Global Crossing Airlines Reports Third Quarter 2026 Financial Results

Strong Passenger Demand and Improved Aircraft Availability Drive 24% YoY Revenue Growth to $71.8 Million

EBITDA increased more than 2.4x YoY to $10.4 million; EBITDAR increased 36% YoY to $25.7 million; Cash Flow from Operations up materially to $9.0 million

MIAMI, Nov. 04, 2026 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (Cboe CA: JET, Cboe CA: JET.B, OTCQB: JETMF) (the “Company” or “GlobalX”), North America's Fastest Growing Charter Airline®, today announced its financial and operating results for the third quarter ended September 30, 2026. Except as otherwise disclosed, all figures are presented in United States dollars and prepared in accordance with U.S. GAAP.

Management Commentary

“GlobalX delivered another strong quarter, with revenue up 24% year-over-year, operating income up almost four times and approximately $9.0 million of cash flow from operations,” said Chris Jamroz, Executive Chairman of GlobalX. “It was our strongest third quarter to date, with record revenue for the period. Major sporting events and high-profile concert tours contributed strongly, underscoring the breadth of our customer base and the demand for our specialized charter services. Just as important, we deliberately shifted aircraft toward higher-value domestic flying, deploying them where they earn the greatest return rather than simply maximizing utilization. We believe this disciplined approach to fleet expansion, together with robust demand across our core passenger markets and the operating leverage of our platform, positions our business to keep growing and to increase profitability over time. We expect year-over-year revenue and EBITDA growth to continue in the fourth quarter and into 2027, supported by the aircraft added in the second half of 2026 and early 2027, in addition to the up to five more targeted for 2027.”

Ryan Goepel, President and Chief Financial Officer of GlobalX, added, “Our third-quarter results reflect improved aircraft availability, stronger operating performance and a more favorable revenue mix. Net aircraft available increased 14% year-over-year to 18.1 as we progressed through our scheduled maintenance program and continued to bring additional aircraft into service. While average utilization declined year-over-year, our strategic decision to prioritize domestic flying over seasonal contracts, which typically generate higher guaranteed hours at lower hourly rates, drove the decline. This shift enabled us to capture higher revenue per block hour and improve the overall economics of our flying activity.”

“Over the past several years, we have focused on building the operational foundation necessary to support a larger, more efficient airline, including strengthening our maintenance capabilities, expanding our pilot workforce and improving the systems and processes required to manage a growing fleet. With much of that infrastructure now in place, we believe additional aircraft entering revenue service will enable us to spread our fixed costs across a larger operating base, improve asset productivity and generate greater operating leverage as we continue to scale the business.”

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

Q3 2026 Financial Highlights (vs. Q3 2025) – Three-Month Period

• Revenue: Revenue increased 24% to $71.8 million from $58.0 million, primarily driven by higher net aircraft availability and higher revenue per block hour flown for Charter and ACMI.
  
• Total Operating Expenses: Operating expenses increased 19% to $67.7 million compared with $57.0 million. The increase was driven primarily by a $3.1 million increase in depreciation and amortization expenses from aircraft deliveries secured on finance leases, a $2.9 million increase in aircraft fuel, a $2.1 million increase in maintenance, materials and repairs, and a $1.9 million increase in contracted ground and aviation services.
  
• Net Income: Net income attributable to the Company increased to $0.2 million compared with a net loss of $2.0 million. Earnings per basic and diluted share improved to $0.00, compared with a loss of $(0.03) per basic and diluted share.
  
• EBITDAR¹: EBITDAR increased 36% to $25.7 million compared with $18.9 million.
  
• EBITDA¹: EBITDA increased 144% to $10.4 million compared with $4.3 million.
  
• Cash Flow from Operations: Cash flow provided by operating activities increased materially to $9.0 million compared with $0.6 million.
  

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

Recent Operational Updates

• Advanced fleet expansion and modernization initiatives:
  • Began revenue service for two Airbus A320 aircraft in October.
  • Took delivery of the first of three A320 passenger airframes and related engines from Spirit Airlines; all three are expected to enter revenue service in the fourth quarter or early first quarter of 2027.
• Provided passenger charter services for two high-profile concert tours during the third quarter, further expanding the Company's presence in the entertainment charter market.
• Completed one heavy and twelve non-heavy maintenance events during the third quarter.
• Increased pilot headcount 31% since December 31, 2025, to 186 pilots, aligning crew resources with fleet expansion.

Liquidity

• Cash and Restricted Cash: As of September 30, 2026, the Company had approximately $14.3 million in cash and restricted cash, compared with $20.5 million at December 31, 2025.
  

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 5, 2026
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (877) 709-8150
International dial-in number: (201) 689-8354
Webcast: GlobalX's Q3 2026 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, EBITDA and 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. 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 (the “SEC”) in their entirety and not to rely on any single financial measure.

EBITDA is defined as operating income (loss), plus depreciation and amortization 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 it excludes items that may not be indicative of the Company’s ongoing operating performance.

EBITDAR is defined as operating income (loss), plus depreciation, amortization, 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, our 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; 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 carries 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 such forward-looking statements. Such factors include risks related, among other things, to: the Company’s ability to lease aircraft on favorable terms; the Company's ability to continue as a going concern; the Company's ability to manage its growth effectively; the Company’s ability to implement its business strategy successfully; the Company’s ability to obtain access to capital; the limited number of aircraft the Company operates; rising maintenance costs; seasonality in the company’s 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 or revise any forward-looking statements, whether as a result of new information, future events, or otherwise 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, 2025, filed with the SEC, and in its other filings with the SEC.

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