Global Crossing Airlines Group reported strong first quarter 2026 results, showing higher growth and improved profitability despite operating with fewer aircraft. Revenue rose 15% to $76.6 million, driven by higher block hours, better utilization per aircraft, and stronger charter pricing. Total operating expenses increased 11% to $70.5 million, reflecting higher maintenance and personnel costs tied to fleet expansion and a shift of some in-house maintenance to third parties.
Net income improved sharply to $2.7 million from $0.2 million, with earnings of $0.04 per share. EBITDAR grew 17% to $24.2 million, while EBITDA roughly doubled to $10.8 million. Cash flow from operations increased to $9.0 million compared to $0.1 million a year earlier, and cash and restricted cash were about $20.0 million as of March 31, 2026. Operationally, GlobalX flew 8,315 block hours, up 10%, with average utilization per aircraft up 25% to 552 hours, even as net aircraft available fell 11% to 14.9.
ACMI flying made up 74% of block hours, up from 68%, supporting a model where fuel costs are generally passed through to customers. Charter revenue per block hour increased 32% to $17,881, highlighting stronger pricing and demand, particularly in collegiate and professional sports charters. Cargo operations remained weak due to soft freight markets and continued to weigh on earnings, with management estimating a cargo drag of roughly $10–$11 million for full-year 2026 if current conditions persist. Management emphasized disciplined fleet growth focused on Airbus A320 aircraft, targeted fleet expansion to more than 20 aircraft by the end of 2026, and a strategy of adding aircraft only against contracted or highly visible demand.
Global Crossing Airlines Group Inc. reported stronger Q1 2026 results but highlighted serious liquidity risks. Revenue rose to $76.6 million from $66.6 million, driven by higher charter and ACMI activity and better utilization. Net income attributable to the company increased to $2.7 million, compared with $0.2 million a year earlier, and operating income nearly doubled as scale and pricing improved. Despite this progress, the company ended the quarter with a $63.6 million working capital deficit, a $70.9 million retained deficit and significant lease and debt obligations. Management states these conditions raise substantial doubt about its ability to continue as a going concern without additional financing.
Global Crossing Airlines Group Inc. director and officer Ryan Goepel reported multiple transactions in company stock. He exercised derivative awards to acquire 420,000 shares of common stock at an exercise price of $0.00 per share through vesting of restricted stock units. On the same general timeline, he sold 158,929 common shares, including 113,329 shares at $0.48 per share, 30,051 shares at $0.40 per share, and 15,549 shares at $0.44 per share, with at least part of the disposition described as a sale-to-cover for tax withholding on RSU vesting. After these transactions, he directly owned 1,810,795 common shares.
Galloway Capital Partners, Galloway Capital LP and Bruce Galloway filed an amended Schedule 13D reporting beneficial ownership of 5,372,000 shares of Global Crossing Airlines Group Inc. common stock, or approximately 8.10% of the outstanding shares as of April 10, 2026.
The group acquired the 5,372,000 shares in open market purchases from August 2024 through April 2026 using investment capital from the Galloway entities and Bruce Galloway at an average price of $0.484 per share. They state the position is for investment purposes but may buy more, hold, or sell, and they intend to engage the board and management on strategy, governance, capital allocation and other matters, believing the company’s share price is undervalued and trading at a significant discount.
Global Crossing Airlines Group Inc. director and officer Ryan Goepel reported multiple open-market sales of the company’s common stock. From February 3 to March 23, 2026, he sold a total of 578,929 shares at prices between $0.40 and $0.60 per share.
After an open-market sale on March 23, 2026 at $0.44 per share, his reported direct ownership was 1,810,795 common shares. He also holds Restricted Stock Units (RSUs) covering 573,334 shares that vest in thirds on February 3, 2026, 2027 and 2028, plus 50,000 RSUs vesting in equal annual installments on March 20, 2026 and 2027, each RSU representing a contingent right to one common share.
Global Crossing Airlines Group Inc. director and officer Ryan Goepel reported open-market sales of common stock totaling 158,929 shares across three transactions on February 20, 2026, March 16, 2026 and March 23, 2026, at prices between $0.40 and $0.48 per share.
Following these sales, he directly holds 1,390,795 shares of common stock. He also holds restricted stock units representing 573,334 underlying shares expiring on February 3, 2028 and 50,000 underlying shares expiring on March 20, 2027, which vest over time based on continued service.
Ryan Goepel filed a Form 144 to sell Common Stock of Global Crossing Airlines.
The filing lists proposed securities related to recent RSU vesting: 83,334 shares vested on 03/16/2026 and 50,000 shares vested on 03/20/2026. The disclosure also reports a prior sale of 113,329 shares on 02/20/2026.
Global Crossing Airlines Group Inc. reported strong fourth quarter and full-year 2025 results, highlighted by its first-ever annual positive operating income and record operating cash flow. Full-year revenue rose to $246.3 million from $223 million, while EBITDA jumped to $20.9 million from $5 million.
EBITDAR increased to $78.3 million from $62 million, and net loss narrowed to $3 million from $11 million, reflecting better aircraft utilization and cost controls. In Q4 2025, revenue edged up to $60.3 million, EBITDA was $5.3 million, and operating cash flow reached $18.6 million. Year-end cash and restricted cash totaled $20.5 million, up from $14.0 million.
Global Crossing Airlines Group Inc. operates a U.S. Part 121 ACMI and charter airline using the Airbus A320 family, serving the U.S., Europe, Canada, the Caribbean, and Central and South America. The company had an aggregate market value of $27,173,759 of non‑affiliate equity as of June 30, 2025.
Shares outstanding totaled 66,351,785 as of March 2, 2026, including common and Class A and B non‑voting stock. The fleet grew to 16 passenger and 4 cargo aircraft at December 31, 2025, with plans to expand passenger aircraft to twenty‑one over the next 12 months.
GlobalX highlights a limited operating history, ongoing net losses, negative operating cash flow, and significant aircraft‑related fixed obligations as key risks, along with heavy regulation, fuel price volatility, seasonality and dependence on the A320 family. A May 2025 cybersecurity incident was contained without operational disruption or material financial impact, and a small legal matter with a former executive was settled for approximately $4,000.