Global Crossing Airlines Group Inc.

What they do

GlobalX operates a U.S. Part 121 domestic flag and supplemental airline using Airbus A320 family aircraft. It provides ACMI (Aircraft, Crew, Maintenance, and Insurance) wet lease services to airlines, and full-service Charter passenger services with all-in fees covering fuel, insurance, landing, and navigation costs. The company operates primarily from Miami International Airport with additional crew bases in Texas, Louisiana, and Arizona. As of December 31, 2025, its fleet consisted of sixteen A320 passenger aircraft and four A321 cargo aircraft.

Revenue drivers

• ACMI wet leases — Provides aircraft, crew, maintenance, and insurance to airline customers; customers assume fuel and demand risk. In Q2 2026, ACMI block hours represented 87% of total block hours.
• Full-service Charter — Provides passenger charter services with an all-in fee including fuel and most operational costs; serves government agencies, tour operators, sports teams, and incentive groups. Revenue per block hour for Charter increased in Q2 2026.
• Cargo operations — Operates four A321 freighter aircraft, started in January 2023; contributes to revenue via ACMI and charter cargo services.

Recent performance

For Q2 2026 (three months ended June 30, 2026), revenue was $62.0 million, up 1% from $61.4 million in Q2 2025. Net loss attributable to the company was $(1.3) million versus net income of $0.6 million in the prior-year quarter. EBITDA increased 17% to $6.9 million. Average utilization per available aircraft rose 11% year-over-year, offsetting an 11% decline in net available aircraft (15.3 vs. 17.1) due to planned heavy maintenance. For full-year 2025, revenue was $246.3 million and net loss narrowed to $(3.1) million from $(11.5) million in 2024; operating cash flow improved to $28.1 million.

Strategy

GlobalX aims to become the best-in-class U.S. narrow-body ACMI charter airline, focusing on certifications, aircraft, and crew as key assets. The company is modernizing its fleet, planning to add five younger A320 aircraft in the second half of 2026 and reach a 25-aircraft target by year-end. It is also pursuing international certifications, having received Australian CAA approval in 2025, and expanding relationships with tour operators and other customers. Management emphasizes disciplined capital allocation and improved aircraft availability to drive operating leverage.

Risks

• Aircraft availability and maintenance — Heavy maintenance events (2Y, 6Y, 12Y checks) reduce net available aircraft, as seen in Q2 2026 when net aircraft fell 11% year-over-year, pressuring revenue and margins.
• Liquidity and negative equity — As of June 30, 2026, the company had cash of $9.9 million, total liabilities of $231.4 million exceeding total assets of $204.6 million, and negative shareholder equity of $(26.9) million, indicating potential going-concern pressure.
• Dependence on leases and financing — The fleet is largely leased; recent growth relies on finance and operating leases, and purchase of an A320 increased depreciation and financing obligations, raising fixed costs.
• Regulatory and operational concentration — Operations are heavily regulated by the FAA and DOT, and the main base is at Miami International Airport where gate and slot availability are not guaranteed, creating operational and compliance risks.

Outlook

Management expects improved aircraft availability and operating leverage in the second half of 2026, with only two scheduled 2-year maintenance checks remaining in Q3. Five younger A320 aircraft are expected to enter service, reducing fleet age and maintenance costs, supporting near-full utilization of a 25-aircraft fleet by year-end. The company anticipates attracting more favorable lease terms due to increased aircraft supply in the market. GlobalX projects improved operating performance during the remainder of 2026.