Global Crossing Airlines Reports 39.6% Revenue Growth to $223.8 Million in 2024

Global Crossing Airlines Group Inc. (GlobalX) reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company generated total revenue of $223.8 million, a 39.6% increase from $160.1 million in 2023. This growth was primarily driven by a substantial rise in ACMI (Aircraft, Crew, Maintenance, and Insurance) revenue, which surged by 204% to $123.1 million, reflecting a 119.1% increase in block hours flown. Conversely, charter revenue decreased by 16.4% to $95.5 million, attributed to a 28.1% decline in charter block hours, despite an increase in the rate per block hour due to high market demand.

The company’s operating expenses also rose, totaling $224.9 million, up from $176.0 million in the previous year. Notably, salaries, wages, and benefits increased by 25.4% to $67.8 million, driven by the hiring and training of additional personnel to support the expanded operations. Despite the rise in expenses, GlobalX reported an operating loss of $1.1 million, a significant improvement from a loss of $15.9 million in 2023. The net loss for the year was $11.4 million, down from $20.8 million the previous year, indicating a 45.2% reduction in losses.

Strategically, GlobalX has made considerable investments in its operational infrastructure, including the hiring of additional staff and the expansion of its aircraft fleet. As of December 31, 2024, the company operated 18 aircraft, up from 14 the previous year, and plans to increase its fleet to 19 by the end of 2025. The company has also successfully passed key regulatory audits, including those required to operate for the Department of Defense and to streamline operations with other airlines.

Operationally, GlobalX reported a total of 28,820 block hours flown in 2024, a 44.4% increase from 19,981 block hours in 2023. The average utilization per available aircraft remained stable at approximately 1,862 hours. The company’s workforce grew to 678 employees, up from 625 in the previous year, reflecting its commitment to scaling operations effectively.

Looking ahead, GlobalX remains focused on expanding its market presence and enhancing its service offerings. The company is actively exploring additional financing options to support its growth strategy and address its working capital needs, as it continues to navigate the challenges of the competitive airline industry. Management expressed confidence in the company’s ability to generate increased revenue and improve profitability in the coming years, contingent on successful execution of its operational plans and market conditions.