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$(R)$ , 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.
Financial and Operational Summary
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Q2 2026 Q2 2025 % Change
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Revenue: $62.0M $61.4M 1%
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Operating Income: $1.4M $3.3M (58%)
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Net Income (Loss): $(1.3)M $0.6M N/A
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EBITDAR(1) : $19.3M $19.8M (3%)
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EBITDA(1) : $6.9M $5.9M 17%
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Net Aircraft Available: 15.3 17.1 (11%)
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Total Block Hours, including Sub Service: 8,010 8,065 (1%)
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% of Block Hours - ACMI 87% 84% 3%
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Average Utilization Hours Per Aircraft: 523 471 11%
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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.
-- 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.
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