Red Oak Partners, LLC, a major stakeholder in Global Crossing Airlines Group Inc. (OTC:JETMF (OTC:JETMF)), disclosed significant stock sales in a recent SEC filing. The transactions, dated December 19, 2024, involved the sale of a total of 1,162,500 shares at a price of $0.46 per share, amounting to $534,750. The sale comes as the company's stock trades near its 52-week low of $0.41, with InvestingPro data showing a 29% decline year-to-date and significant debt burden concerns. These shares were sold through private transactions by The Red Oak Fund, LP and The Red Oak Long Fund, L.P., which are directly managed by Red Oak Partners. Following these sales, the funds hold a combined 7,624,667 shares of Global Crossing Airlines. With a market capitalization of $25.7 million and current ratio of 0.3, the company faces challenges meeting short-term obligations, though InvestingPro analysis suggests the stock may be undervalued at current levels.
In other recent news, Global Crossing Airlines, also known as GlobalX, has made notable strides in its financial performance. The company reported a significant 23% surge in its Q3 2024 revenue, achieving $52.4 million compared to last year's $42.6 million. This increase was primarily due to a rise in block hours flown and fleet expansion. Despite a steady net loss of $4.9 million, GlobalX's EBITDAR nearly doubled. Looking ahead, the company forecasts robust Q4 revenue between $55 million and $61 million.
GlobalX has further revealed plans to expand its fleet, expecting to add a 19th aircraft by December 2024. The company has also secured contracts with over ten college basketball teams for the upcoming season and aims to increase aircraft utilization. However, it's important to note that operational challenges temporarily grounded 35% of the fleet in September.
In the realm of analysts' prognostications, GlobalX is shifting strategically towards higher-margin ACMI services and continues to focus on expanding its fleet to meet increasing demand, particularly in the European ACMI market. Despite facing certain challenges, the company remains committed to maximizing shareholder value through operational efficiencies and scalable growth.
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