Global Crossing Airlines Group, operating as GlobalX has continued to report losses for the second quarter with a USD 6.77 million operating loss.
While revenues were able to increase year on year, the losses only continue to worsen for the broader group.
Citing rent, salaries, benefits and more for the second quarter the group was unable to position itself financially where it would want too.
These reasons as to why the company was unable to reach profits for the second quarter and certainly not the first time is because the priority was around training up staff and ensuring they were fit for the future.
GlobalX in the second quarter signed a letter of intent for 2 A320 passengers aircraft alongside 2 Airbus A321 freighters. While it hired and trained 35 pilots with an additional 22 in training and 35 flight attendants staring too. Meanwhile there was a wet lease contract with Lynx Air that begun in Canada.
Regarding future outlook Global Crossing says that they forecast revenues to be USD 150 million while 13,629 hours will be contracted for 2023 to date as well. By years end there’ll be 12 aircraft for passenger operations and 6 freight.
However, despite these forecasts the group needs to find ways to limit the losses as with each passing quarter they only continue.