Global Crossing Airlines Reports $246.3M Revenue for Fiscal Year 2025, Operating Income Improvement

Global Crossing Airlines Group Inc. reported a total revenue of $246.3 million for the fiscal year ending December 31, 2025, marking an increase of 10.1% from $223.8 million in 2024. The company's charter revenue, however, saw a significant decline of 34.8%, dropping from $95.5 million in 2024 to $62.3 million in 2025. This decrease was primarily attributed to a 28.1% reduction in Charter Block Hours, which fell from 7,582 to 4,580 hours. Conversely, ACMI revenue increased by 42.8% to $175.8 million, driven by a 37.5% rise in Block Hours from 20,539 to 28,251 hours, and a 4.3% increase in average revenue per Block Hour.

Operating expenses for Global Crossing Airlines rose by 5.6% to $237.4 million, up from $224.9 million in the previous year. Notable increases included salaries, wages, and benefits, which rose by 18.8% to $80.5 million, largely due to an increase in headcount. Maintenance costs surged by 44.7% to $19.1 million, driven by higher Block Hours flown and inflation in labor and parts. Despite these rising costs, the company achieved an operating income of $8.9 million, a significant improvement from an operating loss of $1.1 million in 2024, marking the first positive operating income in the company's history.

The company’s net loss improved by 77.2%, decreasing from $11.4 million in 2024 to $2.6 million in 2025. This improvement was attributed to the company's ability to grow revenue faster than its cost structure, with operating income as a percentage of revenue improving from -0.5% to 3.6%. The company ended the year with a working capital deficit of $60.5 million and a retained deficit of $73.6 million, raising concerns about its ability to continue as a going concern without additional financing.

In terms of operational developments, Global Crossing Airlines expanded its fleet, finishing 2025 with 16 passenger aircraft and four cargo aircraft, with plans to increase to 21 passenger aircraft by the end of 2026. The company also focused on enhancing its ACMI services and reducing its exposure to the Cuba-based charter market. As of December 31, 2025, the company had approximately $16.7 million in unrestricted cash and cash equivalents, an increase from the previous year, which was bolstered by new aircraft deliveries and customer deposits.

Looking ahead, Global Crossing Airlines aims to improve profitability in 2026 by continuing to secure higher rates for ACMI and charter contracts, expanding its fleet, and enhancing operational efficiency. However, the company acknowledges that its growth strategy is contingent upon obtaining substantial additional financing, which may not be guaranteed. The management is actively exploring various financing options to support its operational and growth objectives.