Charter and cargo business Global Crossing Airlines has reported 2022 revenue of $97.1 million, $32.5 million of which came in the fourth quarter (Q4 2022).
The earnings were up on 2021, by $82.8 million or 742% for the year, and $21.3 million or 191% for the quarter, as the carrier added five aircraft to the three it had been flying in 2021.
Spending for 2022 and Q4 2022 increased 244% and 115%, to $33.2 and $15.4 million. The company ended Q4 2022 with $11.7 million in current assets, an increase of $2 million year-on-year and $300,000 quarter-on-quarter. Liabilities increased from $14.7 million in 2021 to 27.8 million in 2022, , which was"mainly due to an increase of $6.2 million in leased aircraft", according to the company
“We are pleased to report strong financial and operational results for 2022. We reached $97.1 million in revenue, beating previous guidance of $90 million by 8%", said Ed Wegel, chair of GlobalX.
"Adjusted EBITDAR of $8.9 million and a 2022 adjusted EBITDA $6.6 million" were reflections, according to Wegel, who is also chief executive, of "continued efforts to expand charter operations".
“We continued to invest heavily during Q4 in our systems, training, and development of our people, as we added over 55 pilots, 86 flight attendants, built our cargo operating systems and continued work on important certifications", Wegel continued, saying the company was "bullish on 2023", with revenue expected to grow to "at least $140 million" as it expands its fleet to 12 passenger and five cargo jets.