US charter Global Crossing Airlines' first quarter revenue climbed to $53.8 million, compared to $32.2 million in the first quarter of 2023. The increase was attributed to the US Department of Transport authorising the company to expand its fleet to 20 aircraft along with increasing its chartered block hours from 3,134 in the first quarter of 2023 to 5,200 block hours in the quarter past. It added that the ""continued strong demand for passenger ACMI and charter flights"" helped propel its revenue.
""Since our inception in 2019, GlobalX has demonstrated a consistent ability to swiftly integrate new aircraft into revenue-generating charter operations, propelling us to become the nation’s premier charter airline,"" said GlobalX executive chairman Chris Jamroz.
However, it reported a net loss of $6.3 million in the first quarter, up from $6.1 million last year. Its total operating expenses had also increased to $58.4 million, up from $37.7 million in the first quarter last year. It said higher aircraft rent, maintenance, and personnel costs associated with the expansion of its fleet, as well as higher travel costs related to a government contract had heightened its expenses. It added: ""The company had approximately $1 million of expenses and charges related to unwinding non-core businesses and other one-time items in the quarter.""
The company's EBITDAR increased from approximately $600,000 in the first quarter last year to $9.3 million this year.
The company had $12.1 million in cash and restricted cash at the quarter's end, compared to $17.7 million at the end of last year.
Jamroz added: ""Moving ahead, we remain steadfast in our commitment to leveraging our expertise as a narrow-body ACMI charter carrier to drive enduring profitability.""
GlobalX first quarter revenue climbs after fleet expansion
