Global Crossing Airlines swings to $200K Q3 profit
Management expects net available aircraft to average 20 to 21 in Q4 and year-over-year revenue and EBITDA growth to continue into 2027.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Global Crossing Airlines Group Inc. reported Q3 2026 revenue of $71.8 million, up 24% year over year, and operating income of $4.0 million, compared with $1.0 million in Q3 2025. Net income attributable to the company was $0.2 million, versus a $2.0 million loss a year earlier. EBITDA rose 144% to $10.4 million and EBITDAR increased 36% to $25.7 million. Operating cash flow was $9.0 million, compared with $0.6 million.
Management attributed revenue growth to higher aircraft availability and revenue per block hour, including a shift toward domestic flying; average utilization was 550 hours per aircraft, down from 618. Net available aircraft averaged 18.1, up 14% year over year, and two A320s entered revenue service in October. Cash and restricted cash were $14.3 million as of September 30, 2026, compared with $20.5 million as of December 31, 2025. Management expects net available aircraft to average 20 to 21 in Q4 and year-over-year revenue and EBITDA growth to continue in Q4 and into 2027. The company targets 25 aircraft by year-end, subject to conformity work, corrosion mitigation, entry-into-service requirements and operating needs.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQ3 revenue was $71.8 million, up 24% year over year.
- Moderate pointQ3 EBITDA increased 144% to $10.4 million.
- Moderate pointQ3 operating cash flow was $9.0 million, versus $0.6 million.
- Moderate pointNet income attributable to the company was $0.2 million, versus a $2.0 million loss.
Negative
- None.
Filing Explained
The investor presentation lists a 23-aircraft fleet as of
8-K Event Classification
Key Figures
Key Terms
EBITDA financial
EBITDAR financial
ACMI technical
operating leverage financial
Earnings Snapshot
Management expects year-over-year revenue and EBITDA growth to continue in Q4 2026 and into 2027; net available aircraft are expected to average 20 to 21 in Q4.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue and EBITDA did JETBF report in Q3 2026?
What is JETBF's aircraft availability outlook for Q4 2026?
What did Global Crossing Airlines say about cargo operations?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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(State or Other Jurisdiction |
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(Commission File Number) |
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(I.R.S. Employer |
of Incorporation) |
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Identification No.) |
(Address of Principal Executive Office) (Zip Code)
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(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol |
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Name of each exchange on which registered |
None |
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Securities registered pursuant to Section 12(g) of the Act:
Common stock, par value $0.001
Class B non-voting common stock, par value $0.001
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 |
Results of Operations and Financial Condition |
On November 4, 2026, Global Crossing Airlines Group Inc. (the “Company”) issued a press release (the “Press Release”) announcing its financial and operating results for the third quarter ended September 30, 2026. The Press Release is furnished herewith as Exhibit 99.1.
On November 5, 2026, the Company conducted a conference call (the “Earnings Call”) to discuss its financial results for the third quarter ended September 30, 2026. The transcript of the Earnings Call is furnished herewith as Exhibit 99.2.
The Company makes reference to non-GAAP financial information in both the Press Release and the Earnings Call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the Press Release.
The information included herein, including Exhibits 99.1 and 99.2, are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such filing.
Item 7.01 |
Regulation FD Disclosure
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On November 5, 2026, the Company posted an investor presentation (the “Investor Presentation”) on its website that provides a current overview about the Company. The Investor Presentation is furnished herewith as Exhibit 99.3.
The Company makes reference to non-GAAP financial information in the Investor Presentation. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the Investor Presentation.
The information included herein, including Exhibit 99.3, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such filing.
Item 9.01 |
Exhibits |
Exhibit No. |
Name |
99.1 |
Press Release, dated November 4, 2026 |
99.2 |
Earnings Call Transcript, dated November 5, 2026 |
99.3 |
Investor Presentation, November 5, 2026 |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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GLOBAL CROSSING AIRLINES GROUP INC. |
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Date: November 6, 2026 |
By: |
/s/ Ryan Goepel |
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Name: Ryan Goepel Title: President and Chief Financial Officer |
Exhibit 99.1
Global Crossing Airlines Reports Third Quarter 2026 Financial Results
Strong Passenger Demand and Improved Aircraft Availability Drive 24% YoY Revenue Growth to $71.8 Million
EBITDA increased more than 2.4x YoY to $10.4 million; EBITDAR increased 36% YoY to $25.7 million; Cash Flow from Operations up materially to $9.0 million
MIAMI, FL, November 4, 2026 – Global Crossing Airlines Group, Inc. (Cboe CA: JET, Cboe CA: JET.B, OTCQB: JETMF) (the “Company” or “GlobalX”), North America's Fastest Growing Charter Airline®, today announced its financial and operating results for the third quarter ended September 30, 2026. Except as otherwise disclosed, all figures are presented in United States dollars and prepared in accordance with U.S. GAAP.
Financial and Operational Summary |
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Q3 2026 |
Q3 2025 |
% Change |
Revenue: |
$71.8M |
$58.0M |
24% |
Operating Income: |
$4.0M |
$1.0M |
~4X |
Net income (loss) attributable to the Company: |
$0.2M |
$(2.0)M |
N/A |
EBITDAR1: |
$25.7M |
$18.9M |
36% |
EBITDA1: |
$10.4M |
$4.3M |
144% |
Net Aircraft Available: |
18.1 |
15.9 |
14% |
Total Block Hours, including Sub Service: |
9,965 |
9,901 |
1% |
% of Block Hours - ACMI |
88% |
96% |
(8%) |
Average Utilization Hours Per Aircraft: |
550 |
618 |
(11%) |
Management Commentary
“GlobalX delivered another strong quarter, with revenue up 24% year-over-year, operating income up almost four times and approximately $9.0 million of cash flow from operations,” said Chris Jamroz, Executive Chairman of GlobalX. “It was our strongest third quarter to date, with record revenue for the period. Major sporting events and high-profile concert tours contributed strongly, underscoring the
1Refer below to the section “Non-GAAP Financial Measures” for additional information
Exhibit 99.1
breadth of our customer base and the demand for our specialized charter services. Just as important, we deliberately shifted aircraft toward higher-value domestic flying, deploying them where they earn the greatest return rather than simply maximizing utilization. We believe this disciplined approach to fleet expansion, together with robust demand across our core passenger markets and the operating leverage of our platform, positions our business to keep growing and to increase profitability over time. We expect year-over-year revenue and EBITDA growth to continue in the fourth quarter and into 2027, supported by the aircraft added in the second half of 2026 and early 2027, in addition to the up to five more targeted for 2027.”
Ryan Goepel, President and Chief Financial Officer of GlobalX, added, “Our third-quarter results reflect improved aircraft availability, stronger operating performance and a more favorable revenue mix. Net aircraft available increased 14% year-over-year to 18.1 as we progressed through our scheduled maintenance program and continued to bring additional aircraft into service. While average utilization declined year-over-year, our strategic decision to prioritize domestic flying over seasonal contracts, which typically generate higher guaranteed hours at lower hourly rates, drove the decline. This shift enabled us to capture higher revenue per block hour and improve the overall economics of our flying activity.”
“Over the past several years, we have focused on building the operational foundation necessary to support a larger, more efficient airline, including strengthening our maintenance capabilities, expanding our pilot workforce and improving the systems and processes required to manage a growing fleet. With much of that infrastructure now in place, we believe additional aircraft entering revenue service will enable us to spread our fixed costs across a larger operating base, improve asset productivity and generate greater operating leverage as we continue to scale the business.”
Q3 2026 Financial Highlights (vs. Q3 2025) – Three-Month Period
Recent Operational Updates
Exhibit 99.1
Liquidity
Conference Call and Webcast
The GlobalX management team will host a conference call tomorrow, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing JET@elevate-ir.com.
Date: Thursday, November 5, 2026
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (877) 709-8150
International dial-in number: (201) 689-8354
Webcast: GlobalX's Q3 2026 Conference Call
If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.
The conference call will also be available for replay on the investor relations section of the Company’s website at www.globalairlinesgroup.com.
About Global Crossing Airlines Group, Inc.
GlobalX is a US 121 domestic flag and supplemental airline flying the Airbus A320 family of aircraft. The Company’s services include domestic and international ACMI and charter flights for passengers and cargo throughout the US, Caribbean, Europe, and Latin America. GlobalX is IOSA certified by IATA and holds TCOs for Europe, the UK, and Australia.
For more information:
Company Contact
Ryan Goepel, President & CFO
Tel: (720) 330-2829
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Email: JET@elevate-ir.com
Exhibit 99.1
Non-GAAP Financial Measures
The Company evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America ("GAAP") and non-GAAP financial measures, including adjusted operating expenses, adjusted operating income (loss), adjusted operating margin, adjusted pre-tax income (loss), adjusted pre-tax margin, adjusted net income (loss), adjusted diluted earnings (loss) per share, EBITDA and EBITDAR. These non-GAAP financial measures are provided as supplemental information to the financial information presented in this press release that is calculated and presented in accordance with GAAP. These non-GAAP financial measures are presented because management believes that they supplement or enhance management's, analysts', and investors' overall understanding of the Company's underlying financial performance and trends and facilitate comparisons among current, past, and future periods.
Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in the press release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in the method of calculation and in the items being adjusted. We encourage investors to review our financial statements and filings with the Securities and Exchange Commission (the “SEC”) in their entirety and not to rely on any single financial measure.
EBITDA is defined as operating income (loss), plus depreciation and amortization and is a supplemental measure of operating performance that the Company believes is useful to facilitate comparisons to its historical consolidated and business-level performance and operating results. The Company believes its presentation of EBITDA, a key metric used internally by management, provides investors with a supplemental view of the Company’s operating performance that facilitates analysis and comparisons of its ongoing business operations because it excludes items that may not be indicative of the Company’s ongoing operating performance.
EBITDAR is defined as operating income (loss), plus depreciation, amortization, and aircraft rent, and is a metric to be considered by investors when comparing results across various airlines, which aims to normalize for the different ways that the airlines acquired their aircraft. This distinction is important when comparing the operational results of an airline leasing its aircraft versus an airline purchasing its aircraft. Specifically, the airline leasing aircraft would see the costs relating to those aircraft flow through aircraft rent, while an airline that owns their aircraft would see their costs for those aircraft flow through depreciation and amortization.
Exhibit 99.1
EBITDAR Reconciliation (in thousands) |
Three Months Ended September 30, 2026 |
Three Months Ended September 30, 2025 |
Operating Income |
$ 4,043 |
$ 1,035 |
Depreciation and amortization |
6,390 |
3,245 |
EBITDA |
10,433 |
4,280 |
Aircraft Rent |
15,299 |
14,649 |
EBITDAR |
25,732 |
18,929 |
EBITDAR Reconciliation (in thousands) |
Nine Months Ended September 30, 2026 |
Nine Months Ended September 30, 2025 |
Operating Income |
$ 11,516 |
$ 7,421 |
Depreciation and amortization |
16,630 |
8,099 |
EBITDA |
28,146 |
15,520 |
Aircraft Rent |
41,165 |
43,809 |
EBITDAR |
69,311 |
59,329 |
Net Income Reconciliation (in thousands) |
Three Months Ended September 30, 2026 |
Three Months Ended September 30, 2025 |
Net Income (Loss) attributable to the Company |
$ 238 |
$ (1,959) |
Share Based Compensation |
63 |
827 |
Adjusted Net Income (Loss) |
301 |
(1,132) |
Net Income Reconciliation (in thousands) |
Nine Months Ended September 30, 2026 |
Nine Months Ended September 30, 2025 |
Net Income (Loss) attributable to the Company |
$ 1,592 |
$ (1,197) |
Share Based Compensation |
1,174 |
2,166 |
Adjusted Net Income (Loss) |
2,766 |
969 |
Cautionary Note Regarding Forward-Looking Information
This press release contains certain “forward-looking statements” and “forward-looking information”, as defined under applicable United States and Canadian securities laws, concerning anticipated developments and events that may occur in the future. Forward-looking statements contained in this press release include, but are not limited to, statements with respect to the Company’s financial
Exhibit 99.1
performance, continued growth, rising demand, growing momentum of the Company’s charter platform and the execution of the Company’s strategic plan, the goal of becoming the largest narrow body charter airline in North America, continued fleet expansion, profitable narrow body charter operations, the Company’s future focus, details regarding future financial results, the Company’s ability to effectively manage its operations, including maintenance and personnel, strengthening controls, investing significantly in preventive maintenance, our focus on profitable expansion, deployment of additional aircraft to meet rising demand across the Company’s core charter markets, and the Company’s status as the nation’s fastest growing charter airline. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking statements contained in this press release are based on certain factors and assumptions regarding, among other things: the accuracy, reliability and success of GlobalX’s business model; GlobalX’s ability to accurately forecast demand; GlobalX’s ability to successfully conclude definitive agreements for; the success of airline operations of GlobalX; GlobalX’s ability to successfully enter new geographic markets; the legislative and regulatory environments of the jurisdictions where GlobalX carries business or have operations; GlobalX’s ability to have sufficient aircraft to provide its services to customers; the impact of competition and the competitive response to GlobalX’s business strategy; and the future price of fuel, and the availability of aircraft. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include risks related, among other things, to: the Company’s ability to lease aircraft on favorable terms; the Company's ability to continue as a going concern; the Company's ability to manage its growth effectively; the Company’s ability to implement its business strategy successfully; the Company’s ability to obtain access to capital; the limited number of aircraft the Company operates; rising maintenance costs; seasonality in the company’s business; and aircraft-related fixed obligations. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements are made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise If GlobalX does update one or more forward-looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements. The Company has also identified certain known material risk factors applicable to it in its Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC, and in its other filings with the SEC.
Exhibit 99.1
GLOBAL CROSSING AIRLINES GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value and share quantities)
|
September 30, 2026 (Unaudited) |
December 31, 2025 |
Current Assets |
|
|
Cash and cash equivalents |
$ 13,344 |
$ 16,694 |
Restricted cash |
945 |
3,809 |
Accounts receivable, net of allowance for credit losses |
7,109 |
6,782 |
Prepaid expenses and other current assets |
5,181 |
3,529 |
Spare parts |
135 |
405 |
Total Current Assets |
26,714 |
31,219 |
Property and equipment, net |
37,437 |
33,578 |
Finance leases, net |
54,751 |
48,870 |
Operating lease right-of-use assets |
83,271 |
72,824 |
Deposits |
12,557 |
11,880 |
Other assets |
6,095 |
4,681 |
Total Assets |
$ 220,825 |
$ 203,052 |
Current liabilities |
|
|
Accounts payable |
$ 16,230 |
$ 13,888 |
Accrued liabilities |
36,250 |
28,948 |
Deferred revenue |
8,781 |
16,830 |
Customer deposits |
2,243 |
4,401 |
Current portion of note payable |
2,594 |
3,080 |
Current portion of long-term operating leases |
16,923 |
14,262 |
Current portion of finance leases |
14,231 |
10,304 |
Total current liabilities |
97,252 |
91,713 |
Other liabilities |
|
|
Note payable, net of unamortized debt issuance costs |
39,130 |
40,447 |
Long-term operating leases |
66,983 |
59,374 |
Long-term finance leases |
43,310 |
40,705 |
Other liabilities |
673 |
291 |
Total other liabilities |
150,096 |
140,817 |
Total Liabilities |
$ 247,348 |
$ 232,530 |
Commitments and Contingencies (Note 10) |
|
|
Stockholders’ Equity (Deficit) |
|
|
Common Stock |
|
|
$.001 par value; 144,462,687, 5,537,313 and 50,000,000 authorized; 55,014,740, 5,537,313, 9,015,040 and 50,992,033, 5,537,313, 9,089,107 issued and outstanding as of September 30, 2026 and December 31, 2025, for Common Stock, Class A Non-voting Common Stock, and Class B Non-voting Common Stock, respectively |
$ 70 |
$ 65 |
Additional paid-in capital |
45,357 |
44,022 |
Retained deficit |
(72,025) |
(73,617) |
Total Company’s stockholders’ deficit |
(26,598) |
(29,530) |
Noncontrolling interest |
75 |
52 |
Total stockholders’ deficit |
(26,523) |
(29,478) |
Total Liabilities and Deficit |
$ 220,825 |
$ 203,052 |
Exhibit 99.1
GLOBAL CROSSING AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except share and per share amounts)
|
Three Months Ended September 30, 2026 |
Three Months Ended September 30, 2025 |
Nine Months Ended September 30, 2026 |
Nine Months Ended September 30, 2025 |
Revenue |
$ 71,768 |
$ 58,022 |
$ 210,352 |
$ 186,004 |
Operating Expenses |
|
|
|
|
Salaries, Wages, & Benefits |
20,952 |
21,279 |
62,013 |
59,979 |
Aircraft Fuel |
4,204 |
1,340 |
16,094 |
11,782 |
Maintenance, materials and repairs |
7,259 |
5,153 |
18,821 |
14,413 |
Depreciation and amortization |
6,390 |
3,245 |
16,630 |
8,099 |
Contracted ground and aviation services |
5,258 |
3,343 |
17,430 |
14,123 |
Travel |
2,671 |
1,708 |
7,788 |
6,988 |
Insurance |
1,225 |
1,271 |
3,694 |
3,808 |
Aircraft Rent |
15,299 |
14,649 |
41,165 |
43,809 |
Other |
4,467 |
4,999 |
15,201 |
15,582 |
Total Operating Expenses |
$ 67,725 |
$ 56,987 |
$ 198,836 |
$ 178,583 |
Operating Income |
4,043 |
1,035 |
11,516 |
7,421 |
Non-Operating Expenses |
|
|
|
|
Interest Expense |
3,817 |
2,990 |
10,890 |
8,233 |
Gain on Settlement |
- |
- |
(1,049) |
- |
Total Non-Operating Expenses |
3,817 |
2,990 |
9,841 |
8,233 |
Income (Loss) before income taxes |
226 |
(1,955) |
1,675 |
(812) |
Income tax expense |
- |
- |
- |
- |
Net Income (Loss) |
226 |
(1,955) |
1,675 |
(812) |
Net (Loss) Income attributable to Noncontrolling Interest |
(12) |
4 |
83 |
385 |
Net Income (Loss) attributable to the Company |
238 |
(1,959) |
1,592 |
(1,197) |
Income (Loss) per share: |
|
|
|
|
Basic |
$ - |
$ (0.03) |
$ 0.02 |
$ (0.02) |
Diluted |
$ - |
$ (0.03) |
$ 0.02 |
$ (0.02) |
Weighted average number of shares outstanding |
67,811,715 |
64,664,058 |
66,930,404 |
63,649,789 |
Weighted-average shares outstanding—Diluted |
70,305,523 |
64,664,058 |
69,484,812 |
63,649,789 |
GLOBAL CROSSING AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)
(In thousands, except shares quantities)
|
Common Stock Number of Shares |
Amount |
Additional Paid in Capital |
Retained Deficit |
Total |
Noncontrolling Interest |
Total |
Beginning – January 1, 2025 |
61,758,727 |
$ 62 |
$ 40,949 |
$ (70,566) |
$ (29,555) |
$ 87 |
$ (29,468) |
Issuance of shares – options exercised |
50,000 |
— |
12 |
— |
12 |
— |
12 |
Exhibit 99.1
|
Common Stock Number of Shares |
Amount |
Additional Paid in Capital |
Retained Deficit |
Total |
Noncontrolling Interest |
Total |
Issuance of shares – share based compensation on RSUs |
1,876,109 |
2 |
534 |
— |
536 |
— |
536 |
Income for the period |
— |
— |
— |
154 |
154 |
372 |
526 |
Issuance of shares - ESPP |
5,496 |
— |
3 |
— |
3 |
— |
3 |
Ending – March 31, 2025 |
63,690,332 |
$ 64 |
$ 41,498 |
$ (70,412) |
$ (28,850) |
$ 459 |
$ (28,391) |
Issuance of shares – options exercised |
196,667 |
— |
49 |
— |
49 |
— |
49 |
Issuance of shares – share based compensation on RSUs |
309,994 |
1 |
776 |
— |
777 |
— |
777 |
Issuance of shares - ESPP |
258,796 |
— |
168 |
— |
168 |
— |
168 |
Proceeds from disgorgement of stockholders' short-swing profits (Note 12) |
— |
— |
12 |
— |
12 |
— |
12 |
Distributions to noncontrolling interest |
— |
— |
— |
— |
— |
(148) |
(148) |
Income for the period |
— |
— |
— |
608 |
608 |
9 |
617 |
Ending – June 30, 2025 |
64,455,789 |
$ 65 |
$ 42,503 |
$ (69,804) |
$ (27,236) |
$ 320 |
$ (26,916) |
Issuance of shares – share based compensation on RSUs |
498,219 |
— |
827 |
— |
827 |
— |
827 |
Distributions to noncontrolling interest |
— |
— |
— |
— |
- |
(200) |
(200) |
(Loss) Income for the period |
— |
— |
— |
(1,959) |
(1,959) |
4 |
(1,955) |
Ending – September 30, 2025 |
64,954,008 |
$ 65 |
$ 43,330 |
$ (71,763) |
$ (28,368) |
$ 124 |
$ (28,244) |
|
Common Stock Number of Shares |
Amount |
Additional Paid in Capital |
Retained Deficit |
Total |
Noncontrolling Interest |
Total |
Beginning – January 1, 2026 |
65,618,453 |
$ 65 |
$ 44,022 |
$ (73,617) |
$ (29,530) |
$ 52 |
$ (29,478) |
Issuance of shares - share based compensation on RSUs |
1,051,668 |
1 |
496 |
— |
497 |
— |
497 |
Income for the period |
— |
— |
— |
2,691 |
2,691 |
129 |
2,820 |
Ending – March 31, 2026 |
66,670,121 |
$ 66 |
$ 44,518 |
$ (70,926) |
$ (26,342) |
$ 181 |
$ (26,161) |
Issuance of shares - share based compensation on RSUs |
246,826 |
1 |
613 |
— |
614 |
— |
614 |
Issuance of shares - ESPP |
255,518 |
— |
166 |
— |
166 |
— |
166 |
Distributions to noncontrolling interest |
— |
— |
— |
— |
— |
(60) |
(60) |
Loss for the period |
— |
— |
— |
(1,337) |
(1,337) |
(34) |
(1,371) |
Ending – June 30, 2026 |
67,172,465 |
$ 67 |
$ 45,297 |
$ (72,263) |
$ (26,899) |
$ 87 |
$ (26,812) |
Issuance of shares - share based compensation on RSUs |
2,394,628 |
3 |
60 |
— |
63 |
— |
63 |
Income (Loss) for the period |
— |
— |
— |
238 |
238 |
(12) |
226 |
Ending – September 30, 2026 |
69,567,093 |
$ 70 |
$ 45,357 |
$ (72,025) |
$ (26,598) |
$ 75 |
$ (26,523) |
GLOBAL CROSSING AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Exhibit 99.1
For The Nine Months Ended September 30, |
2026 |
2025 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net Income (Loss) |
$ 1,675 |
$ (812) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
Depreciation and amortization |
16,630 |
8,099 |
Credit losses |
273 |
111 |
Loss on sale of spare parts |
11 |
82 |
Amortization of debt issue costs |
621 |
584 |
Amortization of operating lease right of use assets |
10,764 |
14,950 |
Share-based payments |
1,174 |
2,166 |
Interest on finance leases |
5,554 |
3,295 |
Changes in assets and liabilities: |
|
|
Accounts receivable |
(599) |
1,714 |
Spare parts |
258 |
(5) |
Prepaid expenses and other current assets |
(1,652) |
(1,772) |
Accounts payable |
2,342 |
1,509 |
Accrued liabilities, deferred revenue and customer deposits |
(2,904) |
(1,423) |
Operating lease obligations |
(10,941) |
(15,618) |
Other liabilities |
(6,767) |
(3,340) |
Net cash provided by operating activities |
16,439 |
9,540 |
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Deposits, deferred costs and other assets |
(4,801) |
(1,561) |
Purchases of property and equipment |
(7,491) |
(10,042) |
Net cash used in investing activities |
(12,292) |
(11,603) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Principal payments on finance leases |
(8,044) |
(3,783) |
Principal payments on note payable |
(2,423) |
(678) |
Debt issue costs |
- |
(169) |
Proceeds on issuance of shares |
166 |
207 |
Distributions to noncontrolling interest |
(60) |
(348) |
Proceeds from disgorgement of stockholders’ short-swing profits |
- |
12 |
Net cash used in financing activities |
(10,361) |
(4,759) |
Net decrease in cash, cash equivalents, and restricted cash |
(6,214) |
(6,822) |
Cash, cash equivalents and restricted cash - beginning of the period |
20,503 |
14,043 |
Cash, cash equivalents and restricted cash - end of the period |
$ 14,289 |
$ 7,221 |
Non-cash investing and financing activities |
|
|
Reclass of Property and equipment to Accounts receivable (aircraft receivable) and Prepaid expenses and other current assets (deferred maintenance) |
$ - |
$ 117 |
Right-of-use (ROU) assets acquired through operating leases |
$ 27,701 |
$ 383 |
Right-of-use (ROU) assets reclassification of existing lease |
$ 6,491 |
$ - |
Aircraft acquired through note payable |
$ - |
$ 14,650 |
Aircraft acquired through finance leases |
$ 11,478 |
$ 3,453 |
Airframe acquired through finance leases |
$ 4,302 |
$ 3,536 |
Reclass of Property and equipment to finance leases (aircraft initial direct costs) |
$ 389 |
$ - |
Equipment acquired through finance leases |
$ - |
$ 387 |
Cash paid for |
|
|
Interest |
$ 8,977 |
$ 7,794 |
Exhibit 99.2
Global Crossing Airlines Group Inc. NEOE:JET
FQ3 2026 Earnings Call Transcript
Thursday, November 5, 2026 1:30 PM GMT
S&P Global Market Intelligence Estimates
|
FQ2 2026 |
FQ3 2026 |
FY 2026 |
FY 2027 |
||
|
Consensus |
Actual |
Surprise |
Consensus |
Consensus |
Consensus |
Revenue ($mm) |
74.19 |
NA |
NA |
78.99 |
307.16 |
NA |
Currency: USD. Consensus as of Aug-21-2026 5:47 PM GMT.
Call Participants
EXECUTIVES
Christopher W. Jamroz | Executive Chairman
Ryan Goepel | President & CFO
Wendy Shapiro | Senior VP & Corporate Controller
ANALYSTS
Barry Sine | Litchfield Hills Research, LLC
ATTENDEES
Sean Mansouri | Elevate IR
UNKNOWN SPEAKER
Unknown Speaker
Exhibit 99.2
Presentation
Operator
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to today's conference call to discuss Global Crossing Airlines' financial results for the third quarter of 2026. [Operator Instructions] As a reminder, this conference is being recorded. Joining us on the call today are the company's Executive Chairman Chris Jamroz, President and CFO Ryan Goepel, SVP Corporate Controller Wendy Shapiro, and Investor Relations Advisor Aaron D'Souza.
Please be advised that this conference call will contain statements that are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements.
These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC. Do not place undue reliance on any forward-looking statements, which are being made only as of the date of this call. Except as required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements.
For important risks and assumptions associated with such forward-looking statements, please refer to the company's earnings press release for the third quarter of 2026 and the company's annual report on Form 10-K for the year ended December 31, 2025.
The company's presentation also includes certain non-GAAP financial measures, including EBITDA and EBITDAR as supplemental measures of performance of the business. All non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You will find reconciliation tables and other important information in the earnings press release for the third quarter of 2026, which is currently available on the company's Investor Relations section of its website.
And now I will turn the call over to the company's Executive Chairman, Chris Jamroz. Chris, please go ahead.
Christopher W. Jamroz
Executive Chairman
Thank you, operator, and good morning, everyone. GlobalX delivered another strong quarter with revenue up 24% year-over-year, operating income up fourfold, and approximately $9 million in cash flow from operations. The quarter demonstrated the progress we're making in building a more scalable, efficient airline. A larger available fleet, robust passenger demand, and stronger operating execution helped translate our platform investments into gains in profitability and cash generation.
More broadly, the quarter reinforced an important point about our flexibility. We have built a platform that lets us deploy aircraft strategically and tactically towards the most attractive opportunities across our sales channels, with an emphasis on revenue quality, long-term profitability, and building a loyal customer base in our focus markets. During Q3, we deliberately shifted aircraft towards higher-value domestic flying, prioritizing it over certain seasonal contracts and deploying our fleet where it earns the greatest return rather than simply maximizing utilization.
Exhibit 99.2
That drove stronger revenue per block hour and a more accretive business mix. Demand across our charter passenger markets remains robust, supported by a diversified customer base spanning professional and collegiate sports, government, and entertainment. In the quarter, major sporting events and high-profile concert tours contributed strongly, underscoring the breadth of our customer base and the demand for our specialized charter services. Our ability to serve these diverse markets remains a meaningful strength of the GlobalX platform.
We also improved aircraft availability throughout the quarter as we worked through the concentrated maintenance schedule we discussed last quarter. Our teams have continued to strengthen maintenance planning, improve operational reliability, and invest in systems and people required to support a larger fleet. That work is building a more capable operating platform and giving us greater flexibility to meet customer demand.
We also advanced our fleet expansion and modernization program, putting 2 additional Airbus A320 aircraft into revenue service following quarter-end and securing younger airframes to support the next phase of growth. We see an opportunity to improve the reliability and earnings capacity of our fleet while spreading the infrastructure and fixed costs we've already built across a larger operating base. We believe that's an important driver of long-term operating leverage.
Looking ahead, we continue to see meaningful opportunities across our passenger markets. We are committed to becoming the largest and most reliable narrow-body charter airline in North America. We believe our disciplined approach to fleet expansion, robust demand across our core passenger markets, the operational foundations we have established, and our platform's operating leverage position our business to keep growing meaningfully, improve long-term profitability, and create sustainable long-term value for shareholders.
With that, I will hand the call over to our President and CFO, Ryan Goepel, to discuss our third quarter operational highlights in greater detail. Ryan?
Ryan Goepel
President & CFO
Thank you, Chris, and good morning, everyone. Our third quarter results reflected improved aircraft availability, a more favorable mix of flying, and continued strength in our core passenger markets. Following the concentrated maintenance activity in the second quarter, we had more aircraft available to meet customer demand. At the same time, we prioritized flying opportunities with attractive revenues and contract economics which support stronger operating performance.
Operationally, net available aircraft increased 14% year-over-year to 18.1 compared to 15.9 in Q3 last year and 15.3 in the second quarter of this year. We discussed the target of 19 to 20 in Q3, which was affected by the delays in securing regulatory approvals for 2 of the aircraft that re-entered service in October. In Q4, we expect net available aircraft to average between 20 and 21, driving improved expected results in the final reporting period of 2026.
Total block hours, including subservice, increased 1% to 9,965 compared to 9,901 in the prior-year quarter. Within that total, charter block hours increased materially to 825 compared to 178 in Q3 2025. ACMI block hours were 8,819 compared to 9,527 a year ago. ACMI represents 88% of total block hours compared to 96% in the prior-year quarter.
But the more important change is the revenue per hour that the mix generated. In Q3 last year, we operated seasonal ACMI contracts that generally provided substantial guaranteed minimum flying
Exhibit 99.2
hours at lower per-hour rates. Last year, we kept our aircraft focused on domestic opportunities and offered strong per-hour economics. That transition is why average utilization was about 550 hours per aircraft, down from 618 last year. We continue to deploy our aircraft where we believe that they can generate the highest and best use rather than simply maximizing total hours flown.
From a unit economics perspective, charter revenue per block hour increased approximately 25% to $16,300 compared to $13,000 in Q3 2025. This is indicative of fuel rates that have increased, which helps drive the charter price. ACMI revenue per block hour increased approximately 12% to $6,300 compared to $5,000 in Q3 2025. We will continue to evaluate each opportunity based on the combination of contracted hours, rates, operating requirements, and the overall economics of flying.
Turning to maintenance, we completed 1 heavy and 12 non-heavy maintenance events in the third quarter, compared with 5 heavy and 16 non-heavy maintenance events last quarter. Completing much of the concentrated work schedule we discussed in our previous call helped restore aircraft availability. We have 3 heavy maintenance events, or about 1 per month, scheduled in Q4, which is factored into our net available aircraft outlook. Routine maintenance parts and repairs will continue to reflect our operating fleet size and flying activity, and reliability remains a priority as we expand.
We also continue building the staffing and operational capability needed to support the additional aircraft. Notably, pilot headcount increased 31% year-over-year to 186, helping align crew resources with fleet expansion. Alongside our maintenance planning, that investment in people is an important part of bringing new aircraft into service and keeping them productive.
Turning to fleet expansion, 2 additional Airbus A320s began revenue service in October. Separately, we took delivery of 1 of 3 former Spirit Airlines A320 passenger airframes and related engines, which is expected to enter revenue service in November. The last 2 Spirit airframes are undergoing heavy maintenance, with the timing of their addition to revenue service expected in late 2026 or early 2027. These additions expand our ability to continue to meet the demand across the passenger business.
We remain focused on improving the quality of our fleet as we add capacity. The availability of younger Airbus aircraft creates opportunities to modernize our fleet on attractive terms, while we carefully consider acquisition and lease economics, maintenance requirements, and expected customer demand. Over time, we believe a more modern, reliable fleet can better support availability and more consistent operating performance.
Turning to customer demand, our passenger markets remained strong during the third quarter. We provided flying in support of a major soccer tournament and operated charter services for 2 high-profile concert tours. Together with our established relationships in collegiate and professional sports, government, and other airlines, these assignments demonstrated the breadth of the markets we can serve and the flexibility of our charter platform.
Cargo operations continue to be a financial drag as conditions in the broader freight market remain challenging. We have concentrated our cargo activity in Miami and continue to fly selectively where economics make sense to minimize the impact on the overall business. We've picked opportunities during the seasonal holiday peak, but consider cargo not to be a core growth target for our business on a go-forward basis.
Looking ahead, we are focused on bringing additional aircraft into revenue service, maintaining reliability, and matching available fleet to the growing customer demand. We continue to target a fleet of 25 by year-end, subject to the timing of conformity work, corrosion mitigation of 2 aircraft to
Exhibit 99.2
be delivered, entry-into-service requirements, and operating needs. We will continue to allocate capacity towards the opportunities that offer the strongest economics.
With that, I turn the call over to our SVP Corporate Controller, Wendy Shapiro, who will discuss our third quarter financial results in more detail.
Wendy Shapiro
Senior VP & Corporate Controller
Thank you, Ryan, and good morning, everyone. Please note that all financial results discussed today are for the 3-month period ended September 30, 2026, and variance commentary is on a year-over-year basis unless stated otherwise.
Revenue in the third quarter increased 24% to $71.8 million, compared with $58 million in Q3 2025. The increase was primarily driven by higher net aircraft availability and greater revenue per block hour across both our charter and ACMI businesses. ACMI revenue increased approximately 4% to $55.2 million compared with $53.2 million in the year-ago quarter. Charter revenue increased materially to $13.5 million compared with $2.3 million in Q3 2025.
Total operating expenses increased 19% to $67.7 million, compared with $57 million. The increase was driven primarily by a $3.1 million increase in depreciation and amortization expenses from aircraft deliveries secured on finance leases, a $2.9 million increase in aircraft fuel, a $2.1 million increase in maintenance materials and repairs, and a $1.9 million increase in contracted ground and aviation services.
Net income attributable to GlobalX improved to approximately $0.2 million compared with a net loss of $2 million in the prior-year quarter. Earnings per basic and diluted share improved to $0.00 compared with a loss of $0.03 per basic and diluted share in the year-ago period. EBITDAR increased 36% to $25.7 million, compared with $18.9 million in Q3 2025. EBITDA increased 144% to $10.4 million, compared with $4.3 million in the year-ago period.
Cash flow provided by operating activities increased materially to $9 million compared with $0.6 million in Q3 2025. Turning to our liquidity, we ended the third quarter with approximately $14.3 million in cash and restricted cash compared to $20.5 million as of December 31, 2025.
Now, I will turn the call back over to Ryan for closing remarks.
Ryan Goepel
President & CFO
Thank you, Wendy. The third quarter was the strongest in GlobalX history, showing a business that has turned the corner. We set third quarter records for revenue, operating income, EBITDA, and EBITDAR. Revenue grew 24% to $71.8 million, more than double where we were in the third quarter of 2022. But the real story is how much more of that revenue we kept. Operating income quadrupled to $4 million, EBITDA more than doubled to $10.4 million, and operating margin doubled to 14.5%.
Two years ago in the third quarter of 2024, we lost $2.5 million at the operating line and EBITDA was negative. This quarter, EBITDA was $11 million higher. That performance turned into cash. Operating cash flow was $9 million in the quarter, up from $0.6 million a year ago, and we delivered it while bringing on 5 new aircraft into the fleet and growing our pilot group by 31%. For the first 9 months, operating income is up more than 50% to $11.5 million.
Exhibit 99.2
We are not done, but the trajectory is clear. This concludes our prepared remarks. I'd now like to open the call for Q&A. Aaron, over to you.
Exhibit 99.2
Question and Answer
Sean Mansouri
Elevate IR
Thank you, Chris, Ryan, and Wendy. Thank you, everyone, for participating in the conference call. As we gather the queue for live questions, we'd like to first address a few of the questions that have come in via email.
The first question is related to aircraft availability and Q4 operating outlook. Aircraft availability recovered meaningfully from the second quarter, and 2 additional A320s entered service in October. What needs to happen operationally for that added capacity to translate into stronger results?
Ryan Goepel
President & CFO
I'll take that one. Thanks for the question. The important distinction is between having aircraft in the fleet and having them able to generate revenue. As we move past the concentration of heavy maintenance in Q2, net available aircraft increased to 18.1 in Q3 from 15.3 in Q2, giving us more flexibility to match capacity to customer requirements.
The 2 aircraft that were delayed by regulatory approvals in Q3 began revenue service in October. Bringing aircraft into revenue requires more than delivery. It requires complete approvals, maintenance planning, qualified crews, and a schedule that puts them to work efficiently. We expect 20 to 21 available net aircraft in Q4, even with the 3 scheduled heavy maintenance events built into our outlook.
Our focus is to transition that greater availability into productive flying while maintaining operational reliability and spreading certain existing operating costs over a larger operating base.
Sean Mansouri
Elevate IR
Thank you, Ryan. The next question is related to aircraft deployment, utilization, and revenue quality. Total block hours were flat and utilization declined year-over-year, yet revenue and EBITDA increased substantially. How should investors assess aircraft productivity when the number of hours flown does not tell the whole story?
Ryan Goepel
President & CFO
Yes, so we don't manage the business to maximize block hours in isolation. We evaluate the guaranteed hours, rate, operating environment, and overall contribution of each opportunity. And that can lead us to favor contracts with fewer hours when the economics are more attractive. Last year, we had seasonal ACMI flying with substantial minimum hour commitments at lower hourly rates. This year, we prioritized higher-value domestic opportunities, so utilization was lower, but charter revenue per block hour increased about 25%, and ACMI revenue per block hour increased about 12%.
Does that mean the higher rates automatically produce higher margin? No, as aircraft, positioning, crews, maintenance, and the full contract requirements all still matter. The takeaway is that utilization and block hours need to be considered alongside revenue quality, aircraft availability, and
Exhibit 99.2
profitability. We are focused on deploying aircraft where we believe they can produce the best overall return.
Sean Mansouri
Elevate IR
Thank you. The next question is related to customer diversity and passenger demand. This quarter included major sporting events and concert tour flying alongside your established sports, government, and airline relationships. How does serving such a broad range of customers help you compete for business and manage demand throughout the year?
Christopher W. Jamroz
Executive Chairman
I'll take that one. Thank you. You know, one of the strengths of our platform is the ability to serve customers whose flying needs can be quite diverse. Sports teams require dependable, highly coordinated schedules, while entertainment, government, and airline customers may have quite different timing, routing, and operating requirements. So these markets are not necessarily at their busiest at the same time. So having multiple channels gives our team more ways to place available aircraft and evaluate opportunities as demand shifts throughout the year.
At the same time, because we are still well short of our target fleet size, one large revenue event basically means we have to forgo other customer opportunities. And execution is particularly important in these segments. It's all about the KPIs: reliability, on-time performance, turnaround times, and service quality. Consistently delivering for customers is central to maintaining these relationships and being considered for future opportunities. Our objective is to deepen those relationships while being selective on pricing and contract terms. And that combination of flexibility and discipline is what we believe differentiates us from the other charter cohorts.
Sean Mansouri
Elevate IR
Thank you, Chris. Next question is related to fleet modernization and disciplined expansion. You've continued to add younger A320 aircraft while evaluating the economics of the existing fleet. Beyond increasing the aircraft count, what does modernization enable GlobalX to do differently over time?
Christopher W. Jamroz
Executive Chairman
Okay, I'll take that one too. We're not looking just to have aircraft simply for the sake of growing the fleet. While customer demand far exceeds our existing and even near-term additions to capacity, we still want aircraft that fit the specific needs of our customer constituencies and can be introduced on contract terms that would make sense after considering the acquisition or lease cost, maintenance requirements, staffing, and expected type and frequency of flying.
The A320 aircraft family provides very good flexibility across the passenger markets we serve, and access to younger airframes creates an opportunity to improve the fleet's overall quality and reliability, while over time reducing maintenance costs and frequency of AOG events. The 2 A320s that entered revenue service in October add productive capacity today. We have also taken delivery of the first of the 3 former Spirit A320 airframes, and we see favorable market conditions on a go-forward basis and want to be in a position to capitalize on them in future months.
Exhibit 99.2
Importantly, modernizing the fleet is also about improving maintenance predictability, operational flexibility, and our ability to effectively and reliably serve customers across different markets.
Sean Mansouri
Elevate IR
Thanks, Chris. Next question is related to scaling the platform and operating leverage. GlobalX has invested in pilots, maintenance capabilities, and operating systems to support a larger airline. What parts of that platform should become more efficient as the revenue-producing fleet grows, and where will spending need to increase?
Ryan Goepel
President & CFO
I'll take that one. Over the past several years, we've added capacity and capabilities that a larger operation requires, including crew resources, maintenance planning, scheduling, and the processes needed to keep aircraft in service. Those investments were necessary before we could fully benefit from the next phase of fleet growth.
Certain infrastructure and administrative costs do not increase proportionally as revenue rises. That is where we see an opportunity for operating leverage as additional aircraft are placed in productive service. At the same time, crew, maintenance, and aircraft financing or leases and other operating requirements rise as the fleet expands. And we still need to be disciplined on contract economics and keep aircraft available. The Q3 improvement in operating income and EBITDA illustrates the progress we're making and the operating leverage inherent in our platform.
To put specific numbers on it, year-to-date with our current revenue mix, before ownership costs, about $0.40 of each new dollar of revenue translates into increased EBITDA. About $0.17 to $0.22 reaches operating income.
Sean Mansouri
Elevate IR
Thanks, Ryan. And last question is, what is the greatest factor limiting your revenue growth? Is it capital, people, or management?
Ryan Goepel
President & CFO
I'd say what we do is pretty complicated. I think probably the biggest factor right now is getting the right people in the right place at the right volume. I think the availability of aircraft is pronounced now, which was, I think, a bigger constraint. I think when you look at capital, we're generating enough free cash that we've been able to reinvest it into the growth and hit the targets that we've been expecting.
The next part is being able to execute on the work. What we're doing is hard. The volume we're flying is—we're one of the largest and busiest charter airline operations in the country, if not the world, and we've done it in a very, very short period of time. So I think as I look to the constraint and what keeps you up at night, it's making sure you have the right people with the right tools and resources to execute on the job that we've taken on ourselves.
Exhibit 99.2
Sean Mansouri
Elevate IR
Thank you, Ryan and Chris. That concludes our pre-submitted questions. I'd now like to pass it over to the operator to open the call up for live Q&A.
Operator
[Operator Instructions]
And our first question will come from Barry Sine with Litchfield Hills Research.
Barry Sine
Litchfield Hills Research, LLC
So, my first question is around fuel costs. I know on your business model you largely pass those through, so there's little impact, but it seems like there's a pretty significant indirect impact. For example, I don't think you'd be able to pick up those Spirit airframes without what happened in fuel prices. So can you talk about how fuel is impacting the industry and then directly or indirectly how that's impacting your business?
Ryan Goepel
President & CFO
So you're correct on the direct and indirect impact. When you see charter revenue up 25%, a big chunk of that charter revenue includes fuel, which is a pass-through. That does not impact profit per se, but it does impact revenue. And so that's an important factor. I think if you listen to all calls this earnings season from all the airlines across the board, fuel has impacted the operations of every airline more so than us because again ours is a pass-through to the point where our operating income is I think #5 in the country and, you know, top 10 in the world on operating income margin just because of our business model being different.
What that does is it creates opportunity, right? And so in so much that fuel prices are up and profit is down, airlines might not be growing as much, or if they're handing aircraft back, the opportunity for us is it makes more aircraft available in the market. The lease terms under which we can acquire aircraft are significantly lower, and it's not unlike during COVID. COVID was a once-in-a-lifetime opportunity. It feels like we're in a second once-in-a-lifetime opportunity through this war and the fuel prices that have come with it that have made aircraft available at terms that are more favorable.
So we've been taking advantage of it, obviously with the 3 aircraft we have coming and the multiple aircraft we're considering going forward. We have a real opportunity to, as I said on the Q2 call, reduce the age of our fleet, which would hopefully lead to a reduction in the cost of the aircraft, reduce maintenance, and increase reliability across the company. So fuel is by far the largest impact. It can't be avoided. I know a lot of airlines have been able to increase their revenue to offset it, but not enough to offset the losses. So I think from that perspective, in this current environment, we see it as an opportunity more so than a threat.
Barry Sine
Litchfield Hills Research, LLC
Okay, that's great. And you mentioned the impact of the newer fleet on maintenance. I believe you have pretty good visibility on what those maintenance requirements are. You talked about Q4
Exhibit 99.2
already. If we could look at 2027, what are the maintenance requirements that are going to take planes out of service for a period during 2027?
Ryan Goepel
President & CFO
So yes, we've got a 3-year plan that's put in there. The biggest thing we have is what we call our 2-year checks, and they happen every 2 years. 2027 is a relatively light maintenance year as of right now, where 2028 is a really heavy maintenance year. So we're looking at what we can do to spread it out better so we don't have a bump in '28 and we could push more of it into 2027.
But as of right now in the first half of '27, there's not much on the heavy maintenance scheduled side, which again is an opportunity as we go to execute on what is our busiest—you know, Q4 and Q1 will be some of our busiest work with the college sports season ramping up. And so, we actually have a 5-year plan in place with the heavy maintenance, and we're trying to see what we can do to spread it out so that it doesn't get as lumpy as what we had in '26.
Barry Sine
Litchfield Hills Research, LLC
Okay, and my last question, I know cargo is a relatively minor part of your business, but it is still a bit of a drag on the results. Could you guys talk about what you're seeing in terms of the cargo demand environment for narrow-body cargo and how that's impacting your business? Any improvement seen or is the market still not that great?
Ryan Goepel
President & CFO
Well, I'd say you'll see improvement in Q4 just because that's peak season. The other thing we've really tried to do is focus our efforts on the Miami base and take advantage of the opportunities. Miami is one of the largest cargo hubs in the world, which creates a lot of opportunity to use the aircraft to service Central, South, and the Caribbean, which is really what we're trying to focus our efforts on versus trying to chase stuff all around the world, which has its own risks and inefficiencies.
So we saw the hours pick up in Q3; we've picked up a couple of customers. It's by no means a core part of our business. As with every passenger aircraft we add, it becomes less important to the business. I don't think we've seen a long-term change in capacity. There's still too many planes, too many aircraft servicing too few customers. But we do see Q4 will be peak. The peak is peak. And that's usually really good opportunities for cargo. And then in '27, we don't see any material improvement at this stage.
Barry Sine
Litchfield Hills Research, LLC
And what does the cargo fleet look like currently?
Ryan Goepel
President & CFO
So we have 4 aircraft on lease, 1 parked with the engines having been removed and being used in the passenger fleet, and 3 others are operating out of Miami.
Exhibit 99.2
Barry Sine
Litchfield Hills Research, LLC
Those are my questions. Thank you very much.
Ryan Goepel
President & CFO
Thanks, Barry.
Operator
And our next question will come from Ian McQueen with Bancroft Capital.
Unknown Speaker
I have 3 questions. I guess to follow up on Barry, with respect to other scheduled carriers either increasing their ticket prices or trimming flight schedules, do you think that that gives you new opportunities to grow your customer base? Meaning, is there opportunity to replace flights that are disappearing? That's the first one.
Ryan Goepel
President & CFO
Yes, so I think where we're seeing it is in college sports. You know, the biggest competitor for us in college sports travel is commercial. The teams have to decide, do I fly on American or United, or do they take the charter? As the price of the tickets go up, the delta between the costs shrinks with the hotel offset we provide. For example, most of our charter teams can avoid a night in the hotel and they can get home faster. That convenience starts to become more important.
And where we're going to probably see it is there are 2 philosophies. A lot of teams—some teams will book the whole season and just pay for the whole season and be done. Other ones will pick and choose, maybe do a little bit more last minute. And I think the last-minute price sticker shock and the lack of capacity will surprise many. So I think we see a lot of opportunity for last-minute flights. And last-minute is like within 2 weeks kind of stuff, not like the day of. There is opportunity there, and I think we've definitely seen it in our booking curve for college sports, which was way ahead of last year.
Unknown Speaker
Fantastic, glad to hear. Next question, I'm sure this is a timing thing, but your aircraft rent increased by almost $3 million, or about 23%, quarter-over-quarter, yet you did not have any new aircraft entering revenue service in Q3. They came in in October. So I'm sure there's a timing issue. Can you go into a little bit of detail on why the increase was so significant?
Ryan Goepel
President & CFO
So when you take delivery of an aircraft, you start paying rent on it. You don't start making money on it until it goes into revenue service. So those are the 2 big hurdles. So we took delivery of 3 aircraft in Q3, so we were paying rent on them while they weren't generating revenue. So part of it is that, and I think about $1.5 million of it would be attributable to that.
Exhibit 99.2
The other side is supplemental rent with the block hours going up. You know, we do pay per hour on a supplemental rent basis, so you'll see kind of a correlation between the block hours operated and the rent paid.
Unknown Speaker
The other thing I was wondering about, there was a plane that you had actually acquired, which you had decided not to put into service. Did that have any effect on that at all, or how will we see that in your financials?
Ryan Goepel
President & CFO
I believe that one's in the—you'll see that through depreciation and amortization because that was a purchase. So you won't see that in operating income. And so we're just effectively paying off that note, and then we're looking at different options on what we want to do with that aircraft, whether we part it out, whether we want to sell it, or whether we want to convert it, like package it with an airline or with a lessor to say, "Hey, take this and we'll take one of yours." So that's just the cost you're seeing probably in the cash and in the financial section.
Unknown Speaker
Okay, perfect. Okay, last question, one that we used to talk about quite a bit, but haven't broached on for a while. Obviously the business is getting a lot stronger. Congratulations, I think that's great. There's always challenges to deal with, but one of the big challenges from a share price perspective is the exchange. Can you give us some detail on how you think about an uplisting to a more appropriate exchange and what might be required in order to do that?
Christopher W. Jamroz
Executive Chairman
Sure. If I may, I'll take this one. I would kindly ask you to kind of bear with us for the time being. This is front and center for us because the business has outperformed dramatically, I think, our expectations, and every single reporting period is better and we just don't see the bang for our dollar and the bang for our efforts. And this is the quarter when we are spending a lot of time strategizing, and we will be communicating openly. I think over the course of this quarter, we're going to be sharing what our strategic plan will entail in the short to mid-term.
Unknown Speaker
That sounds great, Chris. There's definitely a disconnect between operations and share price. So the sooner that you...
Christopher W. Jamroz
Executive Chairman
Well, remember, I... Remember, we put $10 million in 2021 and $1.35 million, so you don't have a more frustrated person than yours truly. And the business is incredibly transformed, and the quality of the management team and the results are just completely not aligned with what we're seeing. So we are very focused on that right now.
Exhibit 99.2
Unknown Speaker
Agreed. That's a very good point. Thank you very much. That's the end of my questions. Appreciate it.
Operator
And thank you, ladies and gentlemen. This concludes today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.
This live transcript is auto-generated without human intervention or review.
North America’s Fastest Growing Charter Airline® November 2026 | OTCQB: JETMF, Cboe CA: JET, Cboe CA: JET.B Exhibit 99.3
Disclaimer This presentation was prepared by Global Crossing Airlines Group Inc. (the "Company" or "GlobalX") as a general presentation aimed solely at providing information about the Company, its operations and financial results. This presentation is furnished to (a) the members of the Company's board of directors and its committees (collectively, the "Board"), (b) certain current and prospective investors in the Company, and (c) any other person to whom this presentation or any part of it is made available, and in each case to their respective directors, officers, employees, agents, advisors and affiliates (each of the foregoing, including each member of the Board, a "Recipient"). Subject to the following paragraph, no Recipient should rely upon this presentation or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction or otherwise. This presentation is incomplete without reference to, and should be viewed solely in conjunction with, the Company's reports and filings with applicable Canadian securities regulators and the U.S. Securities and Exchange Commission. Each Recipient must hold this document, and any oral information provided in connection with this document, in strict confidence and may not communicate, reproduce, distribute or disclose it to any other person, or refer to it publicly, in whole or in part, at any time except with the Company's prior written consent. If you are not the intended recipient of this document, please delete and destroy all copies immediately. All figures are in U.S. dollars unless otherwise noted. The information contained in this presentation is provided for purposes of convenience only; it neither constitutes a basis for making any investment decision nor does it substitute for an independent collection and analysis of information. Moreover, it does not constitute a recommendation, an offer to sell or a solicitation or invitation of an offer to buy or subscribe for any securities of the Company or any of its subsidiaries or affiliates, nor shall there be any offer or sale of securities in any state or jurisdiction in which such offer or sale would be unlawful, nor does it constitute a substitute for independent judgment or independent collection and analysis of information on the part of any investor. It is expected that if any securities are ultimately offered and sold by the Company, investors in such securities will conduct their own independent investigation of the Company and the terms of any such securities, as well as the data, assumptions, estimates, appraisals, methodologies and projections contained or referred to in this presentation. To the extent this presentation describes any securities that have not been registered under the Securities Act of 1933 (the "Securities Act"), such securities may not be offered or sold in the United States or to U.S. Persons (other than distributors) unless such securities are registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available. Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of any securities discussed herein or determined if the information is truthful or complete. Any representation to the contrary is a criminal offense. This presentation is dated November 5, 2026. The information and details contained in this presentation are partially provided and presented in a condensed form solely for convenience purposes. Recipients should not assume that any information in this presentation is accurate as of any date other than the date hereof or as otherwise specified herein. This presentation contains certain "forward-looking statements" and "forward-looking information", as defined under applicable United States and Canadian securities laws (collectively, "forward-looking statements"), concerning anticipated developments and events that may occur in the future. Forward-looking statements contained in this presentation include, but are not limited to, statements with respect to growth and profitability, forecasted size and growth rates of the charter market, the Company's aircraft fleet size, the destinations that the Company intends to service, future demand for block hours, increases in flight activity, expected future revenues and hours flown, estimated future cost savings, positive operating income, the expected conversion, delivery and entry into service timelines for A320 and A321F aircraft, and future contract terms. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking statements contained in this presentation are based on certain factors and assumptions regarding, among other things, GlobalX's receipt of financing to continue airline operations; the accuracy, reliability and success of GlobalX's business model; GlobalX's ability to accurately forecast demand; GlobalX's ability to successfully conclude definitive agreements for transactions subject to letters of intent; the timely receipt of governmental approvals; the success of airline operations of GlobalX; GlobalX's ability to successfully enter new geographic markets; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; GlobalX's ability to have sufficient aircraft to provide its services; the impact of competition and the competitive response to GlobalX's business strategy; the future price of fuel; and the availability of aircraft. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include risks related to the ability to obtain financing on acceptable terms, the impact of general economic conditions, risks related to supply chain and labor disruptions, failure to retain or obtain sufficient aircraft, domestic and international airline industry conditions, failure to conclude definitive agreements for transactions subject to letters of intent, the effects of increased competition from the Company's market competitors and new market entrants, passenger demand being less than anticipated, the impact of any resurgence of COVID-19, future relations with shareholders, volatility of fuel prices, increases in operating costs, terrorism, pandemics, natural disasters, currency fluctuations, interest rates, risks specific to the airline industry, risks associated with doing business in foreign countries, the ability of management to implement GlobalX's operational strategy, the ability to attract qualified management and staff, labor disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, risks related to significant disruption in, or breach in security of, GlobalX's information technology systems and resultant interruptions in service and any related impact on its reputation, and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators and the U.S. Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, Recipients should not place undue reliance on forward-looking statements. The forward-looking statements are made as of the date of this presentation. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update any forward-looking statements. If GlobalX does update one or more forward-looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements. This presentation also contains future-oriented financial information and financial outlook information (collectively, "FOFI") about future revenue and sales. Such FOFI is subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. FOFI contained in this presentation was made as of the date of this presentation and was provided for the purpose of providing further information about GlobalX's anticipated future business operations. GlobalX disclaims any intention or obligation to update or revise any FOFI contained in this presentation, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. FOFI contained in this presentation should not be used for purposes other than those for which it is disclosed herein. FOFI contained in this presentation is provided for the purpose of providing information about management's current expectations and plans relating to the future. Recipients are cautioned that such outlook or information should not be used for purposes other than those for which it is disclosed in this presentation. Exhibit 99.3
Company Overview GlobalX is North America’s Fastest Growing Charter Airline® – setting the industry standard for on-time performance and reliability. Since our inception, we have consistently proven the strength of our charter platform, the resilience of our business model, the ability to grow demand in the narrowbody passenger market, while attracting and retaining top talent. Our strong foundation is expected to enable our further ability to scale operations, revenue, and shareholder value. *Refer to “Non-GAAP Financial Measures” Slide for additional information Exhibit 99.3
Company Overview GlobalX Milestones Fleet Size: 23* *As of November 5, 2026 OTCQB: JETMF, Cboe CA: JET, Cboe CA: JET.B 4 Exhibit 99.3
Industry Overview Market Opportunity A focused position in large charter and ACMI markets $52.6B1 U.S. charter flights industry, 2026 Industry revenue; all aircraft types, passenger and cargo, incl. private aviation $13.6B2 North America air charter, 2026E Passenger and cargo charter services, incl. business jets $11.8B3 Global ACMI (wet lease), 2026E Aircraft, crew, maintenance and insurance; North America is the largest region Where GlobalX competes Narrowbody (Airbus A319/A320/A321) passenger charter and ACMI for sports teams, government, entertainment, tour operators and airlines: work that requires a Part 121 certificate, large-aircraft crews and maintenance, and on-time reliability. $246.3M FY2025 revenue4 $210.4M 9M 2026 revenue4 1 IBISWorld, Charter Flights in the US (NAICS 48121), industry report, April 2026. 2 Fortune Business Insights, Air Charter Services Market report, last updated Oct. 19, 2026 (North America 2026 projection). 3 The Business Research Company, Aircraft ACMI Leasing Market Report 2026 (May 2026), published via Research and Markets. 4 GlobalX Form 10-K for 2025 and Form 10-Q for the quarter ended Sept. 30, 2026 (9M 2026 unaudited). Third-party figures are estimates from publicly available report summaries, use differing definitions, include segments in which GlobalX does not operate (e.g., business jets, cargo), and have not been independently verified by the Company. Exhibit 99.3
Company Overview Our Place in the Industry Scheduled Carrier (i.e. Delta) Aircraft Crew Maintenance Insurance ACMI Operator (GlobalX) V/S Arranges for flights before finding passengers Fly after the passengers have been arranged Ticket Risk Loss incurred by vacant seats 1 passenger as profitable as 150 Fuel Costs Exposed to variable fuel prices Costs pass through to the passenger Crew Costs Exposed to ticket risk Costs pass through to the passenger Billing No compensation for delays Passenger pays by block hour Aircraft Requirements New high-cost aircraft (~300 hrs / month) Used moderate-cost aircraft (~150 hrs / month) Exhibit 99.3
Company Overview ACMI (Aircraft, Crew, Maintenance, and Insurance) Business vs All - In Charter Business ACMI Business GlobalX Provides Outsourced Cargo and Passenger Aircraft, Crew, Maintenance and Insurance. Customer assume Fuel, Demand and Price Risk and are typically responsible for Landing, Airport and other Operational Fees. Revenue Lower Revenue as customer pays for fuel, insurance and other expenses separately Cost Lower Costs reflecting the absence of these aforementioned operational expenses Risk Exposure The customer assumes all fuel and variable risk Charter Business GlobalX Provides Outsourced Passenger and Cargo aircraft. Customer Pays a fixed fee that covers Fuel, Insurance, Landing and other Operational Expenses. Revenue Higher Revenue reflecting the pass through of fuel, insurance and other expenses Cost Higher Costs offset the increased revenue to cover the aforementioned operational expenses Risk Exposure The carrier assumes no fuel and variable risk EXAMPLE A customer books a one-way flight from JFK to SFO six weeks from now, during a period of volatility across commodity prices and a labor shortage. Exhibit 99.3
Growth & Value Creation Rapid Growth of Air Fleet $14.3M 1 $97.3M 8 $160.1M 14 $223.8M 19 $246.3M 18 Targeted Fleet Expansion By End of 2026 25 Revenue 77% 5-Year CAGR 2021 » 2022 » 2023 » 2024 » 2025 » 2026 Exhibit 99.3
Our Operations Strategic Bases: Enhancing Efficiency & Market Reach Geographically dispersed operating bases, driven by anchor client contracts, allow us to operate a more cost effective, flexible, and reactive operation. The optimal distance for winning charter business is to quote aircraft repositioning within 3.0 hours from the starting and ending airport of each client. Having the majority of the U.S. airports within 3.0 hours of one of our operating bases creates a competitive advantage unmatched by our competitive set. With fewer reposition hours we win more business than our competitors and increase market share. Our aircraft have longer range capability (4.5 hours vs 3.0 hours), however our basing strategy maximizes reaction time. Current base locations include: Miami, FL, Alexandria, LA, Mesa, AZ and Harlingen, TX Fleet presence in multiple Southern United States bases allows: Sales efforts and pricing to be competitive for clients across the US Enhanced reaction time for immediate need contracts/IROP support for other carriers and clients Reduced time and cost in responding to internal reflow/IROP support for internal needs Reduced costs associated with crew movement, driven by local crew bases Reduced ferry cost for maintenance events Exhibit 99.3
Our Operations Where We Fly Since 2021, we have operated flights to 67+ Countries and 460+ Cities. Countries Visited Exhibit 99.3
Financials Exhibit 99.3
Financials Q3’26 Revenue of $71.8M, Operating Income of $4.0M, & EBITDA of $10.4M Q3 2026 Results $71.8M Revenue $25.7M EBITDAR* $9.0M Cash Flow Provided by Operations 9,942 Block Hours 550 Utilization (Block Hours per Available Aircraft) $14.3M Cash & Restricted Cash 18.1 Net Aircraft Available *Earnings Before Interest, Taxes, Depreciation, Amortization and Rent. Refer to “Non-GAAP Financial Measures” slide for additional information. OTCQB: JETMF, Cboe CA: JET, Cboe CA: JET.B 12 Exhibit 99.3
Q3 2026 KPIs EBITDAR $ millions Net Aircraft Available Average Utilization Per Aircraft Refer to “Non-GAAP Financial Measures” slide for additional information. Exhibit 99.3
Financials Quarterly Block Hours & Revenue Revenue in Thousands USD *Excludes sub-service hours Exhibit 99.3
Financials Q3 2026 Operating Margin: U.S. Airlines GlobalX ranked 5th of 11 U.S. airlines on Q3 2026 GAAP operating margin1 Q3 2026 ($ millions) Revenue Operating income (loss) Margin SkyWest 1,117.4 176.0 15.8% Republic Airways 553.5 63.2 11.4% United 17,875 1,446 8.1% Delta 20,186 1,454 7.2% GlobalX 71.8 4.0 5.6% Southwest 8,422 379 4.5% Alaska Air Group 4,308 82 1.9% Allegiant 961.6 10.8 1.1% American 16,335 115 0.7% JetBlue 2,812 (144) (5.1%) Frontier 1,355 (108) (8.0%) 1 Operating margin = GAAP operating income (loss) ÷ total operating revenue for the three months ended September 30, 2026, as reported and not adjusted for special items; several carriers also report adjusted results (e.g., Delta 9.4%, United 6.9%, Southwest 5.4%, Republic 12.6%, Allegiant 3.1%). Allegiant includes Sun Country from May 13, 2026; Republic includes Mesa; Delta revenue includes third-party refinery sales. GlobalX reported no special items. Sources: Q3 2026 earnings releases furnished on Form 8-K: Delta (Oct. 9), Alaska Air Group and United (Oct. 20), Southwest (Oct. 21), American (Oct. 22), Frontier (Oct. 28), Republic and SkyWest (Oct. 29), Allegiant (Nov. 4); JetBlue Form 10-Q; GlobalX earnings release (Nov. 4). Peer set: U.S. passenger airlines filing with the SEC whose Q3 2026 results were available as of Nov. 5, 2026. Exhibit 99.3
Growth & Value Creation Multiple Avenues Expected to Drive Growth & Profitability On track to expand fleet to 25 aircraft by end of 2026, having recently increased pilot headcount by 31% since December 2025 and signed leases for three ex-Spirit airframes and related engines Driving improved utilization through emphasizing high margin ACMI business Currently have 10 aircraft operating on government related contracts since April 2024 – Provides consistent and reliable foundation of revenue Expanded customer reach to include several professional sport franchises and recent international soccer tournament Advancing fleet expansion and modernization, including the addition of newer Airbus A320 aircraft and continued transition toward a hybrid ownership model to enhance operational flexibility, improve fleet reliability and support long-term profitability. Exhibit 99.3
Company Overview Investment Highlights North America’s Fastest Growing Charter Airline® Improved profitability and operating efficiency provides runway for both earnings and fleet growth Consistent Results - 8 consecutive quarters of positive EBITDA. Q3’26 Revenue increased 24% YoY to $71.8M, while EBITDA increased 144% to $10.4M, supported by improved aircraft availability and higher revenue per block hour. Committed to profitability improvements and operating leverage EBITDAR* up 25% YoY to $78.3M in FY2025 EBITDA* up ~4x YoY to $20.9M in FY2025 *Refer to “Non-GAAP Financial Measures” Slide for additional information. Exhibit 99.3
Appendix Capitalization Table Strike Expiry Common 55,014,740 Class A 5,537,313 Class B 9,015,040 Total Outstanding Shares 69,567,093 Warrants 10,195,451 $ 1.00 30-Jun-30 RSU's 1,936,952 Fully Diluted Outstanding Shares 81,699,496 As of September 30, 2026, per the Company’s Form 10-Q for the quarter ended September 30, 2026. Exhibit 99.3
Thank you! Corporate Office Global Crossing Airlines Group 4200 NW 36th Street, Building 5A Miami International Airport Miami, FL (786) 751-8550 Investor Relations Contact Sean Mansouri, CFA | Aaron D’Souza JET@elevate-ir.com (720) 330-2829 OTCQB: JETMF, Cboe CA: JET, Cboe CA: JET.B 19 Exhibit 99.3
Appendix Exhibit 99.3
Our Leadership Team Company Overview Chris Jamroz Executive Chairman The architect and operator behind some of the most successful transformations in logistics. With eight prior successful exits and nearly $10 billion in shareholder value created for financial sponsors and ownership groups, Chris Jamroz is a renowned value-unlocking specialist and Founder of LyonIX Holdings and its subsidiary funds, a private equity investments firm with holdings in Transportation & Logistics, multi-family residential and industrial real estate, and cyber security. Through its proprietary model of ultra-precise operations management, LyonIX has consistently delivered superior results and outsized returns across all modes of the supply chain, globally. Chris is Executive Chairman of the Board of Global Crossing Airlines Group Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB), a full-service passenger and cargo airline headquartered in Miami, FL. In 2021, he led the transformative pre-certification investment that enabled the formal launch of the airline's operations. Executive Chairman of the Board and CEO of Roadrunner Transportation Systems (PINK: RRTS), the transportation industry's "greatest comeback story." Roadrunner is a national asset-light Less-Than-Truckload (LTL) carrier focused on direct metro-to-metro expedite-like trucking services across North America. Chris led the sale of the business from Elliott Management to Prospero Staff, a LyonIX Holdings’ fund in 2024. Previously, Executive Chairman and CEO of Ascent Global Logistics, a prominent 3PL and the leading North American platform for expedited freight, freight forwarding and brokerage services. In his capacity as CEO, Chris led USA Jet, a U.S.-based air cargo carrier operating under both FAR Part 135 and 121 Ops Specs focused on ad-hoc charter services. Mr. Jamroz sold the business to HIG Capital in December 2023. Mr. Jamroz serves as non-Executive Director, and formerly Chairman, of the Board of CMS Info Systems Limited (CMSINFO.NSE), one of the largest secure logistics and the 5th largest ATM services companies in the world. Under Chris’ tenure, the company executed an exit for Blackstone through a sale to Bearing Private Equity Asia. Then, in 2021, Chris led the company through its IPO on the Mumbai Stock Exchange. In 2024, Chris facilitated a sell-down of the remaining stake and full exit for EQT. Previously, Chris was CEO and Executive Chairman of STG Logistics, North America’s specialty 3PL and intermodal services critical to the global supply chain. The business was sold via continuation fund structure in 2022 to a consortium of private equity firms led by Oaktree Infrastructure Fund. Prior to STG, Chris served as acting CEO and Executive Chairman of Emergent Cold, an international specialty logistics provider focused on the global cold chain. Chris led a successful sale of the business to Lineage Logistics backed by Bay Grove Capital in 2020. Mr. Jamroz was President and COO of Garda Cash Logistics, leading Garda to become the #1 currency supply chain, secure logistics and cash business services provider in North America. While at the helm, Chris secured the largest outsourcing contract in vault operation industry’s history valued at over $2 billion. In his capacity, he also oversaw the operations of Ameriflight, America’s largest Part 135 Cargo airline, with a fleet of over 230 owned fixed wing aircraft. Chris took the business private with Apax Partners in 2013 and later sold the business to Rhone Group in 2016. Prior to Garda, Chris was a top executive at one of the leading global investment banks, as the Head of JPMorgan in Canada. Exhibit 99.3
Our Leadership Team Company Overview Ryan Goepel President & CFO Mr. Goepel is a seasoned finance and operations executive with over 25 years of experience, specializing in leadership roles across a variety of industries, including LCC (Low-Cost Carrier), ACMI (Aircraft, Crew, Maintenance, and Insurance), and narrowbody charter airline operations. His career includes significant expertise in mergers and acquisitions, turnarounds, debt and equity raises and scaling up startups. Career Highlights: GlobalX Mr. Goepel is a founding shareholder and the original CFO of GlobalX, where he played a pivotal role in the company's launch, growth, and evolution. Under his leadership, GlobalX raised $60 million in debt and equity and negotiated the acquisition of 25 Airbus aircraft. He grew the company from 1 to 700 employees and helped achieve $200 million in annual revenue within the first four years. As President, starting in Q1 2024, Mr. Goepel executed a strategic transformation, quickly leading the company to profitability. Flair Airlines Mr. Goepel served as the Chief Financial Officer of Flair Airlines in Canada, where he led a major turnaround. The company went from the brink of bankruptcy to launching the first ULCC (Ultra-Low-Cost Carrier) airline in Canada. His efforts helped the company grow from a negative EBITDA of $25 million to a positive EBITDA of $30 million annually while modernizing the Boeing fleet and tripling the organization's size. ZeiTECS As CFO of ZeiTECS, a Shell Oil Ventures company, he played a critical role in growing the company from the ground up. His efforts led to the acquisition of ZeiTECS by Schlumberger, resulting in a 4x return on investment. Kellogg Brown & Root (KBR) At KBR, he served as the Controller and Business Unit Finance Leader for the KBR Services division, overseeing 12,000 employees and managing $300 million to $3 billion in global projects. Mr. Goepel led the financial integration of three major acquisitions and played a key role in the company's growth. Burger King As the Director of Global Finance at Burger King, he worked closely with private equity owners (Bain, TPG, and Goldman Sachs) to drive a financial turnaround. His work in capital spending, financial reporting, and investor relations led to a successful $600 million IPO and over $1.7 billion in new debt funding, offering a 5x return for investors. Halliburton Mr. Goepel's early career includes roles at Halliburton, where he was involved in strategic marketing for the Eurasia division and investor relations. His work in these areas helped lead Halliburton through crises, including the 2002 Iraq War contract issues and an asbestos class action lawsuit, helping recover the company's stock price three times over. Education & Credentials: Certified Management Accountant MBA, Texas A&M University BA in Political Science, University of British Columbia Mr. Goepel's extensive experience in corporate finance, leadership, and strategic growth has consistently led to successful turnarounds and significant value creation for the companies he's been involved with. Exhibit 99.3
Our Leadership Team (Cont’d) Company Overview Wendy Shapiro SVP, Corporate Controller Over 20 years in Senior Finance Roles with the majority in the aviation sector Proven track record integrating systems and processes that deliver financial results. SVP Finance Transformation – Teladoc VP and Assistant Corporate Controller – Atlas Air Marina Armas Director, Operations Over 10 years of pilot experience in Part 121 operations Has logged more than 4,000 flight hours Certified and rated on the A320 and the CL-65 Former GlobalX Assistant Director of Operations, and Assistant Chief Pilot First Officer, PSA Airlines Brian Yount SVP, Technical Operations Nearly 30 years of aviation maintenance, quality and safety leadership Licensed A&P Technician, Lean Green Belt and Quality Driven Management Expert VP, Technical Operations and Chief Inspector – Northern Air Cargo 19 years in maintenance, training and quality leadership – FedEx Express United States Air Force retiree David Dow VP, Sales Over 20 years of commercial and charter airline experience SVP - Elite Airways VP, Inflight - Elite Airways Director, Customer Service – Elite Airways Director, Commercial Sales - Marriott International Exhibit 99.3
Appendix World Class Board of Directors David Sandberg Founder and CIO of Red Oak Partners Former Co-Manager of JH Whitney’s $300 million Green River hedge fund Chairman of the Board of CBA Florida, Inc. Board Member of GEE Group, Inc. Cordia Harrington Serves on the boards of Ascent Global Logistics, Broadcrest Capital and Belmont University Founder and CEO of Crown Bakeries Deb Robinson Board member – Via Rail Canada President/Founder – Bay Street HR, outsourced human resource services to start up companies Alan Bird Former Advisor to CEO, Canada Jetlines and Board Member Former CFO Viva Aerobus; leading A320 low-cost carrier in Mexico Senior Advisor – Irelandia Aviation, major investor in Ryanair, Viva Colombia, Viva Peru (leading A320 LCC’s) Former CFO Tiger Airways; leading Asia A320 LCC Andrew Axelrod Managing Partner and Portfolio Manager of Axar Former Partner and Co-Head of North American Investments for Mount Kellett Capital Management Former Kohlberg Kravis Roberts & Co. L.P. Former The Goldman Sachs Group, Inc. Exhibit 99.3
Appendix Balance Sheet September 30, 2026 December 31, 2025 Current Assets Cash and cash equivalents $ 13,344 $ 16,694 Restricted cash 945 3,809 Accounts receivable, net of allowance 7,109 6,782 Prepaid expenses and other current assets 5,181 3,529 Spare parts 135 405 Total Current Assets 26,714 31,219 Property and equipment, net 37,437 33,578 Finance leases, net 54,751 48,870 Operating lease right-of-use assets 83,271 72,824 Deposits 12,557 11,880 Other assets 6,095 4,681 Total Assets $ 220,825 $ 203,052 Current liabilities Accounts payable $ 16,230 $ 13,888 Accrued liabilities 36,250 28,948 Deferred revenue 8,781 16,830 Customer deposits 2,243 4,401 Current portion of note payable 2,594 3,080 Current portion of long-term operating leases 16,923 14,262 Current portion of finance leases 14,231 10,304 Total Current Liabilities 97,252 91,713 Other Liabilities Note payable, net of debt issuance costs 39,130 40,447 Long-term operating leases 66,983 59,374 Long-term finance leases 43,310 40,705 Other Liabilities 673 291 Total Other liabilities 150,096 140,817 Total Liabilities $ 247,348 $ 232,530 Total Stockholders’ Deficit (26,523) (29,478) Total Liabilities and Deficit $ 220,825 $ 203,052 Exhibit 99.3