Shareholders of GlobalX can revel in the fact that they have invested in a company and management team that has delivered on promises made, something that is a rarity in a young company.  

GlobalX announced its Q3 results on November 1st  and the market seems to be appreciating the news as trading volumes are strong and the stock price is up approximately 20% to the $1.00 CDN range as of this writing. 

In the webinar (recording available here), CEO Ed Wegel and CFO/EVP Ryan Goepel covered multiple points that pointed to the validation of the business model. It was only a year ago that GlobalX took to the skies and the list of achievements in such a short period of time is exceptional.  (All $ USD).

A written transcript to the webinar is available here.

  • Reaffirming revenue forecast base case of $90+ million this year.
  • $30.8 million revenues in Q3.
  • $1 m EBITDA in Q3.
  • $5 m EBITDAR with only 7 aircraft in Q3.
  • Profitability as promised.
  • Q3 block hours sold = 3,951, an 85% increase over Q2.
  • $64.6 million revenues for the first nine months of 2022. 
  • Make-up of charter clients such as the U.S. Government, collegiate sports teams etc. largely insulates GlobalX from a recession should that occur.
  • Average monthly revenue per charter aircraft has risen to nearly $1.5 million.
  • First freighter arrives around mid-November, is fully contracted and will generate revenues before year end. Cargo will be a big part of the growth in 2023 with more monthly hours flown per freighter aircraft compared to passenger charter.
  • Fleet size at year end: total 11 – 9 passenger / 2 freighters.
  • With an increased fleet, revenues will be increasing but a lot of the bottom line expenses are already covered off.
  • Clear path to 50 aircraft, 25 freighter and 25 charter by 2025. 

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