Global Crossing Airlines Group (JET) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 increased 7% year-over-year to $61.4 million, driven by strong ACMI growth, record block hours, and fleet expansion, while charter revenue declined.

• Net income doubled to $0.6 million ($0.01 per share), reflecting operational excellence and improved profitability.

• Cash flow from operations surged to $8.8 million from $0.9 million, supporting investments in talent, fleet, and systems.

• Expanded fleet with first aircraft acquisition and leases for four A319s, transitioning to a hybrid ownership model.

• Passenger charter demand remains robust, while cargo market is soft; management expects passenger services to drive results.

Financial highlights

• Q2 2025 revenue: $61.4M (+7% YoY); net income: $0.6M (+100% YoY); EBITDAR: $19.8M (+6% YoY); EBITDA: $5.9M (+48% YoY).

• ACMI revenue rose 40% to $44.5M, now 73% of total revenue; charter revenue declined to $15.3M.

• Operating income rose to $3.2M from $2.5M; operating margin improved to 5.3% from 4.4%.

• Cash and restricted cash at quarter-end was $14.1M; net cash from operations for six months: $8.9M.

• Operating expenses rose to $58.1M from $55M, mainly due to maintenance and personnel costs.

Outlook and guidance

• Management expects continued strong demand for passenger charter services through summer and into 2026.

• Focus remains on expanding ACMI operations, customer partnerships, and scaling profitably.

• Fleet expected to grow to 19 passenger and 4 cargo aircraft by year-end 2025.

• Management is exploring additional equity or debt financing to support growth and liquidity.