Global Crossing Airlines Confirms Triple Digit Year over Year Growth for Key Non-Financial Operating Metrics and Confirms Earning Release Date

Rhea-AI Summary

Global Crossing Airlines Group (JETMF) reported a continued exponential growth trajectory in its non-financial operating metrics for December and November 2022, achieving a year-over-year increase of 53% in block hours (BLH) and 54% in net available aircraft days (Net AC Days). The pilot pool also expanded by 76% year-over-year, showcasing the company's ability to scale operations effectively. Ed Wegel, Chairman and CEO, emphasized the importance of maintaining a quality fleet and pilot recruitment to drive revenue. The company plans to release its Q4 and 2022 annual results on March 9, 2023, during a webinar for shareholders.

Positive

• 53% year-over-year increase in block hours for December 2022.
• 54% year-over-year increase in net available aircraft days.
• 76% increase in the pilot pool year-over-year, indicating strong recruitment efforts.

Negative

• None.

MIAMI, Feb. 21, 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 has steadily maintained its exponential growth rate as it continues to consistently execute on its business plan,” said Ed Wegel, Chairman and CEO. “Our ability to grow our fleet and recruit high quality pilots directly impacts our ability to generate revenue through operating block hours. I am proud of the team’s ability to deliver triple digit year over year growth,” he continued.

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

BLH					Net AC Days					Pilot Pool
Month-Year	BLH Sum	YoY			Month-Year	Net AC Days	YoY			Month-Year	Pilots Total	YoY
Dec-22	872	53	%		Dec-22	217	54	%		Dec-22	60	76	%
Nov-22	807	108	%		Nov-22	198	122	%		Nov-22	58	123	%
Oct-22	710	137	%		Oct-22	193	108	%		Oct-22	64	191	%
Sep-22	793	354	%		Sep-22	204	137	%		Sep-22	59	247	%
Aug-22	824	306	%		Aug-22	197	271	%		Aug-22	64	276	%
Jul-22	752	938	%		Jul-22	139	124	%		Jul-22	63	320	%

• BLH – Block hours.
• NET AC Days – Days available aircraft available to operate (i.e. not undergoing unscheduled or scheduled maintenance).
• Pilot Pool – Number of active pilots.

In addition, the Company confirms that it intends to release Q4 and 2022 annual results after close of market Thursday, March 9^th and will be hosting a Zoom webinar to provide a business update and discuss the Q4 and 2022 annual results the same day.

You are invited to a Zoom webinar.
When: Mar 9, 2023 04:00 PM Eastern Time (US and Canada)
Topic: Global Crossing Airlines - Q4 2022 Earnings Release & Management Update
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_TNTaVxbKSuqTBtZf0sgu2A
After registering, you will receive a confirmation email containing information about joining the webinar.

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 the addition of high quality pilots.

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 are the key operating metrics reported by Global Crossing Airlines (JETMF)?

Global Crossing Airlines reported a 53% increase in block hours, a 54% increase in net available aircraft days, and a 76% rise in its pilot pool year-over-year for December 2022.

When will Global Crossing Airlines release its Q4 and 2022 annual results?

Global Crossing Airlines plans to release its Q4 and 2022 annual results on March 9, 2023.

What growth rate is Global Crossing Airlines experiencing?

Global Crossing Airlines has maintained an exponential growth rate, reporting triple-digit year-over-year growth.

What is the significance of the pilot pool expansion for JETMF?

The 76% increase in the pilot pool is crucial for Global Crossing Airlines to scale its operations and meet growing demand.