Global Crossing Airways reported financial results for fiscal year 2022 and the fourth quarter of the same year. The company reported revenues of $97.1 million in FY2022 and $32.5 million in the fourth quarter of FY2022.
The revenues obtained represent an increase of US$82.8 million with respect to fiscal year 2021, which translates to 742%. During the fourth quarter of 2022, revenue growth reached US$21.3 million, an increase of 191%.
Global Crossing Airways’ revenue growth was due, among other factors, to the increase in its operating fleet. During 2021, the company operated 3 aircraft; however, during 2022, the fleet increased to 7 aircraft. During the fourth quarter of 2022, Global Crossing Airways operated a total of 2,463 revenue block hours, 89% more than in the same period of 2021.
«We are pleased to report strong financial and operating results for 2022. These results reflect our continued efforts to expand charter operations in North and South America, as well as the Caribbean, adding 79 new customers during 2022.» Expressed Ed Wegel, president and CEO of GlobalX.
«We continued to invest heavily during the fourth quarter in our systems, training and development of our people as we added more than 55 pilots, 86 flight attendants, built out our cargo operating systems and continued to work on important certifications. We incurred cargo-related expenses in anticipation of A321 (A321F) freighter deliveries and revenue operations in the fourth quarter, which ultimately did not occur. As a result, we expect to be paid compensation for the delay in deliveries we will receive in 2023.» Ed Wegel continued.
Plans for 2023
«We remain optimistic about 2023 as we have completed our cargo certification and our first A321F began revenue operations in February. We will take delivery of the second A321F and begin revenue operations early in the second quarter. We anticipate annual revenues in 2023 of at least $140 million with our base plan of nine passenger and two freighter aircraft. In addition to this 9/2 fleet, our 2023 target is to add up to four A321Fs and three A320 passenger aircraft. We have developed a solid reputation as a reliable operator and will continue to add new customers and consolidate existing ones.» Said Ed Wegel.
