In recent transactions reported to the Securities and Exchange Commission, Krzysztof W. Jamroz, a director at Global Crossing Airlines Group Inc. (OTC:JETMF (OTC:JETMF)), has acquired a substantial amount of the company’s common stock. On December 19, 2024, Jamroz purchased a total of 1,162,500 shares at a price of $0.46 per share. The total value of these acquisitions amounts to $534,750. The purchase comes as the company, currently valued at $25.4 million, shows strong revenue growth of 57% over the last twelve months, despite challenging market conditions. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value assessment.
These transactions bring Jamroz’s total direct ownership to 1,162,500 shares, reflecting a significant investment in the airline company. The purchases were made without any equity swaps involved, and the shares are directly owned by Jamroz.
Additionally, the report includes information about restricted stock units (RSUs) that Jamroz holds, which represent the right to receive 500,000 shares of common stock, subject to service-based vesting conditions. These RSUs were granted in March 2024 and are set to vest in March 2025.
In other recent news, Global Crossing Airlines, also known as GlobalX, has seen a substantial revenue increase in its Q3 2024 earnings call. The company reported a 23% rise in revenue, reaching $52.4 million, largely due to an increase in block hours flown and fleet expansion. Although GlobalX experienced a stable net loss of $4.9 million, the company’s EBITDAR nearly doubled. The firm also provided a positive outlook for Q4, projecting revenues between $55 million and $61 million.
In line with recent developments, GlobalX has been focusing on expanding its fleet and expects to introduce a 19th aircraft by December 2024. The company has secured contracts with over 10 college basketball teams for the upcoming season and plans to increase aircraft utilization. Despite operational challenges that temporarily grounded 35% of the fleet, the company booked a record 8,064 block hours, a 17% increase from the previous year.
Analysts have noted the company’s strategic shift towards higher-margin ACMI services and its commitment to enhancing operational efficiencies and pursuing scalable growth. The company is also in discussions for more than 20 aircraft deliveries in the first half of the next year. These developments reflect GlobalX’s efforts to capitalize on market opportunities and its commitment to maximizing shareholder value.
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