Global Crossing Airlines Group Inc Stock Price, News & Analysis

Global Crossing Airlines (JETMF) has announced a digital interline agreement with United Airlines through Airblox's electronic Block Space Agreement (eBSA) for cargo transportation between San Juan (SJU) and Chicago (ORD). GlobalX operates thrice-weekly round-trip cargo flights using Airbus A321F freighters, offering 25 tons of cargo capacity in each direction.

United Airlines has secured the entire GlobalX A321F cargo space for the San Juan to Chicago route through the Airblox platform. The A321F freighter boasts a 19% reduction in fuel consumption compared to competitive aircraft. The service operates on Mondays, Wednesdays, and Fridays, utilizing Airblox's platform for streamlined operations and competitive pricing.

Global Crossing Airlines (JETMF) has announced a joint venture with ATB Aviation Australia to establish a new charter airline headquartered in Melbourne. The venture will serve the Asia-Pacific region, offering both passenger and cargo charter services along with ACMI operations using Airbus A320 family aircraft.

The new airline aims to capitalize on the APAC charter flight market, projected to reach $6.8 billion annually. Operations are targeted to begin in late 2025, with plans to expand to 10 aircraft within five years. The joint venture will operate similarly to GlobalX's successful North American model, where it currently operates 18 Airbus A321 aircraft serving US, Caribbean, and Latin American markets.

Global Crossing Airlines (JETMF) held its 2024 Annual Meeting of Stockholders on November 22, 2024, in Miami. Six out of seven director nominees were successfully elected with majority approval. Paul Martins' election is subject to the Company's Majority Voting Policy. Stockholders approved an amendment to increase the Employee Share Purchase Plan by 3,000,000 shares with 99.49% approval. Additionally, Rosenberg Rich Baker Berman P.A. was appointed as the independent registered public accounting firm for fiscal year 2024 with 99.81% shareholder approval.

Global Crossing Airlines reported Q3 2024 financial results with revenue up 23% to $52.4 million and record block hours of 7,460. EBITDAR doubled to $15.4 million, while net loss remained flat at $4.9 million ($0.08 per share). The quarter saw operational challenges with 35% of fleet offline in September due to weather and third-party damage. The company expanded its fleet to 18 aircraft and shifted focus to ACMI operations, resulting in 93% increase in ACMI revenue. For Q4 2024, GlobalX projects revenue of $55M-$61M and EBITDAR of $16M-$19M.

Global Crossing Airlines (JETMF) has announced its Third Quarter 2024 earnings conference call scheduled for November 7, 2024, at 8:30 a.m. ET. The company, described as the Nation's fastest growing charter airline, will release its financial results for the quarter ended September 30, 2024, before the call. Management will host the call followed by a Q&A session. Investors can submit questions in advance via email to JET@elevate-ir.com. The call will be accessible through toll-free and international dial-in numbers, and a webcast replay will be available on the company's investor relations website.

Global Crossing Airlines Group Inc. (GlobalX) has appointed Laurie Villa as Chief People Officer, effective immediately. Reporting to GlobalX President and CFO, Ryan Goepel, Mrs. Villa will lead the company's Human Capital Management functions, strengthen its culture, and drive engagement across the airline. She joins GlobalX during a critical growth phase to manage talent, implement compensation plans, support team relations, and lead a values-based culture.

Mrs. Villa previously served as Chief People Officer for JetBlue Airlines and Chief Human Resources Officer of Spirit Airlines. She brings over 30 years of global leadership experience in various industries. GlobalX has expanded its fleet to 18 aircraft and built a team of over 750 professionals in just three years. The company expects Mrs. Villa's expertise to be pivotal in propelling the organization to new heights of success.

Global Crossing Airlines Group Inc. (GlobalX) has announced a new partnership with Airblox, a digital platform for air freight capacity and financing. Starting October 10, 2024, GlobalX will operate round-trip cargo charter flights between Chicago (ORD) and San Juan (SJU) three times per week. The service will use the Airbus A321F freighter, offering 25 tons of capacity in each direction on Tuesdays, Thursdays, and Saturdays.

The A321F freighter provides 14% more containerized capacity than the B757-200 and a 19% reduction in fuel consumption, allowing GlobalX to offer competitive pricing and operational efficiency. This partnership aims to provide freight forwarders and businesses with reliable and cost-effective air cargo capacity between Chicago and San Juan, exclusively available through the Airblox platform.

Global Crossing Airlines Group Inc. (GlobalX) reported strong Q2 2024 financial results, achieving profitability with a GAAP Net Income of $0.3 million or $0.01 per share. The company's revenue increased by 83% to $57.5 million, driven by higher block hours flown and fleet expansion. GlobalX generated a record 6,591 block hours and an EBITDAR of $18.7 million. The company secured a five-year contract with U.S. Immigration and Customs Enforcement, expected to generate approximately $65 million in annualized revenue. GlobalX also completed its first flight for the Department of Defense and signed letters of intent to lease five additional aircraft. The company's cash and restricted cash position stood at $10.4 million as of June 30, 2024.

Global Crossing Airlines Group, Inc. (GlobalX), trading under symbols JET, JET.B, and JETMF, has announced its second quarter 2024 conference call scheduled for August 14, 2024, at 8:30 a.m. ET. The company, described as the Nation's fastest growing charter airline, will discuss its financial results for the quarter ended June 30, 2024. Management will host the call, followed by a Q&A session. Interested parties can submit questions in advance via email. The call will be accessible through toll-free and international dial-in numbers, with a webcast option available. A replay will be provided on the company's investor relations website.