Global Crossing (JETBF) quadruples 2025 EBITDA and boosts cash reserves
Rhea-AI Filing Summary
Global Crossing Airlines Group Inc. reported strong fourth quarter and full-year 2025 results, highlighted by its first-ever annual positive operating income and record operating cash flow. Full-year revenue rose to $246.3 million from $223 million, while EBITDA jumped to $20.9 million from $5 million.
EBITDAR increased to $78.3 million from $62 million, and net loss narrowed to $3 million from $11 million, reflecting better aircraft utilization and cost controls. In Q4 2025, revenue edged up to $60.3 million, EBITDA was $5.3 million, and operating cash flow reached $18.6 million. Year-end cash and restricted cash totaled $20.5 million, up from $14.0 million.
Positive
- None.
Negative
- None.
Insights
GlobalX delivered its first full-year operating profit, with EBITDA and cash flow sharply higher in 2025.
Global Crossing Airlines shifted from platform-building to efficiency, lifting full-year revenue to
Cash generation improved markedly: management cites a roughly
The business mix continues to tilt toward ACMI, which management notes carries operating margins about
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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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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
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Item 2.02 |
Results of Operations and Financial Condition |
On March 4, 2026, Global Crossing Airlines Group Inc. (the “Company”) issued a press release (the “Press Release”) announcing its financial and operating results for the fourth quarter and full year ended December 31, 2025. The Press Release is furnished herewith as Exhibit 99.1.
On March 5, 2026, the Company conducted a conference call (the “Earnings Call”) to discuss its financial results for the fourth quarter and full year ended December 31, 2025. 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 March 6, 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 March 4, 2026 |
99.2 |
Earnings Call Transcript, dated March 5, 2026 |
99.3 |
Investor Presentation, March 6, 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: March 9, 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 Fourth Quarter & Full Year 2025 Financial Results
Reports More Than Quadrupled EBITDA on Record Asset Utilization and First Ever Annual Positive Operating Income and Record Operating Cash Flow
MIAMI, FL, March 4, 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 fourth quarter and full year ended December 31, 2025. 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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Q4 2025 |
Q4 2024 |
% Change |
Revenue: |
$60.3M |
$59.9M |
1% |
Operating Income: |
$1.5M |
$3.5M |
(57%) |
Net Loss: |
$1.9M |
$0.6M |
N/A |
EBITDAR1: |
$19.0M |
$19.4M |
(2%) |
EBITDA2: |
$5.3M |
$5.2M |
2% |
Net Aircraft Available: |
14.3 |
15.6 |
(8%) |
Total Block Hours, including Sub Service: |
8,053 |
7,745 |
4% |
% of Block Hours - ACMI |
85% |
74% |
11% |
Average Utilization Hours Per Aircraft: |
554 |
473 |
17% |
Financial and Operational Summary |
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FY 2025 |
FY 2024 |
% Change |
Revenue: |
$246.3M |
$223.8M |
10% |
Operating Income (Loss): |
$8.9M |
$(1.1)M |
N/A |
Net Loss: |
$3.1M |
$11.5M |
N/A |
EBITDAR3: |
$78.3M |
$62.8M |
25% |
EBITDA4: |
$20.9M |
$5.1M |
~4x |
Net Aircraft Available: |
16.0 |
13.8 |
16% |
Total Block Hours, including Sub Service: |
33,564 |
28,820 |
17% |
1 Refer below to the section “Non-GAAP Financial Measures” for additional information
% of Block Hours - ACMI |
84% |
71% |
13% |
Average Utilization Hours Per Aircraft: |
2,062 |
1,930 |
7% |
Management Commentary
“In 2025, GlobalX delivered transformative results, with EBITDA more than quadrupling over 2024 on the back of record asset utilization, our first-ever annual positive operating profit, and record operating cash flow”, said Chris Jamroz, Executive Chairman of the Board of GlobalX. “These achievements came despite material delays in aircraft deliveries and significant headwinds from the continually depressed trough in cargo markets, which created a material drag on our earnings. This past year was focused on building a strong foundation for continued scalable growth over the next five years — through enhanced process engineering, top-tiering our leadership ranks, and reorganizing key functional areas with special emphasis on maintenance and operations. We remain firmly on track to achieve the sustained profitability objectives set forth in our three-year plan at the outset of 2024, with 2026 marking a key milestone. GlobalX continues to execute a disciplined turnaround strategy to capitalize on the structural narrow-body shortage, which we forecast will persist through the end of the decade and into the 2030s, driving persistent demand-supply dislocation that favors agile operators with available mid-life assets.”
Ryan Goepel, President and CFO of GlobalX, added, “The comprehensive work we completed in 2025 to drive efficiencies across the business and improve aircraft utilization resulted in our first full year with a positive operating income. Our relentless focus on cash resulted in a 247% increase year-over-year in cash flow from operations for 2025, ending the year with $20.5 million of cash and restricted cash. We are experiencing robust forward bookings across both our charter and ACMI operations, and are confident we can continue our multi-year track record of revenue and operating income growth. With one additional aircraft entering service in the first quarter of 2026 and executed letters of intent to lease two additional aircraft already in place, we are positioned to grow our passenger fleet in 2026. We believe the strategic investments we made in our team, systems, and processes throughout the past year have created the operational infrastructure necessary to support this next phase of growth.”
Q4 2025 Financial Highlights (vs. Q4 2024) – Three Month Period
1 Refer below to the section “Non-GAAP Financial Measures” for additional information
Operational Updates
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, March 5, 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: 11479
Webcast: GlobalX's Q4 & FY 2025 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 U.S. 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 U.S., 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
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 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 to compare results across different airlines, which aims to normalize 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.
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, continued fleet expansion, the Company's future focus, details regarding future financial results, the Company's ability to effectively manage its operations, including maintenance and personnel, focus on profitable expansion, general economic conditions, competition within our industry, sustainable profitability and maximization of shareholder value, details regarding and the expected revenue to be generated from contracts, plans for aircraft fleet growth and delivery timelines 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 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 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 services to our customers; 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 such 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; and aircraft related fixed obligations. Although the Company has identified certain known material risk factors applicable to it in its Annual Report on Form 10-K for the year ended December 31, 2024, and in its other SEC filings. Additional risks and uncertainties may emerge that the Company cannot predict, and while 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 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.
GLOBAL CROSSING AIRLINES GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value and share quantities)
GLOBAL CROSSING AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except share and per share amounts)
GLOBAL CROSSING AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)
(In thousands, except shares quantities)
GLOBAL CROSSING AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Exhibit 99.2
Global Crossing Airlines
Fourth Quarter and Full Year 2025 Financial Results Conference Call
March 5, 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, SVP Corporate Controller
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
George Melas, MKH Management
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 fourth quarter and the year 2025. At this time, all participants are in listen-only mode and, just as a reminder, this conference is being recorded.
ViaVid has made considerable efforts to provide an accurate transcription. There may be material errors, omissions, or inaccuracies in the reporting of the substance of the conference call. This transcript is being made available for information purposes only.
1-888-562-0262 1-604-929-1352 https://viavid.com/
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 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 fourth quarter and full year 2025 and the Company’ Annual Report 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 fourth quarter and full year 2025, which is currently available on the Company’s Investor Relations section of its website.
I now will turn the call over to the Company’s Executive Chairman, Mr. Chris Jamroz. Please go ahead.
Chris Jamroz
Thank you, Operator, and good morning everyone.
Two thousand and twenty-five marked a pivotal year for GlobalX as we generated record operating cash flow and achieved our first full year of positive operating profit in our history. These milestones reflect the transformation of our platform into a more efficient, disciplined organization driven by stronger aircraft utilization, improved execution, and an unwavering focus on operational excellence.
Over the last past two years, we have methodically transformed GlobalX from a start-up charter operator into a scaled, optimized narrow-body charter airline with a differentiated market position. We strengthened our leadership team, enhanced our maintenance and operational infrastructure, improved revenue quality through a deliberate shift towards higher-margin ACMI flying, and built the internal systems and controls necessary to support sustainable growth. What we operate today is a far more disciplined, reliable, and resilient organization than the one we just were a few years ago.
We have proven that our model works. Demand for our aircraft remains strong across collegiate athletics, professional sports, tour operators, government agencies, and international partners. Our reputation for reliability and performance has positioned GlobalX as a carrier of choice in our core markets. That validation from customers, both domestically and internationally, is a direct reflection of the strength of the platform we have built.
Importantly, we have not pursued growth for growth’s sake. Every fleet decision, every contract, and every investment in infrastructure has been made with long-term profitability and cash flow generation in mind. We have built an operating platform capable of scaling efficiently, one that can support additional aircraft, higher utilization, and expanding customer relationships without compromising operational integrity.
I remain deeply committed to this business and to our long-term objective of becoming the largest and most reliable narrow-body charter airline in North America. We have built the foundation. We have demonstrated the earnings power of the model. And now as we look ahead, our focus is clear: continue executing with discipline, scale the fleet prudently, expand high-quality revenue streams, and deliver consistent, sustainable profitability for our shareholders.
With that, I will now hand it over to our President and CFO, Ryan Goepel, to elaborate on GlobalX’s fourth quarter and full year operational highlights. Ryan?
Ryan Goepel
Thank you, Chris, and good morning everyone.
The comprehensive initiatives we executed throughout 2025 to improve efficiencies, strengthen cost controls, and maximize aircraft utilization enabled us to achieve our first year of positive operating profit. Additionally, for the full year 2025 we increased revenue by 10% to $246.3 million, EBITDA by 4x to $20.9 million and EBITDAR by 25% to $78.3 million. Our relentless focus on cash generation drove a 248% year-over-year increase on cash flow from operations, and we ended the year with $20.5 million in cash on the balance sheet. These results not only reflect the stronger profitability, but a more durable and financially resilient operating model.
We are currently experiencing robust forward bookings across both our charter and ACMI segments, and are confident we can continue our multi-year track record of revenue and operating profit growth. With one additional aircraft entering into service in the first quarter and executed letters of intent to lease two more aircraft already in place, we are well-positioned to grow our passenger fleet in 2026. The strategic investments we made throughout the past year across leadership, systems, maintenance planning, and commercial execution have established the infrastructure necessary to support this next phase of growth while maintaining margin integrity and operational reliability.
Turning to our fourth quarter 2025 results, our revenue mix continues to shift towards our ACMI business, which increased 22% year-over-year to $43.7 million and represented 72% of total revenue compared to 60% in the year-ago period. ACMI block hours increased 17% to 6,752 as we continue to expand long-term agreements with key customers both in North America and overseas.
For our Charter operations, revenue in the fourth quarter of 2025 was $14.1 million compared to $21.8 million in Q4 2024. Charter now accounts for 23% of total revenue compared to 36% in the year-ago period. This deliberate transition enhances revenue visibility and margin stability, as ACMI provides more predictable flying with lower demand and fuel risk.
During the quarter, we flew 8,053 block hours, including sub service between ACMI and Charter, a 4% year-over-year increase, reflecting the continued demand across our narrow-body charter operations.
In Q4, we increased block hours flown for ACMI by 17% to 6,752 compared to Q4 of 2024. For Charter, we flew 1,189 block hours compared to 1,619in the year-ago period. Our average utilization per aircraft available increased 17% to 554 compared to 472.
It is important to highlight that we delivered year-over-year growth in both revenue and block hours despite having lower net available aircraft compared to the fourth quarter of 2024. During the quarter, two cargo aircraft were temporarily offline for maintenance, and one passenger aircraft was returned following the expiration of its lease. In other words, the year-over-year comparison reflects decreased aircraft availability with growth driven primarily by materially stronger utilization and improved fleet productivity rather than incremental aircraft additions.
Turning to cargo operations, over the past year, cargo market conditions continue to remain challenged due to excess capacity and softer demand in North America, resulting in sustained pricing pressure across the sector. While our A321 freighters are efficient, purpose-built aircraft with attractive unit economics, we operated within a market that does not fully support their earnings potential. Throughout the year, we acted decisively to minimize the impact of these headwinds through disciplined cost controls, targeted deployment, and a focus on preserving key customer relationships. Given the continued softness in the freight market, we are actively evaluating the long-term strategic role of cargo within our portfolio. Currently we have two active aircraft and two inactive aircraft. Our capital allocation priorities remain centered on maximizing returns, and we continue to see stronger and more consistent opportunities within our passenger operations.
On the other hand, the passenger market continues to be strong, supported by constrained narrow-body aircraft supply, limited direct competition, and sustained reliance on charter flying by collegiate athletics, professional sports franchises, and global entertainment clients. During the quarter, we secured new contracts with high-profile music acts for upcoming tours in the spring of 2026, as well as signed professional hockey team ACMI contracts for the upcoming season. We also extended our CSI Aviation contract with the U.S. government through the end of 2026 and secured a one-year extension under the Civil Reserve Air Fleet program. Collectively, these wins reinforce robust demand across core markets and underscore our position as the leading narrow-body charter airline in North America.
Our work to drive efficiencies in our business is reflected in our Q4 2025 average revenue per block hour. For ACMI, average revenue per block hour increased 3% to $6,367 compared to $6,191 in the year-ago period. For Charter, average revenue per block hour increased 19% to $14,082 compared to $11,865 in the year-ago quarter.
Fleet expansion will be the key driver of our growth strategy in 2026. We already have one additional passenger aircraft that has entered service in Q1, increasing available capacity as we head into peak seasonal demand. We have also executed letters of intent to lease two additional passenger aircraft, providing visibility into incremental capacity coming online this year.
Twenty twenty-five marked a year of meaningful progress for GlobalX as we strengthened the efficiency, durability and earnings power of our platform. With clear, defined growth initiatives in place for 2026 and a continued disciplined approach for capital allocation, we believe we are well positioned to deliver another year of solid financial performance while driving long-term value for our shareholders.
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 December 31, 2025, and variance commentary is on a year-over-year basis unless stated otherwise.
Revenue in the fourth quarter increased to $60.3 million compared to $59.9 million. The increase was primarily driven by higher block hours flown, increased utilization per available aircraft, and greater revenue per block hour flown for ACMI. As Ryan mentioned earlier, we were able to generate year-over-year revenue growth with lower net available aircraft compared to Q4 2024, demonstrating our team’s ability to effectively deploy our fleet across our customer base.
ACMI revenue increased 22% to $43.7 million compared to $35.7 million in the year-ago quarter. Charter revenue in Q4 ’25 was $14.1 million compared to $21.8 million.
Total operating expenses increased 4% to $58.9 million compared to $56.5 million, driven primarily by higher maintenance and personnel costs associated with the ongoing expansion of the GlobalX fleet.
Net loss was $1.9 million compared to $0.6 million. Loss per share was $0.03 per basic and diluted share compared to $0.01 earnings per basic and diluted share in the year-ago period.
EBITDAR was $19 million compared to $19.4 million.
EBITDA increased to $5.3 million compared to $5.2 million.
Cash flow provided by operations improved 80% to $18.6 million compared to $10.3 million in the year ago period. The improvement primarily reflects stronger operating performance, improved fleet utilization, and disciplined cost management.
Turning to our liquidity, we ended the fourth quarter with approximately $20.5 million in cash and restricted cash compared to $14 million at December 31, 2024.
Now, I’ll turn the call back over to Ryan for closing remarks.
Ryan Goepel
Thank you, Wendy.
Twenty twenty-five was about strengthening the foundation of our business, driving efficiencies across our operations, investing in the right talent, and optimizing processes to build a more disciplined, scalable platform.
Looking ahead, our focus shifts to leveraging that strong foundation to scale the business through fleet expansion and increased utilization. We believe these initiatives will enable us to continue deploying aircraft into high-margin opportunities and execute on our growth and profitability objectives for 2026.
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 full year operating profit. Twenty twenty-five marked your first full year of positive operating profit and record level of cash flow generation. What structurally changed in the business to drive that inflection and why should investors believe it's sustainable?
Chris Jamroz
Okay, let me take this one. It's Chris.
Twenty twenty-five was not a coincidence or an accident. In early 2024, we said that we're going to embark on a three-year process of gaining and attaining sustainable profitability and we're doing exactly what we said. So, we moved on from building a platform to effectively optimizing it.
Today, we are no longer in the startup mode. We are operating as a scale-up discipline airline with repeatable processes and stronger cost controls.
Number two, this combined with record level of aircraft utilization reached during the year drove revenues (phon) growth driven by improved productivity.
And finally, we believe the combination of contracted revenue, improved maintenance planning, tighter SG&A controls, and disciplined fleet growth all position us to sustainable profitability as we scale into 2026.
Aaron D’Souza
Thanks, Chris.
The next question is related to operating leverage and margin expansion. Revenue has grown meaningfully over the past year, but profitability has grown even faster. Can you discuss the operating leverage inherent in the model and how margins can expand from here?
Ryan Goepel
I'll take this one. Really, this is a byproduct of revenue mix. ACMI operating margins are about 10% to 15% higher than charter margins and with the relevant relative increase in the amount of hours being flown by being ACMI, profit grew faster than revenue. This, of course, must be combined with disciplined cost controls, which is a real challenge in a rapidly growing company. In 2025, we made a conscious effort to implement key metrics, controls, and pay close attention to all spending. Instilling a level of discipline within a young organization is always a challenge, and I'm really happy the progress made on this front.
More importantly, this sets us up for our next stage of rapid growth in 2026, which will be driven by new aircraft deliveries. We believe the aircrafts, once delivered, will deliver margin improvements and improve cash flow as we allow it to scale on the structure that we have put in place.
Aaron D’Souza
Thanks, Ryan. Next question is related to cash generation and capital allocation.
So operating cash flow improved significantly this year. How are you thinking about a capital allocation as the business enters a more consistent phase of cash generation?
Wendy Shapiro
Thanks, Aaron. I'll answer that.
Twenty twenty-five validated that this business can generate meaningful operating cash flow at scale. As utilization improves and fleet productivity increases, cash generation becomes more durable. Our capital allocation priorities moving forward will not change. We'll continue to support fleet growth, invest in operational reliability, and maintain balance sheet flexibility.
We've also been disciplined about how we add aircraft as we've aligned deliveries with contracted or highly visible demand, which reduces speculative capital deployment.
Looking ahead, our objective is to compound earnings and cash flow while maintaining prudent leverage and financial flexibility.
Aaron D’Souza
Thank you, Wendy. The last question is related to 2026 passenger fleet growth.
You've indicated plans to increase your passenger fleet by a significant amount in 2026. What gives you confidence in absorbing that capacity profitably?
Chris Jamroz
Okay, so let me take this one. Firstly, we're entering the 2026 from a position of strength. We have a proven operating platform, stronger maintenance execution, and improved cost discipline as we exit the second half of 2025.
Secondly, demand across our core Charter segments such as government, sports, tour operators, entertainment, international ACMI partners all remain robust and supply in the narrow-body charter market continues to be constrained.
Third, we're scaling with intention. As Ryan previously mentioned and we've said it before, aircraft additions are tied to contracted or highly visible revenue streams and not speculative for hopeful pie-in-the-sky flying.
Today, we are probably a minimum of seven aircraft short that could easily be contracted and put into revenue service right away.
We believe the next phase represents the true scale expansion, leveraging an optimized foundation rather than the built-up phase of prior years. That distinction is important and gives us the confidence in delivering continued earnings growth through 2026.
Aaron D’Souza
Thank you, Chris.
That concludes the pre-submitted questions. I'd now like to pass it over to the operator to open up the call for live Q&A.
Operator
Thank you. Ladies and gentlemen, we'll now begin the question-and-answer session. Should you have a question, please press the star followed by the one on your touch-tone phone. You will hear a prompt if your hand has been raised. Should you wish to decline from the polling process, please press the star, followed by the two. And if you are using a speakerphone, please let the hand set before pressing any keys. One moment, please, for your first question.
Your first question comes from Brian Foote from Broadway Capital. Please go ahead.
Brian Foote
Hey, guys. Congratulations on yet another quarter and year coming to a close.
You covered most of my questions. I have one specific to utilization versus net and gross aircraft. As you've seasoned the model, it seems there's a target number of net versus gross aircraft that's a perfect sweet spot for you. Is there a way to model on any given quarter or as you look at the coming year what net aircraft out there will be? In other words, how many aircraft per quarter are in maintenance? Are we at a cadence where we should be seeing similar type utilization going forward? Or do we still need to get the fleet a little larger and more seasoned for that?
Ryan Goepel
Yes, I'll attempt that. I think on the freight side, as I said, I think you're going to see two active for the rest of the year and two potentially inactive. If work surfaces and there's always a lot of ad hoc and one-off stuff that happens in cargo and we do get a lot of inbounds for ideas, those can materialize and get those other two moving as well.
On the passenger side, we have 14 right now. We had a lot of heavy—we do have probably one, like half a month or a month of maintenance per month going forward with our existing fleet that's scheduled. Then it really comes down to deliveries of new aircraft, which, again, I'm reticent to predict given the unpredictability of that. We should have our first 319 on this week and we are taking delivery of others. I think you would probably net one off a month is probably conservative. Then as we take delivery of these aircraft, that'll just grow to it.
I think if you look at the hour utilization, we were hoping to hold it or it might drop a little bit because it was so efficient last year, but as we add aircraft, they’ll kind of ramp up as they go into the new customers.
I don't know if that's helpful, but it gives you an idea. I don't think we'll see it as it was in 2025. Especially in the fourth quarter, there was just a lot.
Brian Foote
Understood. Very helpful. That's really all I had. I'll cede the time. Thanks.
Operator
Your next question comes from George Melas from MKH Management. Please go ahead.
George Melas
Thank you. Maybe three questions. One of them is that I was under the understanding that you were going to get three A319s. Now it seems like you're going to get just one. Is my recollection correct, and if so, what happened to these expected deliveries?
Ryan Goepel
We are still getting the 319s. As I've said before, they need to be delivered. They're being returned by their current operator to the lessor and they have to meet return delivery conditions, which means the engines have to be a certain way and the plane has to be returned in a certain condition. The current operator, it's taking them months, really, to re-deliver it.
With any contract you sign with a lease on delivery of aircraft, there's a target delivery date and then they have up to a six-month window to deliver, so we will still be taking those 319s. Like I said, the first one should be this week. We should be taking physical delivery of the second one this week and we're putting it through our conformity. Then the next two—there's actually four 319s. We're working on delivery timelines. I don't know what they are, to be honest, because we're at the whims of the delivery, but they're still coming.
George Melas
Okay, great. So that means that when you say you have a letter of intent for two additional A320s, is that what we're talking about or is that different?
Ryan Goepel
That's incremental. That's on top of that.
George Melas
That's on top of it. So, if you …
Ryan Goepel
Right. Sorry to cut you off, but if you add up the A320 airframe we took delivery of in Q4, plus the four 319s, plus the LOIs for the two planes, that's seven aircraft.
Now, I've learned my lesson over the last six years as to when that will happen. Our definite target is to bring them in in ‘26, but again, I'm not going to stick to a date, but the target—we have agreements for MSNs and plane aircraft for seven passenger.
George Melas
Okay, so it's one A320 that you received in the fourth quarter, one that you're receiving, one A319 you're receiving this week, maybe?
Ryan Goepel
No, no. The one 319 we received in the fourth quarter, which has been going through what we call conformity.
George Melas
Okay.
Ryan Goepel
We should hopefully get that into operation in the next week. And then a second 319, we'll take delivery and it'll start the conformity process. And then the third and fourth 319s, we're still waiting on feedback from the lessor as to when those will be delivered, so we can start our process. And then the two 320s which we signed LOIs for, we'll execute leases for shortly and then those will be delivered to us in Q2, and then we'll go through our process to come on board. That's the fleet.
George Melas
Great. And then—so wow. So given this expanded fleet, what's the plan for flying in your ACMI in the summer? Is that still part of the plan or are you considering that? I think two years ago, you had two aircraft; last year you had three. How are you guys thinking about that this year?
Ryan Goepel
Well, there's so much work in North America and such a shortage in North America right now, we're not planning to do—we don't have any planned European flying. We're looking at some opportunities, but I want to take delivery of these aircraft. I think with World Cup and the government flying and some of the other stuff that we've already gone under contract, we don't need to—I don't know if distract is the right word, but I want to keep the airline, keep it as simple as possible and focused as possible, and really focus on North America for the summer, and we think there's enough work for it here.
George Melas
Okay, great. Ryan, just my last question is on the cargo operation. Is there a way you can give us a sense of the loss from cargo during the year on an EBIT and (inaudible) basis? I don't know if you want to go there, but I think it's an interesting ...
Ryan Goepel
It was on an EBIT basis north of $10 million.
George Melas
Okay. Okay. Great. Thanks a lot.
Ryan Goepel
Yes.
Operator
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.
The Nation’s Fastest Growing Charter Airline March 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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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. 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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, 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 65+ Countries and 450+ Cities. Countries Visited Our Operations 10
Financials 11
Q4 2025 Results Q4 2025 Revenue of $60.3M, EBITDAR of $19.0M, EBITDA of $5.3M $60.3M Revenue $19.0M EBITDAR* 18 Aircraft Fleet Size $20.5M Cash & Restricted Cash 554 Aircraft Utilization (Block Hours per Aircraft) 8,053 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 $18.6M Cash Flow From Operations
Q4 2025 KPIs 13 Refer to “Non-GAAP Financial Measures” slide for additional information. EBITDAR $ millions Average Utilization Per Aircraft Net Aircraft Available 491 473 442 471 617 554 14.3 15.6 16.7 17.1 15.9
Revenue in Thousands USD *Excludes sub-service hours Quarterly Block Hours & Revenue Financials
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 sports franchises Transitioned to a hybrid ownership model with delivery of first purchased Airbus A320 during Q3 2025 – 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 - 5 of the last 6 quarters have delivered positive EBITDA. Cash flow from operations improved 80% YoY and EBITDA more than quadrupled, reflecting continued improvement in operational efficiency and cost discipline. New management team committed to profitability improvements – EBITDAR* up 25% YoY to $78.3M in 2025 EBITDA* up ~4x YoY to $20.9 for in 2025 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
Capitalization Table Strike Expiry Common 45,221,671 Class A 5,537,313 Class B 11,368,571 Total Outstanding Shares 62,127,555 Warrants 7,537,313 $ 1.50 29-Apr-26 Warrants 10,195,451 $ 1.00 30-Jun-30 RSU's 6,153,037 Fully Diluted Outstanding Shares 64,095,369 Appendix 17 As of December 31, 2025
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 Over 20 years of Technical Operations leadership, including 119 Director of Maintenance experience Vice President, Technical Operations - Silver Airways Technical Services - Amerijet Various senior leadership positions within the American Airlines, US Airways, and America West organizations SVP, Corporate Controller SVP, Marketing and Admin Mark Salvador Director, Operations Marina Armas VP, Technical Operations Scott McGovern 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
December 31, 2025 December 31, 2024 Current Assets Cash and cash equivalents $ 16,694 $ 12,345 Restricted cash 3,809 1,698 Accounts receivable, net of allowance 6,782 6,678 Prepaid expenses and other current assets 3,529 2,142 Current assets held for sale 405 489 Total Current Assets 31,219 23,352 Property and equipment, net 33,578 10,308 Finance leases, net 48,870 27,489 Operating lease right-of-use assets 72,824 89,809 Deposits 11,880 11,552 Other assets 4,681 4,229 Total Assets $ 203,052 $ 166,739 Current liabilities Accounts payable $ 13,888 $ 12,568 Accrued liabilities 28,948 20,418 Deferred revenue 16,830 8,903 Customer deposits 4,401 4,080 Current portion of note payable 3,080 0 Current portion of long-term operating leases 14,262 16,479 Current portion of finance leases 10,304 3,434 Total Current Liabilities 91,713 65,882 Other Liabilities Note payable, net of debt issuance costs 40,447 29,729 Long-term operating leases 59,374 75,128 Long-term finance leases 40,705 25,182 Other Liabilities 291 286 Total Other liabilities 140,817 130,325 Total Liabilities $ 232,530 $ 196,207 Total Stockholders’ Deficit (29,478) (29,468) Total Liabilities and Deficit $ 203,052 $ 166,739 Balance Sheet Appendix
FAQ
How did Global Crossing Airlines (JETBF) perform financially in full-year 2025?
What were Global Crossing Airlines’ (JETBF) key fourth quarter 2025 results?
How did Global Crossing Airlines’ (JETBF) cash flow and liquidity change in 2025?
What role did ACMI and charter segments play in Global Crossing Airlines’ (JETBF) results?
How is Global Crossing Airlines (JETBF) managing its cargo business performance?
What fleet growth plans did Global Crossing Airlines (JETBF) outline for 2026?
How did Global Crossing Airlines’ (JETBF) aircraft utilization and block hours trend in 2025?
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