Improved Fleet Efficiency and Aircraft Utilization Drive EBITDA Growth Despite Fewer Net Available Aircraft

Advances Fleet Modernization Initiative with Five New A320 Aircraft — On Track to Reach 25-Aircraft Target by Year-End

MIAMI, Aug. 12, 2026 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (Cboe CA: JET, Cboe CA: JET.B, OTCQB: JETMF) (the “Company” or “GlobalX”), The Nation's Fastest Growing Charter Airline^®, today announced its financial and operating results for the second quarter ended June 30, 2026. Except as otherwise disclosed, all figures are presented in United States dollars and prepared in accordance with U.S. GAAP.

Management Commentary

"GlobalX delivered a solid second quarter, with results highlighting the resilience of our platform," said Chris Jamroz, Executive Chairman of GlobalX. "Despite a period of highly intensified scheduled maintenance that meaningfully constrained aircraft availability, we maintained year-over-year revenue and delivered EBITDA growth. We continued to see strong demand across our core passenger markets and targeted sales verticals. Our business model insulates the airline from fuel-driven disruptions affecting the broader market, and we are uniquely positioned to capitalize on the resulting increase in aircraft availability to accelerate our fleet's modernization. We believe the five younger A320 aircraft entering service in the second half of the year will meaningfully improve our fleet's age and reliability and reduce maintenance expenses over time. That maintenance investment was necessary but temporary and we now expect it to position GlobalX for near-full utilization of our target 25-aircraft fleet by year-end. We believe GlobalX is positioned to deliver improved operating performance during the remainder of 2026."

Ryan Goepel, President and Chief Financial Officer of GlobalX, added, “We generated our second-highest quarterly EBITDA in Q2 despite operating with fewer net available aircraft as we had only 15.3 net available aircraft compared to 17.1 in Q2 2025 as a result of significant planned heavy and non-heavy maintenance. Average utilization per available aircraft increased 11% year-over-year, offsetting the impact of reduced aircraft availability. With only two scheduled 2-year maintenance checks remaining in the third quarter and newer aircraft entering revenue service, we expect availability and operating leverage to improve as we progress through the year. We are also seeing increased aircraft supply in the market, enabling us to secure additional aircraft on more attractive terms as we build toward our 25-aircraft target. We believe these initiatives, coupled with our disciplined approach to capital allocation, will enable us to execute on our growth and profitability objectives.”

Q2 2026 Financial Highlights (vs. Q2 2025) – Three-Month Period

• Revenue: Revenue increased 1% to $62.0 million compared to $61.4 million. The increase was primarily driven by higher utilization per available aircraft and greater revenue per block hour flown for Charter, partially offset by lower net available aircraft during Q2 2026.
  
  
• Total Operating Expenses: Operating expenses increased 4% to $60.6 million compared to $58.1 million. The increase was primarily driven by higher depreciation and amortization expenses associated with aircraft deliveries secured on finance leases, the purchase of an A320 aircraft and an increase in rotable parts owned.
  
  
• Net Loss: Net loss attributable to the Company was ($1.3 million) compared to net income of $0.6 million. Loss per basic and diluted share was $(0.02), compared to earnings of $0.01 per basic and diluted share.
  
  
• EBITDAR¹: EBITDAR was $19.3 million compared to $19.8 million.
  
  
• EBITDA¹: EBITDA increased 17% to $6.9 million compared to $5.9 million.
  
  
• Cash Flow from Operations: Cash used in operating activities was $1.6 million, compared to cash provided by operating activities of $8.8 million.
  

Recent Operational Updates

• Advanced fleet expansion and modernization initiatives:
  • Received authority from the Department of Transportation to expand our fleet to 25 aircraft.
  • Began revenue service for two Airbus A319 aircraft, one in April and one in June, bringing the total number of A319s in revenue service to three aircraft.
  • Took delivery of two Airbus A320 aircraft, one in June and one in July, which are currently undergoing conformity and are expected to enter revenue service in Q3.
  • Signed an agreement to acquire three Airbus A320 airframes from Spirit Airlines, together with a multi-year lease agreement for the related engines.
  • The addition of these five A320 aircraft and the return of one aircraft upon lease expiration in Q4 is expected to reduce the average age of the fleet by approximately 10%, improve reliability and lower maintenance expense over time.
• Completed five heavy and sixteen non-heavy maintenance events during the second quarter of 2026, with two scheduled maintenance checks remaining in the third quarter.
• Operated more than 40 flights in support of a major international soccer tournament held in the United States during the second quarter of 2026, with more flights in Q3.
• Increased pilot headcount by 10% year-over-year to 165 pilots to support continued fleet growth.
  

Liquidity

• Cash and Restricted Cash: As of June 30, 2026, the Company had approximately $11.9 million in cash and restricted cash, compared to $20.5 million as of December 31, 2025.
  

Conference Call and Webcast

The GlobalX management team will host a conference call tomorrow, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing JET@elevate-ir.com.

Date: Thursday, August 13, 2026
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (877) 709-8150
International dial-in number: (201) 689-8354
Webcast:GlobalX's Q2 2026 Conference Call

If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

The conference call will also be available for replay on the investor relations section of the Company’s website at www.globalairlinesgroup.com.

About Global Crossing Airlines Group, Inc.

GlobalX is a US 121 domestic flag and supplemental airline flying the Airbus A320 family of aircraft. The Company’s services include domestic and international ACMI and charter flights for passengers and cargo throughout the US, Caribbean, Europe, and Latin America. GlobalX is IOSA certified by IATA and holds TCOs for Europe, the UK, and Australia.

For more information:

Company Contact

Ryan Goepel, President & CFO
Tel: (720) 330-2829

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza
Email: JET@elevate-ir.com

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, EBITDA and 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. 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 filings with the Securities and Exchange Commission (the “SEC”) in their entirety and not to rely on any single financial measure.

EBITDA is defined as operating income (loss), plus depreciation and amortization and is a supplemental measure of operating performance that the Company believes is useful to facilitate comparisons to its historical consolidated and business-level performance and operating results. The Company believes its presentation of EBITDA, a key metric used internally by management, provides investors with a supplemental view of the Company’s operating performance that facilitates analysis and comparisons of its ongoing business operations because it excludes items that may not be indicative of the Company’s ongoing operating performance.

EBITDAR is defined as operating income (loss), plus depreciation, amortization, and aircraft rent, and is a metric to be considered by investors when comparing results across various airlines, which aims to normalize for the different ways that the airlines acquired their aircraft. This distinction is important when comparing the operational results of an airline leasing its aircraft versus an airline purchasing its aircraft. Specifically, the airline leasing aircraft would see the costs relating to those aircraft flow through aircraft rent, while an airline that owns their aircraft would see their costs for those aircraft flow through depreciation and amortization.

Cautionary Note Regarding Forward-Looking Information

This press 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 press release include, but are not limited to, statements with respect to the Company’s financial performance, continued growth, rising demand, growing momentum of the Company’s charter platform and the execution of the Company’s strategic plan, the goal of becoming the largest narrow body charter airline in North America, continued fleet expansion, profitable narrow body charter operations, the Company’s future focus, details regarding future financial results, the Company’s ability to effectively manage its operations, including maintenance and personnel, strengthening controls, investing significantly in preventive maintenance, our focus on profitable expansion, deployment of additional aircraft to meet rising demand across the Company’s core charter markets, and the Company’s status as the nation’s fastest growing charter airline. 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 press release are based on certain factors and assumptions regarding, among other things: the accuracy, reliability and success of GlobalX’s business model; GlobalX’s ability to accurately forecast demand; GlobalX’s ability to successfully conclude definitive agreements for; 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 carries business or have operations; GlobalX’s ability to have sufficient aircraft to provide its services to customers; the impact of competition and the competitive response to GlobalX’s business strategy; and 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 such forward-looking statements. Such factors include risks related, among other things, to: the Company’s ability to lease aircraft on favorable terms; the Company's ability to continue as a going concern; the Company's ability to manage its growth effectively; the Company’s ability to implement its business strategy successfully; the Company’s ability to obtain access to capital; the limited number of aircraft the Company operates; rising maintenance costs; seasonality in the company’s business; and aircraft-related fixed obligations. 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 press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise 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. The Company has also identified certain known material risk factors applicable to it in its Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC, and in its other filings with the SEC.

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