Global Crossing Airlines Group Inc - JETMF STOCK NEWS

Global Crossing Airlines Group, Inc. (JETMF) has announced a partnership with L3Harris Technologies to establish the Cadet XDirect™ pilot pathway. This program aims to address the increasing demand for pilots by providing a structured training curriculum for graduates of L3Harris’ Flight Academy in Sanford, Florida. Graduates will transition into first officer roles at GlobalX after receiving FAA-approved pilot training and certifications. This partnership marks the 12th such agreement for GlobalX in the U.S. and aims to ensure a steady supply of qualified pilots as the company grows its Airbus A320 fleet.

Global Crossing Airlines Group (JETMF) has signed an ACMI wet lease agreement with TUI Airlines Netherlands to operate two Airbus A320 aircraft. This agreement is focused on the peak summer season, covering July and August 2023, and extends into 2024 and 2025. GlobalX will supply the aircraft and qualified crews, with operations based in Amsterdam to facilitate daily flights throughout Europe. The partnership highlights GlobalX's capacity to meet seasonal demand for TUI's customers, reflecting confidence in GlobalX's operational capabilities.

Global Crossing Airlines Group (JETMF) has signed a long-term agreement with CubaMax Travel, a prominent OFAC-approved tour operator, to provide air services to Havana and Santa Clara, Cuba. Starting April 1, 2023, the initial phase will include nine weekly flights, projected to expand to 23 flights to five cities within six months. This partnership is expected to generate revenues of up to $12 million annually, potentially exceeding $30 million as service increases. The collaboration aims to facilitate travel for Cuban Americans and enhance connectivity to Cuba's tourism sector.

Global Crossing Airlines Group, Inc. (JETMF) has amended its Foreign Air Operators Certificate issued by Transport Canada, allowing the company to increase aircraft capacity for charter and ACMI services in Canada. The amendment includes new aircraft types like the A321, enhancing service offerings to Canadian airlines. CEO Ed Wegel highlighted the growing importance of the Canadian market for GlobalX. This development is positioned to support Canadian airlines during peak seasons and expand operational capabilities.

Global Crossing Airlines Group, Inc. (JETMF) announced an agreement to lease an additional A321 freighter for delivery in December 2023. This lease will increase their total A321F deliveries to six for the year, following their first freighter's successful entry into service in February.

The A321F has demonstrated strong performance with rapid loading times and higher capacity compared to its competitors. The second A321F is fully booked for the next 12 months, and GlobalX continues its certification efforts for GlobalX Colombia, expected to progress to phase 3 in May 2023.

Global Crossing Airlines Group, Inc. (JETMF) reported significant growth in Q4 and 2022 annual financial results. Total operating revenues reached $97.1M for 2022, an increase of 742% year-over-year, with Q4 revenues at $32.5M, a 191% increase. Adjusted EBITDAR for Q4 was $5.3M. The company anticipates revenues exceeding $140M for 2023, driven by an expanded fleet of nine passenger and two cargo aircraft. Current assets rose to $11.7M. However, total operating expenses surged by 244% in 2022 compared to the previous year. The company seeks additional capital to support growth initiatives.

Global Crossing Airlines Group, Inc. (JETMF) announced that the U.S. Department of Defense has approved it for entry into the DOD Air Transportation Program. This approval enables GlobalX to bid on contracts for transporting military units and service members. CEO Ed Wegel expressed satisfaction with the approval, highlighting the company’s commitment to safety and operational improvements. GlobalX operates as a passenger and cargo airline, serving various markets including the U.S., Caribbean, and Europe.

Global Crossing Airlines Group (JETMF) has successfully completed the IATA International Operational Safety Audit (IOSA) and is now listed on the IOSA Registry. This certification, valid for two years, underscores the company's commitment to the highest safety standards for passengers and partner airlines. CEO Ed Wegel expressed confidence that this certification will facilitate new market opportunities. IATA acknowledged GlobalX's achievement, joining over 400 airlines globally recognized for operational safety. GlobalX operates as a passenger and ACMI charter airline, serving various international markets with Airbus A320 family aircraft.

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.