Global Crossing Airlines Group (JET) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue rose 23% year-over-year to $52.4M, driven by ACMI growth, higher block hours, and fleet expansion, despite losing over a third of the fleet for almost two weeks due to severe weather, bird strikes, and third-party damage, with an estimated $5M revenue impact.

• Net loss remained flat at $4.9M, with EPS unchanged at $(0.08) per share, despite operational disruptions and cargo underperformance.

• EBITDAR/EBITDA nearly doubled to $15.4M, reflecting improved operating margins and higher rates per block hour.

• The company shifted focus to core narrow-body charter and ACMI operations, canceling non-core projects for cost savings and operational focus.

• Fleet expanded to 18 aircraft (14 passenger, 4 cargo) by Q3 2024, with further growth planned and strengthened management team.

Financial highlights

• Q3 2024 revenue increased to $52.4M from $42.6M in Q3 2023; nine-month revenue: $163.8M, up 54.2% year-over-year.

• ACMI revenue nearly doubled to $36.8M (+93%), while charter revenue declined 31% to $15M.

• EBITDAR/EBITDA rose to $15.4M from $7.6M year-over-year.

• Net loss for Q3 2024 was $4.9M, unchanged from the prior year; nine-month net loss: $11.0M, improved from $18.4M in 2023.

• Cash and restricted cash at quarter-end was $7.8M, down from $10.4M at June 30, 2024.

Outlook and guidance

• Q4 2024 revenue forecasted at $55–$61M; full-year 2024 revenue expected at $218–$224M, a 34–40% increase over 2023.

• Q4 EBITDA/EBITDAR guidance is $16–$19M; full-year EBITDA expected at $60–$63M, up 195–215% year-over-year.

• All passenger aircraft are booked through August 2025; focus remains on maximizing utilization and expanding into new markets.

• Management expects continued high demand for passenger charter services into 2025, prioritizing passenger aircraft deliveries.

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