Global Crossing Airlines (GlobalX) clinched a net income of $0.3 million in the second quarter of the year, swinging from its net loss in last year's equivalent quarter of $7.5 million.
The airline's revenues increased 83% to $57.5 million, primarily driven by high block hours flown and its aircraft fleet expansion. In the first half of the year, the company took delivery of three additional aircraft consisting of two A320 passenger aircraft and one A321 freighter cargo aircraft.
""In the second quarter, we delivered another period of double-digit revenue growth while further improving our operating efficiencies, enabling us to achieve GAAP profitability and significantly reduce cash usage in operations,"" said the company's CFO and president Ryan Goepel.
The company's total operating expenses amount to $55 million, compared to $38.3 million last year. The increase was driven by higher aircraft rent, maintenance, and personnel costs associated with the expansion of the GlobalX fleet, as well as higher travel costs related to the expansion of a government contract.
In addition, the company had approximately $1.2 million of expenses and charges related to the lease return of an aircraft, unwinding non-core businesses and other one-time items in the quarter, including severance costs incurred as part of an internal reorganisation.
Goepel added: ""These results reflect the strength of our new management team and a revitalised culture at GlobalX, alongside our sharpened focus on core operations and successful execution of our strategic plan.""
The company recorded an EBITDAR of $18.7 million, compared to $0.5 million last year.
As of June 30, 2024, the company held $10.4 million in cash and restricted cash.
GlobalX swings to profit in second quarter
