Global Crossing Airlines Group Inc.

Second-quarter revenue increased 7% year over year to $61.4 million from $57.5 million. ACMI revenue increased 40% to $44.5 million from $31.9 million, while charter revenue fell to $15.3 million from $24.6 million. Total operating expenses were $58.1 million versus $55 million. Net income improved to $0.6 million from $0.3 million, and EPS was $0.01 per basic and diluted share versus breakeven last year. EBITDA increased 48% to $5.9 million from $4 million, and EBITDAR increased to $19.8 million from $18.7 million. Cash flow provided by operating activities rose to $8.8 million from $0.9 million, and cash and restricted cash ended at approximately $14.1 million versus $10.2 million at March 31, 2025. For the quarter, management highlighted record 8,065 block hours, up 13% year over year. No formal next-quarter or full-year financial guidance was given, but management said it expects to continue adding aircraft, operate profitably, and generate positive operating cash flow for the year; it also reiterated that 4 A319s will be delivered from September to December, with the first entering service by end of September.

Chris Jamroz framed 2025 as a year of maturation and execution after 2024’s stabilization phase, saying the company is building toward sustainable profitability and consistency. He emphasized record block hours, stronger cash flow, fleet expansion, and the new hybrid ownership model as evidence that the strategy is working. His tone was upbeat and confident, with a clear focus on becoming a larger, more reliable narrow-body charter airline in North America.

Ryan Goepel said the quarter showed meaningful improvement across key financial metrics, driven by higher block hours, fleet expansion, and stronger ACMI contribution. He pointed to ACMI revenue of $44.5 million, a 40% increase, and explained the business is intentionally shifting aircraft from charter to ACMI because it has a higher-margin, more predictable profile; he also cited average revenue per block hour of $6,580 for ACMI and $13,272 for charter. On the balance sheet, he highlighted $8.8 million in operating cash flow and $14.1 million in cash and restricted cash, and said capital allocation will balance growth with liquidity, with highest-return opportunities currently in ACMI capacity and aircraft acquisitions/leases.

Analysts focused on why GlobalX is not seeing the same softness as scheduled carriers, how management is balancing aircraft purchases versus leases, and what risks exist in cargo and rapid fleet growth. Ryan answered that the company’s model avoids ticket risk because it is paid by the block hour after charters are confirmed, and he said ownership is now an additional tool after the company proved it could secure financing for an aircraft purchase. On cargo, he said demand remains subdued but cited the DHL contract extension and believes the fleet can be redeployed if recovery takes longer, while on growth he said the company has spent the last 10 months preparing through training, maintenance, and scheduling to absorb new aircraft.