Mr. Ryan Goepel reports

GLOBAL CROSSING AIRLINES TO ACHIEVE HIGH END OF ITS FOURTH QUARTER & FULL YEAR 2024 GUIDANCE; PROVIDES OPERATIONAL UPDATES

Global Crossing Airlines Group Inc. expects to release fourth quarter and full-year financial results that are at the high end of its previously issued 2024 guidance. The company is also providing recent operational updates. The guidance below was provided in the company's third quarter 2024 earnings press release issued on Nov. 6, 2024. These figures are presented in U.S. dollars and prepared in accordance with U.S. generally accepted accounting principles, and are unaudited, unless otherwise noted.

"Our Q4 performance capped off an exceptional year for GlobalX as we expect to have generated record annual results across all key financial metrics, with December marking the strongest month of performance in our company's history," said Chris Jamroz, executive chairman of Global Crossing. "Throughout the year, we focused on reinforcing core operations, optimizing processes and building strong, long-term customer relationships, all while expanding our fleet to meet ramping demand."

Global Crossing president and chief financial officer Ryan Goepel added: "In 2024, we continued to execute on our strategic plan by expanding our fleet by nearly 30 per cent and shifting focus from charter to ACMI operations to secure higher-margin, long-term contracts. Additionally, we expanded our customer base while strengthening relationships with existing partners, leading to record revenue per block hour flown in the fourth quarter. These initiatives, along with our commitment to operational excellence, have positioned us to achieve the high end of our 2024 guidance."

Operational updates:

• Achieved record results across all key financial metrics in December, 2024, marking Global Crossing's strongest month of performance in company history;
• Incurred a one-time $1.3-million charge during the fourth quarter related to a guaranty provided by Global Crossing to a lessor in 2021 to support the launch of Canada Jetlines for lease return conditions, which was returned to the lessor after Canada Jetlines bankruptcy filing;
• Adjusted for the one-time $1.3-million charge during the fourth quarter, the company expects to report positive adjusted net income;
• Subsequent to quarter-end, Global Crossing took delivery of one additional A321 passenger aircraft (MSN 1153), expanding the company's fleet to a total of 19 aircraft.

Liquidity:

• Cash and restricted cash: The company had approximately $14.0-million in cash and restricted cash at Dec. 31, 2024, compared with cash and restricted cash of $7.8-million at Sept. 30, 2024, $10.4-million at June 30, 2024, and $17.7-million at Dec. 31, 2023.

The company expects to report its audited full-year 2024 financial results on March 6 and plans to host a conference call at that time.

The purpose of the financial outlook is to assist investors, shareholders and others in understanding certain financial metrics relating to expected 2024 financial results for evaluating the performance of the company's business and the outlook is dated as of the date of this press release. This information may not be appropriate for other purposes.

About Global Crossing Airlines Group Inc.

Global Crossing is a U.S. 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 United States, Caribbean, Europe and Latin America. Global Crossing is IOSA certified by IATA and holds TCOs for Europe and the United Kingdom.

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