GlobalX reports net loss of $20 million for FY23

US domestic airline Global Crossing Airlines (GlobalX) has reported a full year net loss of $20.8 million in 2023, a further decline over 2022's net loss of $15.8 million. Loss per share was at 37 cents, again a decline on 2022's loss per share of 30 cents. However, operating revenue improved to $160.1 million in 2023, up from $97.1 million in 2022. ""We remain steadfast in our commitment to charting a course towards sustained profitability and operational excellence,"" said GlobalX executive chairman Chris Jamroz. ""With a relentless focus on industry-leading on-time performance, we are expecting demand for passenger charters to soar in 2024."" Notably, aircraft fuel expenses jumped from $23 million 2022 to $29.5 million in 2023. Maintenance, materials and repairs expenses nearly doubled from $4.4 million to $8.6 million. Aircraft rent expenses also more than doubled from $15.6 million to $33.6 million. The airline had grown its fleet to 14 aircraft in 2023. Jamroz added: ""Looking ahead, we are strategically sourcing aircraft to bolster our capacity and optimize revenue-earning opportunities over the next two quarters."" The airline ended the year with $17.7 million in cash and unrestricted cash, up 31% from the year-end of 2022.