Global Crossing Airlines to Achieve High End of its Fourth Quarter & Full Year 2024 Guidance; Provides Operational Updates

MIAMI, Feb. 04, 2025 (GLOBE NEWSWIRE) — Global Crossing Airlines Group, Inc. (Cboe CA: JET, Cboe CA: JET.B, OTCQB: JETMF) (the “Company” or “GlobalX”), the Nation’s fastest growing charter airline, today announced that it expects to report fourth quarter and full year financial results that are at the high end of its previously issued 2024 guidance. The Company is also providing recent operational updates.

The guidance below was provided in the Company’s third quarter 2024 earnings press release issued on November 6, 2024. These figures are presented in United States dollars and prepared in accordance with U.S. GAAP and are unaudited, unless otherwise noted.

Financial Outlook

*Non-GAAP Financial Measure. See “Non-GAAP Financial Measures”

“Our Q4 performance capped off an exceptional year for GlobalX as we expect to have generated record annual results across all key financial metrics, with December marking the strongest month of performance in our Company’s history,” said Chris Jamroz, Executive Chairman of GlobalX. “Throughout the year, we focused on reinforcing core operations, optimizing processes, and building strong, long-term customer relationships, all while expanding our fleet to meet ramping demand.”

GlobalX President and CFO, Ryan Goepel, added, “In 2024, we continued to execute on our strategic plan by expanding our fleet by nearly 30% and shifting focus from charter to ACMI operations to secure higher-margin, long-term contracts. Additionally, we expanded our customer base while strengthening relationships with existing partners, leading to record revenue per block hour flown in the fourth quarter. These initiatives, along with our commitment to operational excellence, have positioned us to achieve the high end of our 2024 guidance.”

Operational Updates

• Achieved record results across all key financial metrics in December 2024, marking GlobalX’s strongest month of performance in Company history.
• Incurred a one-time $1.3 million charge during the fourth quarter related to a guaranty provided by GlobalX to a lessor in 2021 to support the launch of Canada Jetlines for lease return conditions, which was returned to the lessor after Canada Jetlines bankruptcy filing.
• Adjusted for the one-time $1.3M charge during the fourth quarter the Company expects to report positive adjusted net income.
• Subsequent to quarter end, GlobalX took delivery of one additional A321 passenger aircraft (MSN 1153), expanding the Company’s fleet to a total of 19 aircraft.

Liquidity

• Cash and Restricted Cash: The Company had approximately $14.0 million in cash and restricted cash at December 31, 2024, compared to cash and restricted cash of $7.8 million at September 30, 2024, $10.4 million at June 30, 2024 and $17.7 million at December 31, 2023.

The Company expects to report its audited full year 2024 financial results March 6^th and plans to host a conference call at that time.

The purpose of the financial outlook is to assist investors, shareholders, and others in understanding certain financial metrics relating to expected 2024 financial results for evaluating the performance of the Company’s business and is dated as of the date of this press release. This information may not be appropriate for other purposes. Information about the Company’s guidance, including the various assumptions underlying it, is forward-looking and should be read in conjunction with “Cautionary Note Regarding Forward Looking Information” in this press release and the related disclosure and information about various economic, competitive, and regulatory assumptions, factors, and risks that may cause the Company’s actual future financial and operating results to differ from what it currently expects.

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 and the UK.

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 and financial outlook 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.

EBITDAR which is defined as 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.

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due as management believes creation of this reconciliation would not be practicable due to the uncertainty regarding, and potential variability of, material reconciling items.

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, execution of the Company’s strategic plan, future flight revenue, financial outlook for revenue, EBITDA, EBITDAR and block hours, the achievement of the Company’s goals moving forward, plans for aircraft fleet growth and delivery timelines, the timeline for release of financial results, the Company’s status as the Nation’s fastest growing charter airline and the Company’s growth plans. 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 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. The Company has identified certain known material risk factors applicable to it in its Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC and its other filings with the SEC. Moreover, it is not always possible for the Company to predict how new risks and uncertainties that arise from time to time may affect it. 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.

Preliminary Financial Data
The financial information included in this press release is subject to completion of the Company’s year-end close procedures and further financial review. The Company has provided guidance ranges, rather than specific amounts, because these results are preliminary and subject to change. Actual results may differ from these estimates as a result of the completion of the Company’s year-end closing procedures, review adjustments and other developments that may arise between now and the time such financial information for the period is finalized. As a result, these estimates are preliminary, may change and constitute forward-looking information and, as a result, are subject to risks and uncertainties. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with United States GAAP, and they should not be viewed as indicative of the Company’s results for any future period. The Company’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to these estimated financial results and, accordingly, does not express an opinion or any other form of assurance with respect to these preliminary estimates.