Global Crossing Airlines Reports 23.7% Revenue Growth to $66.6 Million in Q1 2025

Global Crossing Airlines Group Inc. reported a significant increase in financial performance for the first quarter of 2025, with revenues reaching $66.6 million, up from $53.8 million in the same period last year, marking a 23.7% increase. The company achieved an operating income of $3.1 million, a notable turnaround from an operating loss of $4.6 million in the first quarter of 2024. This improvement in profitability is attributed to a combination of increased revenue from ACMI (Aircraft, Crew, Maintenance, and Insurance) services and effective cost management strategies.

The company's operational metrics also reflect positive changes, with total block hours flown increasing from 5,200 to 7,377, a rise of 27.5%. The average utilization per available aircraft improved from 416 to 442 hours, indicating enhanced operational efficiency. The increase in ACMI revenue, which surged by 84.3% to $34.3 million, was driven by a substantial rise in block hours flown, while charter revenue decreased by 10.3% to $30.5 million due to a reduction in block hours, despite an increase in the rate per block hour.

In terms of strategic developments, Global Crossing Airlines has focused on expanding its fleet and operational capabilities. The company took delivery of one A321 passenger aircraft and increased its pilot headcount from 140 to 146. The total employee count rose by 13.3% to 692, reflecting the company's commitment to scaling operations in response to growing demand. Additionally, the company has been actively pursuing long-term contracts in the cargo sector, which has seen a 200% increase in volume compared to the previous year, although the overall cargo market remains soft due to economic conditions.

Financially, Global Crossing Airlines ended the quarter with approximately $7.3 million in unrestricted cash and $2.9 million in restricted cash, a decrease from the previous quarter primarily due to new aircraft deliveries and operational losses. The company is exploring various financing options to bolster its liquidity, including potential equity or debt financing. Looking ahead, Global Crossing Airlines aims to continue expanding its market presence, particularly in the passenger charter segment, which is expected to drive revenue growth through 2026. The company remains focused on achieving operational efficiency and profitability as it navigates the evolving landscape of the airline industry.