Wed, Aug 14, 5:27 PM (153 days ago)
Global Crossing Airlines Group, Inc.'s Q2 2024 report shows significant financial improvement with a revenue increase of 82.8% year-over-year to $57.5 million, driven by a 453.4% surge in ACMI revenue due to expanded operations. Operating expenses rose 43.8%, primarily from increased staffing and aircraft rent, leading to a positive operating income of $2.5 million, a turnaround from a $6.8 million loss in Q2 2023. The net income for the quarter was $0.3 million, a substantial improvement from a net loss of $7.5 million a year prior. Despite these gains, the company faces liquidity challenges with a working capital deficit of $31.7 million and a retained deficit of $65.2 million as of June 30, 2024. Cash and equivalents decreased to $8.0 million, prompting management to explore additional financing options. The report highlights ongoing uncertainties in the cargo market and the need to stabilize operations amid rising costs. Future strategies include focusing on passenger charter services and expanding aircraft availability to meet high demand.