Executive Summary

Q2 2025 revenue increased 7% year over year to $61.4M; GAAP net income was $0.6M and diluted EPS was $0.01, reflecting improved profitability and record block hours during a seasonally softer period .
Mix shift toward ACMI drove better predictability and margins: ACMI revenue rose 40% YoY to $44.5M and comprised 73% of total revenue; Charter revenue declined to $15.3M as capacity was reallocated to ACMI .
Cash flow from operations was $8.8M vs $0.9M YoY, with cash and restricted cash of ~$14.1M at quarter-end; management emphasized disciplined cost control and operational execution .
Strategic catalysts: first owned A320 in July and leases signed for four A319s delivering Sep–Dec; DHL trial ACMI extended four months, reinforcing cargo franchise even as freight remains soft .

What Went Well and What Went Wrong

What Went Well

Record block hours of 8,065 (+13% YoY), supported by higher aircraft availability and ACMI demand; average utilization per aircraft was 471 (+3% YoY) .
ACMI momentum and unit economics: ACMI revenue +40% YoY to $44.5M (73% of total); ACMI average revenue per block hour increased 6% YoY to $6,580 .
Strong operating cash generation: cash flow from operations of $8.8M vs $0.9M YoY, with management highlighting “disciplined cost management” and “efficiency gains across the business” .
- “Our second quarter performance reflects the consistency of our execution… improved profitability, a significant increase in cash flow… and record block hours flown” — Chris Jamroz, Executive Chairman .

What Went Wrong

Charter revenue fell to $15.3M from $24.6M YoY as capacity moved to ACMI; while margin profile is favorable, ACMI yields lower revenue per flight than Charter .
Total operating expenses increased 6% to $58.1M, primarily from maintenance and personnel costs tied to fleet expansion .
Cargo market remained soft (industry-wide), though operations continued with four A321 freighters and the DHL ACMI trial was extended; management expects recovery to historically strengthen in Q4 but timing is uncertain .

Financial Results

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD Millions)	$57.5	$66.6*	$61.4
GAAP Net Income ($USD Millions)	$0.3	$0.15*	$0.6
Diluted EPS ($USD)	$0.00	$0.0022*	$0.01
EBITDA ($USD Millions)	$4.0	$5.36*	$5.9
EBIT Margin (%)	4.42%*	4.67%*	5.34%*
Net Income Margin (%)	0.49%*	0.23%*	0.99%*

Values marked with * retrieved from S&P Global.

Segment mix and unit metrics:

Metric	Q2 2024	Q2 2025
ACMI Revenue ($USD Millions)	$31.9	$44.5
ACMI % of Total Revenue	55%	73%
Charter Revenue ($USD Millions)	$24.6	$15.3
ACMI Block Hours	5,129 [Derived: total 7,152 and % ACMI 72% → 7,152×0.72]	6,769
Charter Block Hours	2,023 [Derived: 7,152×(1−0.72)]	1,154
Avg Revenue per Block Hour (ACMI)	$6,208 [Derived: $6,580 with 6% YoY increase → $6,580/1.06]	$6,580
Avg Revenue per Block Hour (Charter)	$13,393	$13,272

Key KPIs and cash metrics:

KPI	Q2 2024	Q2 2025
Total Block Hours	7,152	8,065
% Block Hours – ACMI	72%	84%
Avg Utilization per Aircraft (hours)	458	471
Net Aircraft Available (units)	14.4	17.1
Cash Flow from Operations ($USD Millions)	$0.9	$8.8
Cash & Restricted Cash ($USD Millions)	—	$14.1

Notes:

Some derived values are calculated directly from disclosed totals and percentages; sources cited in the same row.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Fleet Expansion	FY 2025	—	~20% expansion by year-end via four A319 deliveries Sep–Dec and first A320 acquisition completed in July	Introduced
A319 Delivery Schedule	Sep–Dec 2025	—	One A319 entering service end of Sep; subsequent aircraft monthly thereafter	Introduced
Ownership Strategy	Ongoing	Leased fleet	Hybrid ownership model initiated with first A320 purchase in July	Introduced
DHL ACMI Trial	2025	Initial trial	Extended for four months	Extended
Formal Financial Guidance (Revenue/EPS/Margins)	Q3–Q4 2025	—	Not provided in press release or call materials	Maintained as N/A

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q2 2025)	Trend
Strategic Phasing (Stabilize → Execute → Scale)	2024 framed as “year of stabilization”	2025 “maturation and execution”; 2026 targeted “scaling up profitably”	Positive execution cadence
ACMI Mix & Predictability	Sub-service reliance in Q1: 382 hours, indicating capacity constraints	ACMI revenue +40% YoY to $44.5M; 73% of total; zero sub-service hours; ACMI avg revenue/block hour +6% YoY	Improving mix; margin tailwind
Cargo Market	Ongoing softness industry-wide (context from prior quarters implied)	Soft freight continues; DHL ACMI extended four months; maintaining operations with four A321Fs	Early signs of stabilization
Fleet Strategy	Exclusively leased historically	Hybrid ownership initiated (A320 acquired); four A319s leased with near-term entries; potential lease-to-own pathways	Flexibility improving
Liquidity & Cash Generation	—	CFO highlights $8.8M operating cash flow; $14.1M cash & restricted cash; balance sheet strengthening focus	Strengthening

Management Commentary

“We’ve focused on scaling the business with discipline… improved profitability, a significant increase in cash flow from operating activities, and record block hours flown” — Chris Jamroz, Executive Chairman .
“ACMI brings lower revenue per flight but lower risk… paid by the block hour, not by the seat… structure shields us from ticket risk, volatile fuel prices, and other variable costs” — Ryan Goepel, President & CFO .
“We transitioned from an exclusively leased fleet to a hybrid ownership model with our first acquisition of an Airbus A320… enhances operational flexibility… supports improved financial performance” — Ryan Goepel .
“DHL has extended this contract by another four months, reflecting the growing confidence… in our platform” — Ryan Goepel .

Q&A Highlights

Ownership vs leasing: management now has the option set to purchase aircraft where it generates incremental cash, EBITDA, and net income and creates asset value; several leased aircraft could be candidates for conversion .
Working capital priorities: continue strengthening balance sheet while deploying capital to highest-return ACMI capacity; maintain liquidity to navigate cycles and pursue opportunities .
Growth pace and operational readiness: pilot training cadence and maintenance scheduling underpin planned fleet additions; focus on reliability metrics and matching fleet age to utilization levels .
Fleet trajectory: end-Q2 fleet count dynamics with returns/additions; targeted progression to ~24 aircraft by mid-next year absent unexpected exits .

Estimates Context

Wall Street consensus (S&P Global) for Q2 2025 EPS and revenue was unavailable for JETMF; comparisons to estimates cannot be made. Values retrieved from S&P Global.
In the absence of consensus, investors should anchor on disclosed actuals and the ACMI mix shift and cash flow trajectory for forward estimate revisions .

Key Takeaways for Investors

Mix shift to ACMI is structurally improving predictability and margins: ACMI now 73% of revenue with rising unit economics; near-term growth likely levered to ACMI capacity additions .
Cash generation inflection: $8.8M operating cash flow and $0.6M GAAP net income underscore operational discipline; monitor sustainability as fleet expands .
Fleet flexibility and scale: hybrid ownership and A319 deliveries should enhance utilization and cost control; pathway to ~24 aircraft by mid-next year creates operating leverage .
Cargo optionality: soft market persists, but A321F platform efficiency and DHL extension provide a bridge to potential Q4 seasonal firming; cargo remains a call option on recovery .
Expense trajectory: maintenance and personnel costs rising with expansion; watch cost per block hour and maintenance event cadence as fleet scales .
Reliability and sub-service: zero sub-service in Q2 reflects improved aircraft availability; sustained reliability is key for government and institutional contracts .
Absence of formal financial guidance: trading narrative likely driven by execution against ACMI expansion, cash generation, and delivery timelines rather than specific revenue/EPS targets .

Supplementary detail from exhibits:

Q2 2025 Financial/Operational summary table: revenue $61.4M, net income $0.6M, EBITDAR $19.8M, EBITDA $5.9M, net aircraft available 17.1, block hours 8,065, ACMI block hour mix 84%, average utilization per aircraft 471 .
Liquidity and cash flow: CFO highlighted $8.8M operating cash flow; cash and restricted cash ~$14.1M (vs $10.2M at March 31, 2025 and $14.0M at Dec 31, 2024) .

All non-GAAP measures (EBITDA, EBITDAR) reconciled in exhibits and press release; management presents these to facilitate comparisons of operating performance .

Global Crossing Airlines Group Inc. (JETMF)·Q2 2025 Earnings Summary