8-K
Global Crossing Airlines Group Inc. (JETMF)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2025
GLOBAL CROSSING AIRLINES GROUP INC.
(Exact name of registrant as specified in its charter)
| Delaware | 000-56409 | 86-2226137 |
|---|---|---|
| (State or Other Jurisdiction | (Commission File Number) | (I.R.S. Employer |
| of Incorporation) | Identification No.) |
4200 NW 36th Street, Building 5A
Miami International AirportMiami, FL 33166
(Address of Principal Executive Office) (Zip Code)
(786) 751-8503
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each | Trading | Name of each exchange on which |
|---|---|---|
| class | Symbol | registered |
| --- | --- | --- |
| None |
Securities registered pursuant to Section 12(g) of the Act:
Common stock, par value $0.001 Class B non-voting common stock, par value $0.001
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition |
|---|
On November 5, 2025, the Global Crossing Airlines Group Inc. (the “Company”) issued a press release (the “Press Release”) announcing its financial results for the third quarter ended September 30, 2025. The Press Release is furnished herewith as Exhibit 99.1.
On November 6, 2025, the Company conducted a conference call (the “Earnings Call”) to discuss its financial results for the third quarter ended September 30, 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 |
|---|
On November 10, 2025, the Company posted an investor presentation (the “Investor Presentation”) on its website that provides a current overview about the Company. The Investor Presentation is furnished herewith as Exhibit 99.3.
The Company makes reference to non-GAAP financial information in the Investor Presentation. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the Investor Presentation.
The information included herein, including Exhibit 99.3, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such filing.
| Item 9.01 | Exhibits |
|---|---|
| Exhibit No. | Name |
| 99.1 | Press Release, dated November 5, 2025 |
| 99.2 | Earnings Call Transcript, dated November 6, 2025 |
| 99.3 | Investor Presentation, November 10, 2025 |
| 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.
| GLOBAL CROSSING AIRLINES GROUP INC. | ||
|---|---|---|
| Date: November 12, 2025 | By: | /s/ Ryan Goepel |
| Name: Ryan Goepel<br><br>Title: President and Chief Financial Officer |
EX-99.1
Exhibit 99.1
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, FL, November 5, 2025 – 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% |
| EBITDA2: | $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.”
1 Refer below to the section “Non-GAAP Financial Measures” for additional information
“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).
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.
EBITDAR3: EBITDAR increased 22% to $18.9 million compared to $15.4 million.
EBITDA4: 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 JET@elevate-ir.com.
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: 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 (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.
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)
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)
EX-99.2
Exhibit 99.2
Global Crossing Airlines
Third Quarter 2025 Financial Results Conference Call
November 6, 2025
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
Ryan Fitt, Broadway Capital 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 Third Quarter of 2025.
At this time, all participants are in a listen-only mode. As a reminder, this conference call is being recorded.
Joining us on the call today are the company's Executive Chairman, Chris Jamroz, President and CFO, Ryan Goepel, and SVP Corporate Controller, Wendy Shapiro.
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/
Please be advised that this conference call will contain statements that are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the Company's filings with the SEC. Do not place under-reliance on any forward-looking statements, which are being made only as of the date of this call. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements. For important risks and assumptions associated with such forward-looking statements, please refer to the Company's earnings press release for the third quarter of 2025 and the Company's annual report on Form 10-K for the year ended December 31, 2024.
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 the reconcilliation tables and other important information in the earnings press release for the third quarter of 2025, which is currently available on the Company's investor relations section of its website.
And now I will turn the call over to the company's Executive Chairman, Chris Jamroz. Chris, please go ahead.
Chris Jamroz
Thank you, Operator, and good morning, everyone.
Global X delivered another period of strong growth and significant year-over-year improvements, with revenue up 11%, EBITDAR up 22% and EBITDAR improving by nearly $5 million. 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. I'm proud of our team's relentless work to achieve these results and strengthen the foundation of our business for the long term.
While we are proud of the progress we've made, the results fell short of our own expectations. We had the opportunity to achieve net income profitability but fell short due to the rapid pace of growth that tested our maintenance and operations function, leading to logistics disruptions and AOG events. We saw more unplanned AOG events than anticipated, and over the past 60 days, we have taken targeted, decisive, and concerted steps to address those events and reduce our operating costs. We are a commercial organization, and going forward, we intend to obtain a high standard of operating performance, and we must be ready to credibly perform to that standard. A record of revenue generation will never relieve us of the responsibility to remain operationally sound and a vibrant airline.
Over the past 18 months, we've moved from the startup phase to scaling up our full-service charter airline with a sharp focus on efficiency, reliability, and sustainable profitability. Over the past quarter, we undertook a comprehensive overhaul of our Executive and Senior Management teams, coupled with a reorganization of operations and maintenance. These steps were essential to meet the increasing demand of operational complexity of a business growing as quickly as GlobalX and to ensure we're structurally equipped for the opportunities ahead. I'm confident the steps we've taken this quarter will enable us to capitalize on that growth and achieve profitability and continue to grow positive cash flow generation.
As we look to 2026, our priorities are clear. Operate with discipline as we're scaling up and deliver profitable results across our entire platform. It's exceptionally noteworthy that we are also becoming the airline of choice for college sports teams, professional franchises, concert artists, and leisure travels across three continents. We have also become a carrier of choice to Europe's largest travel and tourism companies.
The continued influx of marquee clients from across the aviation spectrum validates the strength of our business platform. The robust demand not only confirms we've built the right model, but it's propelling the next phase of GlobalX growth and revenue acceleration. We are becoming the gold standard in the Charter Airline sector, and our success has not gone unnoticed. Many in the industry are taking note of what we're building, and yes it makes some of our competitors uncomfortable. I want to reaffirm our steadfast commitment to executing with precision and accountability. With these guiding principles, we remain on track to achieve our long-term vision of becoming the largest and the most reliable narrow-body Charter Airline in North America.
With that, I will now hand it over to our President and CFO, Ryan Goepel, to elaborate on GlobalX's third quarter operational highlights. Ryan?
Ryan Goepel
Thank you, Chris, and good morning, everyone.
This quarter illustrated both the strength of our business model and the growing operational challenges 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.
As Chris mentioned, in Q3, we experienced more AOG events than we anticipated. Over the past 60 days, we have overhauled leadership across operations and maintenance, redesigned processes, strengthened controls, and invested significantly in preventative maintenance. We've reduced more than $5 million in annualized office and operating costs, primarily through headcount reductions and tighter SG&A discipline. We expect a more normalized SG&A run rate beginning in December, our traditionally busiest and most profitable month, and we anticipate all aircraft to be fully operational heading into that period.
Despite these temporary challenges, our Charter operations continue to perform exceptionally well as we generated double-digit revenue growth and record block hours flown, underscoring the underlying strength and resilience of our growth strategy. Our revenue growth was fueled by our ACMI business, which increased 44% year-over-year to $53.2 million and represented 92% of total revenue, compared to 70% in the year-ago quarter. ACMI block hours increased 45% year-over-year to $9,527, reflecting our focus on expanding long-term agreements with key customers and government agencies.
As we stated before, we continue to shift aircraft capacity from chartered ACMI to take advantage of its higher margin profile and more predictable flying. As a result, Charter revenue declined to $2.3 million in Q3 2025, from $15 million in the prior year quarter, and now accounts for just 4% of total revenue compared to 29% a year ago. This shift in contract mix continues to strengthen our profitability profile through higher margin contribution and contract stability.
During the quarter, we flew a record 9,901 block hours, including subservice between ACMI and Charter, a 23% year-over-year increase, reflecting strong demand across our narrowbody charter operations.
In Q3, we increased block hours flown for ACMI by 45% to $9,527, compared to Q3 of 2024. For Charter, we flew 178 block hours compared to 1,254 a year-ago period, again resulting from our intentional shift from charter to ACMI. Our average utilization per aircraft available increased 26% year-over-year to 618 block hours.
As we mentioned before, ACMI typically generates lower revenue per block hour than Charter, but offers a more predictable and favorable margin profile since the customer assumes fuel, demand, and pricing risk.
As our contract mix continues to shift towards ACMI, we expect to improve utilization and generate stronger operating margins and greater consistency in our financial performance over time.
Turning to Cargo operations, market conditions remain challenging through the quarter as the broader North American freight market continues to experience excess capacity and softer demand. Despite this, we maintain steady flying with our fleet of four A321 freighters, which continue to deliver attractive unit economics to our Cargo clientele through improved fuel efficiency and lower operating costs. Although visibility in the Cargo market remains limited, our efficient and flexible operating models enable us to sustain activity, maintain key customer relationships, and remain well-positioned for recovery when the demand strengthens.
Passenger demand remains exceptionally strong, supported by limited aircraft supply, reduced direct competition, and growing reliance on air charter by colleges and other institutional customers. These favorable market dynamics continue to drive increased demand for our services, particularly within the niche charter markets where aircraft availability remains constrained. To capture this growth, we are prioritizing passenger aircraft deliveries, allocating additional sales and operational resources to strengthen long-term customer relationships, and expanding into new markets as opportunities arise. Passenger Charter operations remain the primary economic engine for GlobalX.
As part of our long-term growth strategy, we continue to improve operational efficiencies and optimize aircraft utilization to strengthen financial performance. Our strong average revenue per block hour underscores the success of this focus. As stated earlier, for ACMI, we generated an average of $5,586 per block hour, consistent with the prior year. For Charter, average revenue per block hour was $12,978 per hour, compared to $11,951 per hour in the year-ago quarter, consistent with historical trends.
During the third quarter, we made meaningful progress advancing several key initiatives that strengthened our fleet, customer base, and financial flexibility. We took delivery of our first of four previously announced A319s and the first purchased A320 airframe, which is expected to be in revenue service for the last month of the year. We expect to take delivery of the next three aircraft over the next three months, expanding our capacity to capitalize on the growing demand for our Charter services.
We also signed a strategic ACMI agreement with Sunrise Airways, to provide two dedicated A320 aircraft starting in November, reinforcing our position as a leading ACMI provider and expanding our presence into key international markets. We value the trust Sunrise Airways has placed in us and look forward to growing this relationship through continued collaboration and shared success.
Looking ahead, booking across all Charter customer segments were at record levels, materially ahead of last year, and momentum continues to accelerate. We made meaningful progress in building a more efficient, reliable organization and entering year-end with improved reliability and a stronger foundation for profitability. Looking to 2026, we plan to build on that momentum, continuing discipline growth, focused on profitable expansion, and deploying additional aircraft to meet rising demand across our core Charter markets.
Now I'll turn the call over to SVP Corporate Comptroller 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 September 30, 2025, and variance commentary is on a year-over-year basis unless stated otherwise.
Revenue in the third quarter increased 11% to $58 million, compared to $52.4 million. The increase was primarily driven by continued growth in ACMI operations. ACMI revenue increased 44% to $53.2 million, compared to $36.8 million.
Charter revenue in Q3 was $2.3 million, compared to $15 (phon) million. Total operating expenses increased 4% to $57 million, compared to $55 million, driven primarily by higher maintenance and personnel costs associated with the ongoing expansion of the GlobalX fleet.
Net loss improved to $2 million, compared to $4.9 million. Loss per share also improved to negative $0.03 per basic share and diluted share, compared to negative $0.08 per basic and diluted share in the year-ago period. EBITDA improved nearly $5 million to $4.3 million, compared to a loss of $600,000. EBITDAR increased 22% to $18.9 million, compared to $15.4 million. Cash flow provided by operations improved to $600,000, compared to cash used by operations of $1 million in the year-ago period. The improvement primarily reflects stronger operating performance and efficiency gains across the business.
Turning to our liquidity, we ended the third quarter with approximately $7.2 million in cash and restricted cash, compared to $14 million at December 31, 2024.
Now I will turn the call back over to Ryan for closing remarks.
Ryan Goepel
Thank you, Wendy.
Our third quarter results reflect both the strength of our operating model and the actions we've taken to build a stronger, more efficient organization. As we look to 2026, we believe GlobalX is entering the next phase of its evolution with a focused platform, enhanced operational reliability, and a stronger foundation to drive profitable growth in 2026. This concludes our prepared remarks.
I'd now like to open the call for Q&A. Aaron, over to you.
Aaron, Q&A Moderator
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 operational execution. As you look to 2026, how are you strengthening your internal systems and processes to keep pace with future growth?
Ryan Goepel
I'll take that one, and thank you for the question. We've undertaken several process changes in combination with personnel changes, which we believe will make a significant difference in our ability to execute. On the maintenance side, we invested in our central planning group, increasing its headcount by 4X, and subsequently transitioning our daily, weekly, and long-term planning to one central group. This allows us to be more proactive across all maintenance activities and to coordinate with our vendors, purchasing department, and frontline staff to minimize any disruptions.
We have ramped up the number of internal inspections, audits, and reviews to identify issues sooner and fix them faster. We've also updated our daily tracking metrics, published internally, which we believe are the most effective for tracking, tracing, and measuring to ensure the best results. We have engaged several third-party vendors to help us meet the demands of our increased scale and to provide us technology solutions to better utilize the data we've collected and automate the systems we use to manage our
ever-growing fleet. The focus on constant improvement is not relenting. We will continue to refine our people and processes to meet the demands of our bigger scale.
Aaron, Q&A Moderator
Thank you, Ryan.
The next question is related to Chris's share purchase. So, Chris, you just announced that you're increasing your ownership in GlobalX. What gives you the confidence to make the decision at this point?
Chris Jamroz
Thanks for the question. So, I'm increasing my ownership state because I believe deeply in the platform we've built and the trajectory we are on. Over the last 18 months, we've really executed with discipline, expanding our customer base across the very wide spectrum of industries, improving operation efficiency, increasing revenue diversification, and the grand laterty of our book of business and assembling a Management team that I'll put up against anyone in the business.
The momentum at GlobalX is truly undeniable and unstoppable. We're winning new charter customers across every major segment. Our execution is getting sharper every quarter, and the organization is more focused than it's ever been. Despite that progress, GlobalX remains, objectively and in my opinion, the most undervalued airline stock I've ever seen in my career. That disconnect may be illogical to the market today, but it presents a rational opportunity for those of us who understand the fundamentals of the business.
For me, quite frankly, it's simple. I have conviction in the platform, confidence in the team, and I'm willing to back that belief with my own capital, both in confidence in the future of the business and, frankly, it's some personal financial investment decision.
Aaron, Q&A Moderator
Thank you, Chris. The next question is related to profitability and cash flow generation. How are you managing this next phase of growth to ensure it drives stronger profitability and cash flow generation?
Ryan Goepel
We're highly selective about where we deploy aircraft, prioritizing routes and charter opportunities that deliver the strongest unit economics and consistent demand profiles. Every new contract is evaluated for margin contribution and cash flow profile, not just top-line growth. On the sales front, our team continues to expand ACMI charter relationships with a focus on long-term repeat customers. Best strategy is improving aircraft utilization, reducing seasonality, and building predictable higher-margin revenue streams. We've implemented best-in-class standard operating procedures and proactive maintenance programs to reduce unplanned downtimes and optimize aircraft availability. Those initiatives are lowering direct operating costs and will be translating into efficiency gains directly into stronger profitability and improved cash flow.
Aaron, Q&A Moderator
Thanks, Ryan. One more related to fleet expansion. What's your approach to expanding the fleet in line with demand forecasts?
Ryan Goepel
I'll take that one as well. We closely track upcoming Charter and ACMI opportunities and plan our fleet needs internally to make sure we can cover future demand. If we had the four additional aircraft in service today, they'd already be flying. The demand is there. We just need the capacity to meet it. We're adding
aircraft where the demand supports it while keeping flexibility in our fleet plan so we can adjust it if the market shifts. Each addition is evaluated carefully to make sure it fits our operational needs and long-term profitability goals. As the fleet grows, we're timing lease returns, new aircraft additions, keep utilization high, and scaling our cruise maintenance support system so new aircraft can go straight into the service efficiently.
Aaron, Q&A Moderator
Thanks, Ryan. Looks like that concludes our pre-submitted questions. I'd now like to pass it over to the Operator to open the call up for live Q&A.
Operator
Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press the star followed by the one on your touchtone phone. Should you wish to cancel your request, please press the star followed by the four. If you're using a speakerphone, please lift the handset before pressing any keys. Once again, that is star one should you wish to ask a question.
Your first question is from Ryan Fitt from Broadway Capital. Your line is now open.
Ryan Fitt
Good morning, gentlemen and lady. Thank you so much for the presentation. The quarter suffered from things that seem transitory. What I'd like to know at first, can you provide more details on the unscheduled maintenance events, the root causes, give me the total lost block hours that you could have generated. Walk me through the causation and the numerical loss, if you can, in terms of block hours, net aircraft, et cetera.
Ryan Goepel
Yeah, I can definitely, I'll cover that. You know, when we look at our net aircraft available, and this will be something that comes out in our queue, we talk about how many we have on the operating certificate and how many are actually available. Now, in Q1 or Q3 of last year, it was 15.2. In Q3 of this year, it's only 15.9. Now, part of that is the unscheduled maintenance, which I'll go into more detail. Part of it is scheduled. You know, when you're flying as much as we are, you definitely target the scheduled maintenance to be in September and October because that is a lower activity month. And, you know, we had several aircraft in planned maintenance as well in September, which reduced our utilization.
But even though our net aircraft available was only up about 4%, the block hours is up 31%. Now, ideally, with the unscheduled maintenance, you know, one of the challenges we had specifically is operating in areas where we don't have a huge infrastructure, and that's kind of a feature of what we do but also a risk of what we do. You know, when we're operating in Europe with so many block hours, when you have a plane has a bird strike in Turkey, for example, ironically, you don't have a huge infrastructure to get parts and people and equipment there to get the plane fixed. So what might take you one day to get fixed, takes a week. We had some operations out in the West Coast in L.A. with hydraulic lines and what would normally, again, we could get fixed in a base in 12 hours took three or four days. And so unscheduled maintenance is a part of this business. We factor that in. We build that in.
I think when we talk about where we focus and where we want our customers to be and where we want our infrastructure to be, I think we've developed a much better understanding of the risks associated with being in places where we're not well established. And I think that goes into where we fly and what we'll do going forward. We talked about in the call and in the earnings release about 500 hours, if you look at our average ACMI rate, you know, between, you know, around $4,000 or $5,000 an hour, you know, you're looking at
$1.5 million to $2 million of revenue. That would have effectively, by and large, gone pretty close to the bottom, which makes, as you can see, would be a pretty drastic impact to the bottom line number.
Again, unscheduled maintenance is part of what we do. It's definitely not an excuse, but I think one of the things we've really focused on is how can we react faster, how can we have the infrastructure in place. And if we're going to places without the infrastructure, how can we better be more responsive so we can get the planes back up and green. Because, you know, planes go as they call AOG or they have maintenance events all the time. It really comes down to how quickly you can respond as an organization through procurement, through staffing, to get the plane fixed and back on the road.
I think we just—we were so busy this summer, we had no slack in our schedule. So anything that happened was pretty impactful, and maybe we oversold in our ambition to go hit our number. But I think what this also drives is, the last 18 months, we haven't taken any equity from investors since April of 2021. And so we've been effectively growing, and we took debt in August of ‘23, and I think as of—since March of ‘24, in the last 18 months, we have basically funded all of this growth on our own cash flow. And we're talking significant year-over-year revenue profitability growth with our own cash flow. I think as an organization, we've gotten to the point where, with the amount of aircraft we have, we've kind of optimized where we are cost-wise, and now going forward, the growth is going to be capacity.
Luckily or fortunately, we have the five aircraft coming, and that's going to be the focus going forward, as we've now, I think, got our process in place. We've got the Company focused on what it needs to be focused on. Going forward, we're going to grow with capacity, and I think that's going to drive the improved numbers going forward.
Ryan Fitt
Okay. And just to be more specific on the 500 hours, I mean, you say it's simply multiplied by ACMI. So the mix that you reflect in the reported results, it would have carried through Charter versus ACMI on that 500?
Ryan Goepel
Yeah.
Ryan Fitt
Okay, that makes sense.
Ryan Goepel
Yeah.
Ryan Fitt
Okay, understood. And then on the cost-cutting initiatives, can you think about that as a $5 million annualized thing? I mean, what do we have?
Ryan Goepel
Yeah, so we effectively cut our overhead by 15% in people, sorry, in people in cost. And so, you know, we really focused on how big as an organization do we need to be, given the size of what we are and what we're doing. Really, I think we've got a really strong team and a strong bench, and we took a very hard look at what do we really need to operate this business and made some pretty tough decisions. That $5 million translates to salaries that have been eliminated in the quarter. And we didn't necessarily wait for the end of
the quarter. This is a process we started looking in July and August, and part of our constant review of cost, our constant review of it being efficient, our constant review of how should we be structured going forward.
So, I think you can look at that as a cost that's come out. I think if you look at salaries going forward, I'd say 90% or 95% of any salary growth going forward will be tied directly to crew and revenue-generating aircraft as we add capacity. But I think we've got our overhead in the right spot where it needs to be right now.
Ryan Fitt
Shifting back to the next shift, you're now decidedly ACMI. Margins increase as a function of that, but what are the key risks that you see to maintaining this risk? Is there any concentration risk or bidding risk? Is the profile any riskier than it was before from any factors that you see, and you've discussed the positives. How is it all offset?
Ryan Goepel
Yeah, so now we say that mix. Now we're going to go into Q4 where the mix is going to go—if you look at all of our Sports Charter business, it really starts mid-November through March, that's all charter, right? So you're going to see the ACMI percent drop and you're going to see the revenue per block hour operating going up because a lot of sports charter stuff is charter, not ACMI. And that's the seasonality of kind of the business. Q3 is always going to be very, very heavy ACMI, and then the other three quarters will have a bit more of a normalized charter mix, and that's kind of the seasonality.
I think concentration risk, you know, we talked about we have our eight aircraft that are operating with the government pretty exclusively. We are now going into Sports Charter season, which we are I think really well positioned. We're going to have three VIP aircraft, which we think is a differentiated product in the marketplace, all of which, you know, I think we've got great contracts with. We've discussed our work with Sunrise. We've discussed our work with some of the other Caribbean airlines that we work with. And really, you know, I've said this over again where we kind of treat each aircraft as almost like a restaurant or a store and focus really on the unit economics of each aircraft and how do you maximize utilization of each of those aircraft. So I think there's a pretty broad market segment that's tapped and untapped as far as we've gone.
As I said this summer, every single hour of every day was sold. So when a plane went, had a maintenance event, it was pretty difficult to recover, and I think that capacity is still there on the passenger side and I think there's lots of opportunities out there for us to go still sell.
Ryan Fitt
Great. Then just on the liquidity front, $7.1 million, you are cash-generative at this point and you're at least qualitatively talking about a much stronger fourth quarter. How do you see the cash balance shaking out across the year? What's the comfort level? Has that changed since prior conversations?
Ryan Goepel
Yes, I mean, you look at our statement of cash flow, cash flow from operations are positive. We made significant investments in deposits and CapEx in Q3. You know, as I said, we had some heavy maintenance events. We had five aircraft coming. So we expected to have that come down. We collected significant cash after the quarter ended, which is what you would expect with the seasonality of our business as we go into the Sports season, as we start collecting our deposits and payments for the fall season. So we expect that cash number to build.
Ryan Fitt
Great. That's all I have for now. Thanks. And, Chris, congrats on the acquisition. It's good stuff.
Operator
Thank you. There are no further questions at this time. I will now turn the call back over to Ryan Goepel for the closing remarks.
Ryan Goepel
And, again, I just want to thank everyone for dialing in. We appreciate, you know, many of you have been with us for over five years since we've been public for over five years, operating with revenue for over four and a half. It's been a fun and an interesting challenge as we've grown this Company to where it's at. I just want to say thank you for your time and your attention. And we're very excited about what the next quarter and the next year is going to bring.
Operator
Thank you, ladies and gentlemen. The conference has now ended. Thank you all for joining. You may all disconnect your lines.
The Nation’s Fastest Growing Charter Airline November 2025 | OTCQB: JETMF, Cboe CA: JET, Cboe CA: JET.B TM
Disclaimer This presentation was prepared by Global Crossing Airlines Group Inc. (the “Company” or “GlobalX”) as a general presentation aimed solely at providing information about the Company, its operations and financial results. You should not rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction (the "Possible Transaction") or otherwise. This presentation is incomplete without reference to, and should be viewed solely in conjunction with the Company’s reports and filings with applicable Canadian securities regulators and the U.S. Securities and Exchange Commission. 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Moreover, it does not constitute a recommendation, an offer to sell and/or a solicitation or invitation of an offer to buy or subscribe for any securities of the Company or any of its subsidiaries or affiliates, nor shall there be any offer or sale of securities in any state or jurisdiction in which such offer or sale would be unlawful, nor a substitute for independent judgment or independent collection and analysis of information on the part of any investor. It is expected that if any securities are ultimately offered and sold by the Company, investors in such securities will conduct their own independent investigation of the Company and the terms of any such securities, as well as the data, assumptions, estimates, appraisals, methodologies and projections contained or referred to in this presentation. Some of the securities described herein have not been registered under the Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States or to U.S. Persons (other than distributors) unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved any securities discussed herein or determined if the information is truthful or complete. Any representation to the contrary is a criminal offense. The information and details contained in this presentation are partially provided and presented in a condensed form solely for convenience purposes. You should not assume that any information in this presentation is accurate as of any date other than the date hereof or otherwise specified herein. This presentation contains certain “forward looking statements” and “forward-looking information”, as defined under applicable United States and Canadian securities laws, concerning anticipated developments and events that may occur in the future. Forward-looking statements contained in this presentation include, but are not limited to, statements with respect to growth and profitability, forecasted size and growth rates of the charter market, the Company’s aircraft fleet size, the destinations that the Company intends to service, future demand for block hours, increases in flight activity, expected future revenues and hours flown, estimated future cost savings, positive operating income, the expected conversion, delivery and entry into service timelines for A320 and A321F aircraft and future contract terms. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking statements contained in this presentation are based on certain factors and assumptions regarding, among other things, GlobalX’s receipt of financing to continue airline operations; the accuracy, reliability and success of GlobalX’s business model; GlobalX’s ability to accurately forecast demand; GlobalX will be able to successfully conclude definitive agreements for transactions subject to LOI; the timely receipt of governmental approvals; the success of airline operations of GlobalX; GlobalX’s ability to successfully enter new geographic markets; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; GlobalX’s ability to have sufficient aircraft to provide its services; the impact of competition and the competitive response to GlobalX’s business strategy; the future price of fuel, and the availability of aircraft. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include risks related to, the ability to obtain financing at acceptable terms, the impact of general economic conditions, risks related to supply chain and labor disruptions, failure to retain or obtain sufficient aircraft, domestic and international airline industry conditions, failure to conclude definitive agreements for transactions subject to LOI, the effects of increased competition from our market competitors and new market entrants, passenger demand being less than anticipated, the impact of any resurgence of COVID-19, future relations with shareholders, volatility of fuel prices, increases in operating costs, terrorism, pandemics, natural disasters, currency fluctuations, interest rates, risks specific to the airline industry, risks associated with doing business in foreign countries, the ability of management to implement GlobalX’s operational strategy, the ability to attract qualified management and staff, labor disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits; risks related to significant disruption in, or breach in security of GlobalX’s information technology systems and resultant interruptions in service and any related impact on its reputation; and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators and the U.S. Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements are made as of the date of this presentation. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update any forward-looking statements. If GlobalX does update one or more forward-looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements. This presentation also contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about future revenue and sales which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. FOFI contained in this presentation was made as of the date of this presentation and was provided for the purpose of providing further information about GlobalX’s anticipated future business operations. GlobalX disclaims any intention or obligation to update or revise any FOFI contained in this presentation, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. FOFI contained in this presentation should not be used for purposes other than for which it is disclosed herein. FOFI contained in this presentation is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such outlook or information should not be used for purposes other than for which it is disclosed in this presentation.
GlobalX is The Nation’s Fastest Growing Charter Airline™ – setting the industry standard for on-time performance and reliability. Since our inception, we have consistently proven the strength of our charter platform, the resilience of our business model, the ability to grow demand in the narrowbody passenger market, while attracting and retaining top talent. Our strong foundation is expected to enable our further ability to scale operations, revenue, and shareholder value. *Refer to “Non-GAAP Financial Measures” Slide for additional information Company Overview 3
GlobalX Milestones OTCQB: JETMF, Cboe CA: JET, Cboe CA: JET.B 4 Company Overview
Market Size/Data Fastest growing charter carrier in the nation, with long-term upside potential within a growing $10B Market *Source: IBISWorld **Source: www.gmiinsights.com Industry Overview 5
Our Place in the Industry Ticket Risk Loss incurred by vacant seats 1 passenger as profitable as 150 Fuel Costs Exposed to variable fuel prices Costs pass through to the passenger Crew Costs Exposed to ticket risk Costs pass through to the passenger Billing No compensation for delays Passenger pays by block hour Aircraft Requirements New high-cost aircraft (~300 hrs / month) Used moderate-cost aircraft (~150 hrs / month) Arranges for flights before finding passengers Scheduled Carrier (i.e. Delta) Fly after the passengers have been arranged Aircraft Crew Maintenance Insurance ACMI Operator (GlobalX) V/S Company Overview 6
ACMI (Aircraft, Crew, Maintenance, and Insurance) Business vs All - In Charter Business ACMI Business Charter Business GlobalX Provides Outsourced Cargo and Passenger Aircraft, Crew, Maintenance and Insurance. Customer assume Fuel, Demand and Price Risk and are typically responsible for Landing, Airport and other Operational Fees. GlobalX Provides Outsourced Passenger and Cargo aircraft. Customer Pays a fixed fee that covers Fuel, Insurance, Landing and other Operational Expenses. Lower Revenue as customer pays for fuel, insurance and other expenses separately Lower Costs reflecting the absence of these aforementioned operational expenses The customer assumes all fuel and variable risk Revenue Cost Risk Exposure Higher Revenue reflecting the pass through of fuel, insurance and other expenses Higher Costs offset the increased revenue to cover the aforementioned operational expenses The carrier assumes no fuel and variable risk Revenue Cost Risk Exposure Company Overview 7 A customer books a one-way flight from JFK to SFO six weeks from now, during a period of volatility across commodity prices and a labor shortage. EXAMPLE
20 Rapid Growth of Air Fleet 2021 2022 2023 2024 14 19 1 8 2025 $14.3M $97.3M $160.1M Revenue 124% 3-Year CAGR Growth & Value Creation 8 $223.8M Targeted Fleet Expansion By End of 2025
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 67 Countries and 453 Cities. Countries Visited Our Operations 10
Financials 11
Q3 2025 Results Q3 Revenue up 11% YoY to $58.0M, EBITDAR* up 22% to $18.9M $58.0M Revenue (USD) $18.9M EBITDAR* (USD) 18 Aircraft Fleet Size $7.2M Cash & Restricted Cash 618 Aircraft Utilization (Block Hours per Aircraft) 9,901 Q3 2025 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
Q3 2025 KPIs 13 Refer to “Non-GAAP Financial Measures” slide for additional information. EBITDAR $ millions Average Utilization Per Aircraft Net Aircraft Available 458 473 491 442 471 618 14.4 15.2 15.6 16.7 17.1 15.9
Revenue in Thousands USD *Excludes sub-service hours Quarterly Block Hours & Revenue Financials 9,843
On track to expand fleet to 20 aircraft by end of 2025 Driving improved utilization through emphasizing high margin ACMI business Currently have 8 aircraft operating on government related contracts since April 2024 – Provides consistent, predictable and reliable foundation of revenue Uniquely positioned for narrow body cargo recovery. Only A321F Operator in North America, a superior narrow body cargo aircraft for the growing package business 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 AirlineTM Strong financial profile and balance sheet provides runway for growth and transition to cash flow positive Consistent Results - 4 of the last 5 quarters have delivered positive EBITDA. Cash flow from operations turned positive in Q3 2025, reflecting continued improvement in operational efficiency and cost discipline. New management team committed to profitability improvements – EBITDAR* up ~3x YoY to $62.8M in 2024 EBITDAR* up 37% YoY to $59.3M for Q1-Q3 2025 Company Overview 16 *Refer to “Non-GAAP Financial Measures” Slide for additional information. $20.1M FY 2023 FY 2024 $62.8M $59.3M Q1-Q3 2025
Capitalization Table Strike Expiry Common 49,695,529 Class A 5,537,313 Class B 9,721,166 Total Outstanding Shares 64,954,008 Warrants 7,537,313 $ 1.50 29-Apr-26 Warrants 10,195,451 $ 1.00 30-Jun-30 RSU's 7,052,843 Fully Diluted Outstanding Shares 89,739,615 Appendix 17 As of September 30, 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, leading the company to repeated profitable EBITDA and EBITDAR quarters and delivering positive Net Income in 4 of the 5 quarters. 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 of 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 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 23
December 31, 2024 June 30, 2025 September 30, 2025 (Unaudited) (Unaudited) Current Assets Cash and cash equivalents $ 12,345 $ 13,449 $ 7,055 Restricted cash 1,698 634 166 Accounts receivable, net of allowance 6,678 6,560 4,875 Prepaid expenses and other current assets 2,142 3,526 4008 Current assets held for sale 489 419 412 Total Current Assets 23,352 24,588 16,516 Property and equipment, net 10,308 14,402 32,672 Finance leases, net 27,489 27,957 30,237 Operating lease right-of-use assets 89,809 82,237 75,242 Deposits 11,552 12,434 12,225 Other assets 4,229 3,881 3,857 Total Assets $ 166,739 $ 165,499 $ 170,749 Current liabilities Accounts payable $ 12,568 $ 13,188 $ 14,077 Accrued liabilities 20,418 27,251 23,091 Deferred revenue 8,903 4,057 4,898 Customer deposits 4,080 4,299 3,989 Current portion of long-term operating leases 16,479 16,124 14,326 Current portion of finance leases 3,434 5,656 6,949 Total Current Liabilities 65,882 $ 70,575 $ 70,564 Other Liabilities Note payable, net of debt issuance costs 29,729 30,106 40,882 Long-term operating leases 75,128 67,426 62,046 Long-term finance leases 25,182 24,017 25,209 Other Liabilities 286 291 292 Total Other liabilities 130,325 121,840 128,429 Total Liabilities $ 196,207 $ 192,415 $ 198,993 Total Stockholders’ Deficit (29,468) (26,916) (28,244) Total Liabilities and Deficit $ 166,739 $ 165,499 $ 170,749 Balance Sheet Appendix