Global Crossing Airlines Group Inc. SEC 10-Q Report

Global Crossing Airlines Group Inc. (GlobalX), a leading provider of ACMI (Aircraft, Crew, Maintenance, and Insurance) and passenger charter services, has released its Form 10-Q report for the second quarter of 2025. The report highlights significant improvements in both financial and operational metrics, underscoring the company's strategic focus on expanding its ACMI operations and enhancing fleet utilization.

Financial Highlights

• Total Revenue: $61.4 million, increased by 6.7% compared to the same period in 2024, driven by a 39.6% increase in ACMI revenue.
• Operating Income: $3.2 million, representing an improvement from $2.5 million in 2024, with operating income as a percentage of revenue improving from 4.4% to 5.3%.
• Net Income: $0.6 million, an increase from $0.3 million in 2024, attributed to higher ACMI rates and improved utilization.
• Basic Income Per Share: $0.01, reflecting the company's improved profitability.
• Diluted Income Per Share: $0.01, consistent with the basic income per share, indicating no significant dilution effects.

Business Highlights

• Revenue Segments: The company reported a significant shift in its revenue composition, with ACMI services increasing by 39.6% in the three months ended June 30, 2025, compared to the same period in 2024. This was driven by a 32.2% increase in block hours, highlighting a strategic focus on ACMI operations.
• Geographical Performance: GlobalX operates within the United States, Europe, Canada, Central and South America, with a noted increase in operations in the ACMI market, particularly for government agencies, indicating a strategic expansion in these regions.
• Sales Units: The total block hours operated increased by 22.4% for the three months ended June 30, 2025, compared to the same period in 2024, reflecting higher utilization of the aircraft fleet.
• New Production Launches: The company took delivery of one A321 passenger aircraft and entered into lease agreements for four A319 passenger aircrafts, expanding its fleet to support increased demand in the passenger charter market.
• Future Outlook: The company anticipates continued strong demand in the passenger charter market, driven by macro factors such as increased reliance on air charter by colleges and a general rise in customer demand. GlobalX plans to prioritize passenger aircraft deliveries and expand its market presence.
• Operational Efficiency: The company reported improved operational efficiency, with average utilization per available aircraft increasing by 2.9% for the three months ended June 30, 2025. This was achieved through strategic fleet management and increased focus on ACMI operations.
• Maintenance and Crew Management: GlobalX completed five heavy maintenance events and twenty-one non-heavy maintenance events during the six months ended June 30, 2025, and increased its pilot headcount from 140 to 150 to match the growing fleet size.

SEC Filing: Global Crossing Airlines Group Inc. [ JET ] - 10-Q - Aug. 14, 2025