The following is a summary of the Global Crossing Airlines Group Inc. (JETMF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Global Crossing Airlines reported a Q3 2024 revenue of $52.4 million, a 23% increase compared to the previous year, driven by expanded fleet and higher revenue per block hour.

• EBITDAR increased approximately 2x to $15.4 million, reflecting improved operating margins and an increased average rate per block hour flown for both passenger ACMI and charter.

• Net loss remained unchanged at $4.9 million, with a net loss per share of negative $0.08.

Business Progress:

• Expanded fleet with the addition of two new passenger aircraft and focus on growing ACMI and charter operations.

• Announced a new partnership with Airblox for cargo services and continued expansion in European market operations.

• Prioritized securing long-term minimum guaranteed contracts for higher margins in the passenger market.

Opportunities:

• Focused on expanding fleet to meet rising demand in both passenger and ACMI operations, enhancing operational efficiency and maximizing revenue per block hour.

• Focused on establishing solid partnerships to expand market reach and align closely with customer needs in various segments including college sports and government contracts.

Risks:

• Faced operational disruptions due to unforeseen maintenance events affecting fleet availability.

• Saw a significant decrease in cargo utilization due to loss of a major contract.

• Experienced a decrease in passenger aircraft utilization from previous year, impacted by aircraft relocations and a change in market strategies.

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