Global Crossing Airlines Group (JET) Q1 2026 earnings summary

Executive summary

• Achieved 15% year-over-year revenue growth to $76.6 million and 17% EBITDA expansion in Q1 2026, with net income rising to $2.7 million from $0.2 million, despite operating with fewer net aircraft.

• Growth driven by improved aircraft utilization, higher block hours, and strong demand in the sports charter segment, offsetting cargo market weakness.

• Delivered two A319s, increased pilot and cabin crew headcount, and began revenue service for new aircraft to support fleet growth.

• ACMI model passes fuel and demand risk to customers, supporting stable earnings and operational focus.

• Focused on expanding the passenger fleet to 19 aircraft by year-end 2026, while maintaining four cargo aircraft.

Financial highlights

• Q1 2026 revenue increased 15% to $76.6 million; ACMI revenue up 16% to $39.7 million; charter revenue up 12% to $34.3 million.

• Net income rose to $2.7 million from $0.2 million year-over-year; EPS at $0.04 versus $0.00.

• EBITDAR increased 17% to $24.2 million; EBITDA doubled to $10.8 million; operating income nearly doubled to $6.1 million.

• Cash flow from operations improved to $9.0 million from $0.1 million; cash and restricted cash at quarter-end was $20.0 million.

• Total operating expenses rose 11% to $70.5 million, mainly due to higher personnel and maintenance costs.

Outlook and guidance

• Strong forward bookings and sustained demand in core passenger markets expected to support continued growth.

• Additional aircraft deliveries planned for Q2 and Q3 2026, with ongoing negotiations for further fleet expansion into 2027.

• Expects improved profitability in 2026, driven by higher rates for ACMI and Charter contracts and increased fleet size.

• Cargo operations expected to remain a drag on earnings, with projected annual drag of $10–11 million in 2026.

• Ongoing uncertainties regarding ability to fund operations without additional financing, raising substantial doubt about going concern status.