Global Crossing Airlines Reports Third Quarter 2025 Financial Results

2025-11-05 04:18:04

(MENAFN- GlobeNewsWire - Nasdaq) Record Quarterly Utilization of 9,901 Block Hours Drives Revenue Growth of 11% YoY to $58.0 Million

MIAMI, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (Cboe CA: JET, Cboe CA: JET.B, OTCQB: JETMF) (the“Company” or“GlobalX”), The Nation's Fastest Growing Charter AirlineTM, today announced its financial and operating results for the third quarter ended September 30, 2025. Except as otherwise disclosed, all figures are presented in United States dollars and prepared in accordance with U.S. GAAP.

Financial and Operational Summary
	Q3 2025	Q3 2024	% Change
Revenue:	$58.0M	$52.4M	11 %
Net Income (Loss):	$(2.0)M	$(4.9)M	N/A
EBITDAR ¹ :	$18.9M	$15.4M	22%
EBITDA ¹ :	$4.3M	$(0.6)M	N/A
Net Aircraft Available:	15.9	15.2	5%
Total Block Hours, including Sub Service:	9,901	8,064	23%
% of Block Hours - ACMI	96%	82%	14%
Average Utilization Hours Per Aircraft:	618	491	26%

Management Commentary

Chris Jamroz, Executive Chairman of GlobalX, stated:“In the third quarter, GlobalX delivered another period of strong growth and significant year-over-year improvement, with revenue up 11%, EBITDAR¹ up 22%, and EBITDA¹ improving by nearly $5 million versus the same quarter last year. We achieved some of the highest aircraft utilization rates since our inception, driven by increased demand across the full spectrum of charter and ACMI customers. While we're proud of this progress, the results were nonetheless a disappointment to us. We had the opportunity to achieve net income profitability - and we fell short due to our own execution issues. The good news is that we feel that every one of these challenges was controllable within our four walls.”

“The rapid pace of growth challenged our maintenance and operations functions, leading to avoidable logistics disruptions and preventable aircraft on ground (“AOG”) events. Over the past sixty days, we've taken decisive action - overhauling leadership across operations and maintenance, redesigning processes, strengthening controls, and investing significantly in preventive maintenance. We've addressed the pain points, and as we enter the final quarter of the year, we're confident in our ability to execute and build upon the strong momentum in our business.”

Ryan Goepel, President and CFO of GlobalX, added,“This quarter demonstrated both the strength of our business model and the operational growing pains that accompanied rapid scaling. While aircraft utilization reached record levels, we lost approximately 500 block hours to unscheduled maintenance across the fleet - a direct hit to revenue, crew productivity and margins. Those lost hours, and the resulting incremental maintenance expense, are the primary reasons we missed the opportunity to report positive net income this quarter.”

Goepel continued,“Over the past sixty days we've taken targeted, measurable steps to remedy these shortcomings. We've reduced more than $5 million in annualized office and operating costs through reorganization and tighter SG&A discipline. We expect a more normalized SG&A run rate beginning in December, traditionally our busiest and most profitable month, and we anticipate all aircraft will be fully operational heading into that period. Operationally, we've strengthened maintenance planning, improved parts logistics, and instituted new checkpoints and feedback loops to prevent recurring AOG events.”

“Bookings across all charter customer segments are at record levels, materially ahead of last year,” Goepel concluded.“We've made meaningful progress in building a more efficient and reliable organization and are entering year-end with improved reliability and a stronger foundation for profitability. Looking to 2026, we plan to build on this momentum through disciplined growth, focusing on profitable expansion, and deploying additional aircraft to meet rising demand across our core charter markets,” Goepel concluded.

The Company also announced that its Executive Chairman, Chris Jamroz, has agreed to acquire a block of 1.5 million shares and warrants, making him the largest individual, non-institutional shareholder with approximately 7% on a fully diluted basis (accounting for the vesting of the RSUs).

¹Refer below to the section“Non-GAAP Financial Measures” for additional information

Q3 2025 Financial Highlights (vs. Q3 2024) – Three Month Period

Revenue: Revenue increased 11% to $58.0 million compared to $52.4 million. The increase was primarily driven by continued growth in ACMI operations.
Total Operating Expenses: Operating expenses increased 4% to $57.0 million compared to $55.0 million. The increase was primarily driven by higher maintenance and personnel costs associated with the ongoing expansion of the GlobalX fleet.
Net Loss/EPS: Net loss improved to $2.0 million compared to $4.9 million. Loss per share improved to $(0.03) per basic and diluted share, compared to $(0.08) per basic and diluted share in the prior-year period. This was primarily driven by the increase in higher margin ACMI revenues.
EBITDAR ¹ : EBITDAR increased 22% to $18.9 million compared to $15.4 million.
EBITDA ¹ : EBITDA improved by nearly $5 million over the prior year comparison to $4.3 million compared to $(0.6) million.
Cash Flow from Operations: Cash flow provided by operations improved to $0.6 million, compared to cash used by operations of $1.0 million in the third quarter of 2024. The improvement primarily reflects stronger operating performance and efficiency gains across the business.

Recent Operational Updates

Implemented enhanced maintenance planning and scheduling to reduce unplanned downtime in the future, with all aircraft expected to be fully operational ahead of December's peak flying period.
Took delivery of the first of four previously announced leased A319's and GlobalX's first purchased A320 airframe, each of which are expected to be in revenue service in December. Additionally, GlobalX expects to take delivery of the remaining three aircraft over the next three months.
Signed a strategic ACMI agreement with Sunrise Airways to provide two dedicated A320 aircraft starting in November, reinforcing GlobalX's position as a leading ACMI provider and expanding its presence in key international markets.

Liquidity

Cash and Restricted Cash: The Company had approximately $7.2 million in cash and restricted cash at September 30, 2025, compared to $14.0 million at December 31, 2024.

¹ Refer below to the section“Non-GAAP Financial Measures” for additional information

Conference Call and Webcast

The GlobalX management team will host a conference call tomorrow, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing ....

Date: Thursday, November 6, 2025
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (800) 717-1738
International dial-in number: (646) 307-1865
Conference ID: 72958
Webcast: GlobalX's Q3 2025 Conference Call

If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

The conference call will also be available for replay on the investor relations section of the Company's website at .

About Global Crossing Airlines Group, Inc.

GlobalX is a US 121 domestic flag and supplemental airline flying the Airbus A320 family of aircraft. The Company's services include domestic and international ACMI and charter flights for passengers and cargo throughout the US, Caribbean, Europe, and Latin America. GlobalX is IOSA certified by IATA and holds TCOs for Europe, the UK, and Australia.

For more information:

Company Contact

Ryan Goepel, President & CFO
Tel: (720) 330-2829

Investor Relations Contact

Sean Mansouri, CFA or Aaron D'Souza
Email: ...

Non-GAAP Financial Measures

The Company evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America ("GAAP") and non-GAAP financial measures, including Adjusted operating expenses, adjusted operating income (loss), Adjusted operating margin, adjusted pre-tax income (loss), Adjusted pre-tax margin, Adjusted net income (loss), Adjusted diluted earnings (loss) per share, adjusted EBITDA and adjusted EBITDAR. These non-GAAP financial measures are provided as supplemental information to the financial information presented in this press release that is calculated and presented in accordance with GAAP and these non-GAAP financial measures are presented because management believes that they supplement or enhance management's, analysts' and investors' overall understanding of the Company's underlying financial performance and trends and facilitate comparisons among current, past and future periods.

Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in the press release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in the method of calculation and in the items being adjusted. We encourage investors to review our financial statements and filings with the Securities and Exchange Commission (SEC) in their entirety and not to rely on any single financial measure.

EBITDA is defined as operating income (loss), plus depreciation, amortization, interest and taxes, and is a supplemental measure of operating performance that the Company believes is useful to facilitate comparisons to its historical consolidated and business-level performance and operating results. The Company believes its presentation of EBITDA, a key metric used internally by management, provides investors with a supplemental view of the Company's operating performance that facilitates analysis and comparisons of its ongoing business operations because they exclude items that may not be indicative of the Company's ongoing operating performance.

EBITDAR is defined as operating income (loss), plus depreciation, amortization, interest, taxes and aircraft rent, and is a metric to be considered by investors when comparing results across various airlines, which aims to normalize for the different ways that the airlines acquired their aircraft. This distinction is important when comparing the operational results of an airline leasing its aircraft versus an airline purchasing its aircraft. Specifically, the airline leasing aircraft would see the costs relating to those aircraft flow through aircraft rent, while an airline that owns their aircraft would see their costs for those aircraft flow through depreciation and amortization.

EBITDAR Reconciliation (in thousands)	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024

Operating Income (Loss)	$	1,035		$	(2,504	)
Depreciation and amortization		3,245			1,866
EBITDA		4,280			(638	)
Aircraft Rent		14,649			16,031
EBITDAR		18,929			15,393

EBITDAR Reconciliation (in thousands)	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024

Operating Income (Loss)	$	7,421		$	(4,580	)
Depreciation and amortization	8,099		4,476
EBITDA	15,520			(104	)
Aircraft Rent	43,809		43,554
EBITDAR	59,329		43,450

Cautionary Note Regarding Forward-Looking Information

This press release contains certain“forward-looking statements” and“forward-looking information”, as defined under applicable United States and Canadian securities laws, concerning anticipated developments and events that may occur in the future. Forward-looking statements contained in this press release include, but are not limited to, statements with respect to the Company's financial performance, continued growth, rising demand, growing momentum of the Company's charter platform and the execution of the Company's strategic plan, the goal of becoming the largest narrow body charter airline in North America, continued fleet expansion, profitable narrow body charter operations, the Company's future focus, details regarding future financial results, the Company's ability to effectively manage its operations, including maintenance and personnel, strengthening controls, investing significantly in preventive maintenance, that all aircraft will be fully operational heading into December, focus on profitable expansion, deployment of additional aircraft to meet rising demand across the Company's core charter markets, and the Company's status as the nation's fastest growing charter airline. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking statements contained in this press release are based on certain factors and assumptions regarding, among other things: the accuracy, reliability and success of GlobalX's business model; GlobalX's ability to accurately forecast demand; GlobalX's ability to successfully conclude definitive agreements for transactions subject to LOI; the success of airline operations of GlobalX; GlobalX's ability to successfully enter new geographic markets; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; GlobalX's ability to have sufficient aircraft to provide its services to customers; the impact of competition and the competitive response to GlobalX's business strategy; and the future price of fuel, and the availability of aircraft. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include risks related, among other things, to: our ability to lease aircraft on favorable terms; manage our growth effectively; implement our business strategy successfully; obtain access to capital; the limited number of aircraft we fly; rising maintenance costs; seasonality in our business; and aircraft related fixed obligations. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements are made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update any forward-looking statements. If GlobalX does update one or more forward-looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements. The Company has also identified certain known material risk factors applicable to it in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC and its other filings with the SEC.

GLOBAL CROSSING AIRLINES GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share quantities)

	September 30, 2025		December 31, 2024
	(Unaudited)
Current Assets
Cash and cash equivalents	$	7,055		$	12,345
Restricted cash		166			1,698
Accounts receivable, net of allowance for credit losses		4,875			6,678
Prepaid expenses and other current assets		4,008			2,142
Current assets held for sale		412			489
Total Current Assets		16,516			23,352
Property and equipment, net		32,672			10,308
Finance leases, net		30,237			27,489
Operating lease right-of-use assets		75,242			89,809
Deposits		12,225			11,552
Other assets		3,857			4,229
Total Assets	$	170,749		$	166,739
Current liabilities
Accounts payable	$	14,077		$	12,568
Accrued liabilities		23,091			20,418
Deferred revenue		4,898			8,903
Customer deposits		3,989			4,080
Current portion of note payable		3,234			-
Current portion of long-term operating leases		14,326			16,479
Current portion of finance leases		6,949			3,434
Total current liabilities		70,564			65,882
Other liabilities
Note payable, net of unamortized debt issuance costs		40,882			29,729
Long-term operating leases		62,046			75,128
Long-term finance leases		25,209			25,182
Other liabilities		292			286
Total other liabilities		128,429			130,325
Total Liabilities	$	198,993		$	196,207
Commitments and Contingencies (Note 9)
Stockholders' Equity (Deficit)
Common Stock
$.001 par value; 200,000,000 authorized; 64,954,008 and 61,758,727 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	$	65		$	62
Additional paid-in capital		43,330			40,949
Retained deficit		(71,763	)		(70,566	)
Total Company's stockholders' deficit		(28,368	)		(29,555	)
Noncontrolling interest		124			87
Total stockholders' deficit		(28,244	)		(29,468	)
Total Liabilities and Deficit	$	170,749		$	166,739

GLOBAL CROSSING AIRLINES GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands, except share and per share amounts)

	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024

Revenue	$	58,022		$	52,436		$	186,004		$	163,817
Operating Expenses
Salaries, Wages, & Benefits		21,279			17,404			59,979			50,923
Aircraft Fuel		1,340			4,104			11,782			17,904
Maintenance, materials and repairs		5,153			3,448			14,413			9,026
Depreciation and amortization		3,245			1,866			8,099			4,476
Contracted ground and aviation services		3,343			3,281			14,123			14,941
Travel		1,708			2,216			6,988			9,185
Insurance		1,271			1,627			3,808			4,815
Aircraft Rent		14,649			16,031			43,809			43,554
Other		4,999			4,963			15,582			13,573
Total Operating Expenses	$	56,987		$	54,940		$	178,583		$	168,397
Operating Income (Loss)		1,035			(2,504	)		7,421			(4,580	)
Non-Operating Expenses
Interest Expense		2,990			2,385			8,233			6,403
Total Non-Operating Expenses		2,990			2,385			8,233			6,403
Loss before income taxes		(1,955	)		(4,889	)		(812	)		(10,983	)
Income tax expense		-			-			-			-
Net Loss		(1,955	)		(4,889	)		(812	)		(10,983	)
Net Income (Loss) attributable to Noncontrolling Interest		4			(2	)		385			(1	)
Net Loss attributable to the Company		(1,959	)		(4,887	)		(1,197	)		(10,982	)
Loss per share:
Basic	$	(0.03	)	$	(0.08	)	$	(0.02	)	$	(0.18	)
Diluted	$	(0.03	)	$	(0.08	)	$	(0.02	)	$	(0.18	)
Weighted average number of shares outstanding		64,664,058			60,817,884			63,649,789			60,024,188

Fully diluted shares outstanding		64,664,058			60,817,884			63,649,789			60,024,188

GLOBAL CROSSING AIRLINES GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (In thousands, except shares quantities)

	Common Stock Number of Shares	Amount		Additional Paid in Capital		Retained Deficit	Total	Noncontrolling Interest	Total
Beginning – January 1, 2024	58,925,871	$	59		$	38,943	$	(59,094	)	$	(20,092	)	$	225		$	(19,867	)
Issuance of shares - share based compensation on RSUs	742,079		1			342		-			343			-			343
Loss for the period	-		-			-		(6,379	)		(6,379	)		-			(6,379	)
Ending – March 31, 2024	59,667,950	$	60		$	39,285	$	(65,473	)	$	(26,128	)	$	225		$	(25,903	)
Issuance of shares - share based compensation on RSUs	544,157		1			498		-			499			-			499
Issuance of shares - ESPP	391,574		-			221		-			221			-			221
Dividends	-		-			-		-			-			(100	)		(100	)
Income for the period	-		-			-		284			284			1			285
Ending – June 30, 2024	60,603,681	$	61		$	40,004	$	(65,189	)	$	(25,124	)	$	126		$	(24,998	)
Issuance of shares - share based compensation on RSUs	419,758		1			393		-			394			-			394
Loss for the period	-		-			-		(4,887	)		(4,887	)		(2	)		(4,889	)
Ending – September 30, 2024	61,023,439	$	62		$	40,397	$	(70,076	)	$	(29,617	)	$	124		$	(29,493	)


	Common Stock Number of Shares	Amount		Additional Paid in Capital		Retained Deficit	Total	Noncontrolling Interest	Total
Beginning – January 1, 2025	61,758,727		62			40,949		(70,566	)		(29,555	)		87			(29,468	)
Issuance of shares – options exercised	50,000		-			12		-			12			-			12
Issuance of shares – share based compensation on RSUs	1,876,109		2			534		-			536			-			536
Income for the period	-		-			-		154			154			372			526
Issuance of shares - ESPP	5,496		-			3		-			3			-			3
Ending – March 31, 2025	63,690,332	$	64		$	41,498	$	(70,412	)	$	(28,850	)	$	459		$	(28,391	)
Issuance of shares – options exercised	196,667		-			49		-			49			-			49
Issuance of shares – share based compensation on RSUs	309,994		1			776		-			777			-			777
Issuance of shares - ESPP	258,796		-			168		-			168			-			168
Proceeds from disgorgement of stockholders' short-swing profits (Note 11)	-		-			12		-			12			-			12
Dividends	-		-			-		-			-			(148	)		(148	)
Income for the period	-		-			-		608			608			9			617
Ending – June 30, 2025	64,455,789	$	65		$	42,503	$	(69,804	)	$	(27,236	)	$	320		$	(26,916	)
Issuance of shares - share based compensation on RSUs	498,219		-			827		-			827			-			827
Dividends	-		-			-		-			-			(200	)		(200	)
(Loss) Income for the period	-		-			-		(1,959	)		(1,959	)		4			(1,955	)
Ending – September 30, 2025	64,954,008	$	65		$	43,330	$	(71,763	)	$	(28,368	)	$	124		$	(28,244	)

GLOBAL CROSSING AIRLINES GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands)

	For the nine months ended September 30,
		2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$	(812	)	$	(10,983	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense		8,099			4,476
Credit losses		111			357
Loss on sale of spare parts		82			160
Amortization of debt issue costs		584			463
Amortization of operating lease right of use assets		14,950			10,556
Share-based payments		2,166			1,266
Interest on finance leases		3,295			1,991
Changes in assets and liabilities:
Accounts receivable		1,714			3,413
Assets held for sale		(5	)		(355	)
Prepaid expenses and other current assets		(1,772	)		131
Accounts payable		1,509			5,336
Accrued liabilities and other liabilities		(1,423	)		(6,669	)
Operating lease obligations		(15,618	)		(10,507	)
Other liabilities		(3,340	)		(1,892	)
Net cash provided by (used in) operating activities		9,540			(2,257	)
CASH FLOWS FROM INVESTING ACTIVITIES
Deposits, deferred costs and other assets		(1,561	)		(1,259	)
Purchases of property and equipment		(10,042	)		(4,998	)
Net cash used in investing activities		(11,603	)		(6,257	)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on finance leases		(3,783	)		(1,427	)
Principal payments on note payable		(678	)		-
Debt issue costs		(169	)		-
Proceeds on issuance of shares		207			188
Dividends		(348	)		(100	)
Proceeds from disgorgement of stockholders' short-swing profits		12			-
Net cash used in financing activities		(4,759	)		(1,339	)
Net decrease in cash, cash equivalents, and restricted cash		(6,822	)		(9,853	)
Cash, cash equivalents and restricted cash - beginning of the period		14,043			17,676
Cash, cash equivalents and restricted cash - end of the period	$	7,221		$	7,823
Non-cash investing and financing activities
Reclass of Property and equipment to Accounts receivable (aircraft receivable) and Prepaid expenses and other current assets (deferred maintenance)	$	117		$	-
Right-of-use (ROU) assets acquired through operating leases	$	383		$	27,229
Aircraft acquired through note payable	$	14,650		$	-
Aircraft acquired through finance leases	$	3,453		$	26,414
Airframe acquired through finance leases	$	3,536		$	-
Equipment acquired through finance leases	$	387		$	57
Cash paid for
Interest	$	7,794		$	4,385

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