Global Crossing Airlines (OTCQB: JETBF) posts strong Q1 2026 profit surge
Rhea-AI Filing Summary
Global Crossing Airlines Group reported strong first quarter 2026 results, showing higher growth and improved profitability despite operating with fewer aircraft. Revenue rose 15% to $76.6 million, driven by higher block hours, better utilization per aircraft, and stronger charter pricing. Total operating expenses increased 11% to $70.5 million, reflecting higher maintenance and personnel costs tied to fleet expansion and a shift of some in-house maintenance to third parties.
Net income improved sharply to $2.7 million from $0.2 million, with earnings of $0.04 per share. EBITDAR grew 17% to $24.2 million, while EBITDA roughly doubled to $10.8 million. Cash flow from operations increased to $9.0 million compared to $0.1 million a year earlier, and cash and restricted cash were about $20.0 million as of March 31, 2026. Operationally, GlobalX flew 8,315 block hours, up 10%, with average utilization per aircraft up 25% to 552 hours, even as net aircraft available fell 11% to 14.9.
ACMI flying made up 74% of block hours, up from 68%, supporting a model where fuel costs are generally passed through to customers. Charter revenue per block hour increased 32% to $17,881, highlighting stronger pricing and demand, particularly in collegiate and professional sports charters. Cargo operations remained weak due to soft freight markets and continued to weigh on earnings, with management estimating a cargo drag of roughly $10–$11 million for full-year 2026 if current conditions persist. Management emphasized disciplined fleet growth focused on Airbus A320 aircraft, targeted fleet expansion to more than 20 aircraft by the end of 2026, and a strategy of adding aircraft only against contracted or highly visible demand.
Positive
- Double-digit top-line and profit growth: Q1 2026 revenue rose 15% to $76.6 million, EBITDAR increased 17% to $24.2 million, and EBITDA roughly doubled to $10.8 million, with net income improving to $2.7 million from $0.2 million.
- Stronger cash generation and utilization: Cash flow from operations improved to $9.0 million from $0.1 million, while average utilization climbed 25% to 552 hours per aircraft despite an 11% reduction in net aircraft available.
- Higher-quality revenue mix: Charter revenue per block hour increased 32% to $17,881 and ACMI represented 74% of block hours, emphasizing contracted flying where fuel costs are generally passed through to customers.
Negative
- Cargo remains a material earnings drag: Management indicated cargo operations produced a loss of about $12–$13 million in 2025 and estimate a continued drag of roughly $10–$11 million in 2026 under current market conditions.
- Leveraged balance sheet with stockholders’ deficit: As of March 31, 2026, total liabilities of $231.4 million exceeded assets of $205.3 million, resulting in a stockholders’ deficit of $26.2 million.
Insights
GlobalX posted double-digit growth and a clean shift to profitable, higher‑utilization flying.
Global Crossing Airlines delivered $76.6M in Q1 2026 revenue, up 15%, while net income rose to $2.7M from $0.2M. EBITDAR increased 17% to $24.2M and EBITDA doubled to $10.8M. These gains came with an 11% drop in net aircraft available, highlighting genuine productivity improvements.
Key operating metrics moved in the right direction: block hours grew 10% to 8,315, and average utilization reached 552 hours per aircraft, up 25%. ACMI accounted for 74% of block hours, reinforcing a model where fuel costs are typically passed through to customers. Cash flow from operations improved sharply to $9.0M, and liquidity stood at about $20.0M in cash and restricted cash as of March 31, 2026.
Cargo remains a headwind; management expects a $10–$11M earnings drag in 2026 if conditions stay soft. At the same time, the company is adding Airbus A319/A320 aircraft, shifting mix toward A320s and targeting a fleet above 20 aircraft by year end 2026. Subsequent filings may detail how added capacity, sports charters, and ACMI contracts offset ongoing cargo weakness.
8-K Event Classification
Key Figures
Key Terms
EBITDAR financial
EBITDA financial
ACMI financial
block hours financial
non-GAAP financial measures financial
stockholders’ deficit financial
Earnings Snapshot
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
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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:
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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 May 6, 2026, Global Crossing Airlines Group Inc. (the “Company”) issued a press release (the “Press Release”) announcing its financial and operating results for the first quarter ended March 31, 2026. The Press Release is furnished herewith as Exhibit 99.1.
On May 7, 2026, the Company conducted a conference call (the “Earnings Call”) to discuss its financial results for the first quarter ended March 31, 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 May 11, 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 May 6, 2026 |
99.2 |
Earnings Call Transcript, dated May 7, 2026 |
99.3 |
Investor Presentation, May 11, 2026 |
104 |
Cover Page Interactive Date File (embedded within the Inline XBRL document) |
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: May 12, 2026 |
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/s/ Ryan Goepel |
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Name: Ryan Goepel Title: President and Chief Financial Officer |
Exhibit 99.1
Global Crossing Airlines Reports First Quarter 2026 Financial Results
Strong Aircraft Utilization and Block Hour Growth Drive 15% Year-Over-Year Increase in Revenue to $76.6 Million
Increased GAAP Net Income 14x Year-Over-Year to $2.7 Million or $0.04 per Share and EBITDAR by 17% Year-Over-Year to $24.2 Million
MIAMI, FL, May 6, 2026 – Global Crossing Airlines Group, Inc. (Cboe CA: JET, Cboe CA: JET.B, OTCQB: JETMF) (the “Company” or “GlobalX”), The Nation's Fastest Growing Charter Airline®, today announced its financial and operating results for the first quarter ended March 31, 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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Q1 2026 |
Q1 2025 |
% Change |
Revenue: |
$76.6M |
$66.6M |
15% |
Operating Income: |
$6.1M |
$3.1M |
~2x |
Net Income: |
$2.7M |
$0.2M |
~14x |
EBITDAR1: |
$24.2M |
$20.6M |
17% |
EBITDA2: |
$10.8M |
$5.4M |
~2x |
Net Aircraft Available: |
14.9 |
16.7 |
(11%) |
Total Block Hours, including Sub Service: |
8,315 |
7,546 |
10% |
% of Block Hours - ACMI |
74% |
68% |
6% |
Average Utilization Hours Per Aircraft: |
552 |
442 |
25% |
Management Commentary
“Our first quarter results reflect a strong start to 2026 and clearly demonstrate the operating leverage of the platform we have built” said Chris Jamroz, Executive Chairman of GlobalX. “We delivered robust year-over-year growth in both revenue and net income, putting us firmly on track to achieve financial sustainability by year-end. These results were driven across the entire spectrum of our ACMI and charter activity, with strong contributions from our core markets in professional and collegiate sports, ad-hoc charters, media and entertainment, and concerts. This broad-based performance was achieved while operating with less available aircraft than a year ago, underscoring the strength and scalability of our model. Supported by favorable demand and a disciplined focus on deploying aircraft into the highest-return opportunities, we are well positioned to build on this momentum and deliver strong operating
1 Refer below to the section “Non-GAAP Financial Measures” for additional information
Exhibit 99.1
results in 2026, with additional aircraft already delivered, more entering service, and ongoing fleet expansion.”
Ryan Goepel, President and CFO of GlobalX, added, “During the quarter, we drove strong revenue and net income growth despite operating with fewer net aircraft, reflecting improved utilization, a more favorable revenue mix, and disciplined execution across the platform. Our operating model continues to differentiate GlobalX, as we are not exposed to fuel price volatility like traditional airlines and instead focus on maximizing block hours, utilization, and profitability while prioritizing high-quality contracts. We also saw continued growth in our collegiate sports vertical, which remains an important and attractive segment of our charter business. We believe our ongoing investments in aircraft, crew, and operating infrastructure will drive enhanced operating leverage across the business, enabling us to generate increasing shareholder value over time.”
Q1 2026 Financial Highlights (vs. Q1 2025) – Three Month Period
Recent Operational Updates
1 Refer below to the section “Non-GAAP Financial Measures” for additional information
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, May 7, 2026
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (800) 717-1738
International dial-in number: (646) 307-1865
Conference ID: 48262
Webcast: GlobalX's Q1 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, adjusted EBITDA and adjusted 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 and 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 (SEC) in their entirety and not to rely on any single financial measure.
EBITDA is defined as operating income (loss), plus depreciation, amortization, interest and taxes, 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 they exclude items that may not be indicative of the Company’s ongoing operating performance.
EBITDAR is defined as operating income (loss), plus depreciation, amortization, interest, taxes 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
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 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, that all aircraft will be fully operational heading into December, 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 transactions subject to LOI; 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 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 the forward-looking statements. Such factors include risks related, among other things, to: our ability to lease aircraft on favorable terms; manage our growth effectively; implement our business strategy successfully; obtain access to capital; the limited number of aircraft we fly; rising maintenance costs; seasonality in our 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
Exhibit 99.1
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 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. 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 its other filings with the SEC.
GLOBAL CROSSING AIRLINES GROUP INC.
Exhibit 99.1
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value and share quantities)
Exhibit 99.1
GLOBAL CROSSING AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except share and per share amounts)
Exhibit 99.1
GLOBAL CROSSING AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)
(In thousands, except shares quantities)
Exhibit 99.1
GLOBAL CROSSING AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Exhibit 99.2
Global Crossing Airlines, Inc.
First Quarter 2026 Financial Results Conference Call
May 7, 2026
C O R P O R A T E P A R T I C I P A N T S
Chris Jamroz, Executive Chairman
Ryan Goepel, President and Chief Financial Officer
Wendy Shapiro, Senior Vice President, Corporate Controller
Aaron D’Souza, Investor Relations Advisor
C O N F E R E N C E C A L L P A R T I C I P A N T S
Brian Foote, Broadway Capital Management
George Melas, MKH Management Co.
P R E S E N T A T I O N
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 first quarter of 2026.
Exhibit 99.2
At this time, all participants are in listen-only mode. 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 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 the 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 first 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 first quarter of 2026, which is currently available on the Company’s investor relations section of its website.
Now, I will turn the call over to the Executive Chairman, Chris Jamroz. Chris, please go ahead.
Chris Jamroz
Thank you, Operator, and good morning, everyone.
GlobalX delivered a strong start to 2026 with meaningful year-over-year improvements across key financial metrics. We generated 15% revenue growth, materially increased net income, and expanded EBITDAR by 17%, all while operating with fewer net aircraft than a year ago. That is an important point. These results were not driven by simply adding capacity, quite the opposite actually, but by significantly improving the productivity and efficiency of the platform.
Our first quarter results demonstrated the operating leverage of this business. We increased utilization, expanded block hours, and continued to allocate aircraft to the highest return opportunities across our network. Combined with our ACMI model, where fuel and demand risk are passed through, we solely focus on execution, reliability, and maximizing the profitability of each aircraft we operate. That operating model continues to differentiate GlobalX from traditional airlines and enables us to scale with greater predictability and lower risk.
The platform we have built today is fundamentally different from where we were even a year ago. It is more disciplined, more scalable, and increasingly resilient. We have proven that we can drive growth through enhanced utilization, stronger revenue quality, and more efficient deployment of capital, not simply through fleet expansion as that is yet to come. That evolution is what is driving improved operating leverage across the business.
At the same time, we are focused on disciplined and concerted growth strategy. We added aircraft and have additional capacity coming online, but every decision we make is grounded in long-term profitability and return on capital. We are building a business designed to generate consistent earnings and long-term shareholder value.
Exhibit 99.2
Looking ahead, demand across our core passenger markets remains strong, our customer relationships continue to deepen, and our team is executing with greater consistency across the organization. We continue to see strong forward bookings and sustained demand across our key customer segments. The momentum we are seeing today reinforces our conviction in the model, and we remain firmly on track toward our long-term objective of becoming the largest and most reliable narrow-body charter airline in North America.
With that, I will hand the call over to our President and CFO, Ryan Goepel, to discuss our first quarter operational highlights in greater detail. Ryan?
Ryan Goepel
Thank you, Chris, and good morning, everyone.
Our first quarter results were driven by strong execution across the platform and continued improvement in the underlying earnings profile of the business. We generated strong double-digit year-over-year increases in revenue, net income, EBITDAR, and, importantly, operated with fewer net aircraft compared to the year-ago period. The investments we’ve made in our operations, people, processes, and platform have enabled us to drive higher utilization, improved fleet productivity, and ultimately a profitable operation.
During the quarter, ACMI represented 74% of total block hours, compared to 68% a year ago. The real story of the quarter was the impressive year over year growth of our college and professional sports customer base. For the first time ever, we flew four professional hockey teams for the majority of their season and operated a record number of college sports charters, a testament to the quality of our service and continued focus on this core target market. This drove an increased charter revenue per block hour, and we believe establishes GlobalX as a serious player in the sports charter market.
Operationally, we flew 8,315 total block hours in Q1 2026, including sub service, a 10% increase year-over-year, while average utilization per available aircraft increased 25% to 552 hours. Importantly, we delivered that growth despite an 11% decline in net aircraft available to 14.9, demonstrating continued improvement in fleet productivity and the effectiveness of our aircraft deployment strategy.
Specifically, from a unit economics perspective, we saw continued improvement in revenue per block hour. Charter revenue per block hour increased 32% year-over-year to $17,881, reflecting stronger pricing and demand. ACMI revenue per block hour was $6,429, compared to $6,740 a year ago, which reflects the mix of longer-term contracts with higher minimum hour commitments resulting in a lower rate per hour. We believe this mix supports stronger utilization and more consistent margin performance over time.
Turning to our fleet expansion initiatives. We placed two Airbus A319 aircraft into revenue service, one in March and one in April, and took delivery of one additional A319 that is currently undergoing conformity and expected to enter service in the second quarter. Our second-owned Airbus A320 is finalizing its maintenance work, and we expect to enter it into revenue service in Q2. In addition, we canceled the lease on our fourth A319 and signed leases for two additional A320s to be delivered in Q2 and to enter into revenue service in early Q3. We believe opportunities for additional aircraft are expanding, and we are working to secure them to support our continued growth in 2027.
During the first quarter, we completed one heavy maintenance event and seven non-heavy maintenance events, as well as increased pilot and cabin crew headcount to support future flying. We also made progress on restructuring our maintenance operations to improve scalability and long-term efficiency, as we’ve begun to outsource the Miami line maintenance. Even with this restructuring, which shifts costs from salaries,
Exhibit 99.2
wages, and benefits into maintenance expense, we generated operating leverage in the business and materially grew net income.
Turning to cargo operations. Market conditions remain soft relative to passenger flying, with continued pressure across the broader freight market. During the quarter, we operated two cargo aircraft while two remained temporarily parked, reflecting the current demand environment and our disciplined approach to capacity deployment. Since quarter end, we have activated one of the parked aircraft to operate as a spare and have removed the engines from the second aircraft to be utilized on our passenger aircraft. Cargo block hours declined year-over-year as the market continues to be impacted by lower rates and reduced utilization levels relative to available capacity, and as a result, cargo remains a drag on earnings in the near term, which we expect to persist.
Looking ahead, despite the turmoil we are seeing in the aviation space, we believe GlobalX is well-positioned for the remainder of 2026. The combination of aircraft delivered during the quarter, a pipeline of additional aircraft expected to enter service soon, and continued strength in our passenger markets, supports the durability of our operating performance. We believe these initiatives, coupled with our disciplined approach to capital allocation, will enable us to deliver on our 2026 plan and build on the momentum from the first quarter.
With that, I will turn the call over to our SVP Corporate Controller, Wendy Shapiro, who will discuss our financial results in more detail.
Wendy Shapiro
Thank you, Ryan, and good morning, everyone.
Please note that all financial results discussed today are for the three-month period ended March 31, 2026, and variance commentary is on a year-over-year basis unless stated otherwise.
Revenue in the first quarter increased 15% to $76.6 million compared to $66.6 million in the year-ago period. The increase was primarily driven by higher block hours flown, increased utilization per available aircraft, and stronger revenue per block hour in charter. ACMI revenue increased 16% to $39.7 million compared to $34.3 million in the year-ago quarter. Charter revenue increased 12% to $34.3 million compared to $30.5 million in Q1 2025.
Total Operating Expenses increased 11% to $70.5 million compared to $63.5 million, primarily reflecting higher personnel costs associated with fleet growth and higher maintenance expense during the quarter. As Ryan mentioned, maintenance costs were elevated during the quarter as we are restructuring our operations to improve scalability and long-term efficiency. This includes transitioning certain functions to third-party providers, which shifts costs from salaries, wages and benefits into maintenance expense.
Net income improved materially to $2.7 million compared to $0.2 million in the first quarter of 2025. Basic and diluted earnings per share were $0.04, compared to breakeven earnings per share in the prior-year period.
EBITDAR increased 17% to $24.2 million compared to $20.6 million. EBITDA doubled to $10.8 million compared to $5.4 million in the year-ago period.
Cash flow from operations improved to $9 million compared to $0.1 million in the first quarter of 2025.
Turning to our liquidity. We ended the first quarter with approximately $20 million in cash and restricted cash compared to $20.5 million as of December 31, 2025.
Exhibit 99.2
Now, I will turn the call back over to Ryan for closing remarks.
Ryan Goepel
Thank you, Wendy.
We are proud of our first quarter performance. The results demonstrate our ability to grow revenue, improve profitability, and increase utilization from a stronger operating base. We believe that performance reflects the strength of the platform we have built, the progress we have made in improving fleet productivity and revenue quality, and the discipline which we are executing across the business.
As we move through 2026, we are focused on building on that foundation through the continued expansion of our fleet and the ongoing deployment of capacity into high-quality, higher-return opportunities across our network. Combined with continued strength in our passenger markets and the contribution from long-term agreements such as CSI, we believe these initiatives position us to deliver on our strategic growth and profitability initiatives ahead.
This concludes our prepared remarks. I’d like to now open the call for Q&A. Aaron, over to you.
Aaron D’Souza
Thank you, Chris, Ryan, and Wendy. And thank you everyone for participating in the conference call.
As we gather the queue for live questions, we’d first like to address a few of the questions that have come in via email over the past couple of weeks and following the issuance of our earnings press release yesterday.
Our first question is related to Q1 operating performance. Do you have any incremental color or thoughts on what drove the strong Q1 performance despite operating with fewer aircraft? Is this level of growth sustainable moving forward?
Ryan Goepel
I'll take that one. Thanks for the question. What you're seeing this quarter is a result of a more mature and optimized operating platform. We shifted from simply adding aircraft to maximizing the productivity of the assets we already have, which is a more efficient way to grow earnings. The key driver was improved utilization and better aircraft deployment. We were very focused on placing aircraft in the highest return opportunities, which led to higher block hours per aircraft and stronger revenue quality.
We believe this is a durable shift. The investments we've made in planning, maintenance, and internal processes are enabling us to sustain higher utilization levels, which should continue to support earnings growth even as we scale the fleet.
Aaron D’Souza
Thank you, Ryan.
The next one is related to sports and seasonal demand.
Exhibit 99.2
You highlighted strong growth in your sports vertical this quarter. Can you provide more color on how seasonal demand, particularly around peak periods like March, is contributing to the business and how you see that evolving?
Ryan Goepel
Yeah, I'll take that one as well. The sports vertical continues to be very attractive and a growing part of our business during this quarter. We saw particularly strong activity in both collegiate and professional teams, with the March representing a peak period for college athletics. We operated over 50 flights in support of the March Madness tournament, and that helped us significantly. As you know, this tournament is seeking to expand next year. We're looking to build on our performance in 2026 and 2027.
What's important about this segment is not just the volume, but the quality of the revenue. They are typically repeat customers with defined schedules, which allow us to plan aircraft utilization more efficiently and reduce downtime. We're also continuing to build relationships across leagues and conferences, which is expanding our share of the wallet and increasing the consistency of demand year over year.
Looking ahead, we view sports as a strategic growth vertical. It complements our broader charter business, enhances utilization during key periods, and supports higher revenue per block hour, all of which contribute to strong overall profitability.
Aaron D’Souza
Thank you.
The next question is related to fuel risk and business model differentiation.
Given the volatility in fuel prices across the broader airline industry, can you elaborate on how your model insulates you from that risk and how investors should think about that advantage?
Chris Jamroz
I'll take that question. One of the key advantages of our model is that we're not directly exposed to consumer or fuel price volatility in the same way that traditional scheduled airlines would be. In our ACMI business, fuel is typically a pass-through cost to the customer. That also allows us to focus on what we really control, which is operational execution, aircraft utilization, and cost discipline, rather than trying to manage an inherently volatile input like fuel. It also creates a more stable earnings profile, particularly in periods where fuel prices are moving significantly, as we are not relying on fair pricing to offset these fluctuations.
As we continue to grow the ACMI business or that portion of our business and maintain a disciplined approach to contract structure, we believe this will remain a meaningful differentiator and a source of relative earnings stability.
Aaron D’Souza
Thank you, Chris.
The next question is related to maintenance and operational reliability.
Exhibit 99.2
Maintenance costs were elevated during the quarter as you completed several events and made changes to your operating model. How should investors think about the impact of these investments on reliability and margins going forward?
Ryan Goepel
Yeah, I'll grab that one. The elevated maintenance activity in the quarter was planned. We completed several events and made structural changes to how we manage maintenance, including transitioning certain functions to third-party providers. While that does create some near-term variability in cost, the objective is to improve long-term scalability and operational efficiency. By centralizing planning and leveraging external partners where appropriate, we can better manage downtime, increase aircraft availability, utilization, and customer service. Over time, we expect these investments to be margin accretive. As the platform scales, the benefits of more efficient maintenance planning and execution shall weigh the upfront costs we saw in the quarter.
Aaron D’Souza
Thanks, Ryan.
The last question is related to fleet strategy and growth discipline.
You've made some adjustments to your fleet plan, including shifting more toward A320 aircraft. Can you discuss how you're thinking about fleet mix and ensuring that growth remains aligned with profitability?
Chris Jamroz
I can answer that question. Generally, our fleet has been driven by demand, economics, and flexibility. The A320 has always been central to our investment pieces because it reflects a broader customer appeal and its ability to support a wider range of mission profiles across our charter and ACMI operations. We remain highly disciplined in how we add capacity. Every aircraft we bring on to the fleet is tied to contracted or highly visible demand, which reduces the risk of underutilization. Across the fleet, we time these deliveries, lease returns, and crew scaling in a way that allows new aircraft to enter service efficiently.
We believe this approach position us to grow the fleet while continuing to expand margins and returns. And it's not just about adding aircraft but adding the right aircraft at the right time for the right opportunities.
Aaron D’Souza
Thanks, Chris.
That concludes our pre-submitted questions. I'd now like to pass the call over to the operator to open it up for live Q&A.
Operator
Ladies and gentlemen, we will now begin the question-and-answer session. If you have a question, please press star, followed by the number one on your touchtone phone. You will hear a prompt that your hand has been raised. If you would like to withdraw from the polling process, please press star, followed by the number two. If you are using a speakerphone, please make sure to lift your handset before pressing any keys.
Exhibit 99.2
Your first question comes from the line of Brian Foote from Broadway Capital Management. Please go ahead.
Brian Foote
Thank you. Good morning, and congratulations yet again, guys. Just a couple of questions on the fleet. First thing, can you quantify the impact? You said, Ryan, there's a drag that continues due to cargo. What did that look like in the quarter, and how do you model that going forward just as we park the aircraft and use the engines as spare?
Ryan Goepel
Yeah, so we have four cargo aircraft. For the majority of the quarter, we operated two, and two were parked. Going into Q2, we basically took one of the parked aircraft engines and are moving it onto a passenger and activated the third.
That being said, I think we're below the million-dollar kind of a month burn. I think we've dropped below that. Going into Q2 and Q3, those are traditionally really slow cargo months, so we'll do our best. It depends on the ad hoc and what happens in the market. There's a lot of moving parts, as you’d imagine, literally, and so I think that's probably going to stay where it is right now, and as we see opportunities, we'll deploy it. So, I think that's more upside to what we're doing.
Brian Foote
Okay. And on the swap of the two, you say you canceled two A319s to upgrade to 320s. Was there any impact seen in the quarter? If so, what was that, and can you give us an idea of what the margin impact could be going forward on having two A320s versus the 319s that you canceled?
Ryan Goepel
Yeah, so we actually only canceled one, so we took delivery of the third 319 this month. It's the fourth one we did, and we signed the lease agreement for two more 320s. Really what it was coming down to is they were coming in such a way that they were stacking on top of each other, and the 319s was a relatively short-term lease, and so we don't see really any margin impact. There was no cost to canceling it. We have the ability to walk away, and really it just came up down to our ability to absorb the aircraft because they just all sort of showed up at the same time.
Brian Foote
Okay, great. All right, that's all I have for now. Thanks, and good job, guys.
Ryan Goepel
Yeah, thanks, Brian.
Operator
One moment while we prepare the Q&A roster.
Your next question comes from the line of George Melas from MKH Management. Please go ahead.
Exhibit 99.2
George Melas
Great, thank you. I extend my congratulations as well. Sort of seems like it's really, really great execution. Brian, can you give us a little bit more? I didn't quite understand your answer regarding cargo. Can you quantify the drag of cargo and what you expect it to be in ’26?
Ryan Goepel
I think as we talked on the call before, in ’25 it was between $12 million and $13 million. I think for ’26, if everything holds, it's probably between $10 million and $11 million, with the hopes to make it better.
George Melas
Okay, very good. And that's based on these four aircraft that you have?
Ryan Goepel
Correct, yeah. We've got one aircraft that's effectively parked for the year. The engine's been taken off, and they're being used inside the passenger fleet, which is a savings for us. That's where that savings is coming from. The other three are—one’s fully utilized, the second one was busy, and then the third one is kind of a spare, and we'll just work on the ad hoc stuff.
Again, with freight, it's a feast or famine. It's kind of a famine environment still. There's a lot of capacity there, but anything we can do, putting that work and getting more work for it would be incremental. Keeping in mind, this period May through September is relatively slow for the narrow-body charter sort of work for freight. Again, we're looking at every opportunity to see where we can put that. It's not a lot of aircraft, so it only takes one contract really to put those things back to work. We've planned for the worst and hope for the best.
George Melas
Great. You are adding a lot of aircraft in ’26. That sounds great. Is there a possibility of adding additional aircraft on top of that in ’26, or are you really shifting your planning to 2027?
Ryan Goepel
As they say, never waste a crisis. Let's be clear, we're in the middle of a crisis as it relates to aviation. Fortunately, we're insulated from it. That’s the way our model works as it relates to fuel. Clearly, with the bankruptcy of Spirit, there's a significant amount of aircraft on the market. I think you're going to see Asian and European operators struggle with the fuel prices if they stay at these levels, which would further increase demand or supply of aircraft. I think, as they say, we never waste a crisis. We're actively negotiating, discussing opportunities to add aircraft. We haven't forecast any more in this year, just because it's more on a conservative basis, but we're absolutely in negotiations and conversations about adding aircraft either late this year or early next year based on what's out there.
Even with Spirit, those things will still take months to filter through the process, the Chapter 11 and the records and the transformative and the conformity, and any other aircraft there are. I think, for us, it's a real opportunity to effectively re-fleet younger and at a lower cost basis, which will really set us up for the next six to seven years.
George Melas
Exhibit 99.2
Okay. Maybe we're getting into the weeds there a little bit, but what would be the sum of Spirit's aircraft are very, very young? Would those be under consideration for you, or you really have to be the 10, 15 year?
Ryan Goepel
Yeah. The neo aircraft don't really fit our model. We're focused on the CO, which is, I think, 2017, 2018 is the youngest they would be. I think those prices are still too high. That's too young of an aircraft for our utilization model. But if you look at our fleet, most of our stuff is between 2003 and 2009 with a couple of 2010s. If we can get into the 2014, 2015 range, they can get a four-to-five-year outcome. That would be a material improvement, and I think that's something we definitely are looking to explore, which would help also on the reliability on the maintenance side as well as you get younger.
We have two leases. One comes up in November, one in Feb. Relatively old aircraft, if we can replace those with 2003—or 2014, that's a materially better operating aircraft. As I say, there's a lot of opportunity for us on the fleet side over the next 12 months that we haven't seen in the last 24.
George Melas
Okay. And you just said you had two fleets, two lease expirations. One is in November. I didn't catch the other one.
Ryan Goepel
February.
George Melas
February. Okay. Great. Okay. Thank you very much. It's an exciting time for you guys, so congratulations.
Ryan Goepel
Thank you, George. Appreciate your support.
Operator
That is all the questions that we have for today's call. 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 very much for your participation.
The Nation’s Fastest Growing Charter Airline May 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. You should not rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction (the "Possible 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. 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Moreover, it does not constitute a recommendation, an offer to sell and/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 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. Some of the securities described herein have not been registered under the Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States or to U.S. Persons (other than distributors) unless the 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 any securities discussed herein or determined if the information is truthful or complete. Any representation to the contrary is a criminal offense. The information and details contained in this presentation are partially provided and presented in a condensed form solely for convenience purposes. You should not assume that any information in this presentation is accurate as of any date other than the date hereof or otherwise specified herein. This presentation 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 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 will be able to successfully conclude definitive agreements for transactions subject to LOI; 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 at 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 LOI, the effects of increased competition from our 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, readers 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 which are 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 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. Readers are cautioned that such outlook or information should not be used for purposes other than for which it is disclosed in this presentation.
GlobalX is The Nation’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 Company Overview 3
GlobalX Milestones OTCQB: JETMF, Cboe CA: JET, Cboe CA: JET.B 4 Company Overview
Market Size/Data Fastest growing charter carrier in the nation, with long-term upside potential within a growing $10B Market *Source: IBISWorld **Source: www.gmiinsights.com Industry Overview 5
Our Place in the Industry 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) Arranges for flights before finding passengers Scheduled Carrier (i.e. Delta) Fly after the passengers have been arranged Aircraft Crew Maintenance Insurance ACMI Operator (GlobalX) V/S Company Overview 6
ACMI (Aircraft, Crew, Maintenance, and Insurance) Business vs All - In Charter Business ACMI Business Charter 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. GlobalX Provides Outsourced Passenger and Cargo aircraft. Customer Pays a fixed fee that covers Fuel, Insurance, Landing and other Operational Expenses. Lower Revenue as customer pays for fuel, insurance and other expenses separately Lower Costs reflecting the absence of these aforementioned operational expenses The customer assumes all fuel and variable risk Revenue Cost Risk Exposure Higher Revenue reflecting the pass through of fuel, insurance and other expenses Higher Costs offset the increased revenue to cover the aforementioned operational expenses The carrier assumes no fuel and variable risk Revenue Cost Risk Exposure Company Overview 7 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. EXAMPLE
Rapid Growth of Air Fleet 2021 2022 2023 2024 14 19 1 8 2026 $14.3M $97.3M $160.1M Revenue 77% 5-Year CAGR Growth & Value Creation 8 $223.8M Targeted Fleet Expansion By End of 2026 20+ 2025 $246.3M 18
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 Strategic Bases: Enhancing Efficiency & Market Reach Our Operations 9
Where We Fly Since 2021, we have operated flights to 67+ Countries and 460+ Cities. Countries Visited Our Operations 10
Financials 11
Q1 2026 Results Q1’26 Revenue of $76.6M, Net Income of $2.7M, EBITDAR of $24.2M $76.6M Revenue $24.2M EBITDAR* 19 Aircraft Fleet Size $20.0M Cash & Restricted Cash 552 Aircraft Utilization (Block Hours per Aircraft) 8,315 Block Hours *Earnings Before Interest, Taxes, Depreciation, Amortization and Rent. Refer to “Non-GAAP Financial Measures” slide for additional information. Financials OTCQB: JETMF | Cboe CA: JET $9.0M Cash Flow From Operations
Q1 2026 KPIs 13 Refer to “Non-GAAP Financial Measures” slide for additional information. EBITDAR $ millions Average Utilization Per Aircraft Net Aircraft Available 552 473 442 471 617 554 14.3 14.9 16.7 17.1 15.9
Revenue in Thousands USD *Excludes sub-service hours Quarterly Block Hours & Revenue Financials 14
On track to expand fleet to over 20+ aircraft by end of 2026 Driving improved utilization through emphasizing high margin ACMI business Currently have 8 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 Transitioned to a hybrid ownership model with delivery of second purchased Airbus A320 during Q2 2026 – enhancing operational flexibility, creating tangible asset value on the balance sheet, and supporting improved financial performance Multiple Avenues Expected to Drive Growth & Profitability Growth & Value Creation
Investment Highlights The Nation’s Fastest Growing Charter Airline® Strong financial profile and balance sheet provides runway for both earnings and fleet growth Consistent Results - 6 consecutive quarters of positive EBITDA. Q1’26 Revenue up 15% YoY to $76.6M and Net Income up ~18x YoY to $2.7M, reflecting continued improvement in utilization, operational efficiency, and cost discipline. New management team committed to profitability improvements EBITDAR* up 17% YoY to $24.2M in Q1 2026 EBITDAR* up 25% YoY to $78.3M in FY2025 EBITDA* up ~4x YoY to $20.9M in FY2025 Company Overview 16 *Refer to “Non-GAAP Financial Measures” Slide for additional information. $20.1M FY 2023 FY 2024 $62.8M $78.3M FY 2025 $81.9M Q1 2026 TTM
Capitalization Table Strike Expiry Common 52,193,858 Class A 5,537,313 Class B 9,089,107 Total Outstanding Shares 66,820,278 Warrants 10,195,451 $ 1.00 30-Jun-30 RSU's 5,033,033 Fully Diluted Outstanding Shares 82,048,762 Appendix 17 Per 10-Q filing on May 7th, 2026.
Thank you! Corporate Office Global Crossing Airlines Group 4200 NW 36th Street, Building 5A Miami International Airport Miami, FL (786) 751-85500 Investor Relations Contact Sean Mansouri, CFA | Aaron D’Souza JET@elevate-ir.com (720) 330-2829 18
19 19 Appendix
Chris Jamroz Executive Chairman Our Leadership Team Company Overview 20 OTCQB: JETMF, Cboe CA: JET, Cboe CA: JET.B 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.
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. Ryan Goepel President & CFO Our Leadership Team Company Overview 21 OTCQB: JETMF, Cboe CA: JET, Cboe CA: JET.B
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 Wendy Shapiro Over 20 years of travel industry experience Extensive experience across cruises, gaming, and managing charter programs Has developed air charter programs for the world’s leading travel brands Head of Gaming – Royal Caribbean Group Director, Global Business Development – Carnival Corporation 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 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 Our Leadership Team (Cont’d) 22 Company Overview SVP, Corporate Controller SVP, Marketing and Admin Mark Salvador Director, Operations Marina Armas VP, Sales David Dow
Former SVP - FedEx Former Administrator FAA Former Chairman, Airbus Group (North America) World Class Board of Directors Andrew Axelrod Alan Bird T.Allan McArtor Cordia Harrington Deb Robinson Board member – Via Rail Canada President/Founder – Bay Street HR, outsourced human resource services to start up companies Serves on the boards of Ascent Global Logistics, Broadcrest Capital and Belmont University Founder and CEO of Crown Bakeries 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 Managing Partner and Portfolio Manager of Axar Capital Management 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. Appendix
March 31, 2026 December 31, 2025 Current Assets Cash and cash equivalents $ 16,915 $ 16,694 Restricted cash 3,065 3,809 Accounts receivable, net of allowance 4,763 6,782 Prepaid expenses and other current assets 4,268 3,529 Current assets held for sale 144 405 Total Current Assets 29,155 31,219 Property and equipment, net 36,180 33,578 Finance leases, net 52,197 48,870 Operating lease right-of-use assets 69,456 72,824 Deposits 12,995 11,880 Other assets 5,289 4,681 Total Assets $ 205,272 $ 203,052 Current liabilities Accounts payable $ 15,033 $ 13,888 Accrued liabilities 36,998 28,948 Deferred revenue 6,390 16,830 Customer deposits 4,676 4,401 Current portion of note payable 2,922 3,080 Current portion of long-term operating leases 14,423 14,262 Current portion of finance leases 12,303 10,304 Total Current Liabilities 92,745 91,713 Other Liabilities Note payable, net of debt issuance costs 39,859 40,447 Long-term operating leases 55,720 59,374 Long-term finance leases 42,816 40,705 Other Liabilities 293 291 Total Other liabilities 138,688 140,817 Total Liabilities $ 231,433 $ 232,530 Total Stockholders’ Deficit (26,161) (29,478) Total Liabilities and Deficit $ 205,272 $ 203,052 Balance Sheet Appendix