MIAMI, April 17, 2023 (GLOBE NEWSWIRE) — Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” or “GlobalX”) is pleased to provide an update to three key non-financial operating metrics providing increased transparency and timely information to its shareholder base.

“GlobalX operated a record 3,134 number of revenue block hours for 40 different customers in Q1 2023 versus 2,470 in Q4 2022, a 27% increase. This is despite losing 75 aircraft days to regularly scheduled maintenance checks and landing gear swaps. In addition, we grew our pilot headcount by 41% since December 2022, investing in a strong pipeline of pilots in advance of our planned aircraft deliveries,” said Ed Wegel, Chairman and CEO.

A table of key non-financial operating metrics is set forth below:

  • BLH – Block hours. (Note: BLH excludes hours operated on another carrier as a sub-service)
  • NET AC Days – number of available aircraft days for revenue flights (i.e. not undergoing unscheduled or scheduled maintenance).
  • Pilot Pool – Number of active line pilots, including pilots in training.

Other Key highlights from Q1 2023

1)Took delivery of one A321F
2)Completed all certification requirements with the FAA to operate A321 cargo aircraft
3)Increased Cuba Charter business by 73% versus Q4 2022 and now operating from the top three OFAC approved Cuba tour operators (with an additional growth projected in Q2 2023)
4)Successfully completed over 220 block hours for the NCAA March Madness Tournament
5)Negotiated leases for an additional two A320 pax aircraft and three A321 freighters
6)Completed EASA, IOSA and DOD certification

In addition, the Company confirms that it intends to release Q1 2023 results after close of market Wednesday, May 10th and will be hosting a Zoom webinar to provide a business update and discuss the Q1 2023 results the same day.

When: May 10, 2023 4:00 PM Eastern Time (US and Canada)
Topic: Global Crossing Airlines – Q1 2023 Earnings Release & Management Update

Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_rXhTf36US5-GiZy-zt5Zjw

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 www.globalxair.com.

For more information, please contact:

Ryan Goepel, Chief Financial Officer
Email: ryan.goepel@globalxair.com
Tel: 786.751.8503

Cautionary Note Regarding Forward-Looking Information

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 delivery and entry into service timelines for future aircraft, the Company’s growth plans, and timeline for release of financial results. 

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.