Global Crossing Airlines, the Nation’s Fastest Growing Charter Airline, Achieves Record Annual Revenues

MIAMI, March 06, 2024 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (JET: Cboe CA; JET.B: Cboe CA; JETMF: OTCQB) (the “Company” or “GlobalX”) today reported fourth quarter and 2023 annual financial results, which saw record revenue for Q4 of $53.5M and $160M for the year. All figures are in United States dollars and prepared in accordance with U.S. GAAP.

Annual 2023 Highlights and Financial Results

  • Annual Revenues of $160.1 Million
  • EBITDAR(1) of $20 Million, a fourfold increase over 2022
  • Block Hours flown more than doubled
  • Aircraft Utilization jumps 26.3%
  • Pilot count more than doubles
  • Fleet size grows to 14 aircraft

“As we reflect on a year marked by unprecedented growth, we remain steadfast in our commitment to charting a course towards sustained profitability and operational excellence. With a relentless focus on industry-leading on-time performance, we are expecting demand for passenger charters to soar in 2024. Looking ahead, we are strategically sourcing aircraft to bolster our capacity and optimize revenue-earning opportunities over the next two quarters,” said Chris Jamroz, Executive Chairman of GlobalX.

GlobalX operated 18,072 block hours in 2023 more than doubling the 8,666 block hours operated in 2022. Annual Net Income was ($21) million, EBITDAR(1) on an unadjusted basis was $20 million and EPS was $(0.37).

The increase in revenue and total block hours flown was attributed to several factors, added Ryan Goepel, GlobalX President and CFO. The Company’s average fleet increased from 7 in 2022 to 11 in 2023 increasing its capacity while strong passenger demand drove not only increased activity but higher rates for charter contracts. Continued focus on efficiency and benefits of a larger scale operation enabled a 15% improvement in operating performance. Going forward, the Company continues to grow its revenue faster than its cost structure, as the airline works toward achieving scale and sustained profitability.

During Q3 the Company continued to invest in growing the cadre of pilots, having invested approximately $7 million in training and adequate staffing in anticipation of new aircraft deliveries in the first half of 2024.


GlobalX ended the year with $17.7M in cash and restricted cash which is up 31% as compared to December 31, 2022. The Company has also reached an agreement with GEM to extend the existing facility agreement for another twelve months.

(1)  Refer below to the section “Non-GAAP Financial Measures” for additional information.

Conference Call/Webcast Detail

GlobalX will be hosting a webinar on March 6, 2023 to provide a business update and discuss the results.

When: March 6th, 2023, 2:00 PM Eastern Time (US and Canada)

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

Register in advance for this webinar:

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

For more information, please contact:

Ryan Goepel, President and Chief Financial Officer
Tel: 786.751.8503

  December 31, 2023 December 31, 2022
Current Assets      
Cash and cash equivalents $11,595,706  $1,875,673 
Restricted cash  6,079,531   3,585,261 
Accounts receivable, net of allowance  10,180,739   2,664,174 
Prepaid expenses and other current assets  2,551,612   2,193,449 
Current assets held for sale  184,155   1,405,741 
Total Current Assets  30,591,743   11,724,298 
Property and equipment, net  5,524,990   2,441,288 
Finance leases, net  4,108,277   2,710,899 
Operating lease right-of-use assets  76,880,504   27,952,609 
Deposits  12,506,275   5,702,089 
Other assets  1,716,558   632,790 
Total Assets $131,328,347  $51,163,973 
Current liabilities      
Accounts payable $7,481,071  $4,997,080 
Accrued liabilities  17,465,320   9,458,629 
Deferred revenue  9,895,583   3,200,664 
Customer deposits  3,935,496   1,617,337 
Current portion of notes payable     1,810,468 
Current portion of long-term operating leases  13,650,119   6,445,915 
Current portion of finance leases  599,228   335,527 
Total current liabilities  53,026,817   27,865,620 
Other liabilities      
Note payable  29,174,794   5,081,294 
Long-term operating leases  65,158,453   23,189,835 
Other liabilities  3,835,424   2,282,892 
Total other liabilities  98,168,671   30,554,020 
Total Liabilities $151,195,488  $58,419,641 
Commitments and Contingencies      
Equity (Deficit)      
Common stock – $.001 par value; 200,000,000 authorized; 58,925,871 and 53,440,482 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively $58,891  $53,440 
Additional paid-in capital  38,943,133   30,774,197 
Retained deficit  (59,093,845)  (38,083,304)
Total Company's stockholders’ deficit  (20,091,821)  (7,255,667)
Noncontrolling interest  224,680    
Total stockholders’ deficit  (19,867,141)  (7,255,667)
Total Liabilities and Deficit $131,328,347  $51,163,973 

  Year Ended December 31, 2023 Year Ended December 31, 2022
Operating Revenue $160,121,525  $97,110,205 
Operating Expenses      
Salaries, Wages, & Benefits  54,056,847   30,629,414 
Aircraft Fuel  29,475,548   23,035,395 
Maintenance, materials and repairs  8,602,949   4,377,378 
Depreciation and amortization  2,292,797   609,489 
Contracted ground and aviation services  20,506,701   15,607,926 
Travel  8,334,474   5,024,758 
Insurance  5,009,477   3,580,377 
Aircraft Rent  33,631,717   15,614,081 
Other  14,078,145   9,867,929 
Total Operating Expenses $175,988,655  $108,346,747 
Operating Loss  (15,867,130)  (11,236,542)
Non-Operating Expenses      
Foreign Exchange (gain) or loss     (96,415)
Other non-operating expenses     3,058,938 
Interest Expense  4,916,281   1,621,932 
Total Non-Operating Expenses  4,916,281   4,584,455 
Loss before income taxes  (20,783,411)  (15,820,997)
Income tax expense  2,450    
Net Loss  (20,785,861)  (15,820,997)
Net Income attributable to Noncontrolling Interest  224,680    
Net Loss attributable to the Company  (21,010,541)  (15,820,997)
Loss per share:      
Basic $(0.37) $(0.30)
Diluted $(0.37) $(0.30)
Weighted average number of shares outstanding  56,763,879   52,074,647 
Fully diluted shares outstanding  56,763,879   52,074,647 

  For The Twelve Months Ended December 31,
  2023 2022
Net loss $(20,785,861) $(15,820,997)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation expense  2,292,797   609,489 
Bad debt expense  5,915   219,759 
Loss on sale of property  135,772    
Loss (gain) on sale of spare parts  22,619   (191,530)
Loss on deferred costs     2,809,031 
Foreign exchange loss (gain)  11,531   (96,415)
Gain on disposal of flight equipment  (455,700)   
Amortization of debt issue costs  901,956   630,290 
Amortization of operating lease right of use assets  8,172,685   4,797,056 
Share-based payments  2,465,039   1,386,533 
Interest on finance leases  435,266   102,561 
Changes in assets and liabilities:      
Accounts receivable  (7,746,494)  (1,946,757)
Assets held for sale  1,665,740   (340,561)
Prepaid expenses and other current assets  (321,844)  (1,262,183)
Accounts payable  2,364,759   2,938,216 
Accrued liabilities and other liabilities  17,153,154   6,353,307 
Operating lease obligations  (7,927,758)  (3,482,839)
Other liabilities  230,709   (306,008)
Net cash used in operating activities  (1,379,715)  (3,601,048)
Deposits, deferred costs and other assets  (9,143,650)  (3,247,035)
Purchases of property and equipment  (4,042,292)  (1,911,669)
Net cash used in investing activities  (13,185,942)  (5,158,704)
Principal payments on finance leases  (479,923)  (501,169)
Proceeds on issuance of shares  1,871,784   802,325 
Proceeds from note payable  35,289,725   5,925,529 
Repayment of note payable  (9,901,626)   
Net cash provided by financing activities  26,779,960   6,226,685 
Net increase (decrease) in cash, cash equivalents, and restricted cash  12,214,303   (2,533,067)
Cash, cash equivalents and restricted cash – beginning of the year  5,460,934   7,994,001 
Cash, cash equivalents and restricted cash – end of the year $17,675,237  $5,460,934 
Non-cash transactions      
Right-of-use (ROU) assets acquired through operating leases $57,100,580  $10,081,357 
Equipment acquired through finance leases $1,915,366  $(2,840,936)
Note Payable reductions through accounts receivable from sale of Assets held for sale $145,089  $ 
Discount on proceeds from note payable due to professional fees $35,900  $
Acquisition of Intangible Asset $428,400  $ 
Airframe Parts acquired through financing $  $1,065,180 
Warrants issued for debt (debt discount) $3,837,565  $2,130,642 
Cash paid for      
Interest $753,414  $622,439 

  Common Stock Number of Shares Amount Additional Paid in Capital Retained Deficit Total
Beginning – January 1, 2022 $51,237,876  $51,237  $26,456,900  $(22,262,307) $4,245,830      
Issuance of shares – warrants and options exercised  1,397,402   1,398   662,344      663,742      
Warrants issued        2,130,642      2,130,642      
Share based compensation on stock options or RSUs  537,954   538   1,342,446      1,342,984      
Employees Stock Purchase plan  267,250   267   181,864      182,131      
Loss for the period           (15,820,997)  (15,820,997)     
Ending – December 31, 2022 $53,440,482  $53,440  $30,774,196  $(38,083,304) $(7,255,667)     
  Global Stockholders' Equity (Deficit)        
  Common Stock Number of Shares Amount Additional Paid in Capital Retained Deficit Total Noncontrolling Interest Total
Beginning – January 1, 2023 $53,440,482  $53,440  $30,774,197  $(38,083,304) $(7,255,667) $  $(7,255,667)
Issuance of shares – warrants and options exercised  2,877,083   2,877   1,422,343      1,425,220      1,425,220 
Warrants issued        3,837,562      3,837,562      3,837,562 
Share based compensation on stock options or RSUs  1,803,992   1,769   2,383,130      2,384,899      2,384,899 
Employees Stock Purchase plan  804,314   805   525,901      526,706      526,706 
Income/(Loss) for the period           (21,010,541)  (21,010,541)  224,680   (20,785,861)
Ending – December 31, 2023 $58,925,871  $58,891  $38,943,133  $(59,093,845) $(20,091,821) $224,680  $(19,867,141)
See accompanying notes to 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.

EBITDAR which is defined Operating income (loss), plus depreciation, amortization, interest, taxes and aircraft rent is an important metric to be considered to allow investors to compare results across different airlines regardless of how 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. In order to compare the operating results of the two airlines an investor needs to look at EBITDAR which is why it is presented.

  Year Ended December 31, 2023 Year Ended December 31, 2022
EBITDAR Reconciliation      
Operating Loss $(15,867,130) $(11,236,542)
Depreciation and amortization  2,292,797   609,489 
EBITDA  (13,574,333)  (10,627,053)
Aircraft Rent  33,631,717   15,614,081 
EBITDAR  20,057,384   4,987,028 
Adjusted EBITDAR Reconciliation    
EBITDA $(13,574,333) $(10,627,053)
Share-based compensation  2,465,039   1,386,533 
Adjusted EBITDA  (11,109,294)  (9,240,520)
Aircraft Rent  33,631,717   15,614,081 
Adjusted EBITDAR  22,522,423   6,373,561 

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. GlobalX is also now operating ACMI cargo service flying the A321 freighter. For more information, please visit

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, the commitment to sustained profitability and operational excellence; the focus on industry-leading on-time performance, the continued focus on efficiency and benefits of a larger scaled operation, and expected reduction in pilot expenditures.

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.