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Global Crossing Airlines Reports Record Block Hours and Confirms Earning Release Date

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Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) announces a 70% increase in block hours flown in Q2 2023 compared to Q2 2022. The number of hours flown per available aircraft also increased by 27% in the quarter. In July alone, the company flew over 2,500 block hours with 11 net available aircraft. The Q2 2023 earnings release and management update will be discussed on August 9th, 2023.
Positive
  • Global Crossing Airlines Group, Inc. achieved a 70% increase in block hours flown in Q2 2023 compared to the same period last year.
  • The number of hours flown per available aircraft increased by 27% in Q2 2023.
  • In July 2023, Global Crossing Airlines flew over 2,500 block hours with 11 net available aircraft.
Negative
  • None.

MIAMI, Aug. 04, 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 flown and announce its earnings release date for Q2 results.

“GlobalX flew a record of 3,585 revenue block hours in Q2 2023 versus 2,108 in Q2 2022, a 70% increase with net available aircraft* of 7.8, up from 5.9 net available aircraft in Q2 2022. This represents a 27% increase in the number of hours flown per available aircraft in the quarter. Looking forward to Q3, in July alone, GlobalX flew over 2,500 block hours with 11 net available aircraft*” said Ed Wegel, Chairman and CEO.

The Company will discuss this and the rest of their results on Wednesday August 9th. GlobalX intends to release Q2 2023 results before the market opens on Wednesday, August 9th and will be hosting a Zoom webinar to provide a business update and discuss the Q2 2023 results the same day.

When: August 9th, 2023 1:00 PM Eastern Time (US and Canada)
Topic: Global Crossing Airlines – Q2 2023 Earnings Release & Management Update

Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_EyGijbQ9TcK0ycAng_UvKQ#/registration

* Net available Aircraft – number of available aircraft for revenue flights per month (i.e. factoring in mid month deliveries, unscheduled and scheduled maintenance).

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.

 


FAQ

What is the company name mentioned in the press release?

The company mentioned in the press release is Global Crossing Airlines Group, Inc.

What is the increase in block hours flown in Q2 2023 compared to Q2 2022?

There was a 70% increase in block hours flown in Q2 2023 compared to Q2 2022.

How much did the number of hours flown per available aircraft increase by in Q2 2023?

The number of hours flown per available aircraft increased by 27% in Q2 2023.

How many block hours did Global Crossing Airlines fly in July 2023?

Global Crossing Airlines flew over 2,500 block hours in July 2023.

How many net available aircraft did Global Crossing Airlines have in July 2023?

Global Crossing Airlines had 11 net available aircraft in July 2023.

When will Global Crossing Airlines discuss their Q2 2023 results?

Global Crossing Airlines will discuss their Q2 2023 results on August 9th, 2023.

When will the Q2 2023 earnings release be released?

The Q2 2023 earnings release will be released before the market opens on August 9th, 2023.

What is the topic of the Zoom webinar hosted by Global Crossing Airlines?

The topic of the Zoom webinar is 'Global Crossing Airlines - Q2 2023 Earnings Release & Management Update.'

When is the Zoom webinar scheduled?

The Zoom webinar is scheduled for August 9th, 2023 at 1:00 PM Eastern Time (US and Canada).

How can one register for the Zoom webinar?

One can register for the Zoom webinar by visiting the following link: https://us02web.zoom.us/webinar/register/WN_EyGijbQ9TcK0ycAng_UvKQ#/registration

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