Global Crossing Airlines Group Inc.

Previous wording

During the six month period ended June 30, 2025, the team devoted efforts towards our stated goal of creating the largest narrow body charter operation in North America generating sustainable, long-term profits. To achieve this goal, GlobalX continues to invest in its three key assets–certifications, aircraft, and crew.

Current wording

During the nine-month period ended September 30, 2025, the team devoted efforts towards our stated goal of creating the largest narrow body charter operation in North America generating sustainable, long-term profits. To achieve this goal, GlobalX continues to invest in its three key assets–certifications, aircraft, and crew.

Previous wording

GlobalX achieved the following during the six month period ended June 30, 2025:

Current wording

GlobalX achieved the following during the nine month period ended September 30, 2025:

Previous wording

Completed five heavy maintenance events and twenty-one non-heavy maintenance events.

Current wording

Completed six heavy maintenance events and thirty-three non-heavy maintenance events.

Previous wording

Continued to manage the hiring of new crew to match our crew levels to our current aircraft count. In total, we increased our pilot headcount from 140 to 150.

Current wording

Continued to manage the hiring of new crew to match our crew levels to our current aircraft count. In total, we increased our pilot headcount from 140 to 154.

Previous wording

GlobalX added the A321F (passenger to freighter) aircraft to its operating certificate during the first quarter of 2023. The Company continues to believe that the A321F will be a highly sought after cargo aircraft over the next few years as a replacement for the aging and retiring B757 freighter fleet. During six months ended June 30, 2025, we had four cargo aircraft operating. GlobalX has seen over a 125% increase in block hours operated compared to the same period in 2024 attributed to contracts entered into during 2025. The cargo charter market continues to be soft due to, general economic conditions and excess capacity in the North American freight market. In response to this continued slowdown during the quarter, the Company continues to make progress establishing our reputation for on time performance as the market better understands the capabilities of the A321F aircraft. While the Company cannot predict when the cargo market will recover, GlobalX has taken concrete steps to reduce our financial exposure in 2025 by canceling or deferring freighters ordered while expanding our customer base for the aircraft the Company does have.

Current wording

GlobalX added the A321F (passenger to freighter) aircraft to its operating certificate during the first quarter of 2023. The Company continues to believe that the A321F will be a highly sought after cargo aircraft over the next few years as a replacement for the aging and retiring B757 freighter fleet. During nine months ended September 30, 2025, we had four cargo aircraft operating. GlobalX has seen over a 185% increase in block hours operated compared to the same period in 2024 attributed to contracts entered into during 2025. The cargo charter market continues to be soft due to, general economic conditions and excess capacity in the North American freight market. In response to this continued slowdown during the quarter, the Company continues to make progress establishing our reputation for on-time performance as the market better understands the capabilities of the A321F aircraft. While the Company cannot predict when the cargo market will recover, GlobalX has taken concrete steps to reduce our financial exposure in 2025 by canceling or deferring freighters ordered while expanding our customer base for the aircraft the Company does have.

Previous wording

Unlike the cargo charter market, the passenger charter market continues to demonstrate strong demand. There are several macro factors, including the supply of aircraft, reduced direct competition, increased reliance on air charter by colleges and a general increased customer demand, driving increased demand for our services. GlobalX anticipates the high level of demand will continue through the summer and well into 2026. To address this demand, the Company has prioritized passenger aircraft deliveries over cargo, devoted sales and operational resources to develop long-term relationships with key customers and to expand the markets served as opportunities arise. Passenger charter services are expected to be the economic engine for GlobalX in 2025.

Current wording

Unlike the cargo charter market, the passenger charter market continues to demonstrate strong demand. There are several macro factors, including the supply of aircraft, reduced direct competition, increased reliance on air charter by colleges and a general increased customer demand, driving increased demand for our services. GlobalX anticipates the high level of demand will continue through the end of the year and well into 2026. To address this demand, the Company has prioritized passenger aircraft deliveries over cargo, devoted sales and operational resources to develop long-term relationships with key customers and to expand the markets served as opportunities arise. Passenger charter services have continued to be the economic engine for GlobalX in 2025.

Previous wording

The U.S. Charter market continues to evolve as several airlines provide charter aircraft. Specifically, Eastern Airlines Express, Breeze Airways and Avelo continue to dedicate aircraft to charter operations, each of which has increased competition and applied downward pricing pressure on the charter market. It is our expectation that our competitors, including, Eastern Airlines Express, will continue to add aircraft to expand their business domestically and in the Caribbean. In response we are focusing on our core business, emphasizing on time performance, reinforcing our differentiation of our Airbus product and actively soliciting longer-term contracts with key customers.

Current wording

The U.S. Charter market continues to evolve as several airlines provide charter aircraft. Specifically, Eastern Airlines Express, Breeze Airways and Avelo continue to dedicate aircraft to charter operations, each of which has increased competition and applied downward pricing pressure on the charter market. It is our expectation that our competitors, including Eastern Airlines Express, will continue to add aircraft to expand their business domestically and in the Caribbean. In response we are focusing on our core business, emphasizing on-time performance, customer service, reinforcing our differentiation of our Airbus product and actively soliciting longer-term contracts with key customers.

Previous wording

Our management team has extensive operating and leadership experience in the airfreight, airline, and aircraft leasing, maintenance, and management industries at companies such as JetBlue Airways, Virgin America, American Airlines, US Airways, Atlas Air, Breeze Airways, DHL, Emirates, North American Airlines, Miami Air, Spirit Airlines, Continental Airlines, Pan Am, and Flair Airlines, as well as the United States Army, and Air Force. In addition, our management team has a diversity of experience from other industries at companies such as KBR, Teladoc, Halliburton, Lehman Brothers, and the Burger King Corporation.

Current wording

Our management team has extensive operating and leadership experience in the airfreight, airline, and aircraft leasing, maintenance, and management industries at companies such as JetBlue Airways, Virgin America, American Airlines, US Airways, Atlas Air, Breeze Airways, DHL, Eastern Airlines Express, Emirates, North American Airlines, Miami Air, Spirit Airlines, Continental Airlines, Pan Am, and Flair Airlines, as well as the United States Army, and Air Force. In addition, our management team has a diversity of experience from other industries at companies such as KBR, Teladoc, Halliburton, Lehman Brothers, and the Burger King Corporation.

Previous wording

In 2025, GlobalX has expanded on our existing relationships both domestically and internationally and grew operations in the ACMI market through increased focus on operating for government agencies. As the Company grows, operational efficiency and margins have continued to improve. Our key metrics are block hours flown and block hours flown per available aircraft, which are the measures by which the Company tracks commercial activity. While other airlines discuss available seat miles, revenue per available seat mile (“rasm”), and cost per available seat mile (“casm”), these metrics are not germane to our business model as an ACMI and Charter operator. GlobalX charters the entire aircraft, does not take fuel risk, and does not take third party risk and therefore all results are evaluated on a block hour basis.

Current wording

In 2025, GlobalX has expanded on our existing relationships both domestically and internationally and grew operations in the ACMI market through increased focus on operating for government agencies and other key customers. As the Company grows, operational efficiency and margins have continued to improve. Our key metrics are block hours flown and block hours flown per available aircraft, which are the measures by which the Company tracks commercial activity. While other airlines discuss available seat miles, revenue per available seat mile (“rasm”), and cost per available seat mile (“casm”), these metrics are not germane to our business model as an ACMI and Charter operator. GlobalX charters the entire aircraft, does not take fuel risk, and does not take third party risk and therefore all results are evaluated on a block hour basis.

Previous wording

Charter revenue for the period decreased $9.3 million or 37.8%, from $24.6 million in 2024 to $15.3 million in 2025. The rate for Charter flying for the period decreased 0.7% from $13,393 per block hour in 2024 to $13,272 per block hour in 2025, creating a $0.1 million decrease. There was also a $9.2 million reduction for the period due to charter block hours decreasing 37.2% from 1,838 block hours in 2024 to 1,154 block hours in 2025. The decrease in charter block hours was due to an intentional focus on increased level of flying on an ACMI basis.

Current wording

Charter revenue for the period decreased $12.7 million or 84.6%, from $15.0 million in 2024 to $2.3 million in 2025. The rate for Charter flying for the period increased 8.3% from $11,953 per block hour in 2024 to $13,015 per block hour in 2025, creating a $0.2 million increase. There was also a $12.9 million reduction for the period due to charter block hours decreasing 85.8% from 1,254 block hours in 2024 to 178 block hours in 2025. The decrease in charter block hours was due to an intentional focus on increased level of flying on an ACMI basis.

Previous wording

Other revenue for the period increased by $0.5 million from $1.0 million in 2024 to $1.5 million in 2025. The increase was primarily driven by additional ancillary services provided to our customers.

Current wording

Other revenue for the period increased by $1.9 million from $0.6 million in 2024 to $2.5 million in 2025. The increase was primarily driven by additional ancillary services provided to our customers.

Previous wording

Salaries, wages, and benefitsfor the period increased by $3.2 million, from $16.7 million in 2024 to $19.9 million in 2025, or 18.9%, primarily due to the hiring and training of pilots and other airline personnel necessitated by the growing fleet and operations. Our total employees for the period increased 9.0% from 656 in 2024 to 715 in 2025 and pilots for the period increased from 136 in 2024 to 150 in 2025, or 10.3%.

Current wording

Salaries, wages, and benefitsfor the period increased by $3.9 million, from $17.4 million in 2024 to $21.3 million in 2025, or 22.3%, primarily due to the hiring of personnel necessitated by the growing fleet and operations. Our total employees for the period increased 4.4% from 688 in 2024 to 718 in 2025 and pilots for the period increased from 144 in 2024 to 154 in 2025, or 6.9%.

Previous wording

Aircraft fuelfor the period decreased by $3.4 million, from $13.8 million in 2024 to $10.4 million in 2025, or 24.3%. The volume of Charter and Non-Revenue block hours for the period decreased by 16.6% or $2.3 million, while base jet fuel price decreased 9.3% or $1.1 million.

Current wording

Aircraft fuelfor the period decreased by $2.8 million, from $4.1 million in 2024 to $1.3 million in 2025, or 67.3%, primarily driven by the volume of Charter and Non-Revenue block hours for the period which decreased by 64.5% or $2.7 million.

Previous wording

Maintenance, materials, and repairs for the period increased by $2.8 million, from $2.6 million in 2024 to $5.4 million in 2025, or 104.5%. An increase of $0.6 million cost increase for the period was primarily due to volume from the increase in both the number of aircraft to 19 aircraft in 2025 and the number of block hours operated which increased 1,474 or 22.4% from 6,591 block hours in 2024 to 8,065 block hours in 2025. Also, an increase of a $2.1 million increase for the period occurred as the rate per block hour increased 67.1% from $401 per block hour in 2024 to $671 per block hour in 2025, driven by repairs of some high value Rotable parts of $1.3 million.

Current wording

Maintenance, materials, and repairs for the period increased by $1.7 million, from $3.4 million in 2024 to $5.1 million in 2025, or 49.4%. An increase of $1.1 million for the period was primarily due to volume from the increase in both the number of aircraft to 18 aircraft in 2025 and the number of block hours operated which increased 2,382 or 31.9% from 7,460 block hours in 2024 to 9,843 block hours in 2025. Also, an increase of a $0.6 million increase for the period occurred as the rate per block hour increased 13.3% from $462 per block hour in 2024 to $524 per block hour in 2025.

Previous wording

Depreciation and amortizationfor the period increased $1.2 million, from $1.4 million in 2024 to $2.6 million in 2025 or 80.5%, primarily driven by aircraft deliveries secured on capital leases and an increase in Rotable parts owned.

Current wording

Depreciation and amortizationfor the period increased $1.4 million, from $1.9 million in 2024 to $3.3 million in 2025 or 74.3%, primarily driven by aircraft deliveries secured on capital leases, the purchase of an A320 aircraft, and an increase in Rotable parts owned.

Previous wording

Travel for the period decreased $1.7 million, from $7.0 million in 2024 to $5.3 million in 2025 or 24.2%. Throughout the period we expanded local hiring in key bases that support our government agency business and the reliance on travel dropped and is a cost that we expect to be a continued focus throughout 2025.

Current wording

Travel for the period decreased $0.5 million, from $2.2 million in 2024 to $1.7 million in 2025 or 22.9%. Throughout the period we expanded local hiring in key bases that support our government agency business and the reliance on travel dropped and is a cost that we expect to be a continued focus throughout 2025.

Previous wording

Insurancefor the period decreased $0.3 million, from $1.6 million in 2024 to $1.3 million in 2025 or 17.9%, primarily related to the receiving more favorable rates despite the increase in the number of aircraft.

Current wording

Insurancefor the period decreased $0.3 million, from $1.6 million in 2024 to $1.3 million in 2025 or 21.9%, primarily related to the receiving more favorable rates despite the increase in the number of aircraft.

Previous wording

Offsetting the savings was the increase in the average number of aircraft, on operating leases of aircraft in the fleet from 13.8 in 2024 to 14.8 in 2025 increasing base rent expenses $2.3 million, of which $1.1 million or 46.1% is due to increased aircraft and $1.2 million or 53.9% is due to average rate across the fleet. Also, the increase in block hours resulted in an increase for the period of $3.5 million in supplemental rent expenses.

Current wording

Aircraft rentfor the period decreased $1.4 million, from $16.0 million in 2024 to $14.6 million in 2025 or 8.6%, primarily driven by a $2.6 million decrease in short-term ACMI leases from other airlines as increased GlobalX capacity to meet demand was achieved. Adding to the savings was the decrease in the average number of aircraft on operating leases of aircraft in the fleet from 14.4 in 2024 to 13.3 in 2025 decreasing base rent expenses $0.3 million, of which, $0.5 million is due to decreased aircraft, offset by $0.2 million due to average rate across the fleet. The increase in block hours resulted in an increase for the period of $1.5 million in supplemental rent expenses.

Previous wording

Operating incomefor the period increased $0.7 million, from $2.5 million in 2024 to an operating income of $3.2 million in 2025. In addition, operating income as a percentage of revenue for the period improved from 4.4% in 2024 to 5.3% in 2025. This was a direct result of GlobalX’s ability to grow its revenue faster than its cost structure as the airline focused on achieving scale and profitability. Several factors drove the improved margins. The first factor was rates as the Company was able to secure higher rates for ACMI contracts. The Company’s ACMI rate for the period grew 5.6%, from $6,231 per block hour in 2024 to $6,769 per block hour in 2025. The second factor was utilization as our average utilization per available aircraft grew 2.9% for the period. The third factor was scale. As an example, when measured on a per block hour basis, there were savings on a per block hour basis in travel and insurance, which combined with the other factors to drive the improvement.

Current wording

Operating income (loss)for the period increased $3.5 million, from an operating loss of $2.5 million in 2024 to an operating income of $1.0 million in 2025. In addition, operating (loss) income as a percentage of revenue for the period improved from (4.4)% in 2024 to 1.8% in 2025. This was a direct result of GlobalX’s ability to grow its revenue faster than its cost structure as the airline focused on achieving scale and profitability. Two factors drove the improved margins. The first factor was utilization as our average utilization per available aircraft grew 25.8% for the period. The second factor was scale. As an example, when measured on a per block hour basis, there were savings on a per block hour basis in travel and insurance, which combined with the other factors to drive the improvement.

Previous wording

Interest expensefor the period increased $0.4 million, from $2.3 million in 2024 to $2.7 million in 2025, driven by the increase of aircraft on capital lease from 1.0 to 4.0 equivalent aircraft.

Current wording

Interest expensefor the period increased $0.6 million, from $2.4 million in 2024 to $3.0 million in 2025, driven by the increase of aircraft on capital lease from 1.0 to 4.0 equivalent aircraft, and the financed purchase of one A320 aircraft.

Previous wording

Net Incomefor the period, due to events noted above, increased by $0.3 million, from $0.3 million in 2024 to $0.6 million in 2025.

Current wording

Net Lossfor the period, due to events noted above, improved by $2.9 million, from $4.9 million in 2024 to $2.0 million in 2025.

Previous wording

Charter revenue for the period decreased $12.8 million or 21.8%, from $58.6 million in 2024 to $45.8 million in 2025. The rate for Charter flying for the period increased 3.1% from $13,066 per block hour in 2024 to $13,481 per block hour in 2025, creating a $0.4 million increase. This was primarily offset by a $14.2 million reduction due to charter block hours decreasing 24.2% from 4,487 block hours in 2024 to 3,400 block hours in 2025. The decrease in charter block hours was due to an intentional focus on increased level of flying on an ACMI basis.

Current wording

Charter revenue for the period decreased $25.5 million or 34.6%, from $73.6 million in 2024 to $48.1 million in 2025. The rate for Charter flying for the period increased 5.5% from $12,823 per block hour in 2024 to $13,457 per block hour in 2025, creating a $2.2 million increase. This was primarily offset by a $27.7 million reduction due to charter block hours decreasing 37.7% from 5,742 block hours in 2024 to 3,578 block hours in 2025. The decrease in charter block hours was due to an intentional focus on increased level of flying on an ACMI basis.

Previous wording

ACMI revenue for the period increased by $28.3 million or 56.0%, from $50.5 million in 2024 to $78.8 million in 2025. This variance was primarily driven by an increase from 8,205 block hours in 2024 to 11,860 block hours in 2025, an increase of 53.2% or 4,111 block hours. This volume accounted for 79.5% or $22.5 million of the increase during the period. The average revenue per block hour for the period increased by $490 per block hour from $6,158 per block hour in 2024 to $6,648 per block hour in 2025. The rate increase accounted for $5.8 million or 20.5% of the increase during the period. The primary driver for the increase was related to both high market demand and a shortage of supply as competitors reduce capacity.

Current wording

ACMI revenue for the period increased by $44.7 million or 51.2%, from $87.4 million in 2024 to $132.1 million in 2025. This variance was primarily driven by an increase from 14,141 block hours in 2024 to 21,388 block hours in 2025, an increase of 44.8% or 6,613 block hours. This volume accounted for 87.5% or $39.1 million of the increase during the period. The average revenue per block hour for the period increased by $261 per block hour from $5,914 per block hour in 2024 to $6,175 per block hour in 2025. The rate increase accounted for $5.6 million or 12.5% of the increase during the period. The primary driver for the increase was related to both high market demand and a shortage of supply as competitors reduce capacity.

Previous wording

Other revenue for the period increased by $1.1 million from $2.2 million in 2024 to $3.3 million in 2025. The increase was primarily driven by additional ancillary services provided to our customers.

Current wording

Other revenue for the period increased by $3.0 million from $2.8 million in 2024 to $5.8 million in 2025. The increase was primarily driven by additional ancillary services provided to our customers.

Previous wording

Salaries, wages, and benefitsfor the period increased by $5.2 million, from $33.5 million in 2024 to $38.7 million in 2025, or 15.5%, primarily due to the hiring and training of pilots and other airline personnel necessitated by the growing fleet and operations. Total employees increased 9.0% from 656 to 715 and pilots increased from 136 in 2024 to 150 in 2025 or 10.3%.

Current wording

Salaries, wages, and benefitsfor the period increased by $9.1 million, from $50.9 million in 2024 to $60.0 million in 2025, or 17.8%, primarily due to the hiring and training of pilots and other airline personnel necessitated by the growing fleet and operations. Total employees increased 4.4% from 688 to 718 and pilots increased from 144 in 2024 to 154 in 2025 or 6.9%.

Previous wording

Aircraft fuelfor the period decreased by $2.6 million, from $5.6 million in 2024 to $3.0 million in 2025, or 45.8%. The volume of Charter and Non-Revenue block hours for the period decreased by 26.7% or $1.5 million, while base jet fuel price decreased 26.0% or $1.1 million.

Current wording

Aircraft fuelfor the period decreased by $6.1 million, from $17.9 million in 2024 to $11.8 million in 2025, or 34.2%. The volume of Charter and Non-Revenue block hours for the period decreased by 26.5% or $4.7 million, while base jet fuel price decreased 10.5% or $1.4 million.

Previous wording

Maintenance, materials, and repairs for the period increased by $3.7 million, from $5.6 million in 2024 to $9.3 million in 2025, or 66.0%. $1.6 million cost increase for the period was primarily due to volume from the increase in both the number of aircraft to 19 aircraft in 2025 and the number of block hours operated which increased 3,438 or 29.2% from 11,791 block hours in 2024 to 15,229 block hours in 2025. Also, a $2.1 million increase for the period occurred as the rate per block hour increased 28.5% from $473 per block hour in 2024 to $608 per block hour in 2025, driven by repairs of some high value Rotable parts.

Current wording

Maintenance, materials, and repairs for the period increased by $5.4 million, from $9.0 million in 2024 to $14.4 million in 2025, or 59.7%. $1.6 million cost increase for the period was primarily due to volume from the increase in both the number of aircraft to an all-time Company high of 19 aircraft in 2025 and the number of block hours operated which increased 5,820 or 30.2% from 19,252 block hours in 2024 to 25,072 block hours in 2025. Also, a $2.7 million increase for the period occurred as the rate per block hour increased 22.6% from $469 per block hour in 2024 to $575 per block hour in 2025, driven by repairs of some high value Rotable parts.

Previous wording

Depreciation and amortizationfor the period increased $2.3 million, from $2.6 million in 2024 to $4.9 million in 2025 or 86.1%, primarily driven by aircraft deliveries secured on capital leases and an increase in Rotable parts owned.

Current wording

Depreciation and amortizationfor the period increased $3.6 million, from $4.5 million in 2024 to $8.1 million in 2025 or 81.1%, primarily driven by aircraft deliveries secured on capital leases, the purchase of an A320 aircraft, and an increase in Rotable parts owned.

Previous wording

Travel for the period decreased $0.8 million, from $3.1 million in 2024 to $2.3 million in 2025 or 25.4%. Throughout the period we expanded local hiring in key bases that support our government agency business and the reliance on travel dropped and is a cost that we expect to be a continued focus throughout 2025.

Current wording

Travel for the period decreased $2.2 million, from $9.2 million in 2024 to $7.0 million in 2025 or 23.9%. Throughout the period we expanded local hiring in key bases that support our government agency business and the reliance on travel dropped and is a cost that we expect to be a continued focus throughout 2025.

Previous wording

Insurancefor the period decreased $0.7 million, from $3.2 million in 2024 to $2.5 million in 2025 or 20.4%, primarily related to the receiving more favorable rates despite the increase in the number of aircraft.

Current wording

Insurancefor the period decreased $1.0 million, from $4.8 million in 2024 to $3.8 million in 2025 or 20.9%, primarily related to the receiving more favorable rates despite the increase in the number of aircraft.

Previous wording

Aircraft rentfor the period decreased $0.8 million, from $14.7 million in 2024 to $13.9 million in 2025 or 5.7%, primarily driven by a $2.7 million decrease in short-term ACMI leases from other airlines as increased GlobalX capacity to meet demand was achieved. Offsetting the savings was the increase in the average number of aircraft, on operating leases of aircraft in the fleet from 14.4 in 2024 to 15.0 in 2025 increasing base rent expenses $0.5 million, of which, $0.3 million or 54.9% is due to increased aircraft and $0.2 million or 45.1% is due to average rate across the fleet. The increase in block hours resulted in an increase for the period of $1.3 million in supplemental rent expenses.

Current wording

Aircraft rentfor the period increased $0.3 million, from $43.5 million in 2024 to $43.8 million in 2025 or 0.6%, primarily driven by $6.8 million decrease in short-term ACMI leases from other airlines as increased GlobalX capacity to meet demand was achieved. Offsetting the savings was the increase in the average number of aircraft, on operating leases of aircraft in the fleet from 13.5 in 2024 to 14.4 in 2025 increasing base rent expenses $2.0 million, of which $1.4 million or 68% is due to increased aircraft and $0.6 million or 32% is due to average rate across the fleet. Also, the increase in block hours resulted in an increase for the period of $5.1 million in supplemental rent expenses.

Previous wording

Operating (loss) incomefor the period increased $8.5 million, from an operating loss of $2.1 million in 2024 to an operating income of $6.4 million in 2025. In addition, operating (loss) income as a percentage of revenue for the period improved from (1.9%) in 2024 to 5.0% in 2025. This was a direct result of GlobalX’s ability to grow its revenue faster than its cost structure as the airline focused on achieving scale and profitability. Several factors drove the improved margins. The first factor was rates as the Company was able to secure higher rates for ACMI contracts. The Company’s ACMI rate for the period grew 8.0%, from $6,159 per block hour in 2024 to $6,648 per block hour in 2025. The second factor was utilization as our average utilization per available aircraft grew 2.9% for the period. The third factor was scale. As an example, when measured on a per block hour basis, there were savings on a per block hour basis in travel and insurance, which combined with the other factors to drive the improvement.

Current wording

Operating income (loss)for the period improved $12.0 million, from an operating loss of $4.6 million in 2024 to an operating income of $7.4 million in 2025. In addition, operating (loss) income as a percentage of revenue for the period improved from (2.8%) in 2024 to 4.0% in 2025. This was a direct result of GlobalX’s ability to grow its revenue faster than its cost structure as the airline focused on achieving scale and profitability. Several factors drove the improved margins. The first factor was rates as the Company was able to secure higher rates for ACMI contracts. The Company’s ACMI rate for the period grew 4.4%, from $5,914 per block hour in 2024 to $6,175 per block hour in 2025. The second factor was utilization as our average utilization per available aircraft grew 8.4% for the period. The third factor was scale. As an example, when measured on a per block hour basis, there were savings on a per block hour basis in travel and insurance, which combined with the other factors to drive the improvement.

Previous wording

Interest expensefor the period increased $1.2 million from $4.0 million in 2024 to $5.2 million in 2025, driven by the increase of aircraft on capital lease from 1.5 to 4.0 equivalent aircraft.

Current wording

Interest expensefor the period increased $1.8 million from $6.4 million in 2024 to $8.2 million in 2025, driven by the increase of aircraft on capital lease from 1.8 to 4.0 equivalent aircraft, and the financed purchase of one aircraft.

Previous wording

Net (Loss) Incomefor the period, due to events noted above, improved by $6.9 million from a net loss of $6.1 million in 2024 to a net income of $0.8 million in 2025.

Current wording

Net Lossfor the period, due to events noted above, improved by $9.8 million from a net loss of $11.0 million in 2024 to a net loss of $1.2 million in 2025.

Previous wording

As of June 30, 2025, the Company had approximately $13.5 million in unrestricted cash and cash equivalents and approximately $0.6 million in restricted cash, an increase of approximately $1.1 million and a decrease of approximately $1.0 million, respectively, from December 31, 2024, primarily due to new aircraft deliveries, deposits, and net income. Management is confident that the augmented cash and cash equivalents, coupled with the anticipated rise in sales linked to the Company’s strategies to attract more funds, will adequately address the Company’s liquidity requirements. Management is actively assessing various options to procure additional funds, including exploring opportunities for additional equity or debt financing.

Current wording

As of September 30, 2025, the Company had approximately $7.1 million in unrestricted cash and cash equivalents and approximately $0.2 million in restricted cash, a decrease of approximately $5.3 million and a decrease of approximately $1.5 million, respectively, from December 31, 2024, primarily due to new aircraft deliveries, deposits, and net loss. Management is confident that the augmented cash and cash equivalents, coupled with the anticipated rise in sales linked to the Company’s strategies to attract more funds, will adequately address the Company’s liquidity requirements. Management is actively assessing various options to procure additional funds, including exploring opportunities for additional equity or debt financing.

Previous wording

Net Cash provided by operating activities during the six months ended June 30, 2025 increased $10.2 million to $8.9 million, consisting primarily of $13.2 million in noncash adjustments for depreciation and amortization of fixed assets, operating lease right of use assets and debt issue costs, $2.2 million in interest on finance leases, $1.1 million of net income, $1.3 million of share-based payments, and $0.6 million of increase in accounts payable. These were partially offset by $8.4 million of decrease in operating lease obligations, and $1.3 million of increase in prepaid expenses and other current assets. Net Cash used in operating activities during the six months ended June 30, 2024 increased $4.9 million to $1.2 million, consisting primarily of $6.1 million of net loss, $6.8 million of decrease in accrued liabilities and other liabilities, $6.8 million of decrease in operating leases obligations, and $0.3 million of increase in assets held for sale. These were partially offset by $3.3 million of increase in accounts receivable, $2.5 million of increase in accounts payable, and $10.0 million in noncash adjustments for depreciation and amortization of fixed assets, operating lease right of use assets and debt issue costs, $1.0 million in interest on finance leases, $0.9 million of share-based payments, $0.4 million of credit losses, and $0.5 million of increase in prepaid expenses and other current assets.

Current wording

Net Cash provided by operating activities during the nine months ended September 30, 2025 increased $11.7 million to $9.5 million, consisting primarily of $23.6 million in noncash adjustments for depreciation and amortization of fixed assets, operating lease right of use assets and debt issue costs, $3.3 million in interest on finance leases, $0.8 million of net loss, $2.2 million of share-based payments, $1.7 million of decrease in accounts receivable and $1.5 million of increase in accounts payable. These were partially offset by $15.6 million of decrease in operating lease obligations, $4.8 million of decrease in accrued liabilities and other liabilities, and $1.8 million of increase in prepaid expenses and other current assets. Net Cash used in operating activities during the nine months ended September 30, 2024 decreased $4.5 million to $2.3 million, consisting primarily of $11.0 million of net loss, $8.6 million of decrease in accrued liabilities and other liabilities, $10.5 million of decrease in operating leases obligations, and $0.4 million of increase in assets held for sale. These were partially offset by $3.4 million of increase in accounts receivable, $5.3 million of increase in accounts payable, and $15.5 million in noncash adjustments for depreciation and amortization of fixed assets, operating lease right of use assets and debt issue costs, $2.0 million in interest on finance leases, $1.3 million of share-based payments, $0.4 million of credit losses, and $0.1 million of increase in prepaid expenses and other current assets.

Previous wording

The Company has significant fixed and noncancelable lease commitments of aircraft, equipment and related maintenance checks. As of June 30, 2025, the Company had total of $21.8 million due in the next 12 months of future minimum lease payments under finance and operating leases. As of June 30, 2025, the Company had total of $91.4 million due after 12 months from the balance sheet date of future minimum lease payments under finance and operating leases, and approximately $30 million in notes payable included in the non-current liabilities presented in the Company’s consolidated balance sheet. The Company ended the period of January 1 to June 30, 2025 with fifteen passenger aircraft and four cargo aircraft and expects the fleet to increase to nineteen passenger aircraft and remain at four cargo aircraft by the end of 2025. In an effort to achieve the number of aircraft deliveries in 2025, the Company currently has four aircrafts under lease with partial or total deposits paid.

Current wording

The Company has significant fixed and noncancelable lease commitments of aircraft, equipment and related maintenance checks. As of September 30, 2025, the Company had total of $21.3 million due in the next 12 months of future minimum lease payments under finance and operating leases. As of September 30, 2025, the Company had total of $87.3 million due after 12 months from the balance sheet date of future minimum lease payments under finance and operating leases, and approximately $44.3 million in notes payable included in the current and non-current liabilities presented in the Company’s consolidated balance sheet. The Company ended the period of January 1 to September 30, 2025 with fourteen passenger aircraft and four cargo aircraft and expects the fleet to increase to sixteen passenger aircraft and remain at four cargo aircraft by the end of 2025. In an effort to achieve the number of aircraft deliveries in 2025, the Company currently has five aircrafts under lease with partial or total deposits paid. The Company plans to add three passenger aircraft to its fleet in 2026.

Previous wording

During the six months ended June 30, 2025, net cash used in investing activities increased $1.4 million to $6.6 million, consisting of $5.4 million of Purchases of property and equipment and $1.2 million of increase of deposits, deferred costs and other assets. During the six months ended June 30, 2024, net cash used in investing activities increased $1.2 million to $5.2 million, consisting of $3.6 million of Purchases of property and equipment and $1.6 million of increase of deposits, deferred costs and other assets.

Current wording

During the nine months ended September 30, 2025, net cash used in investing activities increased $5.4 million to $11.7 million, consisting of $10.0 million of Purchases of property and equipment and $1.7 million of increase of deposits, deferred costs and other assets. During the nine months ended September 30, 2024, net cash used in investing activities decreased $1.5 million to $6.3 million, consisting of $5.0 million of Purchases of property and equipment and $1.3 million of increase of deposits, deferred costs and other assets.

Previous wording

During the six months ended June 30, 2025, net cash used in financing activities increased $1.5 million to $2.3 million of net cash used in financing activities, consisting primarily of $2.4 million of Principal payments on finance leases. During the six months ended June 30, 2024, net cash used in financing activities increased $4.2 million to $0.8 million, consisting primarily of $0.9 million of Principal payments on finance leases.

Current wording

During the nine months ended September 30, 2025, net cash used in financing activities increased $3.3 million to $4.6 million of net cash used in financing activities, consisting primarily of $3.8 million of Principal payments on finance leases and $0.7 million of principal payments on note payable. During the nine months ended September 30, 2024, net cash used in financing activities increased $27.7 million to $1.3 million, consisting primarily of $1.4 million of Principal payments on finance leases.