GlobalX achieves profitability during the third quarter

Global Crossing Airlines, known as GlobalX, yesterday reported its financial and operating results for the third quarter of the year.

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The airline operates a fleet of Airbus A320 family aircraft and offers charter and ACMI (aircraft, crew, maintenance and insurance leasing to other operators) services. It currently has a presence in the United States, Latin America and the Caribbean, and European markets. In addition, it plans to launch its air cargo services in the near future.

«GlobalX has reached profitability in its fourth full quarter of operations, as we had projected at the beginning of 2022», noted Ed Wegel, the company’s Chairman and CEO. «Is the direct result of the tremendous efforts of our 360 team members as we have expanded our charter operations throughout North and South America, as well as the Caribbean», he explained.

GlobalX’s key financial results for the third quarter of 2022

• The company reported total operating revenues of 30.8 million dollars. The figure represents an 886% increase compared to the third quarter of 2021, GlobalX’s first full three-month operating period.
• Adjusted net income reached 233.346 dollars.
• Adjusted net income reached 0.003 dollars per diluted share.
• GlobalX sold a total of 3.921 block hours between July and September. This is an 85% increase compared to the number of block hours sold in the second quarter of 2022. «Block hours» refers to the time between when an aircraft door closes at its origin airport and when it opens upon arrival at the destination.
• Total operating cost increased by 258% compared to the same period in 2021, to 29.9 million dollars.
• The company spent a total of 7.764.761 dollars on fuel for the full quarter. This means a notable increase from the 834.313 dollars reported in the same period of 2021.
• The company ended the quarter with 7.8 million dollars in cash and restricted cash; 2.4 million higher than reported at the end of the second quarter of this year.
• GlobalX reported a 4.2 million dollars reduction in net cash used in operating activities.

Projections for the last three months of the year

Looking ahead to the last three months of 2022, Ed Wegel said: «We look forward to the addition of another Airbus A321 in the fourth quarter, as well as the planned completion of our cargo certification, subject to Federal Aviation Administration (FAA) and Department of Transportation (DOT) approvals, and the entry into service of our first two A321 freighters».

GlobalX expects to end this year with more than 90 million dollars in annual revenues. In a press release, the company remarked that the projection is based on management’s outlook, which believes the third-quarter trend will continue into the last three months of 2022.

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See also: IAG’s third quarter results: «All our airlines were significantly profitable»