Red Oak Partners, LLC, a significant shareholder in Global Crossing Airlines Group Inc. (OTC:JETMF (OTC:JETMF)), has made notable acquisitions of the company's common stock. According to a recent SEC filing, Red Oak Partners purchased shares totaling approximately $2,005,537. The transactions were executed at prices ranging from $0.45 to $0.598 per share.
The acquisitions took place over several months, with notable purchases on July 16, September 2, and October 18. These transactions were conducted through The Red Oak Fund, LP, and The Red Oak Long Fund, LP, both of which are managed by David Sandberg, the managing member of Red Oak Partners.
The purchases were part of private transactions, as noted in the filing, and the shares acquired are directly owned by the respective funds. This move increases Red Oak Partners' stake in Global Crossing Airlines, which is involved in scheduled air transportation.
Red Oak Partners remains a ten percent owner of Global Crossing Airlines, reflecting its continued interest and confidence in the airline's potential.
In other recent news, Global Crossing Airlines has reported substantial growth for the second quarter of 2024. The airline's financial performance showcased an 83% increase in revenue, reaching $57.5 million, driven by an 84% increase in block hours flown and fleet expansion. This growth was attributed to an expansion in their passenger fleet and a surge in block hours flown. The ACMI business of the company also saw a more than fivefold revenue increase to $31.9 million.
Despite a decrease in cash and restricted cash, the company remains positive about future growth and profitability. The company ended Q2 with $10.4 million in cash and restricted cash, down from previous quarters. However, plans are in place to lease five additional aircraft, as per their recently signed letters of intent.
Furthermore, the company is focused on expanding its fleet and securing new contracts to boost profitable growth. They plan to add three more aircraft within the year and anticipate cargo improvements in Q4. While no formal guidance was provided, the airline is optimistic about the opportunities for increased profitability, especially with the upcoming addition of more aircraft. These are the recent developments from Global Crossing Airlines.
InvestingPro Insights
The recent stock acquisitions by Red Oak Partners in Global Crossing Airlines Group Inc. (OTC:JETMF) align with some intriguing financial metrics and trends revealed by InvestingPro data. JETMF has demonstrated impressive revenue growth, with a 63.79% increase over the last twelve months as of Q2 2024, and an even more striking 82.83% quarterly growth in Q2 2024. This robust top-line expansion could be a key factor attracting investor interest.
However, potential investors should note that JETMF is currently operating at a loss, with an adjusted operating income of -$5.52 million over the last twelve months. This is reflected in an InvestingPro Tip highlighting that the company is not profitable over the last twelve months. Despite this, the stock has shown strong performance recently, with InvestingPro data indicating a 32.18% return over the past week and a 24.48% return over the last month.
Another InvestingPro Tip suggests that JETMF operates with a significant debt burden, which could pose challenges in the current economic environment. This information, combined with the company's negative earnings, underscores the importance of thorough due diligence for potential investors.
For those seeking a more comprehensive analysis, InvestingPro offers 9 additional tips for JETMF, providing a deeper understanding of the company's financial health and market position.
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