Global Crossing Airlines Reports Third Quarter 2025 Financial Results

Record Quarterly Utilization of 9,901 Block Hours Drives Revenue Growth of 11% YoY to $58.0 Million MIAMI, Nov. 05, 2025 (GLOBE NEWSWIRE) -- 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 third quarter ended September 30, 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   Q3 2025 Q3 2024 % Change Revenue: $58.0M $52.4M 11 % Net Income (Loss): $(2.0)M $(4.9)M N/A EBITDAR1: $18.9M $15.4M 22% EBITDA1: $4.3M $(0.6)M N/A Net Aircraft Available: 15.9 15.2 5% Total Block Hours, including Sub Service: 9,901 8,064 23% % of Block Hours - ACMI 96% 82% 14% Average Utilization Hours Per Aircraft: 618 491 26% Management Commentary Chris Jamroz, Executive Chairman of GlobalX, stated: “In the third quarter, GlobalX delivered another period of strong growth and significant year-over-year improvement, with revenue up 11%, EBITDAR1 up 22%, and EBITDA1 improving by nearly $5 million versus the same quarter last year. We achieved some of the highest aircraft utilization rates since our inception, driven by increased demand across the full spectrum of charter and ACMI customers. While we’re proud of this progress, the results were nonetheless a disappointment to us. We had the opportunity to achieve net income profitability — and we fell short due to our own execution issues. The good news is that we feel that every one of these challenges was controllable within our four walls.” “The rapid pace of growth challenged our maintenance and operations functions, leading to avoidable logistics disruptions and preventable aircraft on ground (“AOG”) events. Over the past sixty days, we’ve taken decisive action — overhauling leadership across operations and maintenance, redesigning processes, strengthening controls, and investing significantly in preventive maintenance. We’ve addressed the pain points, and as we enter the final quarter of the year, we’re confident in our ability to execute and build upon the strong momentum in our business.” Ryan Goepel, President and CFO of GlobalX, added, “This quarter demonstrated both the strength of our business model and the operational growing pains that accompanied rapid scaling. While aircraft utilization reached record levels, we lost approximately 500 block hours to unscheduled maintenance across the fleet — a direct hit to revenue, crew productivity and margins. Those lost hours, and the resulting incremental maintenance expense, are the primary reasons we missed the opportunity to report positive net income this quarter.” Goepel continued, “Over the past sixty days we’ve taken targeted, measurable steps to remedy these shortcomings. We’ve reduced more than $5 million in annualized office and operating costs through reorganization and tighter SG&A discipline. We expect a more normalized SG&A run rate beginning in December, traditionally our busiest and most profitable month, and we anticipate all aircraft will be fully operational heading into that period. Operationally, we’ve strengthened maintenance planning, improved parts logistics, and instituted new checkpoints and feedback loops to prevent recurring AOG events.” “Bookings across all charter customer segments are at record levels, materially ahead of last year,” Goepel concluded. “We’ve made meaningful progress in building a more efficient and reliable organization and are entering year-end with improved reliability and a stronger foundation for profitability. Looking to 2026, we plan to build on this momentum through disciplined growth, focusing on profitable expansion, and deploying additional aircraft to meet rising demand across our core charter markets,” Goepel concluded. The Company also announced that its Executive Chairman, Chris Jamroz, has agreed to acquire a block of 1.5 million shares and warrants, making him the largest individual, non-institutional shareholder with approximately 7% on a fully diluted basis (accounting for the vesting of the RSUs). 1 Refer below to the section “Non-GAAP Financial Measures” for additional information Q3 2025 Financial Highlights (vs. Q3 2024) – Three Month Period Revenue: Revenue increased 11% to $58.0 million compared to $52.4 million. The increase was primarily driven by continued growth in ACMI operations. Total Operating Expenses: Operating expenses increased 4% to $57.0 million compared to $55.0 million. The increase was primarily driven by higher maintenance and personnel costs associated with the ongoing expansion of the GlobalX fleet. Net Loss/EPS: Net loss improved to $2.0 million compared to $4.9 million. Loss per share improved to $(0.03) per basic and diluted share, compared to $(0.08) per basic and diluted share in the prior-year period. This was primarily driven by the increase in higher margin ACMI revenues. EBITDAR1: EBITDAR increased 22% to $18.9 million compared to $15.4 million. EBITDA1: EBITDA improved by nearly $5 million over the prior year comparison to $4.3 million compared to $(0.6) million. Cash Flow from Operations: Cash flow provided by operations improved to $0.6 million, compared to cash used by operations of $1.0 million in the third quarter of 2024. The improvement primarily reflects stronger operating performance and efficiency gains across the business. Recent Operational Updates Implemented enhanced maintenance planning and scheduling to reduce unplanned downtime in the future, with all aircraft expected to be fully operational ahead of December’s peak flying period. Took delivery of the first of four previously announced leased A319’s and GlobalX’s first purchased A320 airframe, each of which are expected to be in revenue service in December. Additionally, GlobalX expects to take delivery of the remaining three aircraft over the next three months. Signed a strategic ACMI agreement with Sunrise Airways to provide two dedicated A320 aircraft starting in November, reinforcing GlobalX’s position as a leading ACMI provider and expanding its presence in key international markets. Liquidity Cash and Restricted Cash: The Company had approximately $7.2 million in cash and restricted cash at September 30, 2025, compared to $14.0 million at December 31, 2024. 1 Refer below to the section “Non-GAAP Financial Measures” for additional information 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 [email protected]. Date: Thursday, November 6, 2025 Time: 8:30 a.m. Eastern time Toll-free dial-in number: (800) 717-1738 International dial-in number: (646) 307-1865 Conference ID: 72958 Webcast:GlobalX's Q3 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 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: [email protected] 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. EBITDAR Reconciliation (in thousands) Three Months Ended September 30, 2025   Three Months Ended September 30, 2024         Operating Income (Loss) $ 1,035   $ (2,504 ) Depreciation and amortization   3,245     1,866   EBITDA   4,280     (638 ) Aircraft Rent   14,649     16,031   EBITDAR   18,929     15,393           EBITDAR Reconciliation (in thousands) Nine Months Ended September 30, 2025   Nine Months Ended September 30, 2024             Operating Income (Loss) $                 7,421   $           (4,580 ) Depreciation and amortization 8,099   4,476   EBITDA 15,520     (104 ) Aircraft Rent 43,809   43,554   EBITDAR 59,329   43,450             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 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, 2024, filed with the SEC and its other filings with the SEC. GLOBAL CROSSING AIRLINES GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share quantities)               September 30, 2025   December 31, 2024     (Unaudited)     Current Assets         Cash and cash equivalents   $ 7,055     $ 12,345   Restricted cash     166       1,698   Accounts receivable, net of allowance for credit losses     4,875       6,678   Prepaid expenses and other current assets     4,008       2,142   Current assets held for sale     412       489   Total Current Assets     16,516       23,352   Property and equipment, net     32,672       10,308   Finance leases, net     30,237       27,489   Operating lease right-of-use assets     75,242       89,809   Deposits     12,225       11,552   Other assets     3,857       4,229   Total Assets   $ 170,749     $ 166,739   Current liabilities         Accounts payable   $ 14,077     $ 12,568   Accrued liabilities     23,091       20,418   Deferred revenue     4,898       8,903   Customer deposits     3,989       4,080   Current portion of note payable     3,234       -   Current portion of long-term operating leases     14,326       16,479   Current portion of finance leases     6,949       3,434   Total current liabilities     70,564       65,882   Other liabilities         Note payable, net of unamortized debt issuance costs     40,882       29,729   Long-term operating leases     62,046       75,128   Long-term finance leases     25,209       25,182   Other liabilities     292       286   Total other liabilities     128,429       130,325   Total Liabilities   $ 198,993     $ 196,207   Commitments and Contingencies (Note 9)         Stockholders' Equity (Deficit)         Common Stock         $.001 par value; 200,000,000 authorized; 64,954,008 and 61,758,727 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively   $ 65     $ 62   Additional paid-in capital     43,330       40,949   Retained deficit     (71,763 )     (70,566 ) Total Company's stockholders’ deficit     (28,368 )     (29,555 ) Noncontrolling interest     124       87   Total stockholders’ deficit     (28,244 )     (29,468 ) Total Liabilities and Deficit   $ 170,749     $ 166,739             GLOBAL CROSSING AIRLINES GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands, except share and per share amounts)                       Three Months Ended September 30, 2025   Three Months Ended September 30, 2024   Nine Months Ended September 30, 2025   Nine Months Ended September 30, 2024                   Revenue   $ 58,022     $ 52,436     $ 186,004     $ 163,817   Operating Expenses                 Salaries, Wages, & Benefits     21,279       17,404       59,979       50,923   Aircraft Fuel     1,340       4,104       11,782       17,904   Maintenance, materials and repairs     5,153       3,448       14,413       9,026   Depreciation and amortization     3,245       1,866       8,099       4,476   Contracted ground and aviation services     3,343       3,281       14,123       14,941   Travel     1,708       2,216       6,988       9,185   Insurance     1,271       1,627       3,808       4,815   Aircraft Rent     14,649       16,031       43,809       43,554   Other     4,999       4,963       15,582       13,573   Total Operating Expenses   $ 56,987     $ 54,940     $ 178,583     $ 168,397   Operating Income (Loss)     1,035       (2,504 )     7,421       (4,580 ) Non-Operating Expenses                 Interest Expense     2,990       2,385       8,233       6,403   Total Non-Operating Expenses     2,990       2,385       8,233       6,403   Loss before income taxes     (1,955 )     (4,889 )     (812 )     (10,983 ) Income tax expense     -       -       -       -   Net Loss     (1,955 )     (4,889 )     (812 )     (10,983 ) Net Income (Loss) attributable to Noncontrolling Interest     4       (2 )     385       (1 ) Net Loss attributable to the Company     (1,959 )     (4,887 )     (1,197 )     (10,982 ) Loss per share:                 Basic   $ (0.03 )   $ (0.08 )   $ (0.02 )   $ (0.18 ) Diluted   $ (0.03 )   $ (0.08 )   $ (0.02 )   $ (0.18 ) Weighted average number of shares outstanding     64,664,058       60,817,884       63,649,789       60,024,188                     Fully diluted shares outstanding     64,664,058       60,817,884       63,649,789       60,024,188                     GLOBAL CROSSING AIRLINES GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (In thousands, except shares quantities)                               Common Stock Number of Shares   Amount   Additional Paid in Capital   Retained Deficit   Total Noncontrolling Interest Total Beginning – January 1, 2024   58,925,871   $ 59   $ 38,943   $ (59,094 )   $ (20,092 ) $ 225   $ (19,867 ) Issuance of shares - share based compensation on RSUs   742,079     1     342     —       343     —     343   Loss for the period   —     —     —     (6,379 )     (6,379 )   —     (6,379 ) Ending – March 31, 2024   59,667,950   $ 60   $ 39,285   $ (65,473 )   $ (26,128 ) $ 225   $ (25,903 ) Issuance of shares - share based compensation on RSUs   544,157     1     498     —       499     —     499   Issuance of shares - ESPP   391,574     —     221     —       221     —     221   Dividends   —     —     —     —       —     (100 )   (100 ) Income for the period   —     —     —     284       284     1     285   Ending – June 30, 2024   60,603,681   $ 61   $ 40,004   $ (65,189 )   $ (25,124 ) $ 126   $ (24,998 ) Issuance of shares - share based compensation on RSUs   419,758     1     393     —       394     —     394   Loss for the period   —     —     —     (4,887 )     (4,887 )   (2 )   (4,889 ) Ending – September 30, 2024   61,023,439   $ 62   $ 40,397   $ (70,076 )   $ (29,617 ) $ 124   $ (29,493 )                                                         Common Stock Number of Shares   Amount   Additional Paid in Capital   Retained Deficit   Total Noncontrolling Interest Total Beginning – January 1, 2025   61,758,727     62     40,949     (70,566 )     (29,555 )   87     (29,468 ) Issuance of shares – options exercised   50,000     —     12     —       12     —     12   Issuance of shares – share based compensation on RSUs   1,876,109     2     534     —       536     —     536   Income for the period   —     —     —     154       154     372     526   Issuance of shares - ESPP   5,496     —     3     —       3     —     3   Ending – March 31, 2025   63,690,332   $ 64   $ 41,498   $ (70,412 )   $ (28,850 ) $ 459   $ (28,391 ) Issuance of shares – options exercised   196,667     —     49     —       49     —     49   Issuance of shares – share based compensation on RSUs   309,994     1     776     —       777     —     777   Issuance of shares - ESPP   258,796     —     168     —       168     —     168   Proceeds from disgorgement of stockholders' short-swing profits (Note 11)   —     —     12     —       12     —     12   Dividends   —     —     —     —       —     (148 )   (148 ) Income for the period   —     —     —     608       608     9     617   Ending – June 30, 2025   64,455,789   $ 65   $ 42,503   $ (69,804 )   $ (27,236 ) $ 320   $ (26,916 ) Issuance of shares - share based compensation on RSUs   498,219     —     827     —       827     —     827   Dividends   —     —     —     —       —     (200 )   (200 ) (Loss) Income for the period   —     —     —     (1,959 )     (1,959 )   4     (1,955 ) Ending – September 30, 2025   64,954,008   $ 65   $ 43,330   $ (71,763 )   $ (28,368 ) $ 124   $ (28,244 )                           GLOBAL CROSSING AIRLINES GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands)       For the nine months ended September 30,     2025       2024   CASH FLOWS FROM OPERATING ACTIVITIES       Net Loss $ (812 )   $ (10,983 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities:       Depreciation expense   8,099       4,476   Credit losses   111       357   Loss on sale of spare parts   82       160   Amortization of debt issue costs   584       463   Amortization of operating lease right of use assets   14,950       10,556   Share-based payments   2,166       1,266   Interest on finance leases   3,295       1,991   Changes in assets and liabilities:       Accounts receivable   1,714       3,413   Assets held for sale   (5 )     (355 ) Prepaid expenses and other current assets   (1,772 )     131   Accounts payable   1,509       5,336   Accrued liabilities and other liabilities   (1,423 )     (6,669 ) Operating lease obligations   (15,618 )     (10,507 ) Other liabilities   (3,340 )     (1,892 ) Net cash provided by (used in) operating activities   9,540       (2,257 ) CASH FLOWS FROM INVESTING ACTIVITIES       Deposits, deferred costs and other assets   (1,561 )     (1,259 ) Purchases of property and equipment   (10,042 )     (4,998 ) Net cash used in investing activities   (11,603 )     (6,257 ) CASH FLOWS FROM FINANCING ACTIVITIES       Principal payments on finance leases   (3,783 )     (1,427 ) Principal payments on note payable   (678 )     —   Debt issue costs   (169 )     —   Proceeds on issuance of shares   207       188   Dividends   (348 )     (100 ) Proceeds from disgorgement of stockholders' short-swing profits   12       —   Net cash used in financing activities   (4,759 )     (1,339 ) Net decrease in cash, cash equivalents, and restricted cash   (6,822 )     (9,853 ) Cash, cash equivalents and restricted cash - beginning of the period   14,043       17,676   Cash, cash equivalents and restricted cash - end of the period $ 7,221     $ 7,823   Non-cash investing and financing activities       Reclass of Property and equipment to Accounts receivable (aircraft receivable) and Prepaid expenses and other current assets (deferred maintenance) $ 117     $ -   Right-of-use (ROU) assets acquired through operating leases $ 383     $ 27,229   Aircraft acquired through note payable $ 14,650     $ -   Aircraft acquired through finance leases $ 3,453     $ 26,414   Airframe acquired through finance leases $ 3,536     $ -   Equipment acquired through finance leases $ 387     $ 57   Cash paid for       Interest $ 7,794     $ 4,385