MIAMI, Oct. 31, 2022 (GLOBE NEWSWIRE) — Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” or “GlobalX”) today reported third quarter 2022 financial results.

“GlobalX has reached profitability in its fourth full quarter of operations, as we had projected at the beginning of 2022. Within one year of commencing operations, GlobalX operated seven (7) fully crewed aircraft during the quarter which resulted in a 77% increase in revenue compared to Q2 2022, an EBITDAR(1) of $5 million, EBITDA(1) of $1 million and positive net income of $163,631. Our reaching profitability is the direct result of the tremendous efforts of our 360 team members as we have expanded our charter operations throughout North and South America, as well as the Caribbean. We look forward to the addition of another A321 in Q4, as well as the planned completion of our cargo certification, subject to FAA and DOT approvals, and the entry into service of our first two A321 freighters,” said Ed Wegel, Chair and CEO of GlobalX.

Third Quarter 2022 Financial Results

For the third quarter 2022, GlobalX reported a net profit of $163,631, or $0.002 per diluted share. Adjusted net income for the third quarter 2022, adjusting for share based compensation expenses of $69,715, was $233,346, an adjusted net profit of $0.003 per diluted share.

Total operating revenues for the third quarter 2022 were $30.8 million, an 886% increase compared to the third quarter of 2021: our first operational quarter. This increase was driven by a full quarter of operations compared to Q3 2021 and an increase of the number of available aircraft from two to seven. In addition, GlobalX sold 3,951 block hours in Q3 representing an 85% increase over the number of block hours sold in Q2 2022.

Cost Performance

Total GAAP operating expense for the third quarter increased 258% compared to the third quarter 2021, to $29.9 million. These increases were primarily driven by additional aircraft and number of block hours operated.


GlobalX ended the quarter with $7.8 million in cash and restricted cash, an increase of $2.4 million from the end of Q2 2022. GlobalX also reported a $4.2 million reduction in the net cash used in operating activities.


Guidance items provided in this release are based on Company’s current estimates and are not a guarantee of future performance. GlobalX reaffirms its prior guidance of over $90 million in annual revenue for 2022 as management believes the fourth quarter will build on Q3 results. Q4 will also see the expected launch of cargo operations with the delivery of our first two A321F aircraft in addition to two additional passenger aircraft, all subject to final DOT and FAA approvals.

(1) Refer below to the section “Non-GAAP Financial Measures” for additional information.

Conference Call/Webcast Detail

GlobalX will be hosting a webinar on November 1st, 2022 to provide a business update and discuss the Q3 results after market close.

When: Nov 1, 2022 04:00 PM Eastern Time (US and Canada)

Topic: Global Crossing Airlines – Q3 2022 Earnings Release & Management Update

Register in advance for this webinar:

After registering, you will receive a confirmation email containing information about joining the webinar.

For more information, please contact:

Ryan Goepel, Chief Financial Officer
Tel: 786.751.8503


  September 30,
  December 31, 2021 
Current Assets      
Cash and cash equivalents $2,875,901  $5,241,716 
Restricted cash $4,933,714  $2,752,285 
Accounts receivable, net of allowance $1,453,984  $745,646 
Prepaid expenses and other current assets $2,170,078  $848,490 
Total Current Assets $11,433,677  $9,588,137 
Property and equipment, net $1,669,749  $618,883 
Finance leases, net $2,741,063  $ 
Operating lease right-of-use assets $24,677,532  $22,668,308 
Deferred costs and other assets $9,400,590  $6,198,338 
Total Assets $49,922,611  $39,073,666 
Current liabilities      
Accounts payable $6,673,457  $3,574,186 
Accrued liabilities $5,173,713  $2,704,169 
Deferred revenue $4,782,831  $1,995,090 
Customer deposits $2,284,000  $1,264,502 
Due from related parties $  $197,558 
Current portion of notes payable $1,573,000  $1,573,000 
Current portion of operating leases $6,165,322  $3,393,497 
Current portion of finance leases $317,423  $ 
Total current liabilities $26,969,746  $14,702,002 
Other liabilities      
Note payable $4,184,188  $ 
Long-term operating leases $20,102,218  $20,042,343 
Long-term financial leases $2,148,431  $ 
Other liabilities $83,498  $83,491 
Total other liabilities $26,518,335  $20,125,834 
Commitments and Contingencies      
Equity (Deficit)      
Common stock – $.001 par value; 200,000,000 authorized; 52,573,938 and 51,237,876 issued and outstanding as of September 30, 2022 and December 31, 2021 $52,574  $51,237 
Additional paid-in capital $30,025,791  $26,456,900 
Retained deficit $(33,643,835) $(22,262,307)
Total stockholders’ equity (Deficit) $(3,565,470) $4,245,830 
Total Liabilities and Equity (Deficit) $49,922,611  $39,073,666 


  Three Months Ended  Three Months Ended  Nine Months Ended  Nine Months Ended 
  September 30, 2022  September 30, 2021  September 30, 2022  September 30, 2021 
Operating Revenue $30,790,240  $3,123,946  $64,612,231  $3,123,946 
Operating Expenses            
Salaries, Wages, & Benefits  7,712,688   2,558,017   20,829,632   5,048,218 
Aircraft Fuel  7,764,761   834,313   15,402,450   998,331 
Maintenance, materials and repairs  1,218,221   232,400   3,373,396   454,635 
Depreciation and amortization  193,620   7,100   296,830   15,484 
Contracted ground and aviation services  4,631,741   623,637   10,674,340   806,033 
Travel  1,078,854   327,997   3,204,172   391,320 
Insurance  947,342   481,678   2,713,791   1,424,400 
Aircraft Rent  3,957,508   1,083,260   11,151,412   1,914,041 
Other  2,489,530   2,232,978   7,464,756   5,000,740 
Total Operating Expenses  29,994,265   8,381,380   75,110,779   16,053,202 
Operating Income/(Loss)  795,975   (5,257,434)  (10,498,548)  (12,929,256)
Non-Operating Expenses (Income)            
Loss (Gain) on Warrant Valuation           2,650,772 
Unrealized Loss (Gain) on Financial Instruments     82,529   (15)  (73,037)
Equity method investment activity     (20,478)     (20,478)
Interest Expense (Income)  632,344   (56,065)  882,990   27,081 
Total Non-Operating Expenses  632,344   5,986   882,975   2,584,338 
Loss from continuing operations  163,631   (5,263,420)  (11,381,523)  (15,513,594)
Income from Discontinued Operations           177,706 
Loss before income taxes  163,631   (5,263,420)  (11,381,523)  (15,335,888)
Income tax expense            
Net Income (Loss)  163,631   (5,263,420)  (11,381,523)  (15,335,888)
Other comprehensive loss            
Foreign currency translation adjustments     (164,738)     (164,738)
Comprehensive loss  163,631   (5,428,158)  (11,381,523)  (15,500,626)
Loss per share:            
Basic $0.00  $(0.10) $(0.22) $(0.35)
Diluted $0.00  $(0.10) $(0.22) $(0.35)
Weighted average number of shares outstanding  52,569,481   50,431,295   51,776,833   43,572,925 
Fully diluted shares outstanding  76,507,900   50,431,295   51,776,833   43,572,925 


  Common Stock Number of Shares  Amount  Common Stock Subscribed  Additional Paid in Capital  Accumulated Other Comprehensive Loss  Retained Deficit  Total 
Beginning – January 1, 2021  28,938,060  $28,938  $452,269  $2,264,966  $  $(2,443,794) $302,379 
Issuance of shares – private placement  8,064,517   8,064   (212,073)  4,773,698         4,569,689 
Issuance of shares – warrants and options exercised  1,050,740   1,051   (100,000)  517,759         418,810 
Issuance of shares – RSUs  40,000   40      (40)         
Share based compensation on stock options or RSUs           120,411         120,411 
Loss for the period                 (5,974,924)  (5,974,924)
Ending – March 31, 2021  38,093,317  $38,093  $140,196  $7,676,794  $  $(8,418,718) $(563,635)
Issuance of shares – private placement  7,537,313  $7,537      9,992,462         9,999,999 
Issuance of shares – warrants and options exercised  4,474,138   4,474   (140,196)  3,807,067         3,671,345 
Share based compensation on stock options or RSUs           164,574         164,574 
GEM warrants write-off           3,475,379         3,475,379 
Loss for the period                 (4,097,544)  (4,097,544)
Ending – June 30, 2021  50,104,768  $50,104  $  $25,116,276  $  $(12,516,262) $12,650,118 
Issuance of shares – warrants and options exercised  357,999  $358      89,142         89,500 
Share based compensation on stock options or RSUs           280,903         280,903 
Loss for the period                 (5,263,420)  (5,263,420)
Other comprehensive income              (164,738)     (164,738)
Ending – September 30, 2021  50,462,767  $50,462  $  $25,486,321  $(164,738) $(17,779,682) $7,592,363 
Beginning – January 1, 2022  51,237,876  $51,237  $  $26,456,900  $  $(22,262,307) $4,245,830 
Issuance of shares – warrants and options exercised  20,700   21      9,909         9,930 
Warrants issued           2,130,642         2,130,642 
Share based compensation on stock options or RSUs           382,612         382,612 
Loss for the period                 (4,779,502)  (4,779,502)
Ending – March 31, 2022  51,258,576  $51,258  $  $28,980,063  $  $(27,041,809) $1,989,512 
Issuance of shares – warrants and options exercised  1,305,362   1,306      633,006         634,312 
Share based compensation on stock options or RSUs           343,007         343,007 
Loss for the period                 (6,765,657)  (6,765,657)
Ending – June 30, 2022  52,563,938  $52,564  $  $29,956,076  $  $(33,807,466) $(3,798,826)
Issuance of shares – warrants and options exercised  10,000   10               10 
Share based compensation on stock options or RSUs           69,715         69,715 
Income for the period                 163,631   163,631 
Ending – September 30, 2022  52,573,938  $52,574  $  $30,025,791  $  $(33,643,835) $(3,565,470)


  For The Nine Months Ended
September 30,
  2022  2021 
Net loss from continuing operations $(11,381,523) $(15,513,594)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation  296,830   15,484 
Bad debt expense  94,893    
Loss on warrant revaluation     2,650,772 
Amortization of debt issue costs  389,301    
Amortization of operating lease right of use assets  3,381,624   817,900 
Share-based payments  795,334   565,888 
Foreign exchange (gain) loss  3,753   (73,037)
Changes in assets and liabilities      
Accounts receivable  (803,231)  (55,706)
Prepaid expenses and other current assets  (1,321,588)  (377,087)
Accounts payable  3,095,518   2,409,236 
Accrued liabilities and other liabilities  6,248,347   1,324,177 
Operating lease obligations  (2,559,147)  (389,985)
Net cash used in operating activities – continuing operations  (1,759,889)  (8,625,952)
Net cash provided by operating activities – discontinuing operations     177,706 
Net cash used in operating activities  (1,759,889)  (8,448,246)
Purchases of property and equipment  (1,124,712)  (506,016)
Deferred costs and other assets  (3,350,867)  (1,394,700)
Net cash used in investing activities  (4,475,579)  (1,900,716)
Payments to related party  (197,558)  (196,792)
Principal repayments on finance leases  (321,140)   
Deferred finance fee     226,006 
Other liabilities     31,221 
Proceeds on issuance of shares  644,251   18,878,080 
Common stock subscribed     (218,238)
Notes payable  5,925,529    
Net cash provided by financing activities – continuing operations  6,051,082   18,720,277 
Net cash provided by financing activities – discontinued operations     (31,416)
Net cash provided by financing activities  6,051,082   18,688,861 
Net increase (decrease) in cash  (184,386)  8,339,899 
Cash, cash equivalents and restricted cash – beginning of the period  7,994,001   548,690 
Cash, cash equivalents and restricted cash – end of the period $7,809,615  $8,888,589 
Non-cash transactions      
Right-of-use (ROU) assets acquired through operating leases $5,390,848    
Equipment acquired through finance leases  2,815,432    
Warrants issued for debt (debt discount)  2,130,642    
Cash paid for      
Interest $285,684  $27,306 

Non-GAAP Financial Measures

The Company evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America (“GAAP”) and non-GAAP financial measures, including Adjusted operating expenses, Adjusted operating income (loss), Adjusted operating margin, Adjusted pre-tax income (loss), Adjusted pre-tax margin, Adjusted net income (loss), Adjusted diluted earnings (loss) per share, adjusted EBITDA And adjusted EBITDAR. These non-GAAP financial measures are provided as supplemental information to the financial information presented in this press release that is calculated and presented in accordance with GAAP and these non-GAAP financial measures are presented because management believes that they supplement or enhance management’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past and future periods.

Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in the press release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in the method of calculation and in the items being adjusted. We encourage investors to review our financial statements and other filings with the Securities and Exchange Commission in their entirety and not to rely on any single financial measure.

The information below provides an explanation of certain adjustments reflected in the non-GAAP financial measures and shows a reconciliation of non-GAAP financial measures reported in this press release (other than forward-looking non-GAAP financial measures) to the most directly comparable GAAP financial measures. Within the financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Per unit amounts presented are calculated from the underlying amounts.

  Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended 
  September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 
Operating Income/(Loss) $795,975 $(5,257,434) $(10,498,548) $(12,929,256) 

Depreciation and amortization
  193,620  7,100   296,830   15,484  

  989,595  (5,250,334)  (10,201,718)  (12,913,772) 

Aircraft Rent
  3,957,508  1,083,260   11,151,412   1,914,041  
EBITDAR $4,947,103 $(4,167,074) $949,694  $(10,999,731) 

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. In 2022, GlobalX will enter ACMI cargo service flying the A321 freighter, subject to DOT and FAA approvals. For more information, please visit

Cautionary Note Regarding Forward-Looking Statements

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 expected delivery timelines for aircraft, future demand, increased block hours, future capacity estimates, future revenue expectations and entry into service of cargo operations.

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.

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