Mr. Chris Jamroz reports

GLOBAL CROSSING AIRLINES, THE NATION S FASTEST GROWING CHARTER AIRLINE, ACHIEVES RECORD ANNUAL REVENUES

Global Crossing Airlines Group Inc. (GlobalX) has released fourth quarter and 2023 annual financial results, which saw record revenue for Q4 of $53.5-million and $160.1-million for the year. All figures are in United States dollars and prepared in accordance with U.S. generally accepted accounting principles.

Annual 2023 highlights and financial results:

• Annual revenue of $160.1-million;
• EBITDAR (earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs) of $20-million, a fourfold increase over 2022;
• Block hours flown more than doubles;
• Aircraft utilization jumps 26.3 per cent;
• Pilot count more than doubles;
• Fleet size grows to 14 aircraft.

"As we reflect on a year marked by unprecedented growth, we remain steadfast in our commitment to charting a course towards sustained profitability and operational excellence. With a relentless focus on industry-leading on-time performance, we are expecting demand for passenger charters to soar in 2024. Looking ahead, we are strategically sourcing aircraft to bolster our capacity and optimize revenue-earning opportunities over the next two quarters," said Chris Jamroz, executive chairman of GlobalX.

GlobalX operated 18,072 block hours in 2023, more than doubling the 8,666 block hours operated in 2022. Annual net loss was $21-million, EBITDAR on an unadjusted basis was $20-million and loss per share was 37 cents.

"The increase in revenue and total block hours flown was attributed to several factors," added Ryan Goepel, GlobalX president and chief financial officer. "The company's average fleet increased from seven in 2022 to 11 in 2023, increasing its capacity while strong passenger demand drove not only increased activity, but higher rates for charter contracts. Continued focus on efficiency and benefits of a larger-scale operation enabled a 15-per-cent improvement in operating performance. Going forward, the company continues to grow its revenue faster than its cost structure as the airline works toward achieving scale and sustained profitability."

During Q3, the company continued to invest in growing the cadre of pilots, having invested approximately $7-million in training and adequate staffing in anticipation of new aircraft deliveries in the first half of 2024.

Liquidity

GlobalX ended the year with $17.7-million in cash and restricted cash, which is up 31 per cent compared with Dec. 31, 2022. The company has also reached an agreement with GEM to extend the existing facility agreement for another 12 months.

Webcast details

GlobalX will be hosting a webinar on March 6, 2023, to provide a business update and discuss the results.

When:  March 6, 2023, at 2 p.m. ET (United States and Canada)

Topic:  year-end 2023 earnings release and management update

About Global Crossing Airlines Group Inc.

Global Crossing is a United States 121 domestic flag and supplemental airline flying the Airbus A320 family aircraft. Global Crossing flies as a passenger ACMI (aircraft, crew, maintenance and insurance) and charter airline serving the United States, the Caribbean, and European and Latin American markets. GlobalX is also now operating ACMI cargo service flying the A321 freighter.

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