Quarterly ResultMay 12, 2026, 02:27 PM
Global Crossing Airlines Q1 Revenue $76.6M, Net Income $2.7M, EBITDAR $24.2M
AI Summary
Global Crossing Airlines Group Inc. reported strong financial and operating results for the first quarter ended March 31, 2026, with revenue increasing 15% to $76.6 million and net income surging approximately 14x to $2.7 million. The company achieved a 17% rise in EBITDAR to $24.2 million, driven by robust aircraft utilization and block hour growth, despite operating with fewer net aircraft. Operational highlights include ongoing fleet expansion with new Airbus A319s and A320s entering service, increased pilot and cabin crew headcount, and the initiation of direct flights to Venezuela.
Key Highlights
- Revenue increased 15% year-over-year to $76.6 million.
- Net income surged approximately 14x year-over-year to $2.7 million, or $0.04 per share.
- EBITDAR grew 17% year-over-year to $24.2 million.
- Operating income doubled year-over-year to $6.1 million.
- Cash flow from operations materially improved to $9.0 million from $0.1 million.
- Total block hours, including sub service, increased 10% to 8,315.
- Average utilization hours per aircraft rose 25% to 552, despite 11% fewer net aircraft available.
- Advanced fleet expansion with two A319s in revenue service and two A320s expected in Q2/Q3.
- Cash and restricted cash stood at $20.0 million as of March 31, 2026.
Price Impact
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