Mr. Ryan Goepel reports

GLOBAL CROSSING AIRLINES REPORTS RECORD FOURTH QUARTER REVENUE & MEANINGFULLY IMPROVED FULL YEAR 2024 FINANCIAL RESULTS

Global Crossing Airlines Group Inc. has released its financial and operating results for the fourth quarter and full year ended Dec. 31, 2024. Except as otherwise disclosed, all figures for the three- and 12-month period are presented in United States dollars and prepared in accordance with U.S. GAAP (generally accepted accounting principles).

Management commentary

"After a setback in Q3 2024, we continued our focus on execution and operating excellence to return onto the path towards sustainable profitability," said Chris Jamroz, executive chairman of Global Crossing. "Our quarterly and full year results underscore the growing strength of our charter platform, the resilience of our business model and the growing demand across the spectrum of charter clients, solidifying Global Crossing as the Nation's fastest-growing charter airline. We will continue to leverage our strong foundation in the year ahead to further scale-up operations, strengthen customer relationships and diversify our revenue mix."

Global Crossing president and chief financial officer Ryan Goepel added: "Our strategic shift towards ACMI has been a key driver behind our 2024 results, with ACMI revenue increasing more than three times compared with last year. We have also made steady progress in expanding our fleet to 19 total aircraft, while securing higher-margin contracts for both passenger and cargo. These achievements reflect the strong demand for our services and the trust our partners place in Global Crossing, as we continue setting the industry standard for on-time performance and reliability."

Mr. Goepel continued: "Looking ahead, our focus remains on expanding our fleet, driving operational efficiencies and maximizing fleet utilization. Our summer schedule is already fully booked driven by high demand from Europe, and when combined with an expanding fleet, our focus on securing higher-margin ACMI contracts and a commitment to operational excellence, we are well positioned to deliver strong financial performance in 2025."

Q4 2024 financial highlights (versus Q4 2023) -- three-month period

• Revenue: Revenue increased 11 per cent to $59.9-million compared with $53.9-million. The increase was driven primarily by higher block hours flown and aircraft fleet expansion, as well as increased revenue per block hour flown for ACMI.
• Total operating expenses: Operating expenses were $56.6-million compared with $55.2-million. The increase was largely driven by higher aircraft rent, maintenance and personnel expenses tied to the continued expansion of the Global Crossing fleet.
• Net income (loss)/EPS (earnings per share): Net income was $(600,000) compared with $(2.6)-million. Loss per share improved to (one cent) per basic and diluted share, compared with (four cents) per basic and diluted share. Net income was impacted by a one-time $1.3-million charge 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 net income increased to $1.2-million compared with $(1.8)-million in the year-ago period.
• EBITDAR: EBITDAR (earnings before interest, taxes, depreciation and amortization, and rent) increased approximately 69 per cent to $19.3-million compared with $11.4-million. This was primarily driven by increased revenue, fleet expansion and higher average rates per block hour flown for passenger ACMI.

Operational updates

• Secured a seven-month ACMI agreement with a South American tour operator, guaranteeing over 1,800 block hours;
• Renewed a six-month cargo contract with Caribbean Cargo company guaranteeing 200 block hours per month for two cargo aircraft;
• Finalized a contract for four dedicated aircraft to support this year's college basketball championship tournament, generating a minimum of $5-million in revenue;
• Secured a VIP charter contract for a world-renowned band's North American tour beginning in April, 2024;
• Expanded TUI Airways contract to include a third dedicated aircraft for minimum revenue of $5-million in summer 2025;
• Global Crossing's cargo business generated over 1,600 block hours in Q4 2024, a four-times increase compared with the year-ago period;
• Renegotiated insurance rates for an estimated $2-million in annualized savings in 2025;
• Subsequent to quarter-end, Global Crossing signed a cargo ACMI contract with DHL to operate in their network into the third quarter of 2025.

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, and $17.7-million at Dec. 31, 2023.

Conference call and webcast

The Global Crossing 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:  Thursday, March 6, 2025

Time:  8:30 a.m. Eastern Time

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

International dial-in number:  201-389-0920

Conference ID:  13751840

Webcast:  Global Crossing's Q4 and FY 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.

Global Crossing is a United States 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, the Caribbean, Europe and Latin America. Global Crossing is IOSA (IATA Operational Safety Audit) certified by the International Air Transport Association and holds TCOs for Europe and the United Kingdom.

We seek Safe Harbor.