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

Financial Performance - The company reported a revenue of $246.3 million for FY 2025, a 10% increase from $223.8 million in FY 2024 [2][25] - Operating income for FY 2025 was $8.9 million, compared to a loss of $1.1 million in FY 2024, marking the first annual positive operating profit [2][3] - EBITDA for FY 2025 reached $20.9 million, approximately four times higher than the $5.1 million reported in FY 2024 [2][3] - The net loss for FY 2025 was $3.1 million, significantly improved from a net loss of $11.5 million in FY 2024 [2][3] Operational Highlights - The company achieved record asset utilization, with average utilization hours per aircraft increasing by 7% to 2,062 hours in FY 2025 [2][3] - Total block hours flown increased by 17% to 33,564 hours in FY 2025 compared to 28,820 hours in FY 2024 [2][3] - The percentage of block hours under ACMI (Aircraft, Crew, Maintenance, and Insurance) increased to 84% from 71% year-over-year [2][3] Cash Flow and Liquidity - Cash flows from operations improved by 80% year-over-year, totaling $28.1 million for FY 2025 compared to $8.1 million in FY 2024 [2][29] - The company ended FY 2025 with approximately $20.5 million in cash and restricted cash, up from $14.0 million at the end of FY 2024 [2][7] Future Outlook - The company is positioned for growth with plans to expand its passenger fleet, including the addition of one aircraft in Q1 2026 and letters of intent to lease two more [4][9] - Management expressed confidence in continuing revenue and operating income growth, supported by robust forward bookings across charter and ACMI operations [4][9] - The company aims to achieve sustained profitability objectives set in its three-year plan, with 2026 identified as a key milestone [3][4]