Global Crossing Airlines Group Inc.

Previous wording

GlobalX operates a U.S. Part 121 domestic flag and supplemental airline using the Airbus A320 family of aircraft, operating both passenger and cargo aircraft. GlobalX’s business model is to (1) provide services on an ACMI using wet lease contracts to airlines and non-airlines, and (2) on a Charter basis, provide passenger aircraft charter services to customers by charging an “all-in” fee that includes fuel, insurance, landing fees, navigation fees and most other operational fees and costs. GlobalX operates within the United States, Europe, Canada, Central and South America.

Current wording

GlobalX operates a U.S. Part 121 domestic flag and supplemental airline using the Airbus A320 family of aircraft, operating both passenger and cargo aircraft. GlobalX’s business model is to (1) provide services on an ACMI using wet-lease contracts to airlines and non-airlines, and (2) on a Charter basis, to provide passenger aircraft charter services to customers by charging an “all-in” fee that includes fuel, insurance, landing fees, navigation fees and most other operational fees and costs. GlobalX operates within the United States, Europe, Canada, Central and South America.

Previous 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.

Current wording

During the three month period ended March 31, 2026, the Company 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 nine month period ended September 30, 2025:

Current wording

GlobalX achieved the following during the three month period ended March 31, 2026:

Previous wording

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

Current wording

Completed one heavy maintenance event and seven non-heavy maintenance events.

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 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.

Current wording

Unlike the cargo charter market, the passenger charter market continues to demonstrate strong demand and has served as the economic engine for GlobalX during the three months ended March 31, 2026. There are several macro factors, including the supply of aircraft, reduced direct competition, increased reliance on air charter by college sports teams and general increased customer demand, which are driving increased demand for our services. GlobalX anticipates the high level of demand will continue throughout 2026. To address this demand, the Company has prioritized the passenger charter market over the cargo charter market, devoted sales and operational resources to develop long-term relationships with key customers and looked to expand the markets served as opportunities arise.

Previous wording

Critical to GlobalX’s business model is, a fleet of modern and cost-effective aircraft. To achieve this objective, GlobalX has selected the A320 family of aircraft which it believes is the best overall single-aisle aircraft family to operate. This approach differs from traditional airlines, which purchase a variety of aircraft, often from different manufacturers, to achieve their operational flight sectors, resulting in increased training, operating and spare part costs. GlobalX conducted research to determine the best aircraft to fly in competition with other narrow-body charter airlines in the single-aisle seat market and GlobalX selected the A320 aircraft family.

Current wording

Critical to GlobalX’s business model is maintaining a fleet of modern and cost-effective aircraft. To achieve this objective, GlobalX has selected what it believes to be the best overall single-aisle aircraft family to operate. This approach differs from that of traditional airlines, which purchase a variety of aircraft, often from different manufacturers, to achieve their operational flight sectors, resulting in increased training, operating and maintenance costs. GlobalX conducted research to determine the best aircraft to fly in competition with other narrow-body charter airlines in the single-aisle seat market and after such research GlobalX selected the A320 aircraft family.

Previous wording

Cost and Operating factors: the A320 family of aircraft have lower fuel burn, and better aircraft and cockpit crew pool availability.

Current wording

Cost and Operating factors: the A320 family of aircraft has lower fuel burn, and better aircraft and cockpit crew pool availability.

Previous wording

Operational Capability: the A320 family of aircraft has a range advantage over the Boeing 737-800 and can fly non-stop from Miami to selected airports in North America, South America, the Caribbean, and between most major destinations in Europe. The A320 has excellent maintenance dispatch reliability and strong availability of spare parts and components, making the A320, in management’s estimation, the most popular aircraft among low-cost airlines.

Current wording

Operational Capability: the A320 family of aircraft has a range advantage over the Boeing-737 family of aircraft, and can fly non-stop from Miami to most airports throughout North America, South America and the Caribbean, and between most major destinations in Europe. The A320 has excellent maintenance dispatch reliability and strong availability of spare parts and components, making the A320, in management’s estimation, the most popular aircraft among low-cost airlines.

Previous wording

Passenger comfort: better seat width, cargo bin volume for carry-on baggage and cargo hold volume.

Current wording

Passenger comfort: wider seat width, larger cargo bin volume for carry-on baggage and larger cargo hold volume.

Previous wording

GlobalX expects to continue to outsource heavy maintenance checks to FAA-approved service providers. The 6Y Checks and 12Y Checks will be primarily paid for using funds from the accrued maintenance reserves paid to lessors under operating leases.

Current wording

GlobalX expects to continue to outsource heavy maintenance checks to FAA-approved service providers. The 6Y Checks and 12Y Checks will be paid primarily by using funds from the accrued maintenance reserves paid to lessors under operating leases.

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, 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.

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 Virgin America, American Airlines, US Airways, Atlas Air, 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

The analysis of GlobalX results for the three month period ended on September 30, 2025 and 2024 requires an understanding of how the Company fundamentally evolved during that time period. 2024 was our third year of full operations and was a period where the Company was focused on securing new customers, entering new markets, and flying to new locations; primarily in the domestic and Caribbean markets.

Current wording

The analysis of GlobalX results for the three month period ended March 31, 2026, and 2025 requires an understanding of how the Company fundamentally evolved during that time period. 2025 was our fourth year of full operations and was a period where the Company was focused on securing additional customers, entering additional markets and flying to new locations, primarily in the domestic and Caribbean markets and within the European market. As a growing company, we were also focused on operating effectively and efficiently.

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 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.

Current wording

In 2025, GlobalX continued expanding existing governmental agency relationships, acquired new partners, secured long-term cargo contracts, expanded operations in the European ACMI market and continued its operations with existing airlines. 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, and cost per available seat mile, 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; therefore, our results are evaluated on a Block Hour and Utilization basis.

Previous 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.

Current wording

Charter revenue for the period increased $3.7 million or 12.3%, from $30.5 million in 2025 to $34.2 million in 2026. This increase was primarily driven by an increase in the rate for Charter flying of 31.6% from $13,588 per Block Hour in 2025 to $17,881 per Block Hour in 2026 resulting in an $8.2 million increase in revenue. This increase was partially offset by a decrease in Charter Block Hours of 14.7% from 2,246 Block Hours in 2025 to 1,916 Block Hours in 2026, which resulted in a $4.5 million decrease in revenue. The primary driver for the per Block Hour increase was related to both high market demand and a shortage of supply as competitors reduced capacity. The decrease in Charter Block Hours was due to an intentional focus on an increased level of flying on an ACMI basis and the Company’s exit from the Cuba-based charter market.

Previous 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.

Current wording

ACMI revenue for the period increased by $5.3 million or 15.6% from $34.3 million in 2025 to $39.7 million in 2026. This increase was driven by an increase in Block Hours from 5,076 in 2025 to 6,079 in 2026, an increase of 19.7% or 1,002 Block Hours resulting in a $7.3 million increase in revenue. This increase was partially offset by a decrease in the rate for ACMI flying of 4.5% from $6,740 per Block Hour in 2025 to $6,429 per Block Hour in 2026 resulting in a $1.9 million decrease in revenue. The primary driver for the Block Hour increase was related to both high market demand and a shortage of supply. The rate decrease is a result of longer term ACMI contracts with higher minimum hours resulting in a lower rate per hour.

Previous 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.

Current wording

Other revenue for the period increased by $0.9 million from $1.8 million in 2025 to $2.7 million in 2026. The increase is primarily driven by more fueling and other administrative services provided to our customers.

Previous 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.

Current wording

Depreciation and amortization increased by $2.4 million or 107.6%, from $2.2 million in 2025 to $4.7 million, primarily driven by aircraft deliveries secured on finance leases, the purchase of an A320 aircraft, and an increase in rotable parts owned.

Previous 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.

Current wording

Aircraft rent decreased $1.8 million or 11.6%, from $15.2 million in 2025 to $13.5 million in 2026, primarily driven by a $1.1 million decrease in the number of sub-service hours required. Adding to the savings was a decrease in base rent expenses of $1.3 million or 17.3% due to the decrease in the average number of aircraft on operating leases from 15.0 to 13.0 aircraft in the fleet. Offsetting the savings, was an increase in supplemental rent expenses of $0.6 million or 10.5% from $6.0 million in 2025 to $6.6 million in 2026 driven by a year-over-year increase in Block Hours.

Previous 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.

Current wording

Operating income improved $3.0 million, from $3.1 million in 2025 to $6.1 million in 2026. Operating income as a percentage of revenue improved by 3.3% from 4.7% in 2025 to 8.0% in 2026. This improvement was a result of GlobalX’s ability to grow its revenue faster than its cost structure as the airline works towards achieving scale and profitability. Three factors drove these results: rates, utilization and scale. The Company’s Charter rate for the period grew 31.6%, from $13,588 per Block Hour in 2025 to $17,881 per Block Hour in 2026. The Company’s average utilization per available aircraft grew 24.9% for the period, from 442 Block Hours in 2025 to 552 Block Hours in 2026. The Company’s increasing scale also contributed to this positive result, for example, 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 $1.8 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.

Current wording

Interest expense increased $0.7 million from $2.6 million to $3.3 million driven by the increase of aircraft on finance lease from 3.7 to 6.7 equivalent aircraft, and the financed purchase of one aircraft.

Previous 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.

Current wording

Net Income, for the period, due to events noted above, increased by $2.3 million, from a net income of $0.5 million in 2025 to a net income of $2.8 million in 2026.

Previous 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.

Current wording

The Company has significant fixed and noncancelable lease commitments of aircraft, equipment and related maintenance checks. As of March 31, 2026, the Company had total of $26.7 million due in the next 12 months of future minimum lease payments under finance and operating leases. As of March 31, 2026, the Company had total of $98.5 million due after 12 months from the balance sheet date of future minimum lease payments under finance and operating leases, and approximately $39.9 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 March 31, 2026 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 2026. To achieve the number of aircraft deliveries in 2026, the Company currently has three aircraft under lease with partial or total deposits paid.

Previous wording

The Company regularly assesses our anticipated working capital needs, debt and leverage levels, debt maturities, capital expenditure requirements and future investments or acquisitions to maximize stockholder return, efficiently finance our ongoing operations and maintain flexibility for future strategic transactions. The Company also regularly evaluates its liquidity and capital structure to ensure financial risks, adequate liquidity access and lower cost of capital are efficiently managed.

Current wording

The Company regularly assesses our anticipated working capital needs, debt and leverage levels, debt maturities, capital expenditure requirements and future investments or acquisitions in an effort to maximize shareholder returns, efficiently finance our ongoing operations and maintain flexibility for future strategic transactions. The Company also regularly evaluates our liquidity and capital structure in an effort to ensure financial risks, adequate liquidity access and lower cost of capital are efficiently managed. Management is actively assessing various options to procure additional funds, including exploring opportunities for additional equity or debt financing to the extent it determines such financing is necessary or appropriate.

Previous 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.

Current wording

Operating activities. During the three months ended March 31, 2026, net cash provided by operating activities increased $8.9 million to $9.0 million, consisting primarily of $8.1 million in noncash adjustments for depreciation and amortization of fixed assets, operating lease right of use assets and debt issue costs, $2.8 million in net income, $1.7 million in interest on finance leases, $0.5 million of share-based payments, a decrease of $1.8 million in accounts receivable, an increase of $1.1 million in accounts payable, and a decrease of $0.3 million in assets held for sale. These were partially offset by an increase of $3.5 million in operating lease obligations, an increase of $3.4 million in accrued liabilities and other liabilities, and an increase of $0.7 million in prepaid expenses and other current assets. For 2025, net cash provided by operating activities during the three months ended March 31, 2025 increased $2.2 million to $0.1 million, consisting primarily of $6.3 million in noncash adjustments for depreciation and amortization of fixed assets, operating lease right of use assets and debt issue costs, $1.1 million in interest on finance leases, $0.5 million in net income, $0.5 million of share-based payments, and an increase of $0.2 million in accounts payable. These were partially offset by a decrease of $4.1 million in operating lease obligations, an increase of $2.2 million in accounts receivable, a decrease of $2.2 million in accrued liabilities and other liabilities, and an increase of $0.1 million in prepaid expenses and other current assets.

Previous 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.

Current wording

Investing activities. During the three months ended March 31, 2026, net cash used in investing activities increased $3.2 million to $6.0 million, consisting of $3.7 million of Purchases of property and equipment and $2.3 million of increase of deposits, deferred costs and other assets. During the three months ended March 31, 2025, net cash used in investing activities decreased $0.4 million to $2.9 million, consisting of $2.7 million of Purchases of property and equipment and $0.1 million of increase of deposits, deferred costs and other assets.

Previous 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.

Current wording

Financing activities. During the three months ended March 31, 2026, net cash used in financing activities increased $2.5 million to $3.5 million of net cash used in financing activities, consisting of $2.7 million of Principal payments on finance leases and $0.9 million of Principal payments on note payable. During the three months ended March 31, 2025, net cash used in financing activities increased $0.9 million to $1.1 million of net cash used in financing activities, consisting primarily of $1.1 million of Principal payments on finance leases.