Global Crossing Airlines Group Inc. reported its Q4 and full-year 2025 financial results, marking the company’s first full year of positive operating profit. Full-year revenue reached $246.3 million, a 10% increase from $223.75 million in 2024, driven by fleet expansion and a strategic pivot to ACMI contracts. EBITDA surged to $20.9 million, up fourfold year-over-year, while EBITDAR climbed 25% to $78.3 million. Operating cash flow rose 247% year-over-year, and cash on the balance sheet grew to $20.5 million from $14 million prior year. Net loss narrowed to $3.05 million from $11.47 million in 2024.
In Q4 2025, revenue edged up to $60.3 million from $59.9 million in Q4 2024. ACMI revenue, now comprising 60% of total revenue versus 36% from charters, jumped 22% to $43.7 million. Charter revenue declined to $14.1 million from $21.8 million. The quarter recorded a net loss of $1.9 million, or $0.03 per share, compared to a $0.6 million loss in Q4 2024.
The shift to ACMI services, which offer lower revenue per block hour but exclude certain pass-through costs, supported operating improvements despite modest top-line growth. Block hours grew with A320 family fleet expansion, though charter hours fell 37% while ACMI hours rose 32%. Ongoing challenges include historical negative cash flows, high debt levels, revenue concentration with key customers, and aircraft-related fixed obligations, as noted in the 10-K filing.