Global Crossing Airlines Reports First Quarter 2025 Financial Results

Financial Performance - The company reported revenue of $66.6 million for Q1 2025, a 24% increase from $53.8 million in Q1 2024, driven by higher block hours flown and fleet expansion [3][5] - Net income improved to $0.2 million in Q1 2025 from a loss of $6.4 million in Q1 2024, with earnings per share rising to $0.00 from a loss of $0.11 [3][5] - EBITDAR increased approximately 2x to $20.6 million compared to $9.3 million in the previous year, attributed to increased revenue and higher average rates per block hour flown [3][5] Operational Highlights - The total block hours flown increased by 29% to 7,546 hours in Q1 2025 from 5,859 hours in Q1 2024 [3][5] - The average utilization per aircraft rose by 6% to 442 hours in Q1 2025 compared to 416 hours in Q1 2024 [3] - The company expanded its fleet to 16.7 aircraft, a 34% increase from 12.5 aircraft in the previous year [3][5] Management Commentary - The Executive Chairman emphasized the growing momentum of the charter platform and the execution of the strategic plan, highlighting improvements in revenue and profitability across all business segments [4] - The President and CFO noted a strong start to the year with significant improvements in EBITDAR, EBITDA, and net income, despite maintenance activities on ten aircraft [4] Cash Flow and Liquidity - Cash flow from operations improved to $0.1 million in Q1 2025 from a cash used of $2.1 million in Q1 2024, driven by improved profitability and efficiency gains [5] - The company had approximately $10.2 million in cash and restricted cash as of March 31, 2025, down from $14.0 million at the end of 2024 [7]