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Global Crossing Airlines Reports Second Quarter 2025 Financial Results
Globenewswireยท2025-08-13 20:05

Financial Performance - Revenue for Q2 2025 increased by 7% to $61.4 million compared to $57.5 million in Q2 2024, driven by higher block hours flown and aircraft fleet expansion [3][5] - Net income rose 100% to $0.6 million from $0.3 million, with earnings per share increasing to $0.01 from breakeven [3][5] - EBITDAR increased approximately 6% to $19.8 million compared to $18.7 million [3][5] - EBITDA saw a significant increase of 48% to $5.9 million from $4.0 million [3][5] - Cash flow from operations improved to $8.8 million compared to $0.9 million year-over-year, reflecting improved profitability and disciplined cost management [5][6] Operational Highlights - The company achieved record block hours flown of 8,065, a 13% increase from 7,152 hours in Q2 2024 [3][4] - The number of net aircraft available increased by 19% to 17.1 from 14.4 [3][4] - Average utilization per aircraft improved by 3% to 471 hours [3][4] - The percentage of block hours under ACMI (Aircraft, Crew, Maintenance, and Insurance) increased to 84% from 72% [3][4] Management Commentary - Management emphasized the consistency of execution and the strength of the operating platform, highlighting a focus on scaling the business with discipline [4] - The company aims to become America's largest narrowbody charter airline, supported by fleet growth and strategic customer partnerships [4] - The management team expressed confidence in building on the momentum from Q1 into the second half of 2025 [4] Liquidity and Cash Position - As of June 30, 2025, the company had approximately $14.1 million in cash and restricted cash, slightly up from $14.0 million at the end of 2024 [8] - The company utilized cash flow to invest in talent acquisition, fleet expansion, and system enhancements to fuel future growth [6] Recent Developments - The company transitioned to a hybrid ownership model with its first acquisition of an Airbus A320 in July 2025 [12] - The pilot headcount increased by 7% year-over-year to 150 to support continued aircraft fleet growth [12]