Global Crossing Airlines Group Inc.

Previous wording

During the six month period ended June 30, 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.

Current wording

During the nine month period ended September 30, 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 six month period ended June 30, 2026:

Current wording

GlobalX achieved the following during the nine month period ended September 30, 2026:

Previous wording

Took delivery of two A319 passenger aircraft and one A320 passenger aircraft.

Current wording

Took delivery of two A319 passenger aircraft and three A320 passenger aircraft.

Previous wording

Entered into lease agreements for two A320 passenger aircraft, one of which was delivered.

Current wording

Entered into lease agreements for two A320 passenger aircraft.

Previous wording

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

Current wording

Completed seven heavy maintenance events and thirty-five 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 142 to 165.

Current wording

Continued to manage the hiring of new crew to match our crew levels to our anticipated aircraft count. In total, we increased our pilot headcount over 30% from 142 to 186.

Previous wording

GlobalX added the A321F aircraft to its operating certificate during the first quarter of 2023. The Company believes that the A321F will eventually become a highly sought-after cargo aircraft as a replacement for the aging and retiring Boeing B757 freighter fleet. During the six months ended June 30, 2026, the Company had three cargo aircraft operating and had one temporarily parked. During the six months ended June 30, 2026, GlobalX's Block Hours operated decreased 34.9% compared to the same period in 2025. The cargo charter market continues to be soft due to general economic conditions and excess capacity in the North American freight market. This decreased activity level demonstrates that the cargo charter market continues to be a significant drag on earnings, primarily due to the low rates offered by brokers and customers and the relatively low utilization rates on a per-aircraft basis relative to the rates offered. The Company expects this dynamic to continue and, consequently, is exploring all options to mitigate future losses, including, but not limited to, leasing out engines, utilizing engines in its passenger fleet, parking aircraft, and/or returning one or more of its freighter aircraft to lessors.

Current wording

GlobalX added the A321F aircraft to its operating certificate during the first quarter of 2023. During the nine months ended September 30, 2026, the Company had three cargo aircraft operating and had one temporarily parked. During the nine months ended September 30, 2026, GlobalX's Cargo Block Hours operated decreased 39.5% compared to the same period in 2025. The cargo charter market continues to be soft due to general economic conditions and excess capacity in the North American freight market. This decreased activity level demonstrates that the cargo charter market continues to be a significant drag on earnings, primarily due to the low rates offered by brokers and customers and the relatively low utilization rates on a per-aircraft basis relative to the rates offered. The Company expects this dynamic to continue and, consequently, is exploring all options to mitigate future losses, including, but not limited to, leasing out engines, utilizing engines in its passenger fleet, parking aircraft, and/or returning one or more of its freighter aircraft to lessors.

Previous 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 six months ended June 30, 2026. There are several macro factors, including the supply of aircraft, reduced direct competition, increased reliance on air charter by college sports teams, FIFA World Cup, 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.

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 nine months ended September 30, 2026. There are several macro factors, including the supply of aircraft, reduced direct competition, increased reliance on air charter by college sports teams, FIFA World Cup, and general increased customer demand, which are driving increased demand for our services. GlobalX anticipates the high level of demand will continue through the remainder of 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 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 extensive research and determined the best aircraft to fly in competition with other narrow-body charter airlines in the single-aisle seat market 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. Based on extensive research, GlobalX selected the A320 aircraft family as the best aircraft to fly in competition with other narrow-body charter airlines in the single-aisle seat market.

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 Virgin America, American Airlines, US Airways, Atlas Air, DHL, FedEx, 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, FedEx, 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 diverse experience from other industries at companies such as KBR, Teladoc, Halliburton, Lehman Brothers, and the Burger King Corporation.

Previous wording

In 2026, GlobalX continued expanding existing governmental agency relationships, acquired new partners, secured long-term cargo contracts, 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.

Current wording

In 2026, GlobalX continued expanding existing governmental agency relationships, acquired new partners, and continued its operations with existing airlines. In 2026 we did not have any aircraft operating in Europe to focus on local opportunities which resulted in fewer block hours per aircraft, but higher rates per block hour. 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

(1) Total Block Hours hours operated by GlobalX for the purpose of expressing the utilization of GlobalX net available aircraft.

Current wording

(1) Total Block Hours operated by GlobalX for the purpose of expressing the utilization of GlobalX net available aircraft.

Previous wording

Charter revenue for the period decreased $1.2 million or 7.8%, from $15.3 million in 2025 to $14.1 million in 2026. This decrease was primarily driven by a 32.2% decrease in Charter Block Hours, from 1,154 Block Hours in 2025 to 782 Block Hours in 2026, resulting in a $4.9 million decrease in revenue. This decrease was partially offset by a 36.1% increase in the Charter flying rate, from $13,272 per Block Hour in 2025 to $18,072 per Block Hour in 2026, resulting in a $3.7 million increase in revenue. The increase in the per-Block-Hour rate was primarily driven by high market demand, higher fuel prices, and a shortage of supply as competitors reduced capacity. The decrease in Charter Block Hours was due to an intentional focus on increased ACMI flying and the Company’s exit from the Cuba-based charter market.

Current wording

Charter revenue for the period increased $11.2 million or 483.2%, from $2.3 million in 2025 to $13.5 million in 2026. This increase was primarily driven by a 364.0% increase in Charter Block Hours, from 178 Block Hours in 2025 to 826 Block Hours in 2026, resulting in an $8.4 million increase in revenue. Also, there was an approximately 25.4% increase in the Charter flying rate, from $12,978 per Block Hour in 2025 to $16,309 per Block Hour in 2026, resulting in a $2.8 million increase in revenue. The increase in the per-Block-Hour rate was primarily driven by high market demand, especially because of the FIFA World Cup 2026™ , higher fuel prices, and a shortage of supply as competitors reduced capacity.

Previous wording

ACMI revenue for the period increased by $0.1 million or 0.2%, from $44.5 million in 2025 to $44.6 million in 2026. This increase was driven by a 2.6% increase in Block Hours, or 175 Block Hours, from 6,769 Block Hours in 2025 to 6,944 Block Hours in 2026, resulting in a $1.1 million increase in revenue. This increase was partially offset by a decrease in the rate for ACMI flying of 2.6% from $6,579 per Block Hour in 2025 to $6,426 per Block Hour in 2026 resulting in a $1.0 million decrease in revenue. The Block Hour increase was primarily driven by high market demand and a shortage of supply. The rate decrease resulted from longer-term ACMI contracts with higher minimum hours, which lowered the rate per hour.

Current wording

ACMI revenue for the period increased by $1.9 million or 3.6%, from $53.2 million in 2025 to $55.2 million in 2026. This increase was driven by an increase in the rate for ACMI flying of approximately 12% from $5,586 per Block Hour in 2025 to $6,254 per Block Hour in 2026 resulting in a $5.9 million increase in revenue. This increase was partially offset by a decrease of 7.4% in Block Hours, or 708

Previous wording

Other revenue for the period increased by $1.7 million from $1.5 million in 2025 to $3.3 million in 2026, primarily driven by an increase in fueling and other administrative services provided to the Company's customers.

Current wording

Other revenue for the period increased by $0.6 million from $2.5 million in 2025 to $3.1 million in 2026, primarily driven by an increase in fueling and other administrative services provided to the Company's customers.

Previous wording

Salaries, wages, and benefits increased $0.4 million or 1.9%, from $19.9 million in 2025 to $20.3 million in 2026, primarily due to expanded pilot headcount to support the growing fleet and operations. This increase was partially offset by initiating several actions to reduce headcount and salaries including outsourcing line maintenance at GlobalX’s primary base. Pilots increased from 150 to 165 or 10.0%.

Current wording

Salaries, wages, and benefits decreased by $0.3 million or 1.5%, from $21.3 million in 2025 to $21.0 million in 2026. This decrease was driven by initiating several actions to reduce headcount and salaries including outsourcing line maintenance at GlobalX’s primary base. The decrease was partially offset by expanded pilot headcount to support the growing fleet and operations. Pilots increased from 142 to 186 or 31.0%.

Previous wording

Maintenance, materials, and repairs decreased by $0.8 million or 14.9%, from $5.4 million to $4.6 million. The decrease was primarily driven by a $1.8 million or $222 per Block Hour decrease in parts and repair expenses. This decrease was partially offset due to outsourcing the Miami line maintenance, increasing expenses by $1.0 million or $127 per Block Hour. The Block Hour rate decreased from $670 per Block Hour in 2025 to $575 per Block Hour in 2026.

Current wording

Maintenance, materials, and repairs increased by $2.1 million or 40.9%, from $5.2 million in 2025 to $7.3 million in 2026. The increase was primarily driven by a $2.0 million or $207 per Block Hour increase in parts and repair expenses, of which Miami line maintenance increased expenses by $1.0 million or $101 per Block Hour. The Block Hour rate increased from $523 per Block Hour in 2025 to $730 per Block Hour in 2026. Additionally, a $0.1 million increase was attributable to increased operated block hours.

Previous wording

Depreciation and amortization increased by $5.4 million or 110.9%, from $4.9 million in 2025 to $10.2 million in 2026, primarily driven by aircraft deliveries secured on finance leases, the purchase of an A320 aircraft, and an increase in rotable parts owned.

Current wording

Depreciation and amortization increased by $3.1 million or 96.9%, from $3.2 million in 2025 to $6.4 million in 2026, primarily driven by aircraft deliveries secured on finance leases, and an increase in rotable parts owned.

Previous wording

Contracted ground and aviation services expenses increased by $1.4 million or 12.9%, from $10.8 million in 2025 to $12.2 million in 2026. This was primarily driven by an increased rate since contracted ground and aviation services are not associated with ACMI services.

Current wording

Contracted ground and aviation services expenses increased by $1.9 million or 57.3%, from $3.3 million in 2025 to approximately $5.3 million in 2026. This was primarily driven by an increased Charter volume since contracted ground and aviation services are not associated with ACMI services.

Previous wording

Interest expensefor the period increased $1.1 million, from $2.7 million in 2025 to $3.8 million in 2026, driven by the increase of aircraft under finance leases from 4.0 to 8.0 equivalent aircraft.

Current wording

Interest expense increased $0.8 million, from $3.0 million in 2025 to $3.8 million in 2026, driven by the increase of aircraft under finance leases from 4.0 to 8.7 equivalent aircraft.

Previous wording

(1) Total Block Hours hours operated by GlobalX for the purpose of expressing the utilization of GlobalX net available aircraft.

Current wording

(1) Total Block Hours operated by GlobalX for the purpose of expressing the utilization of GlobalX net available aircraft.

Previous wording

Charter revenue for the period increased $2.6 million or 5.6%, from $45.8 million in 2025 to $48.4 million in 2026. This increase was primarily driven by an increase in the rate for Charter flying of 32.6% from $13,481 per Block Hour in 2025 to $17,937 per Block Hour in 2026 resulting in a $12.0 million increase in revenue. This increase was partially offset by a 20.6% decrease in Charter Block Hours, from 3,400 Block Hours in 2025 to 2,698 Block Hours in 2026, which resulted in a $9.6 million decrease in revenue. The increase in the per-Block-Hour rate was primarily driven by high market demand, higher fuel prices, 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.

Current wording

Charter revenue for the period increased $13.7 million or 28.5%, from $48.1 million in 2025 to $61.9 million in 2026. This increase was primarily driven by an increase in the rate for Charter flying of 30.4% from $13,455 per Block Hour in 2025 to $17,559 per Block Hour in 2026 resulting in a $14.4 million increase in revenue. This increase was partially offset by a 1.5% decrease in Charter Block Hours, from 3,578 Block Hours in 2025 to 3,523 Block Hours in 2026, which resulted in a $0.7 million decrease in revenue. The increase in the per-Block-Hour rate was primarily driven by high market demand, higher fuel prices, 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

Other revenue for the period increased by $2.6 million from $3.3 million in 2025 to $5.9 million in 2026. The increase is primarily driven by more fueling and other administrative services provided to our customers.

Current wording

Other revenue for the period increased by $3.3 million from $5.8 million in 2025 to $9.1 million in 2026. The increase is primarily driven by more fueling and other administrative services provided to our customers.

Previous wording

Salaries, wages, and benefits increased $2.4 million or 6.1%, from $38.7 million in 2025 to $41.1 million in 2026, primarily due to expanded headcount across the organization to support the growing fleet and operations, as well as scheduled compensation adjustments reflecting market conditions and performance across all levels of the company. This increase was partially offset by initiating several actions to reduce headcount and salaries including outsourcing line maintenance at GlobalX’s primary base. Pilots increased from 150 to 165 or 10.0%.

Current wording

Salaries, wages, and benefits increased $2.0 million or 3.4%, from $60.0 million in 2025 to $62.0 million in 2026, primarily due to expanded headcount across the organization to support the growing fleet and operations, as well as scheduled compensation adjustments reflecting market conditions and performance across all levels of the company. This increase was partially offset by initiating several actions to reduce headcount and salaries including outsourcing line maintenance at GlobalX’s primary base. Pilots increased from 142 to 186 or 31.0%.

Previous wording

Aircraft fuel increased by $1.0 million or 34.2% from $3.0 million to $4.0 million. The increase was primarily driven by a $1.5 million increase in the price of base jet fuel. The increase was partially offset by $0.5 million decrease in the amount of Charter and Non-Revenue Block Hours.

Current wording

Aircraft fuel increased by $4.3 million or 36.6% from $11.8 million in 2025 to $16.1 million in 2026. The increase was primarily driven by a $2.4 million increase in the price of base jet fuel. Also contributing was a $1.9 million increase due to increased Charter and Non-Revenue Block Hours.

Previous wording

Maintenance, materials, and repairs increased by $2.3 million or 24.8%, from $9.3 million to 11.6 million. This increase was primarily driven due to outsourcing the Miami line maintenance, increasing expenses by $2.0 million or $125 per Block Hour. In addition, a $0.3 million increase is attributable to parts and repair expenses. The Block Hour rate increased from $608 per Block Hour in 2025 to $712 per Block Hour in 2026.

Current wording

Maintenance, materials, and repairs increased by $4.4 million or 30.6%, from $14.4 million to $18.8 million. This increase was primarily driven due to outsourcing the Miami line maintenance, increasing expenses by $3.0 million or $115 per Block Hour. In addition, a $1.4 million increase is attributable to parts and repair expenses. The Block Hour rate increased from $575 per Block Hour in 2025 to $719 per Block Hour in 2026.

Previous wording

Depreciation and amortization increased by $3.0 million or 113.8%, from $2.6 million in 2025 to $5.6 million in 2026, primarily driven by aircraft deliveries secured on finance leases, the purchase of an A320 aircraft, and an increase in rotable parts owned.

Current wording

Depreciation and amortization increased by $8.5 million or 105.3%, from $8.1 million in 2025 to $16.6 million in 2026, primarily driven by aircraft deliveries secured on finance leases, the purchase of an A320 aircraft, and an increase in rotable parts owned.

Previous wording

Contracted ground and aviation services expenses increased by $0.4 million or 9.9%, from $4.5 million in 2025 to $4.9 million in 2026. This was primarily driven by an increased rate since contracted ground and aviation services are not associated with ACMI services.

Current wording

Contracted ground and aviation services expenses increased by $3.3 million or 23.4%, from $14.1 million in 2025 to $17.4 million in 2026. This was primarily driven by increased volume since contracted ground and aviation services are not associated with ACMI services.

Previous wording

Aircraft rent decreased $3.3 million or 11.3%, from $29.2 million in 2025 to $25.9 million in 2026, primarily driven by a decrease in base rent expenses of $2.5 million or 16.7% due to the decrease in the average number of aircraft on operating leases from 14.8 to 13.1 aircraft in the fleet. Adding to the savings, was a $0.9 million decrease in the number of sub-service hours required. Offsetting the savings was an increase in supplemental rent expenses of $0.2 million or 1.6% from $12.6 million in 2025 to $12.8 million in 2026 driven by a year-over-year increase in Block Hours on leased aircraft.

Current wording

Aircraft rent decreased $2.6 million or 6.0%, from $43.8 million in 2025 to $41.2 million in 2026, primarily driven by a decrease in base rent expenses of $2.5 million or 11.3% due to the decrease in the average number of aircraft on operating leases from 14.7 to 13.8 aircraft in the fleet. Adding to the savings, was a $1.0 million decrease in the number of sub-service hours required. Offsetting the savings was an increase in supplemental rent expenses of approximately $0.8 million or approximately 4% from $20.0 million in 2025 to approximately $20.8 million in 2026 driven by a year-over-year increase in Block Hours on leased aircraft.

Previous wording

Operating income improved by $1.1 million, from $6.4 million in 2025 to $7.5 million in 2026. Operating income as a percentage of revenue improved by 0.4% from 5.0% in 2025 to 5.4% 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 32.6%, from $13,481 per Block Hour in 2025 to $17,937 per Block Hour in 2026. The Company’s average utilization per available aircraft grew 19.1% for the period, from 902 Block Hours in 2025 to 1,075 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.

Current wording

Operating income improved by $4.1 million, from $7.4 million in 2025 to $11.5 million in 2026. Operating income as a percentage of revenue improved by 1.5 percentage points from 4.0% in 2025 to 5.5% 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 grew approximately 30.4%, from $13,455 per Block Hour in 2025 to $17,559 per Block Hour in 2026. The Company’s average utilization per available aircraft grew 7.5%, from 1,512 Block Hours in 2025 to 1,626 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 aircraft rent and insurance, which combined with the other factors to drive the improvement.

Previous wording

Interest expensefor the period increased $1.8 million from $5.2 million in 2025 to $7.1 million in 2026, driven by the increase of aircraft under finance leases from 4.0 to 7.3 equivalent aircraft.

Current wording

Interest expense increased by $2.7 million, from $8.2 million in 2025 to $10.9 million in 2026, driven by the increase of aircraft under finance leases from 3.9 to 7.8 equivalent aircraft.

Previous wording

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As of June 30, 2026, the Company had a working capital deficit of $67.7 million and retained deficit of $72.3 million. The Company began flight operations in August 2021. Without ongoing income generation or additional financing, the Company will be unable to fund general and administrative expenses and working capital requirements for the next 12 months. These material uncertainties raise substantial doubt as to the Company’s ability to continue as a going concern.

Current wording

The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As of September 30, 2026, the Company had a working capital deficit of $70.5 million and retained deficit of $72.0 million. The Company began flight operations in August 2021. Without ongoing income generation or additional financing, the Company will be unable to fund general and administrative expenses and working capital requirements for the next 12 months. These material uncertainties raise substantial doubt as to the Company’s ability to continue as a going concern.

Previous wording

As of June 30, 2026, the Company had approximately $9.9 million in unrestricted cash and cash equivalents and approximately $2.0 million in restricted cash, a decrease of approximately $6.8 million and $1.9 million, respectively, from December 31, 2025, primarily due to new aircraft deliveries, customer deposits, and cash flow from operations.

Current wording

As of September 30, 2026, the Company had approximately $13.3 million in unrestricted cash and cash equivalents and approximately $0.9 million in restricted cash, a decrease of approximately $3.4 million and $2.9 million, respectively, from December 31, 2025, primarily due to new aircraft deliveries, customer deposits, and principal payments on finance leases and debt.

Previous wording

The Company has significant fixed and noncancelable lease commitments of aircraft, equipment and related maintenance checks. As of June 30, 2026, the Company had total of $28.3 million due in the next 12 months of future minimum lease payments under finance and operating leases. As of June 30, 2026, the Company had total of $101.7 million due after 12 months from the balance sheet date of future minimum lease payments under finance and operating leases, and approximately $39.4 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, 2026 with nineteen passenger aircraft and four cargo aircraft and expects the fleet to increase to twenty-one 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 four aircraft 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, 2026, the Company had a total of $48.2 million due in the next 12 months of future minimum lease payments under finance and operating leases. As of September 30, 2026, the Company had a total of $145.9 million due after 12 months from the balance sheet date of future minimum lease payments under finance and operating leases, and approximately $39.1 million in notes payable included in the non-current liabilities presented in the Company’s condensed consolidated balance sheet. The Company ended the period of January 1 to September 30, 2026 with twenty-one passenger aircraft and four cargo aircraft and expects the fleet to increase to twenty-three 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 two aircraft under lease with partial or total deposits paid.

Previous wording

In 2026 GlobalX expects to continue its business growth by (i) providing services on an ACMI basis using wet lease contracts to airlines and non-airlines, (ii) on a Charter basis providing passenger and cargo 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, (iii) extending GlobalX current operations within the United States, Europe, Canada, Central and South America and continuing recruiting and maintaining a dynamic team of customer-centric flight crews, ground teams and management staff, (iv) increasing GlobalX’s passenger aircraft fleet to twenty-one and GlobalX’s cargo aircraft fleet to remain at four by the end of 2026, and (v) achieving an increase in total revenue.

Current wording

In 2026 GlobalX expects to continue its business growth by (i) providing services on an ACMI basis using wet lease contracts to airlines and non-airlines, (ii) on a Charter basis providing passenger and cargo 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, (iii) extending GlobalX current operations within the United States, Europe, Canada, Central and South America and continuing recruiting and maintaining a dynamic team of customer-centric flight crews, ground teams and management staff, (iv) maintain GlobalX’s passenger aircraft fleet at twenty-one and GlobalX’s cargo aircraft fleet to remain at four by the end of 2026, and (v) achieving an increase in total revenue.

Previous wording

The Company expects to improve profitability during the year 2026, mainly as a result of GlobalX’s strategy implemented starting in 2024 of developing and implementing growth in its revenue faster than its cost structure. There are a few factors the Company expects to drive the improved margins, including securing higher rates for both ACMI and Charter contracts and increasing the number of passenger aircraft from 19 to 21 along with improving seasonality on Cargo aircraft contracts.

Current wording

The Company expects to improve profitability during the year 2026, mainly as a result of GlobalX’s strategy implemented starting in 2024 of developing and implementing growth in its revenue faster than its cost structure. There are a few factors the Company expects to drive the improved margins, including securing higher rates for both ACMI and Charter contracts and maintaining the number of passenger aircraft at 21.

Previous wording

The most significant liquidity events during the six months ended June 30, 2026, were as follows:

Current wording

The most significant liquidity events during the nine months ended September 30, 2026, were as follows:

Previous wording

Operating activities. During the six months ended June 30, 2026, net cash provided by operating activities decreased $1.5 million to $7.4 million, consisting primarily of $10.2 million of decrease in accrued liabilities and other liabilities, $7.0 million of decrease in operating lease obligations, and $1.9 million of increase in prepaid expenses and other current assets. These were partially offset by $17.3 million in noncash adjustments for depreciation and amortization of fixed assets, operating lease right of use assets and debt issue costs, $3.6 million in interest on finance leases, $1.4 million of net income, $1.1 million of share-based payments, $0.3 million of credit losses, $1.9 million of decrease in accounts receivable, $0.6 million of increase in accounts payable, and $0.3 million of decrease in assets held for sale. For 2025, 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.

Current wording

Operating activities. During the nine months ended September 30, 2026, net cash provided by operating activities increased $6.9 million to $16.4 million, consisting primarily of $28.0 million in noncash adjustments for depreciation and amortization of fixed assets, operating lease right of use assets and debt issue costs, $5.6 million in interest on finance leases, $1.7 million of net income, $1.2 million of share-based payments, $0.3 million of credit losses, $2.3 million of increase in accounts payable, and $0.3 million of decrease in Spare parts. These were partially offset by $10.9 million of decrease in operating lease obligations, $9.7 million of decrease in accrued liabilities and other liabilities, $1.7 million of increase in prepaid expenses and other current assets and $0.6 million of increase in accounts receivable. For 2025, net cash provided by operating activities during the nine months ended September 30, 2025 increased $11.8 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, $2.2 million of share-based payments, 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, $1.8 million of increase in prepaid expenses and other current assets, and $0.8 million of net loss.

Previous wording

Investing activities. During the six months ended June 30, 2026, net cash used in investing activities increased $3.1 million to $9.7 million of net cash used in investing activities, consisting of $6.2 million of Purchases of property and equipment and $3.6 million of increase of deposits, deferred costs and other assets. 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.

Current wording

Investing activities. During the nine months ended September 30, 2026, net cash used in investing activities increased $0.7 million to $12.3 million of net cash used in investing activities, consisting of $7.5 million of Purchases of property and equipment and $4.8 million of increase of deposits, deferred costs and other assets. During the nine months ended September 30, 2025, net cash used in investing activities increased $5.3 million to $11.6 million, consisting of $10.0 million of Purchases of property and equipment and $1.6 million of increase of deposits, deferred costs and other assets.

Previous wording

Financing activities. During the six months ended June 30, 2026, net cash used in financing activities increased $4.0 million to $6.3 million, consisting of $4.7 million of Principal payments on finance leases, $1.7 million of Principal payments on note payable, and $0.1 million of Noncontrolling interest dividends paid to the holder of the Noncontrolling interest in Top Flight, a subsidiary in which the Company holds an 80% membership interest. These were partially offset by $0.1 million of Proceeds on issuance of shares. 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 and $0.1 million of Noncontrolling interest dividends paid to the holder of the Noncontrolling interest in Top Flight. These were partially offset by $0.2 million of Proceeds on issuance of shares. These distributions were made pursuant to Top Flight's operating agreement and do not represent dividends on the Company's common stock.

Current wording

Financing activities. During the nine months ended September 30, 2026, net cash used in financing activities increased $5.6 million to $10.4 million, consisting of $8.0 million of Principal payments on finance leases, $2.4 million of Principal payments on note payable, and $0.1 million of Noncontrolling interest dividends paid to the holder of the Noncontrolling interest in Top Flight, a subsidiary in which the Company holds an 80% membership interest. These were partially offset by $0.2 million of Proceeds on issuance of shares. During the nine months ended September 30, 2025, net cash used in financing activities increased $3.4 million to $4.8 million of net cash used in financing activities, consisting primarily of $3.8 million of Principal payments on finance leases, $0.7 million of Principal payments on note payable, $0.2 million of Debt issue costs, and $0.3 million of Noncontrolling interest dividends paid to the holder of the Noncontrolling interest in Top Flight. These were partially offset by $0.2 million of Proceeds on issuance of shares. These distributions were made pursuant to Top Flight’s operating agreement and do not represent dividends on the Company's common stock.