Welcome to our dedicated page for Global Crossing Airlines Group news (Ticker: JETMF), a resource for investors and traders seeking the latest updates and insights on Global Crossing Airlines Group stock.
Global Crossing Airlines Group Inc. (GlobalX), traded over-the-counter under the symbol JETMF, is a US 121 domestic flag and supplemental airline that focuses on ACMI and charter operations using the Airbus A320 family of aircraft. The company’s news flow centers on its charter and ACMI activities for passengers and cargo across the US, Caribbean, Europe and Latin America, as well as on its financial and corporate developments.
Visitors to this news page can review GlobalX press releases that are also furnished to the SEC on Form 8-K. These items include quarterly and full-year financial results, where the company reports revenue, net income or loss, operating expenses, cash flow from operations and non-GAAP measures such as EBITDA and EBITDAR, along with reconciliations and management commentary. Operational updates in these releases often highlight total block hours, aircraft utilization, fleet expansion within the Airbus A320 family and the mix of ACMI versus other charter activity.
GlobalX news also covers business agreements and fleet initiatives. For example, the company has announced the completion of its first Airbus A320 acquisition and lease agreements for additional Airbus A319 aircraft as part of a transition to a hybrid ownership model. It has also disclosed a long-term wet-lease agreement to provide dedicated Airbus A320 aircraft to another airline, positioning these arrangements as part of its ACMI and charter platform.
In addition, GlobalX issues announcements regarding investor events such as quarterly earnings conference calls and the posting of investor presentations, as well as corporate governance milestones including the results of its annual meeting of stockholders. Investors following JETMF news can use this page to track the company’s reported financial performance, fleet developments, charter and ACMI contracts and key shareholder actions over time.
Global Crossing Airlines Group, operating under the ticker JETMF, reported third quarter 2022 financial results, achieving profitability for the fourth consecutive quarter. Key highlights include a 77% revenue increase to $30.8 million, an EBITDAR of $5 million, and a net income of $163,631. The company expanded its fleet from 2 to 7 aircraft, leading to an 886% revenue growth compared to Q3 2021. GlobalX anticipates ending 2022 with over $90 million in annual revenue and plans to enhance cargo operations with the addition of two freighter aircraft.
Global Crossing Airlines Group, Inc. (JETMF) announced the start of Phase 2 of the Colombia AOC Certification Process, following initial approval from the Colombian CAA received in June. The subsidiary, GlobalX-Colombia, will submit all necessary manuals for review in the coming weeks. Final AOC approval is expected by the end of Q1 2023, with plans to assign A321 freighters to the Colombian operation. This initiative aims to establish an ACMI cargo charter airline in Colombia, offering enhanced service capability with the A321F aircraft.
Global Crossing Airlines Group (JETMF) will release its Q3 2022 results on November 1, 2022, after market close. A webinar will follow at 4:00 PM ET to discuss these results and provide a business update. The company operates as a passenger ACMI and charter airline, serving various markets including the US and Caribbean, and plans to start cargo service with the A321 freighter in 2022, pending necessary approvals.
Global Crossing Airlines Group (JETMF) has signed a Letter of Intent with Eviation Aircraft for 50 all-electric Alice aircraft, aimed at expanding regional flight services in Florida, the Bahamas, and the Caribbean. This agreement supports GlobalX's commitment to sustainable aviation and zero-carbon emissions by 2050. The Alice aircraft, designed for nine passengers, promises lower operational costs and no carbon emissions, enhancing flight options in key markets like Miami and Orlando. Initial deliveries are expected in 2027, complementing GlobalX's existing fleet and future cargo operations.
Global Crossing Airlines Group Inc. (JETMF) has announced its membership with The Latin American and Caribbean Air Transport Association (ALTA), enhancing its operational capabilities in the region. Founded in 2019 and commencing passenger operations in 2021, GlobalX focuses on wet leasing and charter services across the Americas. The company is also launching its air cargo division, XCargo®, with plans to operate A321 freighter aircraft by October 2022. With fleet expansion goals of 50 aircraft by 2025, GlobalX aims to improve connectivity and support regional air transport.
Global Crossing Airlines Group (JETMF) reported Q2 2022 revenue of $17.4M, marking a 7% increase from Q1, despite the typical seasonal weakness. The company is on track for $90M in annual revenue and anticipates operating profitability in Q3 2022. Key developments include adding an A320 passenger aircraft and signing a long-term lease for an A321 freighter. Significant investments in pilot training and IT systems total approximately $3.7M. The company aims to launch cargo operations by Q4 2022, amid strong market demand.
Global Crossing Airlines Group Inc. (JETMF) signed a definitive agreement with Icelease to convert an Airbus A321 aircraft and lease it for eight years. The aircraft, currently in passenger configuration, will undergo conversion starting October 2023, with expected freighter revenue service by April 2024. The company facilitated the sale of the aircraft from Magnetic Leasing to Icelease. CEO Ed Wegel expressed optimism about the partnership and future transactions involving A321 freighters.
Global Crossing Airlines Group (JETMF) announced a significant milestone on July 6, 2022, with American Corporate Airport Partners securing a long-term lease to build a $25 million aircraft maintenance facility at Fort Lauderdale-Hollywood International Airport. This 10-acre complex will feature a 54,000 square foot hangar and is expected to generate 100 permanent jobs. The facility aims to support the growth of GlobalX's passenger and cargo fleet and is slated to become operational in Q4 2023.
Global Crossing Airlines Group (JETMF) reported a substantial operational increase in Q2 2022 with a 40% rise in block hours sold compared to Q1. The company signed multiple letters of intent (LOIs) for new aircraft, including a second Airbus A319 and an A321 freighter. It expects enhanced capacity in Q3 with 2,997 block hours already sold. Regulatory approvals have been secured for operations in Europe and Colombia, and the company completed requirements for IOSA certification, anticipating final approval in Q3.
Global Crossing Airlines Group, Inc. (JETMF) has received approval from the U.S. Department of Transportation to expand charter services, adding twice weekly flights from Miami to Camaguey and Santiago de Cuba, along with existing Miami to Havana flights. The new flights commence on July 14, 2022. This collaboration with Havana Air aims to enhance travel experiences. CEO Ed Wegel emphasized growth opportunities, while Havana Air's COO, Mark Elias, highlighted improved service quality.