This paper presents test results and performance characterization of the first fixed-wing unmanned vehicle capable of full cross-domain operation in both the aerial and underwater environments with repeated transition and low-energy loitering capabilities. This vehicle concept combines the speed and range of an aircraft with the persistence, diving capabilities, and stealth of a submersible. The paper describes the proof-of-concept vehicle including its concept of operations, the approaches employed to achieve the required functions, and the main components and subsystems. Key subsystems include a passively flooding and draining wing, a single motor and propeller combination for propulsion in both domains, and aerodynamic-hydrodynamic control surfaces. Experiments to quantify the vehicle performance, control responses, and energy consumption in underwater, surface, and flight operation are presented and analyzed. Results of several full-cycle tests are presented to characterize and illustrate each stage of operation including surface locomotion, underwater locomotion, water egress, flight, and water ingress. In total, the proof-of-concept vehicle demonstrated 12 full-cycle cross-domain missions including both manually controlled and autonomous operation.