and restricted cash - end of the period		$	14,043			$	17,676
Non-cash investing and financing activities
Reclass of Property and equipment to offsets current assets held for sale and other current assets (insurance receivable)		$	653			$	-
Right-of-use (ROU) assets acquired through operating leases		$	27,229			$	57,101
Equipment acquired through finance leases		$	26,619			$	1,915
Note Payable reductions through accounts receivable from sale of Assets held for sale		$	-			$	145
Cash paid for
Interest		$	8,137			$	753

See accompanying notes to consolidated financial statements.

FAQ

What was Global Crossing Airlines (JETMF) revenue growth in 2024?

JETMF's revenue grew 40% to $223.8 million in FY 2024, with Q4 revenue up 11% to $59.9 million.

How much did JETMF's EBITDAR improve in Q4 2024?

EBITDAR increased 69% to $19.3 million in Q4 2024 compared to $11.4 million in Q4 2023.

What major contracts did JETMF secure for 2024-2025?

JETMF secured a South American ACMI contract for 1,800 block hours, a DHL cargo contract, and expanded TUI Airways contract for $5 million in summer 2025.

How did JETMF's cargo operations perform in Q4 2024?

Cargo operations generated over 1,600 block hours in Q4 2024, a 4x increase compared to Q4 2023.

What was JETMF's cash position at the end of 2024?

JETMF had $14.0 million in cash and restricted cash as of December 31, 2024.