Form 10-Q Global Crossing Airlines For: Jun 30
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ESPP
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the quarterly period ended
OR
For the transition period from to
Commission File Number:
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification Number) |
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(Address of principal executive office) |
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(Zip Code) |
Registrant’s telephone number, including area code: (
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
[ ] |
Accelerated filer |
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[X] |
Smaller reporting company |
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Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No
The number of shares outstanding of the registrant’s Common Stock as of August 8, 2025 was 64,487,455 shares, consisting of
GLOBAL CROSSING AIRLINES GROUP INC.
Form 10-Q
Period Ended June 30, 2025
Index
2
GLOBAL CROSSING AIRLINES GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value and share quantities)
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June 30, 2025 |
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December 31, 2024 |
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(Unaudited) |
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Current Assets |
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Cash and cash equivalents |
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$ |
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$ |
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Restricted cash |
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Accounts receivable, net of allowance |
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Prepaid expenses and other current assets |
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Current assets held for sale |
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Total Current Assets |
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Property and equipment, net |
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Finance leases, net |
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Operating lease right-of-use assets |
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Deposits |
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Other assets |
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Total Assets |
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$ |
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$ |
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Current liabilities |
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Accounts payable |
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$ |
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$ |
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Accrued liabilities |
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Deferred revenue |
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Customer deposits |
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Current portion of long-term operating leases |
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Current portion of finance leases |
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Total current liabilities |
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Other liabilities |
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Note payable, net of unamortized debt issuance costs |
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Long-term operating leases |
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Long-term finance leases |
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Other liabilities |
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Total other liabilities |
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Total Liabilities |
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$ |
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$ |
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(Note 9) |
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Stockholders' Equity (Deficit) |
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Common Stock |
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$ |
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$ |
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$ |
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Additional paid-in capital |
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Retained deficit |
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( |
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Total Company's stockholders’ deficit |
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( |
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Noncontrolling interest |
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Total stockholders’ deficit |
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( |
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( |
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Total Liabilities and Deficit |
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$ |
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$ |
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See accompanying notes to condensed consolidated financial statements.
3
GLOBAL CROSSING AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except share and per share amounts)
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Three Months Ended June 30, 2025 |
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Three Months Ended June 30, 2024 |
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Six Months Ended June 30, 2025 |
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Six Months Ended June 30, 2024 |
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Revenue |
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$ |
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$ |
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$ |
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$ |
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Operating Expenses |
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Salaries, Wages, & Benefits |
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Aircraft Fuel |
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Maintenance, materials and repairs |
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Depreciation and amortization |
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Contracted ground and aviation services |
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Travel |
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Insurance |
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Aircraft Rent |
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Other |
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Total Operating Expenses |
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$ |
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$ |
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$ |
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$ |
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Operating Income (Loss) |
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Non-Operating Expenses |
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Interest Expense |
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Total Non-Operating Expenses |
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Income (Loss) before income taxes |
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Income tax expense |
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Net Income (Loss) |
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Net Income attributable to Noncontrolling Interest |
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Net Income (Loss) attributable to the Company |
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Income (Loss) per share: |
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Basic |
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$ |
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$ |
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$ |
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$ |
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Diluted |
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$ |
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$ |
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$ |
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$ |
( |
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Weighted average number of shares outstanding |
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Fully diluted shares outstanding |
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See accompanying notes to condensed consolidated financial statements.
4
GLOBAL CROSSING AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)
(In thousands, except shares quantities)
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Common Stock Number of Shares |
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Amount |
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Additional Paid in Capital |
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Retained Deficit |
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Total |
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Noncontrolling Interest |
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Total |
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Beginning – January 1, 2024 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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$ |
( |
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Issuance of shares - share based compensation on RSUs |
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— |
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— |
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Loss for the period |
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— |
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— |
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— |
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( |
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( |
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— |
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( |
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Ending – March 31, 2024 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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$ |
( |
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Issuance of shares - share based compensation on RSUs |
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— |
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— |
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— |
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Issuance of shares - ESPP |
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— |
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— |
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— |
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Dividends |
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— |
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— |
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— |
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— |
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— |
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( |
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( |
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Income for the period |
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— |
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— |
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— |
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Ending – June 30, 2024 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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$ |
( |
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Common Stock Number of Shares |
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Amount |
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Additional Paid in Capital |
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Retained Deficit |
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Total |
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Noncontrolling Interest |
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Total |
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Beginning – January 1, 2025 |
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( |
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( |
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( |
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Issuance of shares – options exercised |
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— |
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— |
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— |
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Issuance of shares – share based compensation on RSUs |
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— |
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— |
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Income for the period |
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— |
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— |
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— |
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Issuance of shares - ESPP |
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— |
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— |
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— |
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Ending – March 31, 2025 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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$ |
( |
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Issuance of shares – options exercised |
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— |
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— |
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— |
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Issuance of shares – share based compensation on RSUs |
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— |
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— |
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Issuance of shares - ESPP |
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— |
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— |
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— |
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Proceeds from disgorgement of stockholders' short-swing profits (Note 11) |
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— |
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— |
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— |
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— |
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Dividends |
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— |
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— |
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— |
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— |
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— |
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( |
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( |
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Income for the period |
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— |
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— |
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— |
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Ending – June 30, 2025 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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$ |
( |
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See accompanying notes to condensed consolidated financial statements.
5
GLOBAL CROSSING AIRLINES GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
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For the six months ended June 30, |
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2025 |
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2024 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Net Income (Loss) |
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$ |
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$ |
( |
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Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
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Depreciation expense |
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Credit losses |
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Loss on sale of spare parts |
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Amortization of debt issue costs |
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Amortization of operating lease right of use assets |
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Share-based payments |
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Interest on finance leases |
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Changes in assets and liabilities: |
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Accounts receivable |
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Assets held for sale |
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( |
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Prepaid expenses and other current assets |
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( |
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Accounts payable |
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Accrued liabilities and other liabilities |
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( |
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Operating lease obligations |
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( |
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( |
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Other liabilities |
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( |
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( |
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Net cash provided by (used in) operating activities |
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( |
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CASH FLOWS FROM INVESTING ACTIVITIES |
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Deposits, deferred costs and other assets |
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( |
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( |
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Purchases of property and equipment |
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( |
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( |
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Net cash used in investing activities |
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( |
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( |
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Principal payments on finance leases |
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( |
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( |
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Proceeds on issuance of shares |
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Dividends |
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( |
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( |
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Proceeds from disgorgement of stockholders' short-swing profits |
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— |
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Net cash used in financing activities |
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( |
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( |
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Net increase (decrease) in cash, cash equivalents, and restricted cash |
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( |
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Cash, cash equivalents and restricted cash - beginning of the period |
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Cash, cash equivalents and restricted cash - end of the period |
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$ |
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$ |
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Non-cash investing and financing activities |
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Reclass of Property and equipment to Accounts receivable (aircraft receivable) and Prepaid expenses and other current assets (deferred maintenance) |
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$ |
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$ |
- |
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Right-of-use (ROU) assets acquired through operating leases |
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$ |
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$ |
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Equipment acquired through finance leases |
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$ |
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$ |
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Cash paid for |
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Interest |
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$ |
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$ |
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See accompanying notes to condensed consolidated financial statements.
6
GLOBAL CROSSING AIRLINES GROUP INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Item 1 - Financial Statements
Global Crossing Airlines Group Inc. (the “Company” or “GlobalX”), as its principal business activity, provides passenger and cargo aircraft to customers through aircraft operating service agreements, including, crew, maintenance and insurance (“ACMI”) and charter services (“Charter”) serving the United States, Caribbean, Latin American and European markets.
The condensed consolidated financial statements include the accounts of the Company, and its subsidiaries, Global Crossing Airlines, Inc. and Global Crossing Airlines Operations, LLC (collectively “GlobalX USA”), Global Crossing Airlines Holdings, Inc, GlobalX Travel Technologies, Inc. (“Technologies”), GlobalX Air Tours, LLC (“GlobalX Tours”), LatinX Air S.A.S., UrbanX Air Mobility, Inc. (“UrbanX”), Charter Air Solutions, LLC (“Top Flight”), and MSN 3101 Acquisition LLC (“MSN 3101”). All intercompany transactions and balances have been eliminated in consolidation.
The accompanying unaudited condensed consolidated financial statements and related notes (the “Financial Statements”) have been prepared in accordance with the U.S. Securities and Exchange Commission (the “SEC”) requirements for quarterly reports on Form 10-Q, and consequently exclude certain disclosures normally included in audited consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of the Company, the Financial Statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2025, and its results of operations for the three and six months ended June 30, 2025, and its cash flows for the six months ended June 30, 2025. The condensed consolidated balance sheet at December 31, 2024, was derived from the Company's audited annual consolidated financial statements as of and for the year ended December 31, 2024, but does not contain all of the footnote disclosures from such audited annual consolidated financial statements. The Financial Statements should be read in conjunction with such audited consolidated financial statements and the notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, which includes additional disclosures and a summary of our significant accounting policies.
The Company's quarterly results are subject to seasonal and other fluctuations and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year.
The Financial Statements have been prepared in conformity with GAAP on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As of June 30, 2025, the Company had a working capital deficit of $
Reclassification
The Company reclassified $
2. NEW ACCOUNTING STANDARDS
Recently Issued Accounting Standards
7
In December 2023, the FASB issued ASU 2023-09 – Improvements to Income Tax Disclosures – Amendments (the "Update"). This Update requires that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). All entities disclose on an annual basis the following information about income taxes paid: (1) the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). All entities disclose the following information: (1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; and (2) income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The amendments in this Update eliminate the requirement for all entities to (1) disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or (2) make a statement that an estimate of the range cannot be made. The amendments in this Update remove the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures. The amendments in this Update replace the term public entity as currently used in Topic 740 with the term public business entity as defined in the Master Glossary of the Codification. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2024. The Company will adopt ASU 2023-09 in its fourth quarter of 2025 using a prospective transition method. The Company is currently evaluating the full effect that the adoption of this standard will have on its condensed consolidated financial statements.
In March 2024, the FASB issued ASU 2024-01 – Compensation-Stock Compensation – Amendments to improve GAAP by adding an illustrative example to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether profits interest and similar awards ("profits interest awards") should be accounted for in accordance with Topic 718, Compensation-Stock Compensation. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2024. The Company
In November 2024, the FASB issued ASU 2024-03 – Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity: (1) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (DD&A) (or other amounts of depletion expense) included in each relevant expense caption with a relevant expense caption being an expense caption presented on the face of the income statement within continuing operations that contains any of the expense categories listed in (a)–(e); (2) include certain amounts that are already required to be disclosed under GAAP in the same disclosure as the other disaggregation requirements; (3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (4) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. An entity is not precluded from providing additional voluntary disclosures that may provide investors with additional decision-useful information. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Managements expect no significant impact after adoption of the new standard.
In January 2025, the FASB issued ASU 2025-01 – Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. The amendment in this update amends the effective date of Update 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Managements expect no significant impact after adoption of the new standard.
3. INVESTMENTS
Investment in Canada Jetlines Operations Ltd. (“Jetlines”):
On June 28, 2021, the Company completed the spin-out pursuant to the Arrangement under which the Company transferred
On September 11, 2024, Jetlines filed an Assignment in Bankruptcy after finding that it would be unable to secure financing to continue with its Proposal under the Bankruptcy and Insolvency Act. BDO Canada Limited was assigned as Trustee of the bankrupt estate. Prior to bankruptcy, the Company held approximately
8
The Company had provided a guarantee for one of Jetlines’ aircraft and as a result the Company settled a $
On August 2 and December 21, 2023, the Company consummated the placement of $
The terms of the Secured Notes include:
The Company determined that the terms of the warrants issued in the financing require the warrants to be classified as equity. Accordingly, upon issuance, the Company recorded debt issuance costs of $
The debt issuance costs resulting from the warrants along with other direct costs of the financing will be amortized to interest expense using the effective interest method.
Related to issuance of Secured Notes of $
Notes Payable is comprised of the following in thousands:
|
|
For the Six Months Ended June 30, 2025 |
|
|
For the Year Ended December 31, 2024 |
|
||
Subscription Agreement |
|
$ |
|
|
$ |
|
||
Less unamortized debt issuance costs, noncurrent |
|
|
( |
) |
|
|
( |
) |
Total carrying amount |
|
|
|
|
|
|
||
Less current maturities |
|
— |
|
|
— |
|
||
Total long-term Note Payable |
|
$ |
|
|
$ |
|
||
9
As of June 30, 2025 and December 31, 2024, the Company had
Following is a summary of the warrant activity during the three and six months ended June 30, 2025 and 2024:
|
|
Number of Share Purchase Warrants |
|
|
Weighted Average Exercise Price |
|
||
Outstanding January 1, 2024 |
|
|
|
|
$ |
|
||
Issued |
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
Expired |
|
|
( |
) |
|
|
|
|
Outstanding March 31, 2024 |
|
|
|
|
$ |
|
||
Issued |
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
Expired |
|
|
— |
|
|
|
— |
|
Outstanding June 30, 2024 |
|
|
|
|
$ |
|
||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Outstanding January 1, 2025 |
|
|
|
|
$ |
|
||
Issued |
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
Expired |
|
|
— |
|
|
|
— |
|
Outstanding March 31, 2025 |
|
|
|
|
$ |
|
||
Issued |
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
Expired |
|
|
— |
|
|
|
— |
|
Outstanding June 30, 2025 |
|
|
|
|
$ |
|
||
As of June 30, 2025, the following share purchase warrants were outstanding and exercisable:
Outstanding |
|
|
Exercise Price |
|
Remaining life |
|
|
Expiry Date |
||
|
|
|
$ |
|
|
|
|
|||
|
|
|
$ |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||
As of June 30, 2024, the following share purchase warrants were outstanding and exercisable:
Outstanding |
|
|
Exercise Price |
|
Remaining life |
|
|
Expiry Date |
||
|
|
|
$ |
|
|
|
|
|||
|
|
|
$ |
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||
The maximum number of shares of common stock of the Company (the “Common Stock”) issuable pursuant to share-based payment arrangements, including stock options, restricted share units and performance share units, is
Stock options
The Company grants stock options to directors, officers, employees and consultants as compensation for services, pursuant to its Amended Stock Option Plan (the “Stock Option Plan”). The maximum exercise price per share shall not be less than the closing price of a share of Common Stock on the last trading day preceding the date on which the grant of options is approved by the Board of
10
Directors. Options have a maximum expiry period of
The following is a summary of stock option activities for the three and six months ended June 30, 2025 and 2024:
|
|
Number of stock |
|
|
Weighted average |
|
|
Weighted average |
|
|||
Outstanding January 1, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|||
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
( |
) |
|
|
|
|
|
|
||
Outstanding March 31, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|||
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
( |
) |
|
|
|
|
|
|
||
Outstanding June 30, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Outstanding Jan 1, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|||
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
( |
) |
|
|
|
|
|
|
||
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Outstanding March 31, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|||
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
( |
) |
|
|
|
|
|
|
||
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Outstanding June 30, 2025 |
|
|
— |
|
|
$ |
- |
|
|
$ |
- |
|
As of June 30, 2025, there were no stock options outstanding and exercisable.
As of June 30, 2024, the following stock options were outstanding and exercisable:
Outstanding |
|
|
Exercisable |
|
|
Exercise Price |
|
|
Remaining life (years) |
|
|
Expiry Date |
||||
|
|
|
|
|
|
$ |
|
|
|
— |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
The Company recognizes share-based payments expense for all stock options granted using the fair value based method of accounting. The fair value of stock options is determined by the Black-Scholes Option Pricing Model with assumptions for risk-free interest rates, dividend yields, volatility factors of the expected market price of the Common Stock, forfeiture rate, and expected life of the options.
There were
Restricted share units
The Company grants restricted share units (“RSUs”) to directors, officers, employees and consultants as compensation for services, pursuant to its Amended RSU Plan (the “RSU Plan”). One restricted share unit has the same value as a share of Common Stock. The number of RSUs awarded and underlying vesting conditions are determined by the Board of Directors in its discretion.
At the election of the Board of Directors, upon each vesting date, participants receive (a) the issuance of Common Stock from treasury equal to the number of RSUs vesting, (b) a cash payment equal to the number of vested RSUs multiplied by the fair market value of a share of Common Stock, calculated as the closing price of a share of Common Stock on the OTCQB for the trading day immediately preceding such payment date or (c) a combination of (a) and (b).
On the grant date of RSUs, the Company determines whether it has a present obligation to settle in cash. If the Company has a present obligation to settle in cash, then the RSUs are accounted for as liabilities, with the fair value remeasured at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. The Company has a present
11
obligation to settle in cash if the choice of settlement in shares has no commercial substance, or the Company has a past practice or a stated policy of settling in cash, or generally settles in cash whenever the counterpart asks for cash settlement.
If no such obligation exists, then RSUs are accounted for as equity settled share-based payments and are valued using the share price on grant date. Upon settlement:
The following is a summary of RSU activities for the three and six months ended June 30, 2025 and 2024:
|
|
Number of RSUs |
|
|
Weighted average grant date fair value per RSU |
|
||
Outstanding January 1, 2024 |
|
|
|
|
$ |
|
||
Granted |
|
|
|
|
|
|
||
Vested |
|
|
( |
) |
|
|
|
|
Forfeited |
|
|
( |
) |
|
|
|
|
Outstanding March 31, 2024 |
|
|
|
|
$ |
|
||
Granted |
|
|
|
|
|
|
||
Vested |
|
|
( |
) |
|
|
|
|
Forfeited |
|
|
( |
) |
|
|
|
|
Outstanding June 30, 2024 |
|
|
|
|
$ |
|
||
|
|
|
|
|
|
|
||
Outstanding January 1, 2025 |
|
|
|
|
$ |
|
||
Granted |
|
|
|
|
|
|
||
Vested |
|
|
( |
) |
|
|
|
|
Forfeited |
|
|
( |
) |
|
|
|
|
Outstanding March 31, 2025 |
|
|
|
|
$ |
|
||
Granted |
|
|
|
|
|
|
||
Vested |
|
|
( |
) |
|
|
|
|
Forfeited |
|
|
( |
) |
|
|
|
|
Outstanding June 30, 2025 |
|
|
|
|
$ |
|
||
During the three and six months ended June 30, 2025, the Company recognized total share-based payments expense with respect to stock options, RSUs and employees' stock purchase plan of $
During the three and six months ended June 30, 2024, the Company recognized total share-based payments expense with respect to stock options, RSUs and employees' stock purchase plan of $
The remaining compensation that has not been recognized as of June 30, 2025 and 2024 with regards to RSUs and the weighted average period in which they will be recognized are $
Employee Stock Purchase Plan
In September 2021, the Board adopted the GlobalX 2021 Employee Stock Purchase Plan (“ESPP”). There are
12
At the Annual Meeting of Stockholders of the Company held on November 22, 2024, the Company’s stockholders approved an amendment to the ESPP. The amendment was approved by Company’s Board of Directors, subject to the approval of Company’s stockholders, and became effective with such stockholder approval on November 22, 2024.
As a result of such stockholder approval, the ESPP was amended to increase the number of shares authorized for issuance under the ESPP by
During the three and six months ended June 30, 2025, the Company issued
As of June 30, 2025 and 2024, total recognized equity-based compensation costs related to ESPP were approximately $
ESPP payroll contributions accrued at June 30, 2025 and 2024 totaled approximately $
8. INCOME TAXES
The Company’s expected effective tax rate for the three and six months ended June 30, 2025, and 2024 was
9. COMMITMENTS AND CONTINGENCIES
The Company has contractual obligations and commitments primarily with regard to management and development services, lease arrangements and financing arrangements.
On October 14, 2021, the Company entered into a lease agreement for
On June 21, 2022, the Company entered into a lease agreement for
On December 14, 2022, the Company entered into a lease agreement for
On January 27, 2023, the Company entered into a lease agreement for
On May 22, 2023, the Company entered into a lease agreement for a commercial property warehouse. The approximately
On June 16, 2023, the Company entered into a lease agreement for
On August 8, 2023, the Company entered into a lease agreement for
On September 8, 2023, the Company entered into a lease agreement for
13
On November 17, 2023, the Company signed a lease agreement for
On November 20, 2023, the Company entered into a lease agreement for
On December 22, 2023, the Company entered into a lease agreement for
On January 19, 2024, the Company entered into a lease agreement for
On April 16, 2024, the Company entered into a lease agreement for
On April 29, 2024, the Company entered into a lease agreement for
On June 6, 2025, the Company signed a lease agreement for
On June 6, 2025, the Company signed a lease agreement for
On June 6, 2025, the Company signed a lease agreement for
On June 6, 2025, the Company signed a lease agreement for
The Company reviewed the operating leases for extension options that may be reasonably certain to be exercised and then would become part of the right-of-use assets and lease liabilities. On December 21, 2022, and October 10, 2023, the Company signed extensions for
14
The following table provides details of the Company's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded in thousands on the Company's condensed consolidated balance sheet as of June 30, 2025. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.
|
Finance Leases |
|
|
Operating Leases |
|
||
Remainder of 2025 |
$ |
|
|
$ |
|
||
2026 |
|
|
|
|
|
||
2027 |
|
|
|
|
|
||
2028 |
|
|
|
|
|
||
2029 |
|
|
|
|
|
||
2030 and thereafter |
|
|
|
|
|
||
Total minimum lease payments |
|
|
|
|
|
||
Less amount representing interest |
|
|
|
|
|
||
Present value of minimum lease payments |
|
|
|
|
|
||
Less current portion |
|
|
|
|
|
||
Long-term portion |
$ |
|
|
$ |
|
||
The table below presents information for lease costs related to the Company's finance and operating leases in thousands:
|
For The Three Months Ended June 30, |
|
For The Six Months Ended June 30, |
||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
Finance lease cost |
|
|
|
|
|
|
|
Amortization of leased assets |
$ |
|
$ |
|
$ |
|
$ |
Interest of lease liabilities |
|
|
|
||||
Operating lease cost |
|
|
|
|
|
|
|
Operating lease cost (1) |
|
|
|
||||
Short-term lease cost (2) |
|
|
|
||||
Total lease cost |
$ |
|
$ |
|
$ |
|
$ |
(1)
(2)
The Company utilizes the rate implicit in the lease whenever it is easily determined. For leases where the implicit rate is not readily available, we utilize our incremental borrowing rate as the discount rate.
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
||
Weighted-average remaining lease term |
|
|
|
|
|
|
||
Operating leases |
|
|
|
|
||||
Finance leases |
|
|
|
|
||||
Weighted-average discount rate |
|
|
|
|
|
|
||
Operating leases |
|
|
% |
|
|
% |
||
Finance leases |
|
|
% |
|
|
% |
||
The table below presents cash and non-cash activities associated with our leases in thousands:
|
|
For The Six Months Ended June 30, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|||
Operating cash flows from operating leases |
|
$ |
|
|
$ |
|
||
Financing cash flows from finance leases |
|
$ |
|
|
$ |
|
||
The Company is subject to various legal proceedings in the normal course of business and records legal costs as incurred. Management believes these proceedings will not have a materially adverse effect on the Company.
15
10. INCOME (LOSS) PER SHARE
Basic earnings per share, which excludes dilution, is computed by dividing Net income (Loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The number of incremental shares from the assumed issuance of shares relating to share based awards is calculated by applying the treasury stock method.
The following table shows the computation of basic and diluted earnings per share for the three months ended June 30, 2025 and 2024 in thousands, except share and per share amounts:
|
|
Three Months Ended June 30, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Numerator: |
|
|
|
|
|
|
||
Net Income |
|
$ |
|
|
$ |
|
||
Denominator: |
|
|
|
|
|
|
||
Weighted average common shares outstanding - Basic |
|
|
|
|
|
|
||
Dilutive effect of stock options, RSUs and warrants |
|
|
|
|
|
|
||
Weighted average common shares outstanding - Diluted |
|
|
|
|
|
|
||
Basic income per share |
|
$ |
|
|
$ |
|
||
Diluted income per share (1) |
|
$ |
|
|
$ |
|
||
The following table shows the computation of basic and diluted earnings per share for the six months ended June 30, 2025 and 2024 in thousands, except share and per share amounts:
|
|
Six Months Ended June 30, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Numerator: |
|
|
|
|
|
|
||
Net Income (Loss) |
|
$ |
|
|
$ |
( |
) |
|
Denominator: |
|
|
|
|
|
|
||
Weighted average common shares outstanding - Basic |
|
|
|
|
|
|
||
Dilutive effect of stock options, RSUs and warrants |
|
|
|
|
|
|
||
Weighted average common shares outstanding - Diluted |
|
|
|
|
|
|
||
Basic income (loss) per share |
|
$ |
|
|
$ |
( |
) |
|
Diluted income (loss) per share (1) |
|
$ |
|
|
$ |
( |
) |
|
(1)
11. RELATED PARTY TRANSACTIONS
Related parties and related party transactions impacting the consolidated financial statements not disclosed elsewhere in these consolidated financial statements are summarized below and include transactions with the following individuals or entities.
As mentioned in footnote 3, on June 28, 2021, the Company completed the spin-out of Jetlines to GlobalX stockholders.
As of June 30, 2025 and 2024, amounts due to related parties include the following:
As described in footnote 4 above, on August 2 and December 21, 2023, the Company issued Secured Notes of $
16
During the three and six months ended June 30, 2025 and 2024, Red Oak Partners LLC (“Red Oak Partners”), the Red Oak Fund, LP, The Red Oak Long Fund, LP, and David Sandberg (collectively, the "Reporting Persons") were Section 16 filers with respect to the securities of Global Crossing Airlines Group Inc. As disclosed in a Form 4 filing made by the Reporting Persons on December 24, 2024, several investment funds for which Red Oak Partners, LLC serves as the investment manager, each of which individually owns less than
The aforementioned purchase prices constitute the lowest purchase prices paid by the Investment Vehicles matched against the highest sale prices that the Investment Vehicles received for the sale of shares. Accordingly, the Reporting Persons delivered to the Company $
The Reporting Persons have advised the Company that the submission of payment by the Reporting Persons is not an admission that any such payment is required under Section 16(b) of the Securities Exchange Act of 1934, as amended, and the Reporting Persons reserve all of their rights with respect to such matter.
The Company recognized these proceeds as a capital contribution from stockholders and recorded an increase of $
12. ACCRUED LIABILITIES
Accrued liabilities consisted of the following as of June 30, 2025 and December 31, 2024, in thousands:
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
||
Salaries, wages and benefits |
|
$ |
|
|
$ |
|
||
Passenger Taxes |
|
|
|
|
|
|
||
Aircraft fuel |
|
|
|
|
|
|
||
Contracted ground and aviation services |
|
|
|
|
|
|
||
Maintenance |
|
|
|
|
|
|
||
Aircraft Rent |
|
|
|
|
|
|
||
Other |
|
|
|
|
|
|
||
Accrued liabilities |
|
$ |
|
|
$ |
|
||
13. REVENUE & CONTRACT LIABILITY
Deferred revenue for customer contracts represents amounts collected from, or invoiced to, customers in advance of revenue recognition. The balance of deferred revenue will increase or decrease based on the timing of invoices and recognition of revenue.
The following table presents disaggregated revenues by service type for the three and six months ended June 30, 2025 and 2024 in thousands:
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
Revenue |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Charter |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
ACMI |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Significant changes in our deferred revenue liability balances during the period and year ended, June 30, 2025 and December 31, 2024, respectively, were as follows in thousands:
17
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
||
|
|
|
|
|
|
|
||
Beginning Balance |
|
$ |
|
|
$ |
|
||
Revenue Recognized |
|
|
( |
) |
|
|
( |
) |
Amounts Collected or Invoiced |
|
|
|
|
|
|
||
Ending Balance |
|
$ |
|
|
$ |
|
||
The Company has 2 customers that accounted for approximately
14. SEGMENT INFORMATION
The Company’s business activity is providing customized, non-scheduled air transport services to customers. Management structured business model to derive revenue from customers from two types of contracts: (1) ACMI and (2) Charter, as discussed in Management's Discussion and Analysis of Financial Condition and Results of Operations.
The Company’s is the Chief Operating Decision Maker (“CODM”). The Company manages the business activities on a consolidated basis and operates in
Significant expenses within net income or loss, which include operating expenses, are each separately presented on the Company’s Condensed Consolidated Statements of Operations. Other segment items within net income or loss include Interest Expense, Loss in Canada Jetlines Operations Ltd. and Income tax expense. The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as total consolidated assets.
15. SUBSEQUENT EVENTS
On July 11, 2025, MSN 3101 Acquisition LLC, a wholly owned subsidiary of the Company, consummated the Company’s first aircraft acquisition, an Airbus A320 (MSN 3101), currently operating in its fleet as N630VA and powered by two CFM56-5B engines. The aircraft was purchased from former lessor Falcon 2019-1 Aerospace Limited, which lease agreement was terminated simultaneously with the consummation of the purchase of the aircraft. Total consideration including transaction costs, less deposits and cash maintenance reserves of approximately $
Terms of the debt included monthly installments equal to (i) for the first twelve monthly payments, $
The Company is expected to account for the transaction as an asset acquisition that did not meet the definition of a business. The total consideration is expected to be allocated based on the relative fair values of the assets acquired and liabilities assumed, and no goodwill is expected to be recognized. In addition, the Company is expected to retire related remaining ROU asset and liabilities from previous lease. This acquisition is part of the Company’s strategy that by owning aircraft, is expected to strengthen the Company’s balance sheet, manage long-term operating costs, plan maintenance and modifications more efficiently, build tangible asset value, improve key financial metrics, and position the Company for long-term success.
18
Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the Financial Statements included in Item 1 of this report and the consolidated financial statements and the related notes to consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024. This Item 2 contains forward-looking statements that involve risks and uncertainties. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date of this report. Actual results may differ materially from those expressed or implied in such forward-looking statements.
Background
Certain Terms - Glossary
The following represents terms and statistics specific to our business and industry. They are used by management to evaluate and measure operations, results, productivity, and efficiency.
ACMI |
Service offering, whereby we provide outsourced cargo and passenger aircraft operating solutions, including the provision of an aircraft, crew, maintenance, and insurance, while customers assume fuel, demand and price risk. In addition, customers are generally responsible for landing, navigation and most other operational fees and costs. |
Block Hour |
The time interval between when an aircraft departs the terminal until it arrives at the destination terminal. |
Charter |
Service offering, whereby we provide cargo and passenger aircraft charter services to customers. The customer generally pays a fixed charter fee that includes fuel, insurance, landing fees, navigation fees and most other operational fees and costs.
|
Net Available Aircraft |
The number of aircraft available each month reduced by (netted) days the aircraft is unavailable due to various maintenance events or deliveries during a month. |
2Y Check |
“Heavy” airframe maintenance checks, which are the most extensive in scope and are generally performed every two years and can take from 20 – 40 days to complete. |
6Y Check |
“Heavy” airframe maintenance checks, which are the most extensive in scope and are generally performed every six years and can take from 45-75 days to complete. |
12Y Check |
“Heavy” airframe maintenance checks, which are the most extensive in scope and are generally performed every twelve years and can take from 60 – 100 days to complete. |
Heavy Maintenance |
Scheduled maintenance activities that are extensive in scope and are primarily based on time or usage intervals, which include, but are not limited to 2Y Checks, 6Y Checks, 12Y Checks and engine overhauls. In addition, unscheduled engine repairs involving the removal of the engine from the aircraft are considered to be Heavy Maintenance. |
Line Maintenance |
Maintenance events occurring during normal day-to-day operations.
|
Non-heavy Maintenance |
Discrete maintenance activities for the overhaul and repair of specific aircraft components, including landing gear, auxiliary power units and engine thrust reversers. |
Utilization |
The average number of Block Hours operated per day per aircraft. |
Business Overview
GlobalX operates a U.S. Part 121 domestic flag and supplemental airline using the Airbus A320 family of aircraft, operating both passenger and cargo aircraft. GlobalX’s business model is to (1) provide services on an ACMI using wet lease contracts to airlines and non-airlines, and (2) on a Charter basis, provide passenger aircraft charter services to customers by charging an “all-in” fee that includes fuel, insurance, landing fees, navigation fees and most other operational fees and costs. GlobalX operates within the United States, Europe, Canada, Central and South America.
Business Strategy
GlobalX intends to become the best-in-class U.S. narrow-body, ACMI charter airline, operating both passenger and cargo charter aircraft while recruiting and maintaining a dynamic team of customer-centric flight crews, ground and maintenance teams and management staff.
GlobalX operates its A320 family aircraft for airlines, tour operators, college and professional sports teams, incentive groups, resorts and casino groups and government agencies. It is our goal to deliver best in class on time performance and dispatch reliability, expand existing relationships and develop additional relationships with leading charter/tour operators to provide aircraft during their peak seasons; and provide ad-hoc and track charter programs for non-airline customers.
19
Business Developments
During the six month period ended June 30, 2025, the team devoted efforts towards our stated goal of creating the largest narrow body charter operation in North America generating sustainable, long-term profits. To achieve this goal, GlobalX continues to invest in its three key assets–certifications, aircraft, and crew.
GlobalX achieved the following during the six month period ended June 30, 2025:
The Cargo Charter Market
GlobalX added the A321F (passenger to freighter) aircraft to its operating certificate during the first quarter of 2023. The Company continues to believe that the A321F will be a highly sought after cargo aircraft over the next few years as a replacement for the aging and retiring B757 freighter fleet. During six months ended June 30, 2025, we had four cargo aircraft operating. GlobalX has seen over a 125% increase in block hours operated compared to the same period in 2024 attributed to contracts entered into during 2025. The cargo charter market continues to be soft due to, general economic conditions and excess capacity in the North American freight market. In response to this continued slowdown during the quarter, the Company continues to make progress establishing our reputation for on time performance as the market better understands the capabilities of the A321F aircraft. While the Company cannot predict when the cargo market will recover, GlobalX has taken concrete steps to reduce our financial exposure in 2025 by canceling or deferring freighters ordered while expanding our customer base for the aircraft the Company does have.
The Passenger Charter Market
Unlike the cargo charter market, the passenger charter market continues to demonstrate strong demand. There are several macro factors, including the supply of aircraft, reduced direct competition, increased reliance on air charter by colleges and a general increased customer demand, driving increased demand for our services. GlobalX anticipates the high level of demand will continue through the summer and well into 2026. To address this demand, the Company has prioritized passenger aircraft deliveries over cargo, devoted sales and operational resources to develop long-term relationships with key customers and to expand the markets served as opportunities arise. Passenger charter services are expected to be the economic engine for GlobalX in 2025.
GlobalX Aircraft Fleet
Critical to GlobalX’s business model is, a fleet of modern and cost-effective aircraft. To achieve this objective, GlobalX has selected the A320 family of aircraft which it believes is the best overall single-aisle aircraft family to operate. This approach differs from traditional airlines, which purchase a variety of aircraft, often from different manufacturers, to achieve their operational flight sectors, resulting in increased training, operating and spare part costs. GlobalX conducted research to determine the best aircraft to fly in competition with other narrow-body charter airlines in the single-aisle seat market and GlobalX selected the A320 aircraft family.
The following factors support GlobalX’s choice to operate the Airbus A320 and A321 aircraft versus the Boeing 737 family of aircraft:
Cost and Operating factors: the A320 family of aircraft have lower fuel burn, and better aircraft and cockpit crew pool availability.
Operational Capability: the A320 family of aircraft has a range advantage over the Boeing 737-800 and can fly non-stop from Miami to selected airports in North America, South America, the Caribbean, and between most major destinations in Europe. The A320 has excellent maintenance dispatch reliability and strong availability of spare parts and components, making the A320, in management’s estimation, the most popular aircraft among low-cost airlines.
Passenger comfort: better seat width, cargo bin volume for carry-on baggage and cargo hold volume.
Aircraft Maintenance
GlobalX expects to continue to outsource heavy maintenance checks to FAA-approved service providers. The 6Y Checks and 12Y Checks will be primarily paid for using funds from the accrued maintenance reserves paid to lessors under operating leases.
20
Strategy to Address Competitive Response
The U.S. Charter market continues to evolve as several airlines provide charter aircraft. Specifically, Eastern Airlines Express, Breeze Airways and Avelo continue to dedicate aircraft to charter operations, each of which has increased competition and applied downward pricing pressure on the charter market. It is our expectation that our competitors, including, Eastern Airlines Express, will continue to add aircraft to expand their business domestically and in the Caribbean. In response we are focusing on our core business, emphasizing on time performance, reinforcing our differentiation of our Airbus product and actively soliciting longer-term contracts with key customers.
Experienced Management Team
Our management team has extensive operating and leadership experience in the airfreight, airline, and aircraft leasing, maintenance, and management industries at companies such as JetBlue Airways, Virgin America, American Airlines, US Airways, Atlas Air, Breeze Airways, DHL, Emirates, North American Airlines, Miami Air, Spirit Airlines, Continental Airlines, Pan Am, and Flair Airlines, as well as the United States Army, and Air Force. In addition, our management team has a diversity of experience from other industries at companies such as KBR, Teladoc, Halliburton, Lehman Brothers, and the Burger King Corporation.
Results of Operations
The following discussion should be read in conjunction with our Financial Statements and other financial information appearing and referred to elsewhere in this report.
Three months ended June 30, 2025 and 2024
The following discussion should be read in conjunction with our Financial Statements and other financial information appearing and referred to elsewhere in this report.
The analysis of GlobalX results for the three month period ended on June 30, 2025 and 2024 requires an understanding of how the Company fundamentally evolved during that time period. 2024 was our third year of full operations and was a period where the Company was focused on securing new customers, entering new markets, and flying to new locations; primarily in the domestic and Caribbean markets.
In 2025, GlobalX has expanded on our existing relationships both domestically and internationally and grew operations in the ACMI market through increased focus on operating for government agencies. As the Company grows, operational efficiency and margins have continued to improve. Our key metrics are block hours flown and block hours flown per available aircraft, which are the measures by which the Company tracks commercial activity. While other airlines discuss available seat miles, revenue per available seat mile (“rasm”), and cost per available seat mile (“casm”), these metrics are not germane to our business model as an ACMI and Charter operator. GlobalX charters the entire aircraft, does not take fuel risk, and does not take third party risk and therefore all results are evaluated on a block hour basis.
Revenue & Statistics
The following table compares our Operating Fleet (average aircraft equivalents during the period) and total Block Hours operated:
|
|
Three Months Ended June 30, |
|
|
|
|
|
|
|
|||||||
Operating Fleet |
|
2025 |
|
|
2024 |
|
|
Inc/(Dec) |
|
|
% Change |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
A319 |
|
|
1.0 |
|
|
|
1.0 |
|
|
|
— |
|
|
|
0.0 |
% |
A320 |
|
|
10.0 |
|
|
|
9.7 |
|
|
|
0.3 |
|
|
|
3.1 |
% |
A321 |
|
|
8.0 |
|
|
|
5.7 |
|
|
|
2.3 |
|
|
|
40.4 |
% |
Total Operating Average Aircraft Equivalents |
|
|
19.0 |
|
|
|
16.4 |
|
|
|
2.6 |
|
|
|
15.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Aircraft Available |
|
|
17.1 |
|
|
|
14.4 |
|
|
|
2.7 |
|
|
|
18.8 |
% |
Total Block Hours |
|
|
8,065 |
|
|
|
6,591 |
|
|
|
1,474 |
|
|
|
22.4 |
% |
Average Utilization per available aircraft |
|
|
471.0 |
|
|
|
457.7 |
|
|
|
13.3 |
|
|
|
2.9 |
% |
The following table describes the degree to which variations in revenues in thousands can be attributed to fluctuations in prices and nature of GlobalX services.
21
|
|
Three Months Ended June 30, |
|
|
|
|
|
|
||||||
Revenue |
|
2025 |
|
|
2024 |
|
|
Inc/(Dec) |
|
|
% Change |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
Charter |
|
$ |
15,316 |
|
|
$ |
24,616 |
|
|
$ |
(9,300 |
) |
|
-37.8% |
ACMI |
|
|
44,535 |
|
|
|
31,911 |
|
|
|
12,624 |
|
|
39.6% |
Other |
|
|
1,530 |
|
|
|
1,019 |
|
|
|
511 |
|
|
50.1% |
Total |
|
$ |
61,381 |
|
|
$ |
57,546 |
|
|
$ |
3,835 |
|
|
6.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Block Hours |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
Charter |
|
|
1,154 |
|
|
|
1,575 |
|
|
|
(421 |
) |
|
-26.7% |
Sub-service Charter |
|
|
- |
|
|
|
263 |
|
|
|
(263 |
) |
|
-100.0% |
Total Charter |
|
|
1,154 |
|
|
|
1,838 |
|
|
|
(684 |
) |
|
-37.2% |
ACMI |
|
|
6,769 |
|
|
|
4,824 |
|
|
|
1,945 |
|
|
40.3% |
Subservice ACMI |
|
|
- |
|
|
|
298 |
|
|
|
(298 |
) |
|
-100.0% |
Total ACMI |
|
|
6,769 |
|
|
|
5,122 |
|
|
|
1,647 |
|
|
32.2% |
Non Revenue |
|
|
142 |
|
|
|
192 |
|
|
|
(50 |
) |
|
-26.0% |
Total |
|
|
8,065 |
|
|
|
7,152 |
|
|
|
913 |
|
|
12.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Revenue per Block Hour |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
Charter |
|
$ |
13.3 |
|
|
$ |
13.4 |
|
|
$ |
(0.1 |
) |
|
-0.7% |
ACMI |
|
$ |
6.6 |
|
|
$ |
6.2 |
|
|
$ |
0.4 |
|
|
6.5% |
Charter revenue for the period decreased $9.3 million or 37.8%, from $24.6 million in 2024 to $15.3 million in 2025. The rate for Charter flying for the period decreased 0.7% from $13,393 per block hour in 2024 to $13,272 per block hour in 2025, creating a $0.1 million decrease. There was also a $9.2 million reduction for the period due to charter block hours decreasing 37.2% from 1,838 block hours in 2024 to 1,154 block hours in 2025. The decrease in charter block hours was due to an intentional focus on increased level of flying on an ACMI basis.
ACMI revenue for the period increased by $12.6 million or 39.6%, from $31.9 million in 2024 to $44.5 million in 2025. This variance was driven by an increase from 5,122 block hours in 2024 to 6,769 block hours in 2025, an increase of 32.2% or 1,647 block hours. This volume accounted for 81.3% or $10.2 million of the increase during the period. The average revenue per block hour for the period increased by $350 per block hour from $6,230 per block hour in 2024 to $6,580 per block hour in 2025. The rate increase accounted for $2.4 million or 18.7% of the increase during the period. The primary driver for the increase was related to both high market demand and a shortage of supply as competitors reduce capacity.
Other revenue for the period increased by $0.5 million from $1.0 million in 2024 to $1.5 million in 2025. The increase was primarily driven by additional ancillary services provided to our customers.
Operating Expenses
The following table compares our Operating Expenses (in thousands):
|
|
Three Months Ended June 30, |
|
|
|
|
||
Operating Expenses |
|
2025 |
|
2024 |
|
Inc/(Dec) |
|
% Change |
Salaries, Wages, & Benefits |
|
$19,906 |
|
$16,745 |
|
$3,161 |
|
18.9% |
Aircraft Fuel |
|
3,038 |
|
5,601 |
|
(2,563) |
|
-45.8% |
Maintenance, materials and repairs |
|
5,409 |
|
2,645 |
|
2,764 |
|
104.5% |
Depreciation and amortization |
|
2,607 |
|
1,444 |
|
1,163 |
|
80.5% |
Contracted ground and aviation services |
|
4,474 |
|
4,757 |
|
(283) |
|
-5.9% |
Travel |
|
2,325 |
|
3,118 |
|
(793) |
|
-25.4% |
Insurance |
|
1,276 |
|
1,554 |
|
(278) |
|
-17.9% |
Aircraft Rent |
|
13,919 |
|
14,762 |
|
(843) |
|
-5.7% |
Other |
|
5,149 |
|
4,377 |
|
772 |
|
17.6% |
Total Operating Expenses |
|
$58,103 |
|
$55,003 |
|
$3,100 |
|
5.6% |
22
Salaries, wages, and benefits for the period increased by $3.2 million, from $16.7 million in 2024 to $19.9 million in 2025, or 18.9%, primarily due to the hiring and training of pilots and other airline personnel necessitated by the growing fleet and operations. Our total employees for the period increased 9.0% from 656 in 2024 to 715 in 2025 and pilots for the period increased from 136 in 2024 to 150 in 2025, or 10.3%.
Aircraft fuel for the period decreased by $2.6 million, from $5.6 million in 2024 to $3.0 million in 2025, or 45.8%. The volume of Charter and Non-Revenue block hours for the period decreased by 26.7% or $1.5 million, while base jet fuel price decreased 26.0% or $1.1 million.
Maintenance, materials, and repairs for the period increased by $2.8 million, from $2.6 million in 2024 to $5.4 million in 2025, or 104.5%. An increase of $0.6 million cost increase for the period was primarily due to volume from the increase in both the number of aircraft to 19 aircraft in 2025 and the number of block hours operated which increased 1,474 or 22.4% from 6,591 block hours in 2024 to 8,065 block hours in 2025. Also, an increase of a $2.1 million increase for the period occurred as the rate per block hour increased 67.1% from $401 per block hour in 2024 to $671 per block hour in 2025, driven by repairs of some high value Rotable parts of $1.3 million.
Depreciation and amortization for the period increased $1.2 million, from $1.4 million in 2024 to $2.6 million in 2025 or 80.5%, primarily driven by aircraft deliveries secured on capital leases and an increase in Rotable parts owned.
Contracted ground and aviation services for the period decreased by $0.3 million, from $4.8 million in 2024 to $4.5 million in 2025, or 5.9%. A rate increase of 28.4% per block hour drove an increase of $1.0 million for the period. This was offset by lower Charter block hours of 26.8%, which drove a reduction of $1.3 million for the period.
Travel for the period decreased $0.8 million, from $3.1 million in 2024 to $2.3 million in 2025 or 25.4%. Throughout the period we expanded local hiring in key bases that support our government agency business and the reliance on travel dropped and is a cost that we expect to be a continued focus throughout 2025.
Insurance for the period decreased $0.3 million, from $1.6 million in 2024 to $1.3 million in 2025 or 17.9%, primarily related to the receiving more favorable rates despite the increase in the number of aircraft.
Aircraft rent for the period decreased $0.8 million, from $14.7 million in 2024 to $13.9 million in 2025 or 5.7%, primarily driven by a $2.7 million decrease in short-term ACMI leases from other airlines as increased GlobalX capacity to meet demand was achieved. Offsetting the savings was the increase in the average number of aircraft, on operating leases of aircraft in the fleet from 14.4 in 2024 to 15.0 in 2025 increasing base rent expenses $0.5 million, of which, $0.3 million or 54.9% is due to increased aircraft and $0.2 million or 45.1% is due to average rate across the fleet. The increase in block hours resulted in an increase for the period of $1.3 million in supplemental rent expenses.
Operating income for the period increased $0.7 million, from $2.5 million in 2024 to an operating income of $3.2 million in 2025. In addition, operating income as a percentage of revenue for the period improved from 4.4% in 2024 to 5.3% in 2025. This was a direct result of GlobalX’s ability to grow its revenue faster than its cost structure as the airline focused on achieving scale and profitability. Several factors drove the improved margins. The first factor was rates as the Company was able to secure higher rates for ACMI contracts. The Company’s ACMI rate for the period grew 5.6%, from $6,231 per block hour in 2024 to $6,769 per block hour in 2025. The second factor was utilization as our average utilization per available aircraft grew 2.9% for the period. The third factor was scale. As an example, when measured on a per block hour basis, there were savings on a per block hour basis in travel and insurance, which combined with the other factors to drive the improvement.
Non-operating Expenses
The following table compares our Non-operating Expenses (in thousands):
|
|
Three Months Ended June 30, |
|
|
|
|
||
Non-Operating Expenses (Income) |
|
2025 |
|
2024 |
|
Inc/(Dec) |
|
% Change |
|
|
|
|
|
|
|
|
|
Interest Expense |
|
$2,661 |
|
$2,258 |
|
$403 |
|
17.8% |
Total Non-Operating Expenses (Income) |
|
$2,661 |
|
$2,258 |
|
$403 |
|
17.8% |
23
Interest expense for the period increased $0.4 million, from $2.3 million in 2024 to $2.7 million in 2025, driven by the increase of aircraft on capital lease from 1.0 to 4.0 equivalent aircraft.
Net Income
Net Income for the period, due to events noted above, increased by $0.3 million, from $0.3 million in 2024 to $0.6 million in 2025.
Six months ended June 30, 2025 and 2024
Revenue and Statistics
The following table compares our Operating Fleet (average aircraft equivalents during the period) and total Block Hours operated:
|
|
Six Months Ended June 30, |
|
|
|
|
||
Operating Fleet |
|
2025 |
|
2024 |
|
Inc/(Dec) |
|
% Change |
|
|
|
|
|
|
|
|
|
A319 |
|
1.0 |
|
1.0 |
|
— |
|
0.0% |
A320 |
|
10.0 |
|
9.0 |
|
1.0 |
|
11.1% |
A321 |
|
7.8 |
|
5.3 |
|
2.5 |
|
47.2% |
Total Operating Average Aircraft Equivalents |
|
18.8 |
|
15.3 |
|
3.5 |
|
22.9% |
|
|
|
|
|
|
|
|
|
Net Aircraft Available |
|
16.9 |
|
13.2 |
|
3.7 |
|
28.0% |
Total Block Hours |
|
15,229 |
|
11,791 |
|
3,438 |
|
29.2% |
Average Utilization per available aircraft |
|
901.6 |
|
893.3 |
|
8.3 |
|
0.9% |
The following table describes the degree to which variations in revenues in thousands can be attributed to fluctuations in prices and nature of GlobalX services.
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
||||||
Revenue |
|
2025 |
|
|
2024 |
|
|
Inc/(Dec) |
|
|
% Change |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
Charter |
|
$ |
45,833 |
|
|
$ |
58,631 |
|
|
$ |
(12,798 |
) |
|
-21.8% |
ACMI |
|
|
78,851 |
|
|
|
50,533 |
|
|
|
28,318 |
|
|
56.0% |
Other |
|
|
3,298 |
|
|
|
2,216 |
|
|
|
1,082 |
|
|
48.8% |
Total |
|
$ |
127,982 |
|
|
$ |
111,380 |
|
|
$ |
16,602 |
|
|
14.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Block Hours |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
Charter |
|
|
3,033 |
|
|
|
3,739 |
|
|
|
(706 |
) |
|
-18.9% |
Sub-service Charter |
|
|
367 |
|
|
|
748 |
|
|
|
(381 |
) |
|
-50.9% |
Total Charter |
|
|
3,400 |
|
|
|
4,487 |
|
|
|
(1,087 |
) |
|
-24.2% |
ACMI |
|
|
11,845 |
|
|
|
7,734 |
|
|
|
4,111 |
|
|
53.2% |
Subservice ACMI |
|
|
15 |
|
|
|
471 |
|
|
|
(456 |
) |
|
-96.8% |
Total ACMI |
|
|
11,860 |
|
|
|
8,205 |
|
|
|
3,655 |
|
|
44.5% |
Non Revenue |
|
|
350 |
|
|
|
318 |
|
|
|
32 |
|
|
10.1% |
Total |
|
|
15,610 |
|
|
|
13,010 |
|
|
|
2,600 |
|
|
20.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Revenue per Block Hour |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
Charter |
|
$ |
13.5 |
|
|
$ |
13.1 |
|
|
$ |
0.4 |
|
|
3.1% |
ACMI |
|
$ |
6.6 |
|
|
$ |
6.2 |
|
|
$ |
0.4 |
|
|
6.5% |
Charter revenue for the period decreased $12.8 million or 21.8%, from $58.6 million in 2024 to $45.8 million in 2025. The rate for Charter flying for the period increased 3.1% from $13,066 per block hour in 2024 to $13,481 per block hour in 2025, creating a $0.4 million increase. This was primarily offset by a $14.2 million reduction due to charter block hours decreasing 24.2% from 4,487 block hours in 2024 to 3,400 block hours in 2025. The decrease in charter block hours was due to an intentional focus on increased level of flying on an ACMI basis.
24
ACMI revenue for the period increased by $28.3 million or 56.0%, from $50.5 million in 2024 to $78.8 million in 2025. This variance was primarily driven by an increase from 8,205 block hours in 2024 to 11,860 block hours in 2025, an increase of 53.2% or 4,111 block hours. This volume accounted for 79.5% or $22.5 million of the increase during the period. The average revenue per block hour for the period increased by $490 per block hour from $6,158 per block hour in 2024 to $6,648 per block hour in 2025. The rate increase accounted for $5.8 million or 20.5% of the increase during the period. The primary driver for the increase was related to both high market demand and a shortage of supply as competitors reduce capacity.
Other revenue for the period increased by $1.1 million from $2.2 million in 2024 to $3.3 million in 2025. The increase was primarily driven by additional ancillary services provided to our customers.
Operating Expenses
The following table compares our Operating Expenses (in thousands):
|
|
Six Months Ended June 30, |
|
|
|
|
||
Operating Expenses |
|
2025 |
|
2024 |
|
Inc/(Dec) |
|
% Change |
Salaries, Wages, & Benefits |
|
$38,700 |
|
$33,520 |
|
$5,180 |
|
15.5% |
Aircraft Fuel |
|
10,443 |
|
13,800 |
|
(3,357) |
|
-24.3% |
Maintenance, materials and repairs |
|
9,261 |
|
5,578 |
|
3,683 |
|
66.0% |
Depreciation and amortization |
|
4,855 |
|
2,609 |
|
2,246 |
|
86.1% |
Contracted ground and aviation services |
|
10,780 |
|
11,660 |
|
(880) |
|
-7.5% |
Travel |
|
5,279 |
|
6,969 |
|
(1,690) |
|
-24.3% |
Insurance |
|
2,537 |
|
3,188 |
|
(651) |
|
-20.4% |
Aircraft Rent |
|
29,160 |
|
27,523 |
|
1,637 |
|
5.9% |
Other |
|
10,580 |
|
8,609 |
|
1,971 |
|
22.9% |
Total Operating Expenses |
|
$121,595 |
|
$113,456 |
|
$8,139 |
|
7.2% |
Salaries, wages, and benefits for the period increased by $5.2 million, from $33.5 million in 2024 to $38.7 million in 2025, or 15.5%, primarily due to the hiring and training of pilots and other airline personnel necessitated by the growing fleet and operations. Total employees increased 9.0% from 656 to 715 and pilots increased from 136 in 2024 to 150 in 2025 or 10.3%.
Aircraft fuel for the period decreased by $3.4 million, from $13.8 million in 2024 to $10.4 million in 2025, or 24.3%. The volume of Charter and Non-Revenue block hours for the period decreased by 16.6% or $2.3 million, while base jet fuel price decreased 9.3% or $1.1 million.
Maintenance, materials, and repairs for the period increased by $3.7 million, from $5.6 million in 2024 to $9.3 million in 2025, or 66.0%. $1.6 million cost increase for the period was primarily due to volume from the increase in both the number of aircraft to 19 aircraft in 2025 and the number of block hours operated which increased 3,438 or 29.2% from 11,791 block hours in 2024 to 15,229 block hours in 2025. Also, a $2.1 million increase for the period occurred as the rate per block hour increased 28.5% from $473 per block hour in 2024 to $608 per block hour in 2025, driven by repairs of some high value Rotable parts.
Depreciation and amortization for the period increased $2.3 million, from $2.6 million in 2024 to $4.9 million in 2025 or 86.1%, primarily driven by aircraft deliveries secured on capital leases and an increase in Rotable parts owned.
Contracted ground and aviation services for the period decreased by $0.9 million, from $11.7 million in 2024 to $10.8 million in 2025, or 7.5%. A rate increase of 14.8% per block hour drove an increase of $1.3 million for the period. This was offset by lower Charter block hours of 18.9%, which drove a reduction of $2.2 million for the period.
Travel for the period decreased $1.7 million, from $7.0 million in 2024 to $5.3 million in 2025 or 24.2%. Throughout the period we expanded local hiring in key bases that support our government agency business and the reliance on travel dropped and is a cost that we expect to be a continued focus throughout 2025.
Insurance for the period decreased $0.7 million, from $3.2 million in 2024 to $2.5 million in 2025 or 20.4%, primarily related to the receiving more favorable rates despite the increase in the number of aircraft.
Aircraft rent for the period increased $1.6 million, from $27.5 million in 2024 to $29.1 million in 2025 or 5.9%, primarily driven by $4.2 million decrease in short-term ACMI leases from other airlines as increased GlobalX capacity to meet demand was achieved.
25
Offsetting the savings was the increase in the average number of aircraft, on operating leases of aircraft in the fleet from 13.8 in 2024 to 14.8 in 2025 increasing base rent expenses $2.3 million, of which $1.1 million or 46.1% is due to increased aircraft and $1.2 million or 53.9% is due to average rate across the fleet. Also, the increase in block hours resulted in an increase for the period of $3.5 million in supplemental rent expenses.
Operating (loss) income for the period increased $8.5 million, from an operating loss of $2.1 million in 2024 to an operating income of $6.4 million in 2025. In addition, operating (loss) income as a percentage of revenue for the period improved from (1.9%) in 2024 to 5.0% in 2025. This was a direct result of GlobalX’s ability to grow its revenue faster than its cost structure as the airline focused on achieving scale and profitability. Several factors drove the improved margins. The first factor was rates as the Company was able to secure higher rates for ACMI contracts. The Company’s ACMI rate for the period grew 8.0%, from $6,159 per block hour in 2024 to $6,648 per block hour in 2025. The second factor was utilization as our average utilization per available aircraft grew 2.9% for the period. The third factor was scale. As an example, when measured on a per block hour basis, there were savings on a per block hour basis in travel and insurance, which combined with the other factors to drive the improvement.
Non-operating Expenses
The following table compares our Non-operating Expenses (in thousands):
|
|
Six Months Ended June 30, |
|
|
|
|
||
Non-Operating Expenses (Income) |
|
2025 |
|
2024 |
|
Inc/(Dec) |
|
% Change |
|
|
|
|
|
|
|
|
|
Interest Expense |
|
$5,244 |
|
$4,018 |
|
$1,226 |
|
30.5% |
Total Non-Operating Expenses (Income) |
|
$5,244 |
|
$4,018 |
|
$1,226 |
|
30.5% |
Interest expense for the period increased $1.2 million from $4.0 million in 2024 to $5.2 million in 2025, driven by the increase of aircraft on capital lease from 1.5 to 4.0 equivalent aircraft.
Net (Loss) Income
Net (Loss) Income for the period, due to events noted above, improved by $6.9 million from a net loss of $6.1 million in 2024 to a net income of $0.8 million in 2025.
Liquidity and Capital Resources
As of June 30, 2025, the Company had approximately $13.5 million in unrestricted cash and cash equivalents and approximately $0.6 million in restricted cash, an increase of approximately $1.1 million and a decrease of approximately $1.0 million, respectively, from December 31, 2024, primarily due to new aircraft deliveries, deposits, and net income. Management is confident that the augmented cash and cash equivalents, coupled with the anticipated rise in sales linked to the Company’s strategies to attract more funds, will adequately address the Company’s liquidity requirements. Management is actively assessing various options to procure additional funds, including exploring opportunities for additional equity or debt financing.
Net Cash provided by operating activities during the six months ended June 30, 2025 increased $10.2 million to $8.9 million, consisting primarily of $13.2 million in noncash adjustments for depreciation and amortization of fixed assets, operating lease right of use assets and debt issue costs, $2.2 million in interest on finance leases, $1.1 million of net income, $1.3 million of share-based payments, and $0.6 million of increase in accounts payable. These were partially offset by $8.4 million of decrease in operating lease obligations, and $1.3 million of increase in prepaid expenses and other current assets. Net Cash used in operating activities during the six months ended June 30, 2024 increased $4.9 million to $1.2 million, consisting primarily of $6.1 million of net loss, $6.8 million of decrease in accrued liabilities and other liabilities, $6.8 million of decrease in operating leases obligations, and $0.3 million of increase in assets held for sale. These were partially offset by $3.3 million of increase in accounts receivable, $2.5 million of increase in accounts payable, and $10.0 million in noncash adjustments for depreciation and amortization of fixed assets, operating lease right of use assets and debt issue costs, $1.0 million in interest on finance leases, $0.9 million of share-based payments, $0.4 million of credit losses, and $0.5 million of increase in prepaid expenses and other current assets.
The Company has significant fixed and noncancelable lease commitments of aircraft, equipment and related maintenance checks. As of June 30, 2025, the Company had total of $21.8 million due in the next 12 months of future minimum lease payments under finance and operating leases. As of June 30, 2025, the Company had total of $91.4 million due after 12 months from the balance sheet date of future minimum lease payments under finance and operating leases, and approximately $30 million in notes payable included in the non-current liabilities presented in the Company’s consolidated balance sheet. The Company ended the period of January 1 to June 30, 2025 with fifteen passenger aircraft and four cargo aircraft and expects the fleet to increase to nineteen passenger aircraft and remain at four
26
cargo aircraft by the end of 2025. In an effort to achieve the number of aircraft deliveries in 2025, the Company currently has four aircrafts under lease with partial or total deposits paid.
During the six months ended June 30, 2025, net cash used in investing activities increased $1.4 million to $6.6 million, consisting of $5.4 million of Purchases of property and equipment and $1.2 million of increase of deposits, deferred costs and other assets. During the six months ended June 30, 2024, net cash used in investing activities increased $1.2 million to $5.2 million, consisting of $3.6 million of Purchases of property and equipment and $1.6 million of increase of deposits, deferred costs and other assets.
During the six months ended June 30, 2025, net cash used in financing activities increased $1.5 million to $2.3 million of net cash used in financing activities, consisting primarily of $2.4 million of Principal payments on finance leases. During the six months ended June 30, 2024, net cash used in financing activities increased $4.2 million to $0.8 million, consisting primarily of $0.9 million of Principal payments on finance leases.
The Company continuously seeks to identify external sources of capital from time to time depending on our cash requirements, assessment of current and anticipated market conditions, and the after-tax cost of capital. Our access to capital markets can be adversely impacted by prevailing economic conditions and by financial, business and other factors, some of which are beyond our control. Additionally, the Company’s borrowing costs are affected by market conditions and may be adversely impacted by a tightening in credit markets.
The Company regularly assesses our anticipated working capital needs, debt and leverage levels, debt maturities, capital expenditure requirements and future investments or acquisitions to maximize stockholder return, efficiently finance our ongoing operations and maintain flexibility for future strategic transactions. The Company also regularly evaluates its liquidity and capital structure to ensure financial risks, adequate liquidity access and lower cost of capital are efficiently managed.
Item 3 – Quantitative and Qualitative Disclosures about Market Risk
Not applicable.
Item 4 – Controls and Procedures
Evaluation of Disclosure Controls and Procedures
The Company’s management, with the participation of the Company's Executive Chairman and President & Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934) as of June 30, 2025. Based upon that evaluation, our Executive Chairman and President & Chief Financial Officer concluded that, as of June 30, 2025, the Company’s disclosure controls and procedures were effective in ensuring that information relating to the Company required to be disclosed by the Company in the reports that the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, including ensuring that such information is accumulated and communicated to the Company’s management, including the Company’s Executive Chairman and the President & Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934) that occurred during the three month period ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
27
PART II - OTHER INFORMATION
ITEM 1 Legal Proceedings
None.
ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds
None.
ITEM 3 Defaults Upon Senior Securities
None.
ITEM 4 Mine Safety Disclosures
Not Applicable
ITEM 5 Other Information
28
Item 6 - Exhibits
Exhibit Number |
|
Description |
10.1 |
|
Activity Company, volofin Holdings Designated Activity Company and the lenders party thereto. |
10.2 |
|
|
10.3 |
|
|
31.1 |
|
Rule 13a-14(a)/15d-14(a) Certification of acting principal executive officer. |
31.2 |
|
Rule 13a-14(a)/15d-14(a) Certification of acting principal financial officer. |
32.1* |
|
|
32.2* |
|
|
101.INS |
|
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document. |
101.SCH |
|
Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents. |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
* Furnished, rather than filed, herewith, pursuant to Item 601(b)(32) of Regulation S-K.
29
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: August 14, 2025 Global Crossing Airlines Group Inc.
By: /s/ Ryan Goepel
Ryan Goepel,
President & Chief Financial Officer
30
ATTACHMENTS / EXHIBITS
XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT
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