Mr. Ryan Goepel reports

GLOBAL CROSSING AIRLINES REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS

Global Crossing Airlines Group Inc. has released its financial and operating results for the first quarter ended March 31, 2024. All figures are in United States dollars and prepared in accordance with United States GAAP (generally accepted accounting principles).

"The first quarter of 2024 signifies a robust commencement and the dawn of a new era for GlobalX," said Chris Jamroz, executive chairman of GlobalX. "Since our inception in 2019, GlobalX has demonstrated a consistent ability to swiftly integrate new aircraft into revenue-generating charter operations, propelling us to become the nation's premier charter airline. Moving ahead, we remain steadfast in our commitment to leveraging our expertise as a narrow-body ACMI charter carrier to drive enduring profitability."

GlobalX president and chief financial officer Ryan Goepel commented: "We achieved another quarter of robust growth, while reducing opex as a percentage of operating revenue by more than 840 basis points compared with Q1 2023. As Chris stated, going forward we are focusing our efforts on what we do best, and during the quarter we made several necessary adjustments to the organization to facilitate this transition."

Mr. Goepel continued: "Subsequent to quarter-end, we were pleased to receive U.S. DOT authorization to expand our fleet to 20 aircraft, a level we intend to reach by this summer. Additionally, we have continued to deepen our relationship with a key government client that is now chartering over 1,000 block hours per month. We are still in the early innings of this new chapter for GlobalX, however we are well positioned to continue expanding the business as we execute on our profitable growth objectives."

Q1 2024 financial highlights (versus Q1 2023)

• Revenue: Revenue increased 67 per cent to $53.8-million compared with $32.2-million. The increase was driven primarily by higher block hours flown and aircraft fleet expansion, as well as continued strong demand for passenger ACMI and charter flights.
• Total operating expenses: Operating expenses were $58.4-million compared with $37.7-million. The increase was primarily due to higher aircraft rent, maintenance and personnel costs associated with the expansion of the GlobalX fleet, as well as higher travel costs related to a government contract. In addition, the company had approximately $1-million of expenses and charges related to unwinding non-core businesses and other one-time items in the quarter.
• Net income (loss)/EPS (earnings per share): Net loss was $6.3-million compared with $6.1-million. Loss per share remained unchanged at (11 cents) per basic and diluted share, compared with (11 cents) per basic and diluted share.
• EBITDAR (earnings before interest, taxes, depreciation and amortization, and rent)): EBITDAR increased approximately 16 times to $9.3-million compared with $600,000. The increase was primarily driven by increased revenue, improved operating margins, higher average charter rates and higher utilization of aircraft.

Operational highlights

• Received authorization from United States Department of Transportation to increase the company's fleet to 20 aircraft;
• Grew government contracts to eight dedicated aircraft;
• Took delivery of two additional aircraft; one A320 passenger aircraft and one A321F Cargo aircraft.

Liquidity

• Cash and restricted cash: The company had $12.1-million in cash and restricted cash at March 31, 2024, compared with cash and restricted cash of $17.7-million at Dec. 31, 2023.

Conference call

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 e-mailing JET@elevate-ir.com.

Date:  Tuesday, May 7, 2024

Time:  8:30 a.m. Eastern Time

Toll-free dial-in number:  877-704-4453

International dial-in number:  201-389-0920

Conference ID:  13746125

Webcast:   GlobalX's Q1 2024 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.

About Global Crossing Airlines Group Inc.

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

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