Q2 2024 Global Crossing Airlines Group Inc Earnings Call Transcript
Key Points
- Achieved double-digit revenue growth in the second quarter.
- Successfully turned profitable during the second quarter.
- Significant increase in ACMI business, with revenue growing more than five times compared to the previous year.
- Record-breaking customer new contract acquisition, including a five-year contract with US Immigration and Customs Enforcement.
- Strong performance in passenger aircraft utilization, which increased by 29% year-over-year.
- Cargo aircraft utilization significantly decreased by 73% due to changes in the US Postal Service contract.
- Higher operating expenses driven by increased aircraft rent, maintenance, and personnel costs.
- Revenue from the charter business remained flat compared to the previous year.
- Liquidity position decreased, with cash and restricted cash dropping from $17.7 million at the end of 2023 to $10.4 million at the end of Q2 2024.
- Continued softness in the narrow-body charter demand and broader economic conditions affecting the cargo market.
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to today's conference call to discuss Global Crossing Airline financial results for the second quarter of 2024. (Operator Instructions) As a reminder, this conference is being recorded.
Joining us on the call today are Chris Jamroz, Executive Chairman of Global Crossing Airlines and the company's President and CFO, Ryan Goepel. Please be advised this conference call will contain statements that are considered forward looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements.
These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC. You not place undue reliance on any forward-looking statements, which are being made only as of the date of this call. Except as required by
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
