Global Crossing Airlines Announces Record Block Hours

Rhea-AI Summary

Global Crossing Airlines Group provides update on Q3 block hours operated and announces Q3 earnings release date and Annual General Meeting.

Positive

• GlobalX operated 6,504 block hours in Q3 2023, an 81% increase compared to Q2 2023.
• 70% of the hours operated in Q3 were on an ACMI basis, while 30% were on a Charter basis.
• The Company confirms delivery dates for its third A321F, 11th passenger aircraft, and 12th A320 passenger aircraft.

Negative

• None.

MIAMI, Oct. 05, 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 on block hours operated in Q3 in addition to announcing our planned Q3 earnings release date in November and the date of the Company’s Annual General Meeting in December.

GlobalX operated 6,504 block hours in Q3 2023 compared to 3,585 hours in Q2 2023, an 81% increase. Of the hours operated in Q3 2023, 70% were operated on an ACMI basis and 30% were operated on a Charter basis, which compares to Q2 2023 where 38% were operated on an ACMI basis and 62% were operated on a Charter basis.

The Company also confirms that its third A321F will be delivered the week of October 10^th, its 11^th passenger aircraft will deliver the week of October 20^th and 12^th A320 passenger aircraft will deliver the second week of November, 2023.

The Company intends to announce its Q3 2023 financial results and business update prior to market open on Wednesday November 8^th and will be hosting a Zoom webinar to provide a business update and discuss the Q3 2023 financial results the same day.

When: Nov 8, 2023 01:00 PM Eastern Time (US and Canada)
Topic:  Global Crossing Airlines – Q3 2023 Earnings Release & Management Update
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_Ny8iUmDYRHaPeOCqPU8Scg

In addition, the Company announces it will host its Annual General Meeting at its Miami Headquarters at 10am on December 13, 2023, with more details to follow.

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. GlobalX is IOSA certified by IATA and holds TCO’s for Europe and the UK. 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 timeline for release of financial results 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 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.

FAQ

What is the increase in block hours operated by GlobalX in Q3 2023 compared to Q2 2023?

GlobalX operated 6,504 block hours in Q3 2023, an 81% increase compared to Q2 2023.

What percentage of hours operated in Q3 were on an ACMI basis?

70% of the hours operated in Q3 were on an ACMI basis.

When will GlobalX deliver its third A321F?

GlobalX's third A321F will be delivered the week of October 10th.

When is the Q3 2023 earnings release date for GlobalX?

GlobalX intends to announce its Q3 2023 financial results and business update prior to market open on Wednesday November 8th.

When and where will GlobalX host its Annual General Meeting?

GlobalX will host its Annual General Meeting at its Miami Headquarters at 10am on December 13, 2023.