Category Archives: Global Crossing Airlines

Global Crossing Airlines CFO – “We’re in Hyper Growth”

From the Howard Group:

Demand and opportunity for one of the world’s fastest growing hybrid charter and cargo airlines was the theme of Ryan Goepel’s presentation at the recent Emerging Growth Conference.  One comment essentially sums up the growth scenario when Mr. Goepel stated that, “we are probably turning down $4 to $5 million a month in work and if we looked at some of our fall and winter work, we’re effectively sold out.”

GlobalX has 2 cargo aircraft and just took possession of its 10th passenger (PAX) aircraft. The objective is to reach 6 cargo and 12 PAX in the fleet by year end.

Founded in 2009, EmergingGrowth.com  is a leading independent small cap media portal and  identifies emerging growth companies and markets that can be overlooked by the investment community.

The 30 minute presentation along with Q&A can be viewed here.

GlobalX to build a hangar at Fort Lauderdale- Hollywood International Airport

Global Crossing Airlines Group, Inc. (GlobalX) has announced that is has reached an agreement with Sheltair Aviation for the financing and construction of a new aircraft maintenance facility at the Fort Lauderdale – Hollywood International Airport (KFLL).

GlobalX expects to break ground on this new facility in Q4 2023, occupy the facility in Q2 2025, and to cost approx. $25 million to construct.

Top Copyright Photo: GlobalX’s first Airbus A319: GlobalX (Global Crossing Airlines) Airbus A319-112 N285GX (msn 1936) BWI (Tony Storck). Image: 961405.

GlobalX aircraft photo gallery:

GlobalX signs LOI with Eviation for 50 all-electric Alice aircraft

Eviation Aircraft, a manufacturer of all-electric aircraft, has announced that Global Crossing Airlines Group, Inc. (GlobalX), a Miami-based provider of passenger and cargo charter jets, has signed a Letter of Intent (LOI) ordering 50 all-electric commuter Alice aircraft. The aircraft will open up new routes for passenger travel in GlobalX’s key markets in Florida, the Bahamas, and the Caribbean, supporting the airline’s plan to adopt carbon-free and sustainable technologies.

GlobalX Eviation All-Electric Alice Aircraft

Alice is a nine-passenger electric aircraft offering a premium passenger experience. The aircraft, built from a clean-sheet design around all-electric propulsion, produces no carbon emissions, significantly reduces noise, and costs a fraction to operate per flight hour compared to light jets or high-end turboprops. Alice is powered by two magni650 electric propulsion units by magniX, which is the global industry leader in flight-proven electric propulsion systems at this scale.

GlobalX began passenger operations in August 2021 and operates seven A320 family aircraft serving the U.S., Caribbean, and Latin America. It also has 15 A321 freighter aircraft under lease agreements and will commence cargo operations in Q4 2022. Alice will enable GlobalX to introduce new, sustainable flight options for growing markets including Miami, Orlando and the Bahamas. GlobalX expects to take delivery of its initial Alice aircraft in 2027, and is evaluating the cargo aircraft variant of Alice for supporting its cargo customer base.

GlobalX aircraft photo gallery:

GlobalX introduces a new Bad Bunny logojet for Adidas

GlobalX (Global Crossing Airlines) has introduced a “Bad Bunny – Adidas” sneaker promotional livery on its Airbus A320 N281GX.

Shoe-maker Adidas announced it was giving its fans a chance to win a trip to Puerto Rico this summer.

According to Adidas, the custom baby blue-colored plane pictured (above) is inspired by Bad Bunny’s art and pays homage to the summer.

The trip kicks off with a night in Puerto Rico and then travel to New York for a special Bad Bunny concert in the Bronx on August 27.

Bad Bunny is a multi-platinum recording artist, multiple Latin GRAMMY® and GRAMMY® winner, who consistently manages to break international barriers and dismantle cultural norms, becoming a global icon of culture and entertainment. In 2021, he was named one of Billboard’s 10 most popular superstars in the world and earned the title of the #1 Latin artist of the year for a third consecutive year. In addition, after amassing an impressive more than 9.1 billion streams, he became the only Latin artist who, for two consecutive years, has been proclaimed the most listened to artist globally on Spotify – all of this without releasing a new album.

In 2022, his tour “El Último Tour del Mundo” became the most globally successful tour of current times, selling out its 35 functions and breaking sales and attendance records. On the heels of his global success, he released a new album, “Un Verano Sin Ti,” which became the second all-Spanish album to reach number 1 on the Billboard 200 Chart. The first album to accomplish this was Bad Bunny’s “El Último Tour del Mundo.” The album earned 356.66 million on-demand official streams in its premiere week, registering the largest streaming week ever for a Latin music album; it also set a record by posting its 24 songs on Billboard’s “Hot Latin Songs.” Currently, the megastar just kicked off his first stadium tour across the U.S. and Latin America, setting the record for the highest-grossing concert in each of the venues he has performed so far and the highest-grossing concert by a Latin act.

GlobalX aircraft photo gallery:

Global Crossing Airlines announces agreement to convert an Airbus A321 to A321 P2F, will operate Boeing 717s

Global Crossing Airlines Group Inc. announced the signing of a definitive agreement with Icelease to convert an Airbus A321 aircraft (MSN 2840) and lease to GlobalX for a period of eight years.

The aircraft is currently flown by GlobalX in passenger configuration and will be converted at a Precision Aircraft Solutions facility starting in October 2023, and is expected to be placed into freighter revenue service by April 2024.

GlobalX helped arrange for the sale of the aircraft from current lessor Magnetic Leasing to Icelease in order to facilitate the conversion agreement.

In other news, the company is advertising for Boeing 717 pilots and mechanics. The company is planning to lease 10 ex-Volotea Boeing 717-200s from Boeing Capital starting in October.

GlobalX aircraft photo gallery:

 

Global Crossing Airlines announces wet lease of first Airbus A321 freighter to Avianca

Global Crossing Airlines (GlobalX) has announced the signing of a multiple-year charter agreement for its first Airbus A321 Passenger-to-Freighter (P2F) aircraft entering service to an affiliate of Avianca Cargo to support its North American and Latin America cargo programs.

The aircraft, which marks the beginning of the Company’s XCargo™ division, is the first of thirteen (13) firm agreements with lessors, as well as seven (7) additional commitments to acquire and convert Airbus A321s in its P2F program.

GlobalX intends to bring all of these future converted aircraft to market between October 2022 and the end of calendar year 2024.

Terms of the agreement allow Avianca Cargo to wet lease or charter up to four additional freighters from GlobalX over the next five years. The aircraft will be the first A321 Freighter to be operated by a U.S. airline.

GlobalX aircraft photo gallery:

Global Crossing Airlines reports its first quarter results, A321F fleet to expand to 20

Global Crossing Airlines Group, Inc. (GlobalX) (Miami) has provided an update on its operations for first quarter of 2022 and a preview of Q2 2022.

“We had a strong revenue quarter with a 45% increase in revenue over Q4 2021, despite being impacted heavily by the Omicron variant, which forced us to reduce flying by about 20%,” said Ed Wegel, Chairman and CEO of GlobalX.

“Our results included expenses related to maintenance and conformity for three aircraft deliveries, as well as significant investments in pilot recruitment and training. We also invested heavily in our IT systems as part of our paperless airline initiative that is required to support future growth.

“Most importantly, we developed all the manuals and systems needed for us to certify with the FAA to start flying revenue cargo charters with our A321 freighters in Q4 of this year. We are seeing intensely strong demand for this aircraft and we have now successfully sold out all of the capacity. This represents a minimum of 250 hours per aircraft per month for our first three (3) A321 freighters, and we are working on LOI’s for aircraft four and five.

“In Q2 we are continuing to make significant investments in additional aircraft, with three (3) aircraft being added to our fleet, and in crews and systems to facilitate this growth as we focus on the execution of our business plan for passenger charters, and soon to be launched cargo business.”

Mr. Wegel further added:“We are reaching profitability on our projected timetable and demand is increasing for our product as we gain a reputation for on time, reliable service.

Further, the launch of our Cargo operation in Q4, powered by our 20 A321F which will all be delivered over the next 30 months, will drive sustained growth and profitability.”

First Quarter 2022 Results

During first quarter of 2022, GlobalX operated a total 1,729 block hours with revenues of $16.3M. These represent increases over Q4 2021 of 33% and 46% of block hours and revenues, respectively, and in a single quarter GlobalX exceeded all revenues in 2021. The net loss for the quarter was $4.8 million, and GlobalX ended the quarter with $11.9 million in cash, cash equivalents, and restricted cash. Operating losses during the quarter were driven by the investments necessary to continue the scaling of flight operations and the negative effects of Omicron, which resulted in short term crew shortages and flights cancelled by clients. Across the first 3 months of 2022, GlobalX operated an average of 6 aircraft for a total of 540 aircraft days available for sale.

2022 Outlook

Looking forward to the full year of 2022, GlobalX reaffirms its expectation to see over $90 Million in revenue, powered by double digit sequential quarterly revenue growth through the rest of 2022 as it adds additional aircraft and launches its cargo operations. GlobalX is expecting operating income to be near break even in Q2 and positive in Q3 2022.

The foregoing guidance is based on management’s current views with respect to operating and market conditions and customer forecasts. Actual results may differ materially from what is provided here today as a result of, among other things, the factors described under“Cautionary Note Regarding Forward-Looking Statements” below.

About Global Crossing Airlines

GlobalX is a US 121 domestic flag and supplemental airline flying the Airbus A320 family aircraft. GlobalX flies as an ACMI and charter airline serving the US, Caribbean, and Latin American markets.

GlobalX aircraft photo gallery:

Eve and Global Crossing Airlines sign Letter of Intent for up to 200 eVTOL aircraft and enable future collaboration for UAM

Eve UAM, LLC and Global Crossing Airlines Group, Inc. (GlobalX) have signed a Letter of Intent (LoI) to order up to 200 of Eve’s electric vertical take-off and landing aircraft (eVTOL). This potential sale is included in Eve’s current order backlog of up to 1,785 eVTOLs. The company expects to start the deliveries in 2026.

The agreement also enables a promising partnership that intends to explore the development of an ecosystem to scale Urban Air Mobility (UAM) and reinforces the Concept of Operations (CONOPS) in Miami-Dade County that was announced today. GlobalX’s expertise as a flag airline will contribute not only to the formulation of the infrastructure needed to permit eVTOL flights, but also the deployment of Eve’s aircraft throughout their network.

Global Crossing Airlines reports a loss of $5.26 million in its first quarter, now operates for Havana Air, will fly for Jetlines, introduces a new livery

GlobalX (Global Crossing Airlines) Airbus A320-214 N276GX (msn 2695) LAS (Nick Dean). Image: 955771.

Global Crossing Airlines (GlobalX) issued this financial report for its first quarter:

Significant highlights and milestones for the quarter include:

  • Obtained its US FAA Aircraft Operating Certificate as a US 121 Flag and Supplemental Carrier
  • 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; Three aircraft in operation by September 30, 2021
  • Signed leases for one Airbus A321 converted freighter and two A320 passenger aircraft; Signed letters of intent for one A321 converter freighter and one A320 passenger plane

Global Crossing Airlines Group, Inc. “GlobalX” reported its financial results for its first quarter of revenue operations which occurred in the third quarter ended September 30, 2021, including revenue of $3.1M and net operating loss of $5.26M or ($.10) per diluted share. Included in GlobalX’s operating results are an estimated $2.1 million in expense related to pre-revenue operations during the quarter, as well as approximately $750 thousand in non-recurring expenses. All dollar amounts in this press release are in United States dollars.

“WE HAD A VERY SMOOTH ENTRY INTO REVENUE OPERATIONS AND THE GLOBALX TEAM HAS PERFORMED EXCEEDINGLY WELL,” SAID ED WEGEL, CHAIRMAN AND CEO OF GLOBALX. “DURING OUR FIRST SEVEN WEEKS OF OPERATIONS WE OPERATED MORE THAN 150 REVENUE FLIGHTS, AND APPROXIMATELY 400 BLOCK HOURS, FOR NEARLY A DOZEN CUSTOMERS.”

“ON AUGUST 30TH, WE RECEIVED OUR FINAL AUTHORITY FROM THE US DEPARTMENT OF TRANSPORTATION TO FLY INTERNATIONAL CHARTERS. THIS ENABLES US TO FLY TO THE CARIBBEAN, MEXICO, LATIN AMERICA, AND CANADA. WE CAPITALIZED ON THAT AUTHORITY BY IMMEDIATELY EXECUTING ON INTERNATIONAL CONTRACTS, AND WE HAVE BEEN CONTINUING TO EXPAND OUR INTERNATIONAL CLIENT BASE.”

MR. WEGEL FURTHER ADDED: “NOW THAT THE FAA CERTIFICATION IS BEHIND US, OUR FOCUS IS ON DELIVERING EXCEPTIONAL CUSTOMER VALUE, WHILE SCALING THE AIRLINE TOWARDS PROFITABILITY. WE ARE EXTREMELY ENCOURAGED ABOUT THE DEMAND FOR OUR PRODUCT OFFERING AS WELL AS OUR GROWING PORTFOLIO OF CUSTOMERS.”

Third-Quarter Results

Flights in the third quarter of 2021 totaled 378 block hours with revenue of $3.1M, both of which were zero for the same period in 2020. Operating losses during the quarter were driven by the investments necessary to achieve FAA certification and limited number of aircraft. During the quarter GlobalX operated two Airbus A320s and one Airbus A321 aircraft for 91 total combined days available for sale.

GlobalX ended the quarter with $8.9 million in cash and restricted cash.

Outlook

Looking ahead, GlobalX projects strong demand for its services and a resulting increase in revenue block hours in the fourth quarter of 2021. GlobalX will seek to continue to increase its flight activity to Cuba and the Dominican Republic, as well as flights on behalf of the US Government agencies, US-based hotel and casino operators, and for college football team clients (including NCAA football bowl game flights). GlobalX is accepting delivery of three aircraft in the coming weeks and expects to have as many as 6 aircraft operating by the end of the year. This will result in an estimated 270% increase in total combined aircraft days available for sale in the fourth quarter versus third.

Commenting on the results, Mr. Wegel stated: “We believe we are now developing a strong foundation for our airline, with a strong team of airline professionals, and we are well positioned going into 2022.”

About Global Crossing Airlines

GlobalX is a US 121 domestic flag and supplemental airline flying the Airbus A320 family aircraft. GlobalX flies as an ACMI and wet lease charter airline serving the US, Caribbean, and Latin American markets.

In other news, Canada Jetlines Operations Ltd. and Global Crossing Airlines Group Inc. have announced that Canada Jetlines (through its Canada Jetlines Vacations Ltd.) subsidiary, and GlobalX (through its GlobalX Air Tours LLC subsidiary) intend to launch their first partnership on the sale of public charter flights between Toronto and Florida.

The arrangement is the first between the two companies since GlobalX completed the spin out of Canada Jetlines in June 2021 to shareholders. Under the terms of the arrangement, Canada Jetlines Vacations will jointly market and sell seats on GlobalX public charter flights over a six-week period. Round trip charter flights are expected to operate from Toronto to Miami and Fort Lauderdale weekly beginning in March 2022.

The parties are targeting that tickets will go on sale in December 2021, pending receipt of all final regulatory approvals including approval from, and completion of Canada Jetlines Vacation registration with, the Travel Industry Council of Ontario (TICO).

Flights will be operated on GlobalX Airbus A320 aircraft.

Canada Jetlines intends to start operating flights to Florida with its own A320 aircraft once it has completed its certification and receives all required government approvals.

In other news, GlobalX also announced on November 15 it commenced operations for Havana Air:

Global Crossing Airlines Group, Inc. and ViajeHoy, LLC, d/b/a Havana Air (Havana Air) are pleased to announce that they have commenced scheduled charter service from Miami and Tampa to Havana.

The initial service, granted under approval from the U.S Department of Transportation, operates six times weekly between Miami and Havana, and twice weekly between Tampa and Havana.

Both GlobalX and Havana Air plan for the number of flights to increase as Cuba fully opens post-pandemic.

On September 30, 2021, US DOT approved the GloablX fleet size increase to 6 aircraft, subject to FAA approval as each enters service. N279GX (below) entered revenue service on October 1, 2021. N278GX entered service at the end of October bringing the fleet to 4. Two additional A320s will enter service within 60 days growing the fleet to 6.

Airbus A320 N278GX also wears updated 2021 livery:

Top Copyright Photo: Pictured in the inaugural 2021 livery: GlobalX (Global Crossing Airlines) Airbus A320-214 N276GX (msn 2695) LAS (Nick Dean). Image: 955771.