Global Crossing Airlines Group Inc - JETMF STOCK NEWS

Global Crossing Airlines Group, Inc. (GlobalX) reported its first quarter 2023 financial results, with total operating revenue of $32.2 million, representing a 96.3% increase compared to the same period last year. The company operated 3,134 revenue block hours, an 81% increase over Q1 2022. However, the financial results were negatively impacted by factors such as increased training expenses, the deferral of a major US government contract, and delays in aircraft delivery. GlobalX expects compensation of approximately $2.25 million from third parties for the late deliveries. The company remains optimistic about 2023, expecting full-year revenue of over $140 million.

Global Crossing Airlines Group (JETMF) announced the delivery of its seventh passenger A320 aircraft leased from Airborne Capital. This aircraft joins a fleet that includes four ex-Alaska A320s. The new aircraft features a configuration of 12 business and 138 economy seats, along with Wi-Fi. The company plans to expand its fleet, expecting to receive additional aircraft including two A320s and three A321 freighters throughout 2023, contingent on US DOT and FAA approvals. By year-end, GlobalX aims to operate 12 passenger A320s and six A321 freighters. They will release Q1 2023 results on May 10, 2023, followed by a webinar for updates. GlobalX is a US airline operating in various markets and using Airbus A320 family aircraft.

Global Crossing Airlines Group, Inc. (JETMF) announced a new ACMI contract with Lynx Air in Canada, effective June 2023 for three months. This partnership will enhance Lynx's service as they expand cross-border flights from Canada to the US. Ed Wegel, Chairman and CEO, expressed pride in supporting Lynx, which has established itself as a leading ultra-low-cost carrier in Canada. GlobalX operates as a passenger and charter airline using Airbus A320 family aircraft and is also providing ACMI cargo services with the A321 freighter. Lynx Air boasts a new fleet of Boeing 737 aircraft, achieving the lowest cancellation rate in Canada during its first year while focusing on affordability and sustainability.