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Global Crossing Airlines Group Inc. (JETMF) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Global Crossing Airlines Group Inc.

CIK: 1846084 Ticker: JETMF

Exhibit 99.1

 

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NEWS RELEASE

Global Crossing Airlines Reports

Full Year Revenues over 5 Months of Operations of US$14.3M

Finished 2021 with US$8.0M in Cash, Cash equivalents, and Restricted Cash

Significant highlights and milestones for the year include:

 

   

Obtained its US FAA Aircraft Operating Certificate as a US 121 Flag and Supplemental Carrier the “Certification”; Obtained its Certificate of Public Convenience and Necessity for Foreign Charter Air Transportation from the US DOT to Fly Internationally

 

   

Entered revenue service on August 7, 2021 with one Airbus A320 Aircraft; five additional were placed on the Certificate and into revenue service by December 31, 2021

 

   

Signed agreements for 9 Airbus A321 freighters

 

   

Additional three A320 passenger aircraft on top of the existing six A320 family passenger aircraft with world class lessors such as DAE, Alterna and Greenwich Highland

2022 Outlook

 

   

Q1 2022 revenue will exceed 2021 revenues

 

   

Expect full year 2022 revenue to exceed $90M with over half secured today under long term contracts

 

   

$161M in long term contracts and LOIs secured in Q1 for 2022 and beyond

 

   

Signed lease for 2 additional A321F aircraft

MIAMI, FLORIDA, March 31, 2022 – Global Crossing Airlines Group, Inc. (

JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” or “GlobalX”) today reported financial results for its first year of revenue operations, including revenue of $14.3M and a net operating loss of $19.8M or ($0.43) per diluted share. Included in GlobalX’s operating results are an estimated $11.1M in expense related to pre-revenue operations during the year, as well as approximately $1.8M in non-recurring expenses. All dollar amounts in this press release are in United States dollars.

“We certified GlobalX as a US 121 Flag carrier during the pandemic, accomplishing this in 12 months,” said Ed Wegel, Chairman and CEO of GlobalX. “During our first year of operations which was from August to December, we operated 730 revenue flights, and approximately 1,700 block hours, for nearly two dozen customers.”

“I am very excited by the scope and scale of operations achieved since initiating revenue service. Besides successfully launching our ad-hoc charter business, we have flown for tour operators, college sports teams and fans, and established multiple long-running program charter and ACMI relationships. In short, we have been executing the business plan we laid out when we first started Global Crossing.”


The following information was filed by Global Crossing Airlines Group Inc. (JETMF) on Friday, April 1, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Statements Of Condensed Stockholders' Equity (Unaudited)
Basis Of Presentation And Going Concern
Basis Of Presentation And Going Concern - Additional Information (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Debentures
Debentures - Additional Information (Details)
Equity Method Investments
Equity Method Investments - Additional Information (Details)
Income Taxes
Income Taxes - Additional Information (Details)
Loss Per Share
Loss Per Share (Tables)
Loss Per Share - Additional Information (Details)
Loss Per Share - Schedule Of Computation Of Basic And Diluted Earnings Per Share (Details)
New Accounting Standards
New Accounting Standards (Policies)
Related Party Transactions
Related Party Transactions - Additional Information (Details)
Share Based Payments
Share Based Payments (Tables)
Share Based Payments - Additional Information (Details)
Share Based Payments - Summary Of Rsu Activities (Details)
Share Based Payments - Summary Of Stock Option Activities (Details)
Share Based Payments - Summary Of Stock Options Outstanding And Exercisable (Details)
Share Based Payments - Summary Of Weighted Average Assumptions Used To Estimate Weighted Average Grant Date Fair Value Of Stock Options Granted (Details)
Share Capital And Additional Paid In Capital Authorized
Share Capital And Additional Paid In Capital Authorized - Additional Information (Details)
Subsequent Events
Warrants
Warrants (Tables)
Warrants - Schedule Of Share Purchase Warrants Outstanding And Exercisable (Details)
Warrants - Summary Of Warrant Activity (Details)

Material Contracts, Statements, Certifications & more

Global Crossing Airlines Group Inc. provided additional information to their SEC Filing as exhibits

Ticker: JETMF
CIK: 1846084
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-22-010106
Submitted to the SEC: Mon May 16 2022 4:33:47 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Air Transportation Scheduled

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