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Global Crossing Airlines (TSE:JET)
NEO-L:JET
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Global Crossing Airlines
(NEO-L:JET)
Rating:48Neutral
Price Target:
C$1.50
▲(10.29%Upside)
Global Crossing Airlines (JET) vs. iShares MSCI Canada ETF (EWC)
Market Cap
$69.11M
Dividend YieldN/A
Average Volume (3M)10.01K
Price to Earnings (P/E)―
Beta (1Y)N/A
Revenue Growth34.32%
EPS Growth77.15%
CountryCA
Employees678
SectorIndustrials
Sector Strength90
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)0.00
Shares Outstanding48,536,590
10 Day Avg. Volume10,010
30 Day Avg. Volume10,010
Financial Highlights & Ratios
PEG Ratio-0.17
Price to Book (P/B)-1.30
Price to Sales (P/S)0.00
P/FCF Ratio46.94
Enterprise Value/Market Cap2.52
Enterprise Value/Revenue0.21
Enterprise Value/Gross Profit4.93
Enterprise Value/Ebitda5.00
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
Global Crossing Airlines Business Overview & Revenue Model
Company DescriptionGlobal Crossing Airlines (JET) is a US-based charter airline that operates both passenger and cargo services. The company specializes in providing customized air travel solutions and operates a fleet of Airbus A320 family aircraft. Global Crossing Airlines focuses on serving the needs of tour operators, sports teams, corporations, and other organizations requiring chartered air travel. Additionally, it offers ACMI (Aircraft, Crew, Maintenance, and Insurance) leasing services to other airlines globally.
How the Company Makes MoneyGlobal Crossing Airlines generates revenue primarily through its charter flight operations, which include both passenger and cargo services. The company earns money by offering on-demand air travel solutions, charging clients for the aircraft, crew, maintenance, and insurance required for their specific travel needs. Another significant revenue stream is ACMI leasing, where Global Crossing Airlines provides aircraft along with necessary operational support to other airlines, enabling them to expand capacity without investing in additional aircraft. Key partnerships with tour operators, sports teams, and corporate clients further contribute to its earnings by securing recurring business and long-term contracts.
Global Crossing Airlines Earnings Call Summary
Earnings Call Date:May 07, 2025
(Q1-2025)
| % Change Since: 0.00%|
Next Earnings Date:Aug 19, 2025
Earnings Call Sentiment Positive
The earnings call presented a strong financial performance for Global Crossing Airlines, with significant revenue growth and improved profitability driven by the expansion of the ACMI business. However, challenges remain in the charter and cargo markets, and operating expenses have increased. Despite the lowlights, the call reflects an optimistic outlook with plans for further fleet expansion and strategic growth, indicating a generally positive sentiment.Q1-2025 Updates
Positive Updates
Record Revenue Growth
Global Crossing Airlines reported a record revenue of $66.6 million in Q1 2025, representing a 24% increase year-over-year.
ACMI Business Expansion
The ACMI business grew 84% to $34.3 million and now accounts for 52% of total revenue compared to 35% in the previous year.
Improved Profitability
Net income improved to $0.2 million compared to a loss of $6.4 million in the previous year, with EBITDA increasing to $5.4 million from a loss of $3.5 million.
Fleet Expansion
The company expanded its fleet to a total of 19 aircraft and plans to increase its fleet by more than 20% in the second half of 2025.
Sports Charter Program Growth
The sports charter program transported twice as many college teams for the 2025 basketball season, showcasing growth in this segment.
Negative Updates
Charter Revenue Decline
Charter revenue declined 10% to $30.5 million compared to $34 million in the prior year period, reflecting a strategic shift to ACMI.
Ongoing Cargo Market Challenges
The cargo market continues to face headwinds, operating in the trough of the freight cycle, with no new capacity being added unless for long-term contracted work.
Increased Operating Expenses
Total operating expenses increased to $63.5 million from $58.5 million, driven by higher aircraft rent, maintenance, and personnel costs.
Reduced Cash Position
Cash and restricted cash decreased to approximately $10.2 million from $14 million at the end of the previous year.
Company Guidance
In the first quarter of 2025, Global Crossing Airlines reported record revenue of $66.6 million, marking a 24% year-over-year increase. This growth was driven by a significant 84% increase in ACMI revenue, which rose to $34.3 million and now constitutes 52% of total revenue, up from 35% the previous year. Conversely, charter revenue decreased by 10% to $30.5 million. The company flew 7,546 block hours, a 29% increase from the prior year, with ACMI block hours rising by 67% to 5,091. Average revenue per block hour for ACMI increased by 10% to $6,740, while charter revenue per block hour rose 7% to $13,588. The fleet saw expansion with the addition of one A321 passenger aircraft, bringing the total to 19, and the company plans to grow its fleet by over 20% in the latter half of 2025. Operating expenses were $63.5 million, and the quarter ended with a net income of $0.2 million, a significant improvement from a $6.4 million loss in the previous year. Cash flow from operations improved to $0.1 million, down from cash used of $2.1 million last year, with the company holding $10.2 million in cash and restricted cash by quarter-end.Global Crossing Airlines Financial Statement Overview
Summary
Global Crossing Airlines demonstrates strong revenue growth, but substantial operational and financial challenges persist. The company is facing profitability issues and a highly leveraged balance sheet, posing financial risk. Cash flow generation shows signs of improvement, but the company needs to manage its leverage and enhance operational efficiency to achieve financial stability.Income Statement
The income statement shows significant revenue growth, rising from $97.1 million in 2022 to $223.75 million in 2024, which is a positive sign. However, the company remains unprofitable, with a net loss of $11.47 million in 2024. Gross profit margin improved to 15.8%, but the EBIT and net profit margins are negative, indicating ongoing operational inefficiencies.45
Neutral
Balance Sheet
The balance sheet reflects financial instability with negative stockholders' equity of $29.56 million as of 2024. The company is highly leveraged, with a debt-to-equity ratio that cannot be calculated due to negative equity. This poses significant financial risk. Total assets have grown, but liabilities exceed them, contributing to negative equity.30
Negative
Cash Flow
The cash flow statement shows improvement in operating cash flow, turning positive to $8.07 million in 2024 from negative in previous years. However, free cash flow remains weak at $0.85 million, with significant capital expenditures. The company's ability to generate cash is improving but remains a concern given its negative net income.40
Negative
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 223.75M | 160.12M | 97.11M | 14.29M | 0.00 |
| Gross Profit | 35.38M | 11.55M | 7.24M | -6.99M | -253.00K |
| EBITDA | 18.14M | -5.40M | -8.79M | -18.78M | -2.74M |
| Net Income | -11.47M | -21.01M | -15.82M | -25.06M | -2.60M |
Balance Sheet | |||||
| Total Assets | 166.74M | 131.33M | 51.16M | 39.07M | 7.17M |
| Cash, Cash Equivalents and Short-Term Investments | 12.35M | 11.60M | 1.88M | 5.24M | 526.17K |
| Total Debt | 149.95M | 108.58M | 39.15M | 25.01M | 4.12M |
| Total Liabilities | 196.21M | 151.20M | 58.42M | 34.83M | 6.87M |
| Stockholders Equity | -29.55M | -20.09M | -7.26M | 4.25M | 302.38K |
Cash Flow | |||||
| Free Cash Flow | 853.00K | -5.42M | -8.76M | -8.73M | -1.39M |
| Operating Cash Flow | 8.07M | -1.38M | -6.85M | -8.08M | -1.39M |
| Investing Cash Flow | -9.99M | -13.19M | -1.91M | -3.34M | -680.36K |
| Financing Cash Flow | -1.71M | 26.78M | 6.23M | 18.86M | 2.62M |
Global Crossing Airlines Risk Analysis
Global Crossing Airlines disclosed 10 risk factors in its most recent earnings report. Global Crossing Airlines reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Global Crossing Airlines Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$3.43B | 25.33 | 9.16% | 3.97% | 5.95% | -1.42% | |
77 Outperform | $7.14B | 4.59 | 132.28% | ― | 0.24% | -23.10% | |
73 Outperform | $16.39B | 42.37 | -18.58% | ― | 16.31% | 4.12% | |
62 Neutral | C$6.70B | 7.73 | 3.45% | 2.77% | 6.50% | -23.02% | |
60 Neutral | C$65.87M | ― | -25.37% | 5.41% | 4.74% | -478.84% | |
59 Neutral | C$583.71M | ― | -0.09% | ― | -17.58% | -703.93% | |
48 Neutral | $69.11M | ― | ― | 34.32% | 77.15% |
* Industrials Sector Average
Performance Comparison
TSE:JET
Global Crossing Airlines
1.36
0.00
0.00%
TSE:AC
Air Canada
21.51
4.86
29.19%
TSE:BBD.B
Bombardier
163.21
65.01
66.20%
TSE:CHR
Chorus Aviation
23.19
3.94
20.47%
TSE:EIF
Exchange Income
65.52
19.27
41.66%
TSE:TTNM
Titanium Transportation
1.48
-0.60
-28.85%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.