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 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.
Global Crossing Airlines Group Inc. (JETMF) announced a new ACMI wet lease agreement to operate two Airbus A320 aircraft for TUI Airlines Netherlands, facilitating summer flights for European programs in July and August 2022. GlobalX will supply the aircraft and crew, marking a significant operational partnership with TUI, Europe's largest travel company. The deal aligns with TUI's seasonal demand for additional aircraft capacity. As a US-based airline, GlobalX is expanding its service offerings and aims to grow its business through this collaboration.
Global Crossing Airlines Group, Inc. (JETMF) announced the delivery of its seventh A320 aircraft, increasing its fleet to seven A320s and one A321. This A320 will enter revenue charter service shortly, generating approximately 1,600 ACMI revenue hours over July and August. Additionally, GlobalX plans to add three more A320 passenger aircraft and two A321 freighters this year, pending regulatory approvals. The expansion aims to enhance service across the US, Caribbean, and Latin American markets.
Global Crossing Airlines Group, Inc. (JETMF) has announced the signing of a second operating lease for an Airbus A321 aircraft with Greenwich Highland Aviation (GHA) for its Passenger-to-Freighter (P2F) program. The aircraft, MSN 1953, will begin conversion in July 2022 and is expected to enter service by January 2023. The company is excited about expanding its fleet, with the first A321F from GHA anticipated for delivery in September 2022. This move is part of GlobalX’s strategy to enhance its cargo operations and fleet capabilities.
Global Crossing Airlines Group (JETMF) announced a Memorandum of Understanding with FreightCloud and Hudson Highland Partners to develop e-commerce freight routes from China to the USA. FreightCloud, a major logistics provider, has successfully chartered over 3,000 flights, transporting 150,000 tons of cargo. The partnership will utilize GlobalX's A321 freighters starting Q1 2023 and later the A330 freighters. The agreements are pending regulatory approvals and documentation completion, indicating a significant move into the lucrative Asia-US cargo market.
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