Global Crossing Airlines Group Inc.
For the period ended Jun 30, 2025. Filed Aug 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 14, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0000950170-25-066553
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0000950170-25-108630
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 68 previous paragraphs and 92 current paragraphs.
31 unchanged; 34 reworded; 17 added; 3 removed; 0 previous and 10 current paragraphs rearranged.
Tables are not compared: 5 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
Entered into lease agreements for four A319 passenger aircrafts.
Current report
Continued to manage the hiring of new crew to match our crew levels to our current aircraft count. In total, we increased our pilot headcount from 140 to 150.
Current report
Charter revenue for the period decreased $9.3 million or 37.8%, from $24.6 million in 2024 to $15.3 million in 2025. The rate for Charter flying for the period decreased 0.7% from $13,393 per block hour in 2024 to $13,272 per block hour in 2025, creating a $0.1 million decrease. There was also a $9.2 million reduction for the period due to charter block hours decreasing 37.2% from 1,838 block hours in 2024 to 1,154 block hours in 2025. The decrease in charter block hours was due to an intentional focus on increased level of flying on an ACMI basis.
Current report
Salaries, wages, and benefitsfor the period increased by $3.2 million, from $16.7 million in 2024 to $19.9 million in 2025, or 18.9%, primarily due to the hiring and training of pilots and other airline personnel necessitated by the growing fleet and operations. Our total employees for the period increased 9.0% from 656 in 2024 to 715 in 2025 and pilots for the period increased from 136 in 2024 to 150 in 2025, or 10.3%.
Current report
Maintenance, materials, and repairs for the period increased by $2.8 million, from $2.6 million in 2024 to $5.4 million in 2025, or 104.5%. An increase of $0.6 million cost increase for the period was primarily due to volume from the increase in both the number of aircraft to 19 aircraft in 2025 and the number of block hours operated which increased 1,474 or 22.4% from 6,591 block hours in 2024 to 8,065 block hours in 2025. Also, an increase of a $2.1 million increase for the period occurred as the rate per block hour increased 67.1% from $401 per block hour in 2024 to $671 per block hour in 2025, driven by repairs of some high value Rotable parts of $1.3 million.
Current report
Aircraft rentfor the period decreased $0.8 million, from $14.7 million in 2024 to $13.9 million in 2025 or 5.7%, primarily driven by a $2.7 million decrease in short-term ACMI leases from other airlines as increased GlobalX capacity to meet demand was achieved. Offsetting the savings was the increase in the average number of aircraft, on operating leases of aircraft in the fleet from 14.4 in 2024 to 15.0 in 2025 increasing base rent expenses $0.5 million, of which, $0.3 million or 54.9% is due to increased aircraft and $0.2 million or 45.1% is due to average rate across the fleet. The increase in block hours resulted in an increase for the period of $1.3 million in supplemental rent expenses.
Current report
Net Incomefor the period, due to events noted above, increased by $0.3 million, from $0.3 million in 2024 to $0.6 million in 2025.
Current report
Revenue and Statistics
Current report
Operating Expenses
Current report
Aircraft fuelfor the period decreased by $3.4 million, from $13.8 million in 2024 to $10.4 million in 2025, or 24.3%. The volume of Charter and Non-Revenue block hours for the period decreased by 16.6% or $2.3 million, while base jet fuel price decreased 9.3% or $1.1 million.
Current report
Depreciation and amortizationfor the period increased $2.3 million, from $2.6 million in 2024 to $4.9 million in 2025 or 86.1%, primarily driven by aircraft deliveries secured on capital leases and an increase in Rotable parts owned.
Current report
Contracted ground and aviation servicesfor the period decreased by $0.9 million, from $11.7 million in 2024 to $10.8 million in 2025, or 7.5%. A rate increase of 14.8% per block hour drove an increase of $1.3 million for the period. This was offset by lower Charter block hours of 18.9%, which drove a reduction of $2.2 million for the period.
Current report
Aircraft rentfor the period increased $1.6 million, from $27.5 million in 2024 to $29.1 million in 2025 or 5.9%, primarily driven by $4.2 million decrease in short-term ACMI leases from other airlines as increased GlobalX capacity to meet demand was achieved.
Current report
Offsetting the savings was the increase in the average number of aircraft, on operating leases of aircraft in the fleet from 13.8 in 2024 to 14.8 in 2025 increasing base rent expenses $2.3 million, of which $1.1 million or 46.1% is due to increased aircraft and $1.2 million or 53.9% is due to average rate across the fleet. Also, the increase in block hours resulted in an increase for the period of $3.5 million in supplemental rent expenses.
Current report
Non-operating Expenses
Current report
Interest expensefor the period increased $1.2 million from $4.0 million in 2024 to $5.2 million in 2025, driven by the increase of aircraft on capital lease from 1.5 to 4.0 equivalent aircraft.
Current report
Net (Loss) Income
Removed paragraphs (3)
Previous report
Hired and trained 9 people in dispatch, crew scheduling, operation control center and maintenance, people required to operate the volume of flights anticipated over the remainder of 2025.
Previous report
Continued the slowdown of hiring new crew, right sizing for 20 aircraft and focusing on the Cargo business with the start on DHL at the beginning of the second quarter. In total, we increased our pilot headcount from 140 to 146.
Previous report
Aircraft rent increased $2.5 million, from $12.8 million to $15.2 million or 19.4%, primarily due to the increase in the average number of aircraft, on operating leases from 13.3 to 15.0 aircraft in the fleet. $1.6 million or 65.8% of the increase is driven by the increase in the number of aircraft being leased, with the remaining $0.9 million or 34.2% due to rate increase per aircraft and short-term ACMI leases from other airlines due to flights sold exceeded capacity available during the period.
Reworded paragraphs (34)
Previous wording
The following discussion and analysis should be read in conjunction with the Financial Statements included in Item 1 of this report. This Item 2 contains forward-looking statements that involve risks and uncertainties. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date of this report. Actual results may differ materially from those expressed or implied in such forward-looking statements.
Current wording
The following discussion and analysis should be read in conjunction with the Financial Statements included in Item 1 of this report and the consolidated financial statements and the related notes to consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024. This Item 2 contains forward-looking statements that involve risks and uncertainties. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date of this report. Actual results may differ materially from those expressed or implied in such forward-looking statements.
Previous wording
GlobalX operates a US Part 121 domestic flag and supplemental airline using the Airbus A320 family of aircraft, operating both passenger and cargo aircraft. GlobalX’s business model is to (1) provide services on an ACMI using wet lease contracts to airlines and non-airlines, and (2) on a Charter basis whereby we provide passenger aircraft charter services to customers by charging an “all-in” fee that includes fuel, insurance, landing fees, navigation fees and most other operational fees and costs. GlobalX operates within the United States, Europe, Canada, Central and South America.
Current wording
GlobalX operates a U.S. Part 121 domestic flag and supplemental airline using the Airbus A320 family of aircraft, operating both passenger and cargo aircraft. GlobalX’s business model is to (1) provide services on an ACMI using wet lease contracts to airlines and non-airlines, and (2) on a Charter basis, provide passenger aircraft charter services to customers by charging an “all-in” fee that includes fuel, insurance, landing fees, navigation fees and most other operational fees and costs. GlobalX operates within the United States, Europe, Canada, Central and South America.
Previous wording
During the three months period ended March 31, 2025, the team devoted efforts towards our stated goal of creating the largest narrow body charter operation in North America generating sustainable, long-term profits. To achieve this goal, GlobalX continues to invest in its three key assets–certifications, aircraft, and crew.
Current wording
During the six month period ended June 30, 2025, the team devoted efforts towards our stated goal of creating the largest narrow body charter operation in North America generating sustainable, long-term profits. To achieve this goal, GlobalX continues to invest in its three key assets–certifications, aircraft, and crew.
Previous wording
GlobalX achieved the following during the three months period ended March 31, 2025:
Current wording
GlobalX achieved the following during the six month period ended June 30, 2025:
Previous wording
Completed three heavy maintenance events and nine non-heavy maintenance events.
Current wording
Completed five heavy maintenance events and twenty-one non-heavy maintenance events.
Previous wording
GlobalX added the A321F (passenger to freighter) aircraft to its operating certificate during Q1 2023. The Company continues to believe that the A321F will be a highly sought after cargo aircraft over the next few years. During Q1 2025, we had four cargo aircraft operating. GlobalX has seen over a 200% increase in volume vs. Q1 2024 attributed two long-term contracts entered into during 2024. The market continues to be soft due to, general economic conditions and excess capacity in the North American freight market. In response to this continued slowdown during the quarter, the Company continues to make progress establishing our reputation for on time performance as the market better understands the capabilities of the A321F aircraft. While the Company cannot predict when the cargo market will recover, GlobalX has taken concrete steps to reduce our financial exposure in 2025 while expanding our customer base for the aircraft the Company does have.
Current wording
GlobalX added the A321F (passenger to freighter) aircraft to its operating certificate during the first quarter of 2023. The Company continues to believe that the A321F will be a highly sought after cargo aircraft over the next few years as a replacement for the aging and retiring B757 freighter fleet. During six months ended June 30, 2025, we had four cargo aircraft operating. GlobalX has seen over a 125% increase in block hours operated compared to the same period in 2024 attributed to contracts entered into during 2025. The cargo charter market continues to be soft due to, general economic conditions and excess capacity in the North American freight market. In response to this continued slowdown during the quarter, the Company continues to make progress establishing our reputation for on time performance as the market better understands the capabilities of the A321F aircraft. While the Company cannot predict when the cargo market will recover, GlobalX has taken concrete steps to reduce our financial exposure in 2025 by canceling or deferring freighters ordered while expanding our customer base for the aircraft the Company does have.
Previous wording
Unlike the cargo market, the passenger market continues to demonstrate strong demand. There are several macro factors, including the supply of aircraft, reduced direct competition, increased reliance on air charter by colleges and a general increased customer demand, driving increased demand for our services. GlobalX anticipates the high level of demand will continue through the summer and well into 2026. To address this demand, the Company has prioritized passenger aircraft deliveries over cargo, devoted sales and operational resources to develop long-term relationships with key customers and to expand the markets served as opportunities arise. Passenger charter services will be the economic engine for GlobalX in 2025.
Current wording
Unlike the cargo charter market, the passenger charter market continues to demonstrate strong demand. There are several macro factors, including the supply of aircraft, reduced direct competition, increased reliance on air charter by colleges and a general increased customer demand, driving increased demand for our services. GlobalX anticipates the high level of demand will continue through the summer and well into 2026. To address this demand, the Company has prioritized passenger aircraft deliveries over cargo, devoted sales and operational resources to develop long-term relationships with key customers and to expand the markets served as opportunities arise. Passenger charter services are expected to be the economic engine for GlobalX in 2025.
Previous wording
Critical to GlobalX’s business model is, a fleet of modern and cost-effective aircraft. To achieve this objective, GlobalX has selected what it believes is the best overall single-aisle aircraft family to operate. This approach differs from traditional airlines, which purchase a variety of aircraft, often from different manufacturers, to achieve their operational flight sectors, resulting in increased training, operating and spare part costs. GlobalX conducted research to determine the best aircraft to fly in competition with other narrow-body charter airlines in the single-aisle seat market and GlobalX selected the A320 aircraft family.
Current wording
Critical to GlobalX’s business model is, a fleet of modern and cost-effective aircraft. To achieve this objective, GlobalX has selected the A320 family of aircraft which it believes is the best overall single-aisle aircraft family to operate. This approach differs from traditional airlines, which purchase a variety of aircraft, often from different manufacturers, to achieve their operational flight sectors, resulting in increased training, operating and spare part costs. GlobalX conducted research to determine the best aircraft to fly in competition with other narrow-body charter airlines in the single-aisle seat market and GlobalX selected the A320 aircraft family.
Previous wording
The following factors support GlobalX’s choice to operate the Airbus A320 and A321 aircraft versus the Boeing family of aircraft:
Current wording
The following factors support GlobalX’s choice to operate the Airbus A320 and A321 aircraft versus the Boeing 737 family of aircraft:
Previous wording
Cost and Operating factors: lower fuel burn, and better aircraft and cockpit crew pool availability.
Current wording
Cost and Operating factors: the A320 family of aircraft have lower fuel burn, and better aircraft and cockpit crew pool availability.
Previous wording
Operational Capability: the A320 has a range advantage over the 737-800 and can fly non-stop from Miami to selected airports in North America, South America, the Caribbean, and between most major destinations in Europe. The A320 has excellent maintenance dispatch reliability and strong availability of spare parts and components, making the A320, in management’s estimation, the most popular aircraft among low-cost airlines.
Current wording
Operational Capability: the A320 family of aircraft has a range advantage over the Boeing 737-800 and can fly non-stop from Miami to selected airports in North America, South America, the Caribbean, and between most major destinations in Europe. The A320 has excellent maintenance dispatch reliability and strong availability of spare parts and components, making the A320, in management’s estimation, the most popular aircraft among low-cost airlines.
Previous wording
Heavy maintenance checks are expected to be outsourced to FAA-approved service providers. The 6Y and 12Y checks will be primarily paid for using funds from the accrued maintenance reserves paid to lessors under operating leases.
Current wording
GlobalX expects to continue to outsource heavy maintenance checks to FAA-approved service providers. The 6Y Checks and 12Y Checks will be primarily paid for using funds from the accrued maintenance reserves paid to lessors under operating leases.
Previous wording
The US Charter market continues to evolve as several airlines provide charter aircraft. Specifically, Eastern Airlines Express, Breeze Airways and Avelo continue to dedicate aircraft to charter operations, having an impact on the charter market. It is our expectation that Eastern Airlines Express will continue to add aircraft to expand their business domestically and in the Caribbean. In response we are focusing on our core business, emphasizing on time performance, reinforcing our differentiation of our Airbus product and actively soliciting longer-term contracts with key customers.
Current wording
The U.S. Charter market continues to evolve as several airlines provide charter aircraft. Specifically, Eastern Airlines Express, Breeze Airways and Avelo continue to dedicate aircraft to charter operations, each of which has increased competition and applied downward pricing pressure on the charter market. It is our expectation that our competitors, including, Eastern Airlines Express, will continue to add aircraft to expand their business domestically and in the Caribbean. In response we are focusing on our core business, emphasizing on time performance, reinforcing our differentiation of our Airbus product and actively soliciting longer-term contracts with key customers.
Previous wording
The analysis of GlobalX results for the three months period ended on March 31, 2025 and 2024 requires an understanding of how the Company fundamentally evolved during that time period. 2024 was our third year of full operations and was a period where the company was focused on securing new customers, entering new markets, and flying to new locations; primarily in the domestic and Caribbean markets.
Current wording
The analysis of GlobalX results for the three month period ended on June 30, 2025 and 2024 requires an understanding of how the Company fundamentally evolved during that time period. 2024 was our third year of full operations and was a period where the Company was focused on securing new customers, entering new markets, and flying to new locations; primarily in the domestic and Caribbean markets.
Previous wording
In 2025, GlobalX is expanding on our existing relationships both domestically and internationally and grew operations in the ACMI market through increased focus on operating for government agencies. As the company grows, operational efficiency and margins are continuing to improve. Our key metric is block hours flown and block hours flown per available aircraft, which is the measure by which the Company tracks commercial activity. While other airlines discuss available seat miles and revenue per available seat mile (“rasm”), cost per available seat mile (“casm”), these metrics are not germane to our business model as an ACMI and Charter operator. GlobalX charters the entire aircraft, does not take fuel risk, and does not take third party risk therefore all results are evaluated on a block hour basis.
Current wording
In 2025, GlobalX has expanded on our existing relationships both domestically and internationally and grew operations in the ACMI market through increased focus on operating for government agencies. As the Company grows, operational efficiency and margins have continued to improve. Our key metrics are block hours flown and block hours flown per available aircraft, which are the measures by which the Company tracks commercial activity. While other airlines discuss available seat miles, revenue per available seat mile (“rasm”), and cost per available seat mile (“casm”), these metrics are not germane to our business model as an ACMI and Charter operator. GlobalX charters the entire aircraft, does not take fuel risk, and does not take third party risk and therefore all results are evaluated on a block hour basis.
Previous wording
ACMI revenue for the period increased by $15.7 million or 84.3% from $18.6 million in 2024 to $34.3 million in 2025. This variance is driven by an increase from 3,047 block hours in 2024 to 5,091 block hours in 2025, an increase of 67.1% or 2,044 block hours. This volume accounted for 79.6% or $12.5 million of the increase. The average revenue per block hour increased by $622 per block hour from $6,112 per block hour in 2024 to $6,740 per block hour in 2025. The rate increase accounted for $3.2 million or 20.4% of the increase. The primary driver for the increase was related to both high market demand and a shortage of supply as competitors reduce capacity.
Current wording
ACMI revenue for the period increased by $12.6 million or 39.6%, from $31.9 million in 2024 to $44.5 million in 2025. This variance was driven by an increase from 5,122 block hours in 2024 to 6,769 block hours in 2025, an increase of 32.2% or 1,647 block hours. This volume accounted for 81.3% or $10.2 million of the increase during the period. The average revenue per block hour for the period increased by $350 per block hour from $6,230 per block hour in 2024 to $6,580 per block hour in 2025. The rate increase accounted for $2.4 million or 18.7% of the increase during the period. The primary driver for the increase was related to both high market demand and a shortage of supply as competitors reduce capacity.
Previous wording
Other revenue for the period increased by $0.6 million from $1.2 million in 2024 to $1.8 million in 2025. The increase is primarily driven by additional ancillary services provided to our customers.
Current wording
Other revenue for the period increased by $0.5 million from $1.0 million in 2024 to $1.5 million in 2025. The increase was primarily driven by additional ancillary services provided to our customers.
Previous wording
Aircraft fuel decreased by $0.8 million, from $8.2 million to $7.4 million, or 9.7%. The volume of Charter and Non-Revenue block hours decreased by 10.2% or $0.8 million, while base jet fuel remained flat.
Current wording
Aircraft fuelfor the period decreased by $2.6 million, from $5.6 million in 2024 to $3.0 million in 2025, or 45.8%. The volume of Charter and Non-Revenue block hours for the period decreased by 26.7% or $1.5 million, while base jet fuel price decreased 26.0% or $1.1 million.
Previous wording
Depreciation and amortization increased $1.1 million, from $1.2 million to $2.2 million or 92.8%, primarily driven by aircraft deliveries secured on capital leases.
Current wording
Depreciation and amortizationfor the period increased $1.2 million, from $1.4 million in 2024 to $2.6 million in 2025 or 80.5%, primarily driven by aircraft deliveries secured on capital leases and an increase in Rotable parts owned.
Previous wording
Contracted ground and aviation services decreased by $0.6 million from $6.9 million to $6.3 million, or 8.6%, A rate increase of 6.9% per block hour drove an increase of $0.4 million. This was offset by lower Charter block hours of 28.8%, which drove a reduction of $1.0 million.
Current wording
Contracted ground and aviation servicesfor the period decreased by $0.3 million, from $4.8 million in 2024 to $4.5 million in 2025, or 5.9%. A rate increase of 28.4% per block hour drove an increase of $1.0 million for the period. This was offset by lower Charter block hours of 26.8%, which drove a reduction of $1.3 million for the period.
Previous wording
Travel decreased $1.3 million, from $4.3 million to $3.0 million or 31.0%. Throughout the year we expanded local hiring in key bases that support our government agency business and the reliance on travel dropped and is a cost that will be a continued focus in 2025.
Current wording
Travel for the period decreased $0.8 million, from $3.1 million in 2024 to $2.3 million in 2025 or 25.4%. Throughout the period we expanded local hiring in key bases that support our government agency business and the reliance on travel dropped and is a cost that we expect to be a continued focus throughout 2025.
Previous wording
Insurance decreased $0.4 million, from $1.6 million to $1.2 million or 22.8%, primarily related to the receiving more favorable rates despite the increase in the number of aircraft.
Current wording
Insurancefor the period decreased $0.3 million, from $1.6 million in 2024 to $1.3 million in 2025 or 17.9%, primarily related to the receiving more favorable rates despite the increase in the number of aircraft.
Previous wording
Interest expense increased $0.8 million from $1.8 million to $2.6 million driven by the increase of aircraft on capital lease from 1.0 to 3.7 equivalent aircraft.
Current wording
Interest expensefor the period increased $0.4 million, from $2.3 million in 2024 to $2.7 million in 2025, driven by the increase of aircraft on capital lease from 1.0 to 4.0 equivalent aircraft.
Previous wording
Charter revenue for the period decreased $3.5 million or 10.3%, from $34.0 million in 2024 to $30.5 million in 2025. The rate for Charter flying increased 7.1% from $12,688 per block hour to $13,588 per block hour creating a $0.9 million increase. This was offset by a $5.6 million reduction due to charter block hours decreasing 16.4% from 2,685 to 2,246 block hours . The primary driver for the per block hour increase was related to both high market demand and a shortage of supply as competitors reduced capacity. The decrease in charter block hours was due to the increased level of flying on an ACMI basis.
Current wording
Charter revenue for the period decreased $12.8 million or 21.8%, from $58.6 million in 2024 to $45.8 million in 2025. The rate for Charter flying for the period increased 3.1% from $13,066 per block hour in 2024 to $13,481 per block hour in 2025, creating a $0.4 million increase. This was primarily offset by a $14.2 million reduction due to charter block hours decreasing 24.2% from 4,487 block hours in 2024 to 3,400 block hours in 2025. The decrease in charter block hours was due to an intentional focus on increased level of flying on an ACMI basis.
Previous wording
Salaries, wages, and benefits increased $2.0 million from $16.8 million to $18.8 million, or 12.0%, primarily due to the hiring and training of pilots and other airline personnel necessitated by the growing fleet and operations. Total employees increased 13.3% from 611 to 692 and pilots increased from 133 to 146, or 9.8%.
Current wording
Salaries, wages, and benefitsfor the period increased by $5.2 million, from $33.5 million in 2024 to $38.7 million in 2025, or 15.5%, primarily due to the hiring and training of pilots and other airline personnel necessitated by the growing fleet and operations. Total employees increased 9.0% from 656 to 715 and pilots increased from 136 in 2024 to 150 in 2025 or 10.3%.
Previous wording
Maintenance, materials, and repairs increased by $0.9 million, from $2.9 million to $3.8 million, or 31.3%.An increase of $1.1 million cost increase was primarily due to volume from the increase in both the number of aircraft to 18 aircraft and the number of block hours flown which increased 1,964 or 37.8% from 5,200 to 7,164 block hours. This is offset, $0.2 million decrease as the rate per block hour decreased 4.7% from $564 per block hour to $538 per block hour.
Current wording
Maintenance, materials, and repairs for the period increased by $3.7 million, from $5.6 million in 2024 to $9.3 million in 2025, or 66.0%. $1.6 million cost increase for the period was primarily due to volume from the increase in both the number of aircraft to 19 aircraft in 2025 and the number of block hours operated which increased 3,438 or 29.2% from 11,791 block hours in 2024 to 15,229 block hours in 2025. Also, a $2.1 million increase for the period occurred as the rate per block hour increased 28.5% from $473 per block hour in 2024 to $608 per block hour in 2025, driven by repairs of some high value Rotable parts.
Previous wording
Operating income increased $7.7 million, from an operating loss of $4.6 million to an operating income of $3.1 million. .In addition, operating income /(loss) as a percentage of revenue improved from (8.6%) to 4.7%. This was a direct result of GlobalX’s ability to grow its revenue faster than its cost structure as the airline focused on achieving scale and profitability. There are several factors driving the improved margins. The first factor is rates as the Company was able to secure higher rates for both ACMI and Charter contracts. The Company’s ACMI rate grew 10.3%, from $6,112 per block hour to $6,740 per block hour, while Charter rate per block hour is up 7.3% from $12,668 per block hour to $13,588 per block hour. The second factor is utilization as our average utilization per available aircraft grew 6.2%. The third factor is scale. As an example, when measured on a per block hour basis, Salaries, wages, and benefits dropped from $2,863 to $2,490 per block hour, a 13.0% reduction. There were also savings on a per block hour basis in travel, insurance and maintenance, materials and repairs which combined with the other factors drove the improvement.
Current wording
Operating (loss) incomefor the period increased $8.5 million, from an operating loss of $2.1 million in 2024 to an operating income of $6.4 million in 2025. In addition, operating (loss) income as a percentage of revenue for the period improved from (1.9%) in 2024 to 5.0% in 2025. This was a direct result of GlobalX’s ability to grow its revenue faster than its cost structure as the airline focused on achieving scale and profitability. Several factors drove the improved margins. The first factor was rates as the Company was able to secure higher rates for ACMI contracts. The Company’s ACMI rate for the period grew 8.0%, from $6,159 per block hour in 2024 to $6,648 per block hour in 2025. The second factor was utilization as our average utilization per available aircraft grew 2.9% for the period. The third factor was scale. As an example, when measured on a per block hour basis, there were savings on a per block hour basis in travel and insurance, which combined with the other factors to drive the improvement.
Previous wording
Net Income, due to events noted above, increased by $6.9 million from a net loss of $6.4 million in 2024 to a net income of $0.5 million in 2025.
Current wording
Net (Loss) Incomefor the period, due to events noted above, improved by $6.9 million from a net loss of $6.1 million in 2024 to a net income of $0.8 million in 2025.
Previous wording
As of March 31, 2025, the Company had approximately $7.3 million in unrestricted cash and cash equivalents and approximately $2.9 million in restricted cash, a decrease and increase of approximately $5.1 million and $1.2 million, respectively, from December 31, 2024, primarily due to new aircraft deliveries, deposits, and net loss in operations. Management is confident that the augmented cash and cash equivalents, coupled with the anticipated rise in sales linked to the Company’s strategies to attract more funds, will adequately address the Company’s liquidity requirements. Management is actively assessing various options to procure additional funds, including exploring opportunities for additional equity or debt financing.
Current wording
As of June 30, 2025, the Company had approximately $13.5 million in unrestricted cash and cash equivalents and approximately $0.6 million in restricted cash, an increase of approximately $1.1 million and a decrease of approximately $1.0 million, respectively, from December 31, 2024, primarily due to new aircraft deliveries, deposits, and net income. Management is confident that the augmented cash and cash equivalents, coupled with the anticipated rise in sales linked to the Company’s strategies to attract more funds, will adequately address the Company’s liquidity requirements. Management is actively assessing various options to procure additional funds, including exploring opportunities for additional equity or debt financing.
Previous wording
Net Cash provided by operating activities during the three months ended March 31, 2025 increased $2.2 million to $0.1 million, consisting primarily of $6.3 million in noncash adjustments for depreciation and amortization of fixed assets, operating lease right of use assets and debt issue costs, $1.1 million in interest on finance leases, $0.5 million of net income, $0.5 million of share-based payments, and $0.2 million of increase in accounts payable. These were partially offset by $4.1 million of decrease in operating lease obligations, $2.2 million of increase in accounts receivable, $2.2 million of decrease in accrued liabilities and other liabilities, and $0.1 million of increase in prepaid expenses and other current assets. Net Cash used in operating activities during the three months ended March 31, 2024 increased $1.4 million to $2.1 million, consisting primarily of $6.4 million of net loss, $5.9 million of decrease in accrued liabilities and other liabilities, $3.1 million of decrease in operating leases obligations, $0.6 million of increase in prepaid expenses and other current assets, $0.4 million of credit losses, $0.3 million in interest on finance leases, $0.3 million of share-based payments. These were partially offset by $4.5 million of increase in accounts payable, $4.2 million of increase in accounts receivable, and $4.0 million in noncash adjustments for depreciation and amortization of fixed assets, operating lease right of use assets and debt issue costs.
Current wording
Net Cash provided by operating activities during the six months ended June 30, 2025 increased $10.2 million to $8.9 million, consisting primarily of $13.2 million in noncash adjustments for depreciation and amortization of fixed assets, operating lease right of use assets and debt issue costs, $2.2 million in interest on finance leases, $1.1 million of net income, $1.3 million of share-based payments, and $0.6 million of increase in accounts payable. These were partially offset by $8.4 million of decrease in operating lease obligations, and $1.3 million of increase in prepaid expenses and other current assets. Net Cash used in operating activities during the six months ended June 30, 2024 increased $4.9 million to $1.2 million, consisting primarily of $6.1 million of net loss, $6.8 million of decrease in accrued liabilities and other liabilities, $6.8 million of decrease in operating leases obligations, and $0.3 million of increase in assets held for sale. These were partially offset by $3.3 million of increase in accounts receivable, $2.5 million of increase in accounts payable, and $10.0 million in noncash adjustments for depreciation and amortization of fixed assets, operating lease right of use assets and debt issue costs, $1.0 million in interest on finance leases, $0.9 million of share-based payments, $0.4 million of credit losses, and $0.5 million of increase in prepaid expenses and other current assets.
Previous wording
The Company has significant fixed and noncancelable lease commitments of aircraft, equipment and related maintenance checks. As of March 31, 2025, the Company had total of $21.7 million due in the next 12 months of future minimum lease payments under finance and operating leases. As of March 31, 2025, the Company had total of $96.8 million due after 12 months from the balance sheet date of future minimum lease payments under finance and operating leases, and approximately $30 million in notes payable included in the non-current liabilities presented in the Company’s consolidated balance sheet. The Company ended the period of January 1 to March 31, 2025 with fifteen passenger aircraft and four cargo aircraft and expects the fleet to increase to nineteen passenger aircraft and remain at four cargo aircraft by the end of 2025. To achieve the number of aircraft deliveries in 2025, the Company currently has four aircrafts under lease with partial or total deposits paid.
Current wording
The Company has significant fixed and noncancelable lease commitments of aircraft, equipment and related maintenance checks. As of June 30, 2025, the Company had total of $21.8 million due in the next 12 months of future minimum lease payments under finance and operating leases. As of June 30, 2025, the Company had total of $91.4 million due after 12 months from the balance sheet date of future minimum lease payments under finance and operating leases, and approximately $30 million in notes payable included in the non-current liabilities presented in the Company’s consolidated balance sheet. The Company ended the period of January 1 to June 30, 2025 with fifteen passenger aircraft and four cargo aircraft and expects the fleet to increase to nineteen passenger aircraft and remain at four cargo aircraft by the end of 2025. In an effort to achieve the number of aircraft deliveries in 2025, the Company currently has four aircrafts under lease with partial or total deposits paid.
Previous wording
During the three months ended March 31, 2025, net cash used in investing activities decreased $0.4 million to $2.9 million, consisting of $2.7 million of Purchases of property and equipment and $0.1 million of increase of deposits, deferred costs and other assets. During the three months ended March 31, 2024, net cash used for investing activities increased $2.1 million to $3.2 million, consisting of $1.7 million of Purchases of property and equipment and $1.5 million of increase of deposits, deferred costs and other assets.
Current wording
During the six months ended June 30, 2025, net cash used in investing activities increased $1.4 million to $6.6 million, consisting of $5.4 million of Purchases of property and equipment and $1.2 million of increase of deposits, deferred costs and other assets. During the six months ended June 30, 2024, net cash used in investing activities increased $1.2 million to $5.2 million, consisting of $3.6 million of Purchases of property and equipment and $1.6 million of increase of deposits, deferred costs and other assets.
Previous wording
During the three months ended March 31, 2025, net cash used in financing activities increased $0.8 million to $1.1 million of net cash used in financing activities, consisting primarily of $1.1 million of Principal payments on finance leases. During the three months ended March 31, 2024, net cash used in financing activities decreased $3.8 million to $0.2 million, consisting of $0.2 million of Principal payments on finance leases.
Current wording
During the six months ended June 30, 2025, net cash used in financing activities increased $1.5 million to $2.3 million of net cash used in financing activities, consisting primarily of $2.4 million of Principal payments on finance leases. During the six months ended June 30, 2024, net cash used in financing activities increased $4.2 million to $0.8 million, consisting primarily of $0.9 million of Principal payments on finance leases.
Previous wording
The Company regularly assesses our anticipated working capital needs, debt and leverage levels, debt maturities, capital expenditure requirements and future investments or acquisitions to maximize shareholder return, efficiently finance our ongoing operations and maintain flexibility for future strategic transactions. The Company also regularly evaluates its liquidity and capital structure to ensure financial risks, adequate liquidity access and lower cost of capital are efficiently managed.
Current wording
The Company regularly assesses our anticipated working capital needs, debt and leverage levels, debt maturities, capital expenditure requirements and future investments or acquisitions to maximize stockholder return, efficiently finance our ongoing operations and maintain flexibility for future strategic transactions. The Company also regularly evaluates its liquidity and capital structure to ensure financial risks, adequate liquidity access and lower cost of capital are efficiently managed.
Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
Operating incomefor the period increased $0.7 million, from $2.5 million in 2024 to an operating income of $3.2 million in 2025. In addition, operating income as a percentage of revenue for the period improved from 4.4% in 2024 to 5.3% in 2025. This was a direct result of GlobalX’s ability to grow its revenue faster than its cost structure as the airline focused on achieving scale and profitability. Several factors drove the improved margins. The first factor was rates as the Company was able to secure higher rates for ACMI contracts. The Company’s ACMI rate for the period grew 5.6%, from $6,231 per block hour in 2024 to $6,769 per block hour in 2025. The second factor was utilization as our average utilization per available aircraft grew 2.9% for the period. The third factor was scale. As an example, when measured on a per block hour basis, there were savings on a per block hour basis in travel and insurance, which combined with the other factors to drive the improvement.
Current report — wording carried from elsewhere
Six months ended June 30, 2025 and 2024
Current report — wording carried from elsewhere
The following table compares our Operating Fleet (average aircraft equivalents during the period) and total Block Hours operated:
Current report — wording carried from elsewhere
The following table describes the degree to which variations in revenues in thousands can be attributed to fluctuations in prices and nature of GlobalX services.
Current report — wording carried from elsewhere
ACMI revenue for the period increased by $28.3 million or 56.0%, from $50.5 million in 2024 to $78.8 million in 2025. This variance was primarily driven by an increase from 8,205 block hours in 2024 to 11,860 block hours in 2025, an increase of 53.2% or 4,111 block hours. This volume accounted for 79.5% or $22.5 million of the increase during the period. The average revenue per block hour for the period increased by $490 per block hour from $6,158 per block hour in 2024 to $6,648 per block hour in 2025. The rate increase accounted for $5.8 million or 20.5% of the increase during the period. The primary driver for the increase was related to both high market demand and a shortage of supply as competitors reduce capacity.
Current report — wording carried from elsewhere
Other revenue for the period increased by $1.1 million from $2.2 million in 2024 to $3.3 million in 2025. The increase was primarily driven by additional ancillary services provided to our customers.
Current report — wording carried from elsewhere
The following table compares our Operating Expenses (in thousands):
Current report — wording carried from elsewhere
Travel for the period decreased $1.7 million, from $7.0 million in 2024 to $5.3 million in 2025 or 24.2%. Throughout the period we expanded local hiring in key bases that support our government agency business and the reliance on travel dropped and is a cost that we expect to be a continued focus throughout 2025.
Current report — wording carried from elsewhere
Insurancefor the period decreased $0.7 million, from $3.2 million in 2024 to $2.5 million in 2025 or 20.4%, primarily related to the receiving more favorable rates despite the increase in the number of aircraft.
Current report — wording carried from elsewhere
The following table compares our Non-operating Expenses (in thousands):