Global Crossing Airlines Group Inc Stock Price, News & Analysis

Global Crossing Airlines Group (JETMF) announced the delivery of its seventh passenger A320 aircraft leased from Airborne Capital. This aircraft joins a fleet that includes four ex-Alaska A320s. The new aircraft features a configuration of 12 business and 138 economy seats, along with Wi-Fi. The company plans to expand its fleet, expecting to receive additional aircraft including two A320s and three A321 freighters throughout 2023, contingent on US DOT and FAA approvals. By year-end, GlobalX aims to operate 12 passenger A320s and six A321 freighters. They will release Q1 2023 results on May 10, 2023, followed by a webinar for updates. GlobalX is a US airline operating in various markets and using Airbus A320 family aircraft.

Global Crossing Airlines Group, Inc. (JETMF) announced a new ACMI contract with Lynx Air in Canada, effective June 2023 for three months. This partnership will enhance Lynx's service as they expand cross-border flights from Canada to the US. Ed Wegel, Chairman and CEO, expressed pride in supporting Lynx, which has established itself as a leading ultra-low-cost carrier in Canada. GlobalX operates as a passenger and charter airline using Airbus A320 family aircraft and is also providing ACMI cargo services with the A321 freighter. Lynx Air boasts a new fleet of Boeing 737 aircraft, achieving the lowest cancellation rate in Canada during its first year while focusing on affordability and sustainability.

Global Crossing Airlines Group, Inc. (JETMF) has announced a significant increase in non-financial operational metrics for Q1 2023, with a record of 3,134 revenue block hours, reflecting a 27% increase from Q4 2022. Despite losing 75 aircraft days due to maintenance, the airline has grown its pilot headcount by 41% since December 2022, enhancing its operational capacity. Key highlights include a 73% increase in Cuba charter operations and successful deliveries of aircraft. The company plans to release its Q1 results on May 10, 2023, and will host a webinar to discuss these results. Overall, the positive operational growth may signal a strong position in the competitive airline market.

Global Crossing Airlines Group, Inc. (JETMF) has announced a partnership with L3Harris Technologies to establish the Cadet XDirect™ pilot pathway. This program aims to address the increasing demand for pilots by providing a structured training curriculum for graduates of L3Harris’ Flight Academy in Sanford, Florida. Graduates will transition into first officer roles at GlobalX after receiving FAA-approved pilot training and certifications. This partnership marks the 12th such agreement for GlobalX in the U.S. and aims to ensure a steady supply of qualified pilots as the company grows its Airbus A320 fleet.

Global Crossing Airlines Group (JETMF) has signed an ACMI wet lease agreement with TUI Airlines Netherlands to operate two Airbus A320 aircraft. This agreement is focused on the peak summer season, covering July and August 2023, and extends into 2024 and 2025. GlobalX will supply the aircraft and qualified crews, with operations based in Amsterdam to facilitate daily flights throughout Europe. The partnership highlights GlobalX's capacity to meet seasonal demand for TUI's customers, reflecting confidence in GlobalX's operational capabilities.

Global Crossing Airlines Group (JETMF) has signed a long-term agreement with CubaMax Travel, a prominent OFAC-approved tour operator, to provide air services to Havana and Santa Clara, Cuba. Starting April 1, 2023, the initial phase will include nine weekly flights, projected to expand to 23 flights to five cities within six months. This partnership is expected to generate revenues of up to $12 million annually, potentially exceeding $30 million as service increases. The collaboration aims to facilitate travel for Cuban Americans and enhance connectivity to Cuba's tourism sector.

Global Crossing Airlines Group, Inc. (JETMF) has amended its Foreign Air Operators Certificate issued by Transport Canada, allowing the company to increase aircraft capacity for charter and ACMI services in Canada. The amendment includes new aircraft types like the A321, enhancing service offerings to Canadian airlines. CEO Ed Wegel highlighted the growing importance of the Canadian market for GlobalX. This development is positioned to support Canadian airlines during peak seasons and expand operational capabilities.

Global Crossing Airlines Group, Inc. (JETMF) announced an agreement to lease an additional A321 freighter for delivery in December 2023. This lease will increase their total A321F deliveries to six for the year, following their first freighter's successful entry into service in February.

The A321F has demonstrated strong performance with rapid loading times and higher capacity compared to its competitors. The second A321F is fully booked for the next 12 months, and GlobalX continues its certification efforts for GlobalX Colombia, expected to progress to phase 3 in May 2023.