Exhibit 99.1

NEWS RELEASE

Global Crossing Airlines Announces $32.5M in Revenue for Q1

with Adjusted EBITDAR of $2.5M

Reaffirms Revenue Forecast over $140M in 2023

May 10, 2023

MIAMI, FL (GLOBE NEWSWIRE) — Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” or “GlobalX”) today reported first quarter 2023 financial results. All figures are in United States dollars.

First Quarter 2023 Financial Results

Total operating revenue for Q1 2023 was $32.2 million. This represents an increase of $15.8 million or 96.3% when compared to Q1 2022. In addition, GlobalX operated 3,134 revenue block hours in Q1 2023 representing an 81% increase over the number of block hours operated in Q1 2022.

Q1 2023 results on an Adjusted EBITDAR⁽¹⁾ basis were $2.5 million, an Adjusted EBITDA⁽¹⁾ basis of approximately ($2.9) million and Adjusted EPS⁽¹⁾ of $(0.07). The Company’s financial results were negatively impacted by a number of factors, including: (i) accelerated cockpit crew hiring and training to prepare for a busy 2023 summer schedule resulting in an increase of approximately $1.4 million in training expenses; (ii) the deferral of a major US government contract from January to May, which represented approximately $6 million in revenue; (iii) continued delay in delivery of our first A321 freighter which resulted in lost revenue of approximately $1.5 million; (iv) uncontrollable delays of passenger aircraft from heavy maintenance resulting in 171 days of available aircraft time; and (v) the incurrence of cargo related expenses in anticipation of A321F revenue hours in Q1 which were not flown. The Company expects compensation from third parties to be paid to us because of the late deliveries which it expects to receive in 2023 of approximately $2.25 million.

Ed Wegel, Chair and CEO of the Company stated “Q1 is traditionally the lowest revenue quarter of the year. Our team performed exceedingly well in a tough operating environment with continued delivery delays of aircraft out of heavy maintenance and the deferral of certain government contracts. We finished all requirement for the major certifications we need to continue to grow, started revenue cargo operations, and built the infrastructure of people and systems to fly a very heavy flying schedule for the second half of 2023; specifically adding over 25 pilots and 36 flight attendants.”

2023 Update

Mr. Wegel added “The Company remains very bullish on 2023 with its cargo certification completed and its first A321 freighter having started revenue operations in Q1. The Company is also expecting the delivery of the second A321 freighter in late May, which will be operating in June. We expect full year revenue in 2023 of over of $140 million, with $65 million in revenue during the first half of the year. To date for all of 2023, we have contracted for 12,827 block hours and expect to contract an additional 10,000 hours subject to aircraft delivery dates. This compares to 10,615 block hours contracted in 2022.”

The Company’s current plan is to add up to four more A321Fs during the course of 2023.

Q1 Highlights

Liquidity

GlobalX ended the quarter with $14.7 million in current assets, an increase of $2.9 million compared to December 31, 2022.

Current liabilities increased from $27.9 million in 2022 to $34.1 million in Q1 2023 mainly due to an increase of deferred revenue for future flying, customer deposits and current portion of long-term operating leases due to the increase in the fleet size.

GlobalX is in discussions with third parties for additional capital in the form of debt, convertible debt, or equity to further invest in the business and facilitate the continued growth of the fleet, including the acquisition of additional leased aircraft, as well as for additional working capital.

Outlook

Guidance items provided in this release are based on Company’s current estimates and are not a guarantee of future performance. GlobalX is providing revenue guidance of over $140 million in revenue for 2023 based on a fleet of 9 passenger and 2 cargo aircraft, a 69% increase over 2022. Currently $104 million of this revenue is contracted. The Company will provide updated guidance as it takes delivery of additional aircraft to the current projected fleet of 9 passenger and 2 cargo aircraft.

Conference Call/Webcast Detail

GlobalX will be hosting a webinar on May 10^th, 2023 to provide a business update and discuss the Q1 results.

When: May 10, 2023, 02:00 PM Eastern Time (US and Canada)

Topic: Global Crossing Airlines – Q1 2023 Earnings Release & Management Update

Register in advance for this webinar:

https://us02web.zoom.us/webinar/register/WN_rXhTf36US5-GiZy-zt5Zjw

After registering, you will receive a confirmation email containing information about joining the webinar.

For more information, please contact:

Ryan Goepel, Chief Financial Officer

Email: ryan.goepel@globalxair.com

Tel: 786.751.8503

GLOBAL CROSSING AIRLINES GROUP INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

See accompanying notes to condensed consolidated financial statements.

GLOBAL CROSSING AIRLINES GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

See accompanying notes to condensed consolidated financial statements.

GLOBAL CROSSING AIRLINES GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

See accompanying notes to condensed consolidated financial statements.

GLOBAL CROSSING AIRLINES GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

See accompanying notes to condensed consolidated financial statements.

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 other filings with the Securities and Exchange Commission in their entirety and not to rely on any single financial measure.

The information below provides an explanation of certain adjustments reflected in the non-GAAP financial measures and shows a reconciliation of non-GAAP financial measures reported in this press release (other than forward-looking non-GAAP financial measures) to the most directly comparable GAAP financial measures. Within the financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Per unit amounts presented are calculated from the underlying amounts.

About Global Crossing Airlines

GlobalX is a US 121 domestic flag and supplemental Airline flying the Airbus A320 family aircraft. GlobalX flies as a passenger ACMI and charter airline serving the US, Caribbean, European and Latin American markets. In Q1 2023, GlobalX completed DOT and FAA approvals for ACMI cargo service flying the A321 freighter. For more information, please visit www.globalxair.com.

Cautionary Note Regarding Forward-Looking Statements

This news 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 news release include, but are not limited to, statements with respect to the Company’s aircraft fleet size, the destinations that the Company intends to service, the expected delivery timelines for aircraft, future demand, increased block hours, future capacity estimates, future revenue expectations, expectations related to future debt or equity financing and contracted revenue.

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 news release is 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 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; the Company has or will have sufficient aircraft to provide the service; 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 the global uncertainty created by 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 news 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.

Exhibit 99.2

GLOBALX 2023 Q1 MANAGEMENT TEAM UPDATE May 10th, 2023 NEO:JET | NEO: JET.B | OTCQB:JETMF

GLOBALX AGENDA 1. Q1 COMMENTARY 2. Q1 2023 FINANCIAL RESULTS 3. 2023 OUTLOOK 4. FLEET UPDATE 5. PASSENGER SALES 6. CARGO 7. PILOT RECRUITMENT 8. CAPITAL MARKETS

GLOBALX OUR APPROACH TO THIS BUSINESS We take a long term view of this business We seek to build a durable, sustainable and long term profitable US Charter Airline We continually re-invest in the business Add aircraft (PAX & CARGO) Hire and train pilots Use information technology to its full capabilities to move towards total total paperless airline We integrate ground handling and fueling to better control our product and reduce costs We seek diversified revenue streams to reduce overall risk

GLOBALX Q1 IS A REFLECTION OF OUR APPROACH CARGO – Certification, and entry into revenue stream CUBA – Strong foundation flying for 3 largest tour operators PILOTS – Investment in pay and benefits to reduce attrition along with intense focus on recruitment and training INFRASTRUCTURE – dispatchers, schedulers, flight attendants CERTIFICATIONS – DoD, IOAS, EASA

GLOBALX COMMENTARY ALL $USD Q1 is traditionally the slowest quarters in commercial aviation Significant scheduled maintenance during Q1 required reducing the effective fleet by 2 aircraft units every month during the quarter much reduced scheduled Maintenance in the second half of 2 Accelerated hiring and training of pilots and Flight attendants t execute sold summer schedule Added two major tour operators effective March 1 providing stable long term cash flows ($3M per month and increasing efficiencies) Finalized and received key certifications DOD/IOSA/TCO Signed LOI’s for 2 additional A320 Pax aircraft Deferral of Major US government contract Cargo certification – 1st freighter operating in Q1

GLOBALX DELIVERING AGAINST KEY METRICS Total BLH per/Month Avg BLH per/AC Pilot Pool Net AC Days per/Month

GLOBALX Q1 2023 RESULTS $32.2M Revenue $2.5M** EBITDAR Earnings Before Interest, Taxes, Depreciation, Amortization and Rent Key metric in aviation to properly compare airlines who purchase aircraft vs lease aircraft $(2.9M)** EBITDA Earnings Before Interest, Taxes, Depreciation, Amortization ** Adjusted for $500k in share based compensation, $1.4M for pilot training in excess of current requirements and $240k for an A321F lease accounting adjustment Proforma results for Q1 assuming on time aircraft deliveries and no contract deferral is breakeven as forecast

GLOBALX OUTLOOK 2023 Maintain 2023 revenue forecast base case $140+ Million & positive EBITDA (74% under contract) 12,827 hours contracted for 2023 to date with the potential to contract up to 10,000 additional hours depending on aircraft delivery dates This compares to 10,615 total hours contracted in 2022 2023 fleet size target @ year end o Passenger – 9 to 12 aircraft o Cargo – 2 to 6 aircraft In addition: Plan to launch robust Department of Defense Contracts operating in late Q3 Complete ETOPS (Extended Twin Engine Operations) – 180 Minutes Finalize Colombian AOC applications and initiate cargo operations in Latin America Focusing on expanding both Passenger and Cargo charter businesses

GLOBALX Summer Operations North America (scheduled flights)

GLOBALX Summer Operations EUROPE (scheduled flights)

GLOBALX 2023 AIRCRAFT ADDED TO THE FLEET N837 VA A320 N410GX A321F

GLOBALX FLEET EVOLUTION BY AIRCRAFT Deliveries are driven by: Capital Pilots Ability to get aircraft out of heavy maintenance pre delivery 2022E Operating Fleet Composition 2023E Operating Fleet Composition 2024E Operating Fleet Composition 100% Passenger 66% Passenger 33% Cargo 60% Passenger 40% Cargo

GLOBALX AIRCRAFT DELIVERY PLAN Base Plan 1. N285GX - A320P - #9 – Delivered 2. N411GX - A321F - #2 – May 28 Target Plan 1. N287GX - A319P - #10 – Q2 2. N412GX - A321F - #3 – Q2 3. N288GX – A320P - #11 – Q2 4. N453GX – A321F - #4 – Q3 5. N454GX – A321F - #5 – Q4 6. N436GX – A321F - #6 – Q4

GLOBALX PASSENGER SALES Revenue Streams Signed several key contracts: Two major tour operators: $3.0M per month 600+ ACMI hours with Lynx Air ($2.4M+) 240 hours per month with Red Way Air (Lincoln, NE) 150 hours per month for 4 months with Caribbean Airline (which could be extended) 2,000 ACMI hours per year with TUI for 3 years ($7M per year) Executed on our March Madness strategy Operated over 70 flights over 3 weeks, almost 50% of all flights for March Madness Focusing on securing NCAA Fall Football, DOD and other government businesses

GLOBALX CARGO Operated 21 days in Q1 Q2 – Second aircraft to start operations on June 1 First A321F – 100% dispatch reliability Operating costs and fuel burn less than forecast Lower belly loading system installed Big differentiator versus competition (737-800 and 757)

GLOBALX PILOT RECRUITMENT Grew pilot head count by 41% in Q1 Increased Pilot head count by another 30% in Q2 Utilizing major agreements have been implement increase pool of available pilots OSM Aviation Academy o CAE Pilot Program L3 Harris Pilot Pathway Program GlobalX Colombia – intended to attract Colombi American pilots without US Work permits to fly A32 freighters – eventually sponsor these pilots to work

GLOBALX INVESTOR RELATIONS NEO:JET | NEO: JET.B | OTCQB:JETMF Warrants Expired on April 26, 2023 4.6M SEVERAL INITIATIVES CONTINUING Digital program has increased mailing list by 14,000 names Attended two major microcap conferences Planet Micro Cap – Las Vegas o Sequire – Puerto Rico Registered to present at the Gravitas conference June 5 in Los Angeles Up listing to NASDAQ/NYSE planned in conjunction with growth capital/debt raise in 2023 CAP TABLE COMMON 37,965,572 CLASS A 5,537,313 CLASS B 13,217,209 Apr 28, 2021 7,537,313 1.50 29-Apr-26 Equity Financing Mar 28, 2022 4,838,707 1.24 28-Mar-24 Debenture Financing Total Options 570,668 Total RSUs 4,463,757 Total Outstanding Shares 56,720,094 Fully Diluted 74,130,539

GLOBALX Great Place To Work Certified MAY 2023-MAY 2024 USA NEO:JET | NEO: JET.B | OTCQB:JETMF