Global Crossing Airlines Group (JET) Q4 2024 earnings summary

Executive summary

• FY 2024 revenue rose 40% year-over-year to $223.8M, with Q4 revenue up 11% to $59.9M, rebounding from a Q3 setback.

• Net loss for FY 2024 improved to $(11.5)M from $(21.0)M in FY 2023; Q4 net loss narrowed to $(0.6)M from $(2.6)M.

• Adjusted net income for Q4 2024 was $1.2M, excluding a $1.3M one-time charge related to Canada Jetlines.

• Strategic shift to ACMI drove more than 3x ACMI revenue growth and expansion to 19 aircraft, with strong demand for charter and ACMI services.

• Expanded fleet and optimized utilization, positioning for future growth and sustained profitability.

Financial highlights

• Q4 revenue increased 11% year-over-year to $59.9M, driven by higher block hours and fleet expansion.

• ACMI revenue grew 3X to $35M, while charter revenue declined to $21M due to business model shift.

• Net loss improved to $0.6M from $2.6M; adjusted net income reached $1.2M versus a $1.8M loss last year.

• EBITDAR for FY 2024 nearly tripled to $62.8M; Q4 EBITDAR up 69% to $19.3M.

• Ended Q4 with $14M in cash and restricted cash, up from $7.8M in Q3 but down from $17.7M a year ago.

Outlook and guidance

• Summer 2025 schedule fully booked; expects another record year with continued fleet expansion and focus on higher-margin ACMI contracts.

• Anticipates further fleet growth of over 20% in the second half of 2025.

• Passenger ACMI expected to remain a core growth driver, supported by additional aircraft and expanded partnerships.

• Renegotiated insurance rates are projected to save $2M annually in 2025.

• New and renewed contracts, including with DHL and TUI Airways, are expected to support revenue growth.