Execution Watch: Airlines, Infrastructure, & Retail

Taking a Look at GlobalX (JETMF), Boston Omaha (BOC), & Planet 13 (PLNH) Quarterly Results.

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This week, we covered quarterly results from three companies across our coverage:

Global Crossing Airlines: ACMI-heavy mix & record utilization; funding is the swing factor for scaling into 2026

Record Hours, Positive EPS—Capital Still the Swing Factor Q2 2025 delivered $61.4M revenue (+7% YoY), a second straight GAAP profit ($0.6M, $0.01/sh), and a company‑record 8,065 block hours with 0 sub‑service. Mix shifted decisively to ACMI (≈73% of hours) with rising $/hr, supporting better unit economics and $8.8M operating cash flow. Fleet growth is on track—first owned A320 added, four A319s due Sep–Dec, and another A321P2F slated—targeting ~23 aircraft by YE25. Liquidity improved but remains tight (working‑capital deficit, going‑concern language), making external financing the near‑term swing factor. IVT: unchanged pending H2 execution and visibility on funding.

Boston Omaha: Core cash engines steady; fiber nearing inflection while insurance digests a claims bump

Steady Core, Fiber Scaling—Insurance Bump to Digest Q2 2025 revenue rose ~4% to $28.2M with a balanced mix: billboards flat but high‑margin, broadband up mid‑single digits as fiber scales, and insurance +12% on premiums. Adj. EBITDA climbed to ~$6.5M on tighter opex; investment marks (SKYH warrants) added volatility but liquidity remains solid (> $41M cash/Treasuries) with modest leverage and $18.4M of buyback capacity. Broadband is nearing an inflection as fiber subs/passings expand; insurance growth continues despite a temporary claims spike; Link Media preserves margins while adding digital faces. Valuation revised slightly down. We need to watch political‑ad tailwinds, fiber absorption, buybacks/SKYH monetization.

Planet 13: Price down, volume up—Florida rebuild & Q4 BHO lab set the 2H catalyst path

Price Down, Volume Up—Rebuild Mode into 2H Q2 2025 revenue fell to $26.9M (–13.6% YoY) as price compression weighed, and gross margin contracted to 43.4%; adj. EBITDA was –$2.4M. Offsets: Las Vegas SuperStore grew QoQ, early cost actions trimmed cash burn, and Florida quality/yields improved with a Q4 BHO lab set to close key assortment gaps. Liquidity is tight but workable (cash ~$15.9M plus a July asset sale; $9.75M revolver extended), and management is leaning into pricing/loyalty to defend share, prioritizing gross‑profit dollars over % margin near term. Valuation revised slightly down. We need to watch pending 2H volume/mix and Florida execution; catalysts include BHO launch, store rollouts, and any regulatory relief.

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