Global Crossing Airlines (OTC: JETMF) Continues to Improve Financial Performance
The charter airline industry continues to grow, and Global Crossing Airlines Group (OTC: JETMF) remains the fastest-growing entity in that particular space. Yesterday, the company was in considerable focus after it announced its financial results for the fourth fiscal quarter and the full fiscal year, both of which ended on December 31, 2024.
Continued Growth
In the news release, Global Crossing Airlines Group announced that it had managed to improve its yearly performance. In the fourth fiscal quarter, the revenues stood at $59.9 million, which reflected a year-on-year rise of 11% against the revenues of $53.9 million in the prior year quarter. Additionally, the net available aircraft with the company stood at 15.6, which reflected an improvement of 36% on 11.5 aircraft at the end of the prior year period. The net losses went down significantly to $0.6 million from $2.6 million in the prior year quarter.
Further Information
In the full fiscal year, the revenues went up 40% to $233.8 million from $160.1 million in the 2023 financial year. The net losses also went down significantly to $11.5 million as opposed to $21 million in the previous year. It remains to be seen if the Global Crossing Airlines Group stock gets any traction today or not.
Key Quote
“After a setback in Q3 2024, we continued our focus on execution and operating excellence to return onto the path towards sustainable profitability,” said Chris Jamroz, Executive Chairman of GlobalX. “Our quarterly and full-year results underscore the growing strength of our charter platform, the resilience of our business model, and the growing demand across the spectrum of charter clients, solidifying GlobalX as the nation’s fastest-growing charter airline. We will continue to leverage our strong foundation in the year ahead to further scale up operations, strengthen customer relationships, and diversify our revenue mix.”
