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Global Crossing Airlines Group Inc (JETMF-0.67%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $52,436,000 from $42,577,000 in the same quarter the previous year. This increase is attributed to a rise in ACMI services revenue, which grew by 92.9% to $36,841,000.
Charter revenue decreased by 31.3% to $14,987,000, while other revenue decreased by 63.2% to $608,000. The decrease in charter revenue is attributed to a shift in the business mix towards ACMI services.
Operating expenses for the quarter were $54,940,000, up from $44,907,000 in the previous year. This increase is primarily due to higher aircraft rent and salaries, wages, and benefits.
The company reported an operating loss of $2,504,000 for the quarter, compared to a loss of $2,330,000 in the previous year. The loss is attributed to unplanned maintenance events and underperformance in the cargo segment.
Interest expense for the quarter was $2,385,000, slightly lower than $2,565,000 in the previous year. This decrease is due to the restructuring of debt.
Net loss for the quarter remained unchanged at $4,889,000. Earnings per share were $(0.08), consistent with the previous year.
Cash used in operating activities was $2,257,000, while cash used in investing and financing activities was $6,257,000 and $1,339,000, respectively.
Global Crossing Airlines had a working capital deficit of $40.0 million as of September 30, 2024. The company is evaluating financing options to meet future obligations.
The filing also highlights the company's focus on expanding its narrow-body charter operations and the challenges faced in the cargo market.
The company identified a material weakness in its internal controls over financial reporting due to insufficient written policies and procedures for accounting and financial reporting.
Global Crossing Airlines continues to focus on its ACMI and charter services, with an emphasis on securing long-term contracts and expanding its fleet.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Global Crossing Airlines Group Inc quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.