Global Crossing Airlines Inc ( (JETMF) ) has released its Q3 earnings. Here is a breakdown of the information Global Crossing Airlines Inc presented to its investors.
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Global Crossing Airlines Group, Inc., commonly known as GlobalX, operates in the aviation sector providing both passenger and cargo aircraft services across the United States, Caribbean, Latin America, and Europe. The company leverages aircraft operating service agreements to deliver its offerings.
In its latest earnings report for the quarter ended September 30, 2024, Global Crossing Airlines Group reported a revenue of $52.4 million, marking an increase from the $42.6 million in the same period last year. Despite the rise in revenue, the company continues to face challenges with its net loss slightly narrowing to $4.9 million from $4.9 million in the previous year.
Key financial highlights include an increase in total assets to $162.6 million from $131.3 million at the end of December 2023. The company’s operating expenses have also increased with significant rises observed in aircraft rent and salaries. The company’s liabilities have risen to $192.1 million, up from $151.2 million, with the majority being attributed to long-term operating and finance leases.
Looking ahead, Global Crossing Airlines Group is evaluating financing options to manage its capital requirements, given the working capital deficit and retained deficit challenges. The company remains focused on its strategic initiatives, aiming for growth in its fleet and operational expansion in the coming years.
