MIAMI, March 06, 2024 (GLOBE NEWSWIRE) — Global Crossing Airlines Group, Inc. (JET: Cboe CA; JET.B: Cboe CA; JETMF: OTCQB) (the “Company” or “GlobalX“) today reported fourth quarter and 2023 annual financial results, which saw record revenue for Q4 of $53.5M and $160M for the year. All figures are in United States dollars and prepared in accordance with U.S. GAAP.
Annual 2023 Highlights and Financial Results
Annual Revenues of $160.1 Million
EBITDAR(1) of $20 Million, a fourfold increase over 2022
Block Hours flown more than doubled
Aircraft Utilization jumps 26.3%
Pilot count more than doubles
Fleet size grows to 14 aircraft
“As we reflect on a year marked by unprecedented growth, we remain steadfast in our commitment to charting a course towards sustained profitability and operational excellence. With a relentless focus on industry-leading on-time performance, we are expecting demand for passenger charters to soar in 2024. Looking ahead, we are strategically sourcing aircraft to bolster our capacity and optimize revenue-earning opportunities over the next two quarters,” said Chris Jamroz, Executive Chairman of GlobalX.
GlobalX operated 18,072 block hours in 2023 more than doubling the 8,666 block hours operated in 2022. Annual Net Income was ($21) million, EBITDAR(1) on an unadjusted basis was $20 million and EPS was $(0.37).
The increase in revenue and total block hours flown was attributed to several factors, added Ryan Goepel, GlobalX President and CFO. The Company’s average fleet increased from 7 in 2022 to 11 in 2023 increasing its capacity while strong passenger demand drove not only increased activity but higher rates for charter contracts. Continued focus on efficiency and benefits of a larger scale operation enabled a 15% improvement in operating performance. Going forward, the Company continues to grow its revenue faster than its cost structure, as the airline works toward achieving scale and sustained profitability.
During Q3 the Company continued to invest in growing the cadre of pilots, having invested approximately $7 million in training and adequate staffing in anticipation of new aircraft deliveries in the first half of 2024.
Liquidity
GlobalX ended the year with $17.7M in cash and restricted cash which is up 31% as compared to December 31, 2022. The Company has also reached an agreement with GEM to extend the existing facility agreement for another twelve months.
(1) Refer below to the section “Non-GAAP Financial Measures” for additional information.
Conference Call/Webcast Detail
GlobalX will be hosting a webinar on March 6, 2023 to provide a business update and discuss the results.
When: March 6th, 2023, 2:00 PM Eastern Time (US and Canada)
Topic: Global Crossing Airlines – Year End 2023 Earnings Release & Management Update
Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_S2liyBGcTiW1uWpwJx5S5Q
After registering, you will receive a confirmation email containing information about joining the webinar.
For more information, please contact:
Ryan Goepel, President and Chief Financial Officer
Email: ryan.goepel@globalxair.com
Tel: 786.751.8503
GLOBAL CROSSING AIRLINES GROUP INC.
CONSOLIDATED BALANCE SHEETS
December 31, 2023
December 31, 2022
Current Assets
Cash and cash equivalents
$
11,595,706
$
1,875,673
Restricted cash
6,079,531
3,585,261
Accounts receivable, net of allowance
10,180,739
2,664,174
Prepaid expenses and other current assets
2,551,612
2,193,449
Current assets held for sale
184,155
1,405,741
Total Current Assets
30,591,743
11,724,298
Property and equipment, net
5,524,990
2,441,288
Finance leases, net
4,108,277
2,710,899
Operating lease right-of-use assets
76,880,504
27,952,609
Deposits
12,506,275
5,702,089
Other assets
1,716,558
632,790
Total Assets
$
131,328,347
$
51,163,973
Current liabilities
Accounts payable
$
7,481,071
$
4,997,080
Accrued liabilities
17,465,320
9,458,629
Deferred revenue
9,895,583
3,200,664
Customer deposits
3,935,496
1,617,337
Current portion of notes payable
–
1,810,468
Current portion of long-term operating leases
13,650,119
6,445,915
Current portion of finance leases
599,228
335,527
Total current liabilities
53,026,817
27,865,620
Other liabilities
Note payable
29,174,794
5,081,294
Long-term operating leases
65,158,453
23,189,835
Other liabilities
3,835,424
2,282,892
Total other liabilities
98,168,671
30,554,020
Total Liabilities
$
151,195,488
$
58,419,641
Commitments and Contingencies
Equity (Deficit)
Common stock – $.001 par value; 200,000,000 authorized; 58,925,871 and 53,440,482 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively
$
58,891
$
53,440
Additional paid-in capital
38,943,133
30,774,197
Retained deficit
(59,093,845
)
(38,083,304
)
Total Company’s stockholders’ deficit
(20,091,821
)
(7,255,667
)
Noncontrolling interest
224,680
–
Total stockholders’ deficit
(19,867,141
)
(7,255,667
)
Total Liabilities and Deficit
$
131,328,347
$
51,163,973
GLOBAL CROSSING AIRLINES GROUP INC.
CONSOLIDATED STATEMENT OF OPERATIONS
Year Ended December 31, 2023
Year Ended December 31, 2022
Operating Revenue
$
160,121,525
$
97,110,205
Operating Expenses
Salaries, Wages, & Benefits
54,056,847
30,629,414
Aircraft Fuel
29,475,548
23,035,395
Maintenance, materials and repairs
8,602,949
4,377,378
Depreciation and amortization
2,292,797
609,489
Contracted ground and aviation services
20,506,701
15,607,926
Travel
8,334,474
5,024,758
Insurance
5,009,477
3,580,377
Aircraft Rent
33,631,717
15,614,081
Other
14,078,145
9,867,929
Total Operating Expenses
$
175,988,655
$
108,346,747
Operating Loss
(15,867,130
)
(11,236,542
)
Non-Operating Expenses
Foreign Exchange (gain) or loss
–
(96,415
)
Other non-operating expenses
–
3,058,938
Interest Expense
4,916,281
1,621,932
Total Non-Operating Expenses
4,916,281