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Global Crossing Airlines (TSE:JET)
NEO-L:JET
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Global Crossing Airlines
(NEO-L:JET)
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Rating:45Neutral
Price Target:
C$1.50
▲(10.29% Upside)
Global Crossing Airlines' overall stock score is primarily impacted by its financial performance, which is constrained by high leverage and negative equity. Technical analysis shows a neutral trend, but the valuation is weak due to a negative P/E ratio. The earnings call provided some positive insights, but these are not factored into the score due to the methodology.
Global Crossing Airlines (JET) vs. iShares MSCI Canada ETF (EWC)
Market Cap
$69.11M
Dividend YieldN/A
Average Volume (3M)10.01K
Price to Earnings (P/E)―
Beta (1Y)N/A
Revenue Growth19.14%
EPS Growth65.91%
CountryCA
Employees678
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)0.01
Shares Outstanding49,173,717
10 Day Avg. Volume10,010
30 Day Avg. Volume10,010
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$1.50Price Target Upside10.60% Upside
Rating ConsensusHold
Number of Analyst Covering0
Global Crossing Airlines Business Overview & Revenue Model
Company DescriptionGlobal Crossing Airlines (JET) is a US-based airline company specializing in providing scheduled air travel services, charter flights, and cargo transportation. The company focuses on connecting underserved markets and enhancing travel options for both leisure and business travelers. Operating a modern fleet, Global Crossing Airlines aims to deliver high-quality service while emphasizing safety and operational efficiency.
How the Company Makes MoneyGlobal Crossing Airlines generates revenue primarily through ticket sales for its scheduled flights, charter services, and cargo transport operations. The company offers competitive pricing to attract customers in niche markets, alongside premium services that cater to business travelers. Additional revenue streams include ancillary services such as baggage fees, in-flight sales, and partnerships with travel agencies and corporations for group travel solutions. Strategic collaborations with other airlines and travel service providers also enhance its distribution channels, allowing for greater market reach and customer acquisition. Furthermore, the company may benefit from government contracts or subsidies aimed at improving regional air service.
Global Crossing Airlines Earnings Call Summary
Earnings Call Date:Aug 13, 2025
(Q2-2025)
| Next Earnings Date:Nov 05, 2025
Earnings Call Sentiment Positive
The earnings call highlighted significant revenue growth and improved profitability, with strong performance in the ACMI business and record block hours flown, indicating a positive operational outlook. However, challenges such as a decline in charter revenue, a soft freight market, and increased operating expenses were noted. Overall, the highlights slightly outweigh the lowlights, indicating a cautiously optimistic sentiment.Q2-2025 Updates
Positive Updates
Revenue Growth and Improved Profitability
Revenue increased 7% year-over-year to $61.4 million, driven by higher block hours flown, aircraft fleet expansion, and increased ACMI business. Net income improved to $0.6 million compared to $0.3 million.
Strong Performance in ACMI Business
ACMI revenue increased 40% year-over-year to $44.5 million, now accounting for 73% of total revenue compared to 55% in the prior year quarter.
Record Block Hours Flown
The company flew a record 8,065 block hours, a 13% increase over the prior year's quarter, highlighting strong market demand and operational efficiency.
Positive Cash Flow and Liquidity
Cash flow provided by operating activities increased to $8.8 million from $0.9 million. Ended the quarter with $14.1 million in cash and restricted cash.
Strategic Fleet Expansion
Expanded fleet with acquisition of Airbus A320 and lease agreements for 4 Airbus A319 aircraft, enhancing operational capacity by over 20%.
Negative Updates
Decline in Charter Revenue
Charter revenue decreased to $15.3 million from $24.6 million in the same quarter last year, now representing 25% of total revenue compared to 43% in the prior year quarter.
Soft Freight Market
Continued soft demand in the cargo operations sector, consistent with broader industry trends, affecting the performance of the cargo fleet.
Increased Operating Expenses
Total operating expenses rose to $58.1 million from $55 million, driven by higher maintenance and personnel costs associated with fleet expansion.
Company Guidance
During the second quarter of 2025, Global Crossing Airlines reported strong financial performance with a 7% year-over-year revenue increase to $61.4 million. This growth was driven by a record 8,065 block hours flown and an expansion in the aircraft fleet, enhancing their capacity to meet rising demand. The company achieved a significant 40% increase in ACMI revenue, which now comprises 73% of total revenue, compared to 55% in the same period the previous year. They also improved their cash flow from operating activities to $8.8 million, up from $0.9 million, and net income increased to $0.6 million. The introduction of a hybrid ownership model through the acquisition and leasing of aircraft is expected to support future growth. Additionally, Global Crossing successfully launched a trial ACMI contract with DHL, which has been extended, reflecting confidence in their services. The company aims to continue its focus on operational excellence and disciplined growth, setting the stage for scaling up in 2026.Global Crossing Airlines Financial Statement Overview
Summary
Despite strong revenue growth, Global Crossing Airlines faces significant financial challenges. The company remains unprofitable with negative equity, indicating high financial risk. Cash flow is improving but still weak, and operational inefficiencies persist.Income Statement
The income statement shows significant revenue growth, rising from $97.1 million in 2022 to $223.75 million in 2024, which is a positive sign. However, the company remains unprofitable, with a net loss of $11.47 million in 2024. Gross profit margin improved to 15.8%, but the EBIT and net profit margins are negative, indicating ongoing operational inefficiencies.45
Neutral
Balance Sheet
The balance sheet reflects financial instability with negative stockholders' equity of $29.56 million as of 2024. The company is highly leveraged, with a debt-to-equity ratio that cannot be calculated due to negative equity. This poses significant financial risk. Total assets have grown, but liabilities exceed them, contributing to negative equity.30
Negative
Cash Flow
The cash flow statement shows improvement in operating cash flow, turning positive to $8.07 million in 2024 from negative in previous years. However, free cash flow remains weak at $0.85 million, with significant capital expenditures. The company's ability to generate cash is improving but remains a concern given its negative net income.55
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 240.35M | 223.75M | 160.12M | 97.11M | 14.29M | 0.00 |
| Gross Profit | 43.47M | 35.38M | 11.55M | 7.24M | -6.99M | -253.00K |
| EBITDA | 29.73M | 18.14M | -5.40M | -8.79M | -18.78M | -2.74M |
| Net Income | -4.62M | -11.47M | -21.01M | -15.82M | -25.06M | -2.60M |
Balance Sheet | ||||||
| Total Assets | 165.50M | 166.74M | 131.33M | 51.16M | 39.07M | 7.17M |
| Cash, Cash Equivalents and Short-Term Investments | 13.45M | 12.35M | 11.60M | 1.88M | 5.24M | 526.17K |
| Total Debt | 143.33M | 149.95M | 108.58M | 39.15M | 25.01M | 4.12M |
| Total Liabilities | 192.41M | 196.21M | 151.20M | 58.42M | 34.83M | 6.87M |
| Stockholders Equity | -27.24M | -29.55M | -20.09M | -7.26M | 4.25M | 302.38K |
Cash Flow | ||||||
| Free Cash Flow | 9.21M | 853.00K | -5.42M | -8.76M | -8.73M | -1.39M |
| Operating Cash Flow | 18.25M | 8.07M | -1.38M | -6.85M | -8.08M | -1.39M |
| Investing Cash Flow | -11.39M | -9.99M | -13.19M | -1.91M | -3.34M | -680.36K |
| Financing Cash Flow | -3.23M | -1.71M | 26.78M | 6.23M | 18.86M | 2.62M |
Global Crossing Airlines Risk Analysis
Global Crossing Airlines disclosed 10 risk factors in its most recent earnings report. Global Crossing Airlines reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Global Crossing Airlines Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$3.75B | 27.08 | 9.07% | 3.75% | 6.87% | 8.42% | |
65 Neutral | C$19.23B | 30.35 | -28.41% | ― | 6.69% | 64.89% | |
61 Neutral | C$5.27B | 4.30 | 82.54% | ― | 0.33% | -15.99% | |
56 Neutral | C$578.23M | -17.30 | 11.82% | 0.35% | -16.92% | 77.04% | |
53 Neutral | C$60.58M | -2.39 | -30.05% | 6.11% | 2.28% | -1613.54% | |
45 Neutral | $69.11M | ― | ― | ― | 19.14% | 65.91% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
TSE:JET
Global Crossing Airlines
1.36
0.00
0.00%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.