Global Crossing Airlines (JETMF) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 05, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	Global Crossing Airlines Group, Inc
Title of 12(g) Security	common stock and Class B non-voting common stock
Entity Central Index Key	0001846084
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	000-56409
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	86-2226137
Entity Address Address Line1	4200 NW 36th Street,
Entity Address, Address Line Two	Building 5A
Entity Address, Address Line Three	Miami International AirportMiami
Entity Address City Or Town	Miami
Entity Address State Or Province	FL
Entity Address Postal Zip Code	33166
City Area Code	786
Local Phone Number	751-8503
Document Quarterly Report	true
Document Transition Report	false
Undesignated Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		43,906,185
Class A Nonvoting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,537,313
Class B Nonvoting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,719,939

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 7,070	$ 11,596
Restricted cash	753	6,080
Accounts receivable, net of allowance	6,412	10,181
Prepaid expenses and other current assets	2,420	2,552
Current assets held for sale	380	184
Total Current Assets	17,035	30,593
Property and equipment, net	9,232	5,525
Finance leases, net	28,416	4,108
Operating lease right-of-use assets	93,553	76,881
Deposits	11,215	12,506
Other assets	3,119	1,715
Total Assets	162,570	131,328
Current liabilities
Accounts payable	12,817	7,481
Accrued liabilities	15,494	17,465
Deferred revenue	5,369	9,896
Customer deposits	3,764	3,935
Current portion of long-term operating leases	16,454	13,650
Current portion of finance leases	3,091	599
Total current liabilities	56,989	53,026
Other liabilities
Note payable	29,513	29,175
Long-term operating leases	79,076	65,158
Long-term finance leases	25,956	3,292
Other liabilities	531	544
Total other liabilities	135,076	98,169
Total Liabilities	192,065	151,195
Commitments and Contingencies (Note 7)
Stockholders' Equity (Deficit)
$.001 par value; 200,000,000 authorized; 61,023,439 and 58,925,871 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	60	59
Additional paid-in capital	40,397	38,943
Retained deficit	(70,076)	(59,094)
Total Company's stockholders' deficit	(29,619)	(20,092)
Noncontrolling interest	124	225
Total stockholders' deficit	(29,495)	(19,867)
Total Liabilities and Deficit	$ 162,570	$ 131,328

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	200,000,000	200,000,000
Common stock shares issued	61,023,439	58,925,871
Common stock shares outstanding	61,023,439	58,925,871

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue		$ 52,436	$ 42,577	$ 163,817	$ 106,203
Operating Expenses
Salaries, Wages, & Benefits		17,404	15,040	50,923	38,264
Aircraft Fuel		4,104	5,743	17,904	19,779
Maintenance, materials and repairs		3,448	2,983	9,026	6,308
Depreciation and amortization		1,866	566	4,476	1,452
Contracted ground and aviation services		3,281	4,695	14,941	14,749
Travel		2,216	1,554	9,185	5,155
Insurance		1,627	1,219	4,815	3,589
Aircraft Rent		16,031	9,400	43,554	21,874
Other		4,963	3,707	13,573	9,669
Total Operating Expenses		54,940	44,907	168,397	120,839
Operating Loss		(2,504)	(2,330)	(4,580)	(14,636)
Non-Operating Expenses
Interest Expense		2,385	2,565	6,403	3,801
Total Non-Operating Expenses		2,385	2,565	6,403	3,801
Loss before income taxes		(4,889)	(4,895)	(10,983)	(18,437)
Net Loss		(4,889)	(4,895)	(10,983)	(18,437)
Net Loss attributable to Noncontrolling Interest		(2)	(11)	(1)	(11)
Net Loss attributable to the Company		$ (4,887)	$ (4,884)	$ (10,982)	$ (18,426)
Loss per share:
Basic		$ (0.08)	$ (0.08)	$ (0.18)	$ (0.33)
Diluted	[1]	$ (0.08)	$ (0.08)	$ (0.18)	$ (0.33)
Weighted average number of shares outstanding		60,817,884	57,497,385	60,024,188	56,292,992
Fully diluted shares outstanding		60,817,884	57,497,385	60,024,188	56,292,992
[1] There were 17,732,764 warrants, 246,667 options, and 5,263,027 RSUs outstanding at September 30, 2024 and there were 22,376,020 warrants, 470,668 options, and 5,073,932 RSUs outstanding at September 30, 2023. The Company excluded the warrants, options and RSUs from the calculation of diluted EPS for the three and nine months ended September 30, 2024 and 2023, as inclusion would have an anti-dilutive effect.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Retained Deficit	Total	Noncontrolling Interest
Beginning balance at Dec. 31, 2022	$ (7,256)	$ 53	$ 30,774	$ (38,083)	$ (7,256)
Beginning balance, shares at Dec. 31, 2022		53,440,482
Issuance of shares - options exercised	$ 67		67		67
Issuance of shares - options exercised, shares	150,000	150,000
Issuance of shares - warrants exercised	$ 1,137	$ 3	1,134		1,137
Issuance of shares - warrants exercised, shares		2,499,453
Issuance of shares - share based compensation on RSUs	501		501		501
Issuance of shares - share based compensation on RSUs, shares		208,416
Income (loss) for the period	(6,072)			(6,072)	(6,072)
Ending balance at Mar. 31, 2023	(11,623)	$ 56	32,476	(44,155)	(11,623)
Ending balance, shares at Mar. 31, 2023		56,298,351
Beginning balance at Dec. 31, 2022	(7,256)	$ 53	30,774	(38,083)	(7,256)
Beginning balance, shares at Dec. 31, 2022		53,440,482
Income (loss) for the period	(18,437)
Ending balance at Sep. 30, 2023	(18,592)	$ 58	37,871	(56,510)	(18,581)	$ (11)
Ending balance, shares at Sep. 30, 2023		57,837,685
Beginning balance at Mar. 31, 2023	(11,623)	$ 56	32,476	(44,155)	(11,623)
Beginning balance, shares at Mar. 31, 2023		56,298,351
Issuance of shares - warrants exercised	220		220		220
Issuance of shares - warrants exercised, shares		227,630
Issuance of shares - share based compensation on RSUs	579	$ 1	578		579
Issuance of shares - share based compensation on RSUs, shares		481,593
Issuance of shares - ESPP	199		199		199
Issuance of shares - ESPP, shares		300,121
Income (loss) for the period	(7,471)			(7,471)	(7,471)
Ending balance at Jun. 30, 2023	(18,096)	$ 57	33,473	(51,626)	(18,096)
Ending balance, shares at Jun. 30, 2023		57,307,695
Issuance of shares - share based compensation on RSUs	569	$ 1	568		569
Issuance of shares - share based compensation on RSUs, shares		529,990
Income (loss) for the period	(4,895)			(4,884)	(4,884)	(11)
Warrants issued	3,830		3,830		3,830
Ending balance at Sep. 30, 2023	(18,592)	$ 58	37,871	(56,510)	(18,581)	(11)
Ending balance, shares at Sep. 30, 2023		57,837,685
Beginning balance at Dec. 31, 2023	(19,867)	$ 59	38,943	(59,094)	(20,092)	225
Beginning balance, shares at Dec. 31, 2023		58,925,871
Issuance of shares - share based compensation on RSUs	343	$ 1	342		343
Issuance of shares - share based compensation on RSUs, shares		742,079
Income (loss) for the period	(6,379)			(6,379)	(6,379)
Ending balance at Mar. 31, 2024	(25,903)	$ 60	39,285	(65,473)	(26,128)	225
Ending balance, shares at Mar. 31, 2024		59,667,950
Beginning balance at Dec. 31, 2023	(19,867)	$ 59	38,943	(59,094)	(20,092)	225
Beginning balance, shares at Dec. 31, 2023		58,925,871
Income (loss) for the period	(10,983)
Ending balance at Sep. 30, 2024	(29,495)	$ 60	40,397	(70,076)	(29,619)	124
Ending balance, shares at Sep. 30, 2024		61,023,439
Beginning balance at Mar. 31, 2024	(25,903)	$ 60	39,285	(65,473)	(26,128)	225
Beginning balance, shares at Mar. 31, 2024		59,667,950
Issuance of shares - share based compensation on RSUs	498		498		498
Issuance of shares - share based compensation on RSUs, shares		544,157
Issuance of shares - ESPP	221		221		221
Issuance of shares - ESPP, shares		391,574
Dividends	(100)					(100)
Income (loss) for the period	285			284	284	1
Ending balance at Jun. 30, 2024	(24,999)	$ 60	40,004	(65,189)	(25,125)	126
Ending balance, shares at Jun. 30, 2024		60,603,681
Issuance of shares - share based compensation on RSUs	393		393		393
Issuance of shares - share based compensation on RSUs, shares		419,758
Income (loss) for the period	(4,889)			(4,887)	(4,887)	(2)
Ending balance at Sep. 30, 2024	$ (29,495)	$ 60	$ 40,397	$ (70,076)	$ (29,619)	$ 124
Ending balance, shares at Sep. 30, 2024		61,023,439

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (10,983)	$ (18,437)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	4,476	1,452
Credit losses	357	6
Loss on sale of property		136
Loss (gain) on sale of spare parts	160	(184)
Foreign exchange loss		1
Amortization of debt issue costs	463	1,164
Amortization of operating lease right of use assets	10,556	5,934
Share-based payments	1,266	1,678
Interest on finance leases	1,991	309
Changes in assets and liabilities
Accounts receivable	3,413	(4,886)
Assets held for sale	(355)	953
Prepaid expenses and other current assets	131	(1,181)
Accounts payable	5,336	3,611
Accrued liabilities and other liabilities	(6,669)	8,587
Operating lease obligations	(10,507)	(6,181)
Other liabilities	(1,892)	282
Net cash used in operating activities	(2,257)	(6,756)
CASH FLOWS FROM INVESTING ACTIVITIES
Deposits, deferred costs and other assets	(1,259)	(5,698)
Purchases of property and equipment	(4,998)	(2,082)
Net cash used in investing activities	(6,257)	(7,780)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on finance leases	(1,427)	(343)
Dividends	(100)
Proceeds on issuance of shares	188	1,594
Repayment of notes payables		(6,986)
Proceeds from notes payables		32,109
Net cash (used in) provided by financing activities	(1,339)	26,374
Net (decrease) increase in cash, cash equivalents, and restricted cash	(9,853)	11,838
Cash, cash equivalents and restricted cash - beginning of the period	17,676	5,461
Cash, cash equivalents and restricted cash - end of the period	7,823	17,299
Non-cash investing and financing activities
Right-of-use (ROU) assets acquired through operating leases	27,229	37,555
Equipment acquired through finance leases	26,471	1,680
Note Payable reductions through accounts receivable from sale of Assets held for sale		145
Reclass of capitalized professional fees from proceeds from senior secured note	125
Cash paid for
Interest	$ 4,385	$ 928

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (4,887)	$ (4,884)	$ (10,982)	$ (18,426)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Going

Basis of Presentation and Going Concern	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Going Concern	1. BASIS OF PRESENTATION AND GOING CONCERN Global Crossing Airlines Group, Inc. (the “Company” or “GlobalX”) principal business activity is providing passenger and cargo aircraft to customers through aircraft operating service agreements including, crew, maintenance, 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., GlobalX Colombia S.A.S., UrbanX Air Mobility, Inc. ("UrbanX") and Charter Air Solutions, LLC ("Top Flight"). All intercompany transactions and balances have been eliminated on 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). Management’s opinion is that all adjustments necessary for a fair statement of the results for the interim periods have been made. In the opinion of the Company, the accompanying unaudited condensed financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2024, and its results of operations for the three months and nine months ended September 30, 2024, and 2023, and cash flows for the nine months ended September 30, 2024, and 2023. The condensed balance sheet at December 31, 2023, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The Financial Statements should be read in conjunction with the audited consolidated financial statements and the notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which includes additional disclosures and a summary of our significant accounting policies. Our 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 condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (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 12 months from the date of the filing of this 10Q . As of September 30, 2024, the Company had a working capital deficit of $ 40.0 million and a retained deficit of $ 70.1 million. Without ongoing income generation or additional financing, the Company will be unable to fund general and administrative expenses and working capital requirements for the next 12 months from the date of the filing of this 10Q. These material uncertainties raise substantial doubt as to the Company’s ability to continue as a going concern. The Company is evaluating financing its future requirements through a combination of debt, equity and/or other facilities. There is no assurance that the Company will be able to obtain such financing or obtain them on favorable terms. The condensed consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and statement of financial position classifications that would be necessary were the going concern assumption deemed to be inappropriate. These adjustments could be material.

New Accounting Standards

New Accounting Standards	9 Months Ended
	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	2. NEW ACCOUNTING STANDARDS Recently Issued Accounting Standards In November 2023, the FASB issued ASU 2023-07 – Improvements to Reportable Segment Disclosures – Amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 . Management expects no significant impact after adoption of the new standard. In December 2023, the FASB issued ASU 2023-09 – Improvements to Income Tax Disclosures – Amendments in this update require: 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 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 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. Management expects no significant impact after adoption of the new standard. In March 2024, the FASB issued ASU 2024-02 - Codification Improvements - Amendments to Remove References to the Concepts Statements. This update contains amendments to the Codification that remove reference to various FASB Concepts Statement. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2024. Management expects no significant impact after adoption of the new standard. In March 2024, the FASB issued ASU 2024-01 - Compensation-Stock Compensation - Amendments to improve generally accepted accounting principles (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. Management expects no significant impact after adoption of the new standard.

Investments

Investments	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investements	3. INVESTMENTS Investment in Canada Jetlines Operations Ltd.: On June 28, 2021, the Company completed the spin-out pursuant to the Arrangement under which the Company transferred 75 % of shares of Jetlines to GlobalX shareholders. At that time, GlobalX retained 25 % of the shares issued and outstanding of Jetlines and accounts for the investment in accordance with the equity method. On September 11, 2024, Canada Jetlines Operations Ltd. 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. The Company had provided a guarantee for one of their aircraft and are in discussions with the lessor of that aircraft to determine what obligations the Company may have. As of September 30, 2024, the Company holds approximately 7 % ownership of Jetlines. The Company expects 7 % ownership of Jetlines to be worthless and expects the bankruptcy court to cancel the outstanding shares of Jetlines in accordance with its Proposal under the Bankruptcy and Insolvency Act. Investment in Top Flight: On September 18, 2023, the Company acquired 80 % of Charter Air Solutions, LLC ("Top Flight"). Top Flight was established on February 8, 2023 and had no significant transactions from the date of formation to the acquisition date. The balance sheet and operating activity of Top Flight are included in the Company's consolidated financial statements and net income is adjusted in the consolidated statement of operations to exclude the noncontrolling interests' proportionate share of results. T he proportionate share of equity attributable to noncontrolling interests is presented as equity within our consolidated balance sheet.

Note Payable

Note Payable	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Note Payable	4. NOTE PAYABLE On January 27, 2023, the Company announced an up to $ 5.0 million loan (the "Loan") with a key investor to provide working capital and additional liquidity to support GlobalX’s rapidly growing operations. The net proceeds of the Loan were to be used to further the business objectives of the Company and to secure additional aircraft for charter operations. As of September 30, 2024, the Company had been advanced $ 2.5 million from the loan. The terms of the promissory note (the "Note") issued in connection with Loan include: • a maturity date of 6 months from the date of issuance (the “Maturity Date”) and the principal amount of the Note, together with any accrued and unpaid interest, will be payable on the Maturity Date; • the Note bears interest at the rate of 20 % per annum, accruing monthly and payable on the Maturity Date; • the principal amount of the Note will be advanced in two tranches of $ 2.5 million each. The first tranche was advanced within one business day and the second tranche will be advanced after the Company delivers a draw down notice, but subject to the lender receiving internal approval for the second tranche; and • the Note is unsecured, is not convertible and provides for no warrants. This loan was paid off in connection with the new $ 35.0 million secured notes closed on August 2, 2023 and the outstanding balance related to debt costs and discounts of approximately $ 945 thousand was written off. On August 2, 2023, the Company closed the placement of $ 35 million senior secured notes due 2029. The proceeds from these notes were used to pay-off the pre-existing Loan and Subscription Agreement. The terms of the senior secure notes include: • a term of 6 years and maturity date of June 30, 2029 with no principal payments due until maturity date; • the notes bear interest at a fixed rate of 15 % per annum and include an upfront fee of 2 % of the principal payment; • the Company is permitted to prepay all (but not less than all) of the notes beginning on July 1, 2025 subject to a redemption premium of (i) 7.5 % of the principal to be redeemed on or prior to August 2, 2026, (ii) 5.0 % of the principal to be redeemed after August 2, 2026 or on or prior to August 2, 2027, (iii) 2.5 % of the principal to be redeemed after August 2, 2027 or on or prior to August 2, 2028, (iv) 0 % of the principal to be redeemed after August 2, 2028; • the investors will be issued 10 million warrants, each exercisable into one share of Class A common stock at an exercise price of $ 1.00 per share, with such warrants expiring on June 30, 2030 ; • each of the Company's material subsidiaries will guarantee the notes; • the notes and the related guarantees will be secured by a lien on substantially all of the property and assets of the Company and the guarantors of the notes. • financial covenants requirements as follows: o minimum adjusted EBITDA of (i) $ 5 million for the fiscal year ended December 31, 2023, (ii) $ 15 million for the fiscal year ended December 31, 2024 and (iii) $ 25 million for the fiscal year ended December 31, 2025; o minimum liquidity of $ 5 million measured at each quarter end; • collateralized by substantially of all the Company's assets. 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 $ 3.8 million related to the warrants along with a corresponding credit to additional paid in capital. As the warrants are classified as equity warrants the Company will not remeasure the warrants each accounting period. Since the warrants may purchase a fixed number of shares for a fixed price, the Company chose to use the Monte Carlo option pricing model to value the warrants at issuance. The inputs selected are: underlying stock price at date of issuance of $ 0.85 per share, exercise price of $ 1.0 per share, expected term of 6.91 years, dividends of $ 0 , a risk free rate of 4.21 %, and volatility of 50 %. 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. On December 21, 2023, the Company and the senior secured notes due 2029 purchasers amended the original placement of $ 35 million senior secured notes due 2029 for the sale of an additional $ 5 million senior secured notes due 2029 to original purchasers and the total warrants increased by 142,874 warrants with an exercise price of US$ 1.00 per warrant. The net proceeds from the sale of the additional notes will be used to repurchase $ 4.3 million principal amount of senior secure notes due 2029 from an original purchaser plus payment of accrued interest due of $ 251 thousand, with the balance expected to be used for general corporate purposes, including the transaction expenses and deposits to expand its current fleet of aircraft. No other substantial modification to the terms of the original $ 35 million senior secure notes due 2029 was made in the issuance of the additional notes. Notes Payable is comprised of the following: For the Period Ended For the Year Ended Subscription Agreement $ 35,684 $ 35,684 Less unamortized debt issuance costs, noncurrent 6,171 6,509 Total carrying amount 29,513 29,175 Less current maturities — — Total long-term Note Payable $ 29,513 $ 29,175 GEM Global Yield LLC SCS The Company entered into an agreement with GEM Global Yield LLC SCS ("GEM"), the private alternative investment group to provide the Company with up to CND $ 100 million over a 36-month term following the closing of the Transaction (the “Facility”). The initial CAD $ 100 million is in the form of a capital commitment that allows the Company to draw down funds during the 36-month term by issuing shares to GEM (or such persons as it may direct) and subject to share lending arrangement(s) being in place. The purchase price of the shares to be sold is set at (i) 90 % of the recent average daily closing price of the Company’s common stock on the TSX Venture Exchange or (ii) the floor price set by the company for each drawn down. The Company is not permitted to make a draw-down request in an amount that exceeds (i) 1000 % of the average daily trading volume of the Company’s stock for the 15 trading days preceding the draw-down date or (ii) 90 % of the closing price on the trading day immediately prior to the issue or the relevant draw down notice and then added to the aggregate purchase price of all the common shares subscribed for pursuant to all prior closings would not exceed the total facility. GEM may accept or reject such drawn down notice based on various conditions described in the agreement. On July 8, 2020, the TSX Venture Exchange provided approval for the Facility. On March 4, 2024, Global Crossing Airlines and GEM agreed to extend the length of the GEM Facility by 12 months with a new expiration date of March 4, 2025.

Share Capital and Additional Pa

Share Capital and Additional Paid in Capital Authorized	9 Months Ended
	Sep. 30, 2024
Share Capital And Additional Paid In Capital Authorized [Abstract]
Share Capital and Additional Paid in Capital Authorized	5. SHARE CAPITAL AND ADDITIONAL PAID IN CAPITAL AUTHORIZED As of September 30, 2024 and December 31, 2023, the Company had 43,446,990 and 40,420,350 shares of common stock (“Common Stock”), 5,537,313 and 5,537,313 shares of Class A non-voting common stock (“Class A Common Stock”), and 12,039,136 and 12,968,208 shares of Class B non-voting common stock (“Class B Common Stock”) outstanding, respectively.

Warrants

Warrants	9 Months Ended
	Sep. 30, 2024
Warrants and Rights Note Disclosure [Abstract]
Warrants	6. WARRANTS Following is a summary of the warrant activity during the three and nine months ended September 30, 2024 and 2023: Number of Share Purchase Warrants Weighted Average Exercise Price Outstanding January 1, 2023 19,633,911 $ 1.18 Issued - - Exercised ( 2,499,453 ) 0.43 Expired - - Outstanding March 31, 2023 17,134,458 $ 1.29 Issued - - Exercised ( 227,630 ) 0.97 Expired ( 4,530,808 ) 0.99 Outstanding June 30, 2023 12,376,020 $ 1.40 Issued 10,000,000 1.00 Exercised - - Expired - - Outstanding September 30, 2023 22,376,020 $ 1.22 Outstanding January 1, 2024 22,571,471 $ 1.35 Issued - - Exercised - - Expired ( 4,838,707 ) 1.24 Outstanding March 31, 2024 17,732,764 $ 1.21 Issued - - Exercised - - Expired - - Outstanding June 30, 2024 17,732,764 $ 1.21 Issued - - Exercised - - Expired - - Outstanding September 30, 2024 17,732,764 $ 1.21 As of September 30, 2024, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 7,537,313 USD$ 1.50 1.58 April 29, 2026 10,195,451 USD$ 1.00 5.75 Jun 30, 2030 17,732,764 As of September 30, 2023, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 4,838,707 USD$ 1.24 0.75 March 28, 2024 7,537,313 USD$ 1.50 2.83 April 29, 2026 10,000,000 USD$ 1.00 6.75 June 30, 2030 22,376,020

Share Based Payments

Share Based Payments	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share Based Payments	7. SHARE-BASED PAYMENTS The maximum number of shares of Common Stock issuable pursuant to share-based payment arrangements, including stock options, restricted share units and performance share units, is 9,400,000 . 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 price shall not be less than the closing price of the Company’s shares on the last trading day preceding the date on which the grant of options is approved by the Board of Directors. Options have a maximum expiry period of ten years from the grant date. Vesting conditions are determined by the Board of Directors in its discretion with certain restrictions in accordance with the Stock Option Plan. The following is a summary of stock option activities for the three and nine months ended September 30, 2024 and 2023: Number of stock Weighted average Weighted average Outstanding January 1, 2023 820,668 $ 0.25 $ 0.34 Granted — — — Exercised ( 150,000 ) 0.48 0.16 Forfeited ( 200,000 ) 0.25 0.57 Outstanding March 31, 2023 470,668 $ 0.25 $ 0.54 Granted — — — Exercised — — — Forfeited — — — Outstanding June 30, 2023 470,668 $ 0.25 $ 0.54 Granted — — — Exercised — — — Forfeited — — — Outstanding September 30, 2023 470,668 $ 0.25 $ 0.54 Outstanding January 1, 2024 470,668 $ 0.25 $ 0.54 Granted — — — Exercised — — — Forfeited ( 157,334 ) 0.37 0.24 Outstanding March 31, 2024 313,334 $ 0.25 $ 0.25 Granted — — — Exercised — — — Forfeited ( 66,667 ) 0.25 0.67 Outstanding June 30, 2024 246,667 $ 0.25 $ 0.67 Granted — — — Exercised — — — Forfeited — — — Outstanding September 30, 2024 246,667 $ 0.50 $ 0.67 As of September 30, 2024, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 246,667 246,667 $ 0.25 — June 23, 2025 246,667 246,667 As of September 30, 2023, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 420,668 420,668 $ 0.25 1.98 June 23, 2025 50,000 50,000 $ 0.62 2.24 September 23, 2025 470,668 470,668 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 no stock options granted during the three and nine months ended September 30, 2024 and 2023. 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 equal to the number of RSUs vesting, or (b) a cash payment equal to the number of vested RSUs multiplied by the fair market value of a Voting Share, calculated as the closing price of the Common Stock on the NEO 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, 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 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, RSUs are accounted for as equity settled share-based payments and are valued using the share price on grant date. Upon settlement: a. If the Company elects to settle in cash, the cash payment is accounted for as the repurchase of an equity interest (i.e. as a deduction from equity), except as noted in (c) below. b. If the Company elects to settle by issuing shares, the value of RSUs initially recognized in reserves is reclassified to capital, except as noted in (c) below. c. If the Company elects the settlement alternative with the higher fair value, as of the date of settlement, the Company recognizes an additional expense for the excess value given (i.e. the difference between the cash paid and the fair value of shares that would otherwise have been issued, or the difference between the fair value of the shares and the amount of cash that would otherwise have been paid, whichever is applicable). The following is a summary of RSU activities for the three and nine months ended September 30, 2024 and 2023: Number of RSUs Weighted average grant date fair value per RSU Outstanding January 1, 2023 3,305,837 $ 1.14 Granted 1,687,777 0.97 Vested ( 400,542 ) 1.04 Forfeited ( 129,315 ) 0.96 Outstanding March 31, 2023 4,463,757 $ 1.10 Granted 1,155,000 0.97 Vested ( 467,500 ) 0.91 Forfeited ( 378,334 ) 1.01 Outstanding June 30, 2023 4,772,923 $ 1.01 Granted 798,500 0.87 Vested ( 324,157 ) 0.87 Forfeited ( 173,334 ) 0.74 Outstanding September 30, 2023 5,073,932 $ 1.02 Outstanding January 1, 2024 4,989,603 $ 0.98 Granted 2,573,333 0.52 Vested ( 794,579 ) 1.02 Forfeited ( 870,002 ) 1.11 Outstanding March 31, 2024 5,898,355 $ 0.75 Granted 231,667 0.54 Vested ( 619,908 ) 1.26 Forfeited ( 330,892 ) 0.71 Outstanding June 30, 2024 5,179,222 $ 0.69 Granted 605,000 0.24 Vested ( 371,425 ) 0.63 Forfeited ( 150,576 ) 0.72 Outstanding September 30, 2024 5,262,221 $ 0.64 During the three and nine months ended September 30, 2024, the Company recognized total share-based payments expense with respect to stock options, RSUs and employees' stock purchase plan of $ 0.4 and $ 1.3 million, respectively. During the three and nine months ended September 30, 2023, the Company recognized total share-based payments expense with respect to stock options, RSUs and employees' stock purchase plan of $ 0.6 and $ 1.7 million, respectively. The remaining compensation that has not been recognized as of September 30, 2024 and 2023 with regards to RSUs and the weighted average period they will be recognized are $ 2.3 million and 2.02 years and $ 3.4 million and 2.06 years, respectively. As of September 30, 2024, all compensation expense with respect to stock options has been recognized. Employee Stock Purchase Plan In September 2021, the Board adopted the GlobalX 2021 Employee Stock Purchase Plan (“ESPP”). There are 2 offering periods that the employees make contributions to the plan. The first offering period starts from June 16 th to November 15 th and the second offering period starts from November 16 th to May 15 th of each year. Eligible employees may purchase maximum of $ 10 of the Company's Common Stock per offering through payroll deductions at a price equal to 85 % of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee's payroll deductions under the ESPP are limited to 15 % of the employee's compensation and an employee may not purchase more than $ 25 of stock during any calendar year in which the employee’s option to purchase stock under the ESPP is outstanding at any time. During the three and nine months ended September 30, 2024, the Company issued zero and 391,574 shares, respectively, of Common Stock under the ESPP. During the three and nine months ended September 30, 2023, the Company issued zero and 300,121 shares, respectively, of Common Stock under the ESPP. As of September 30, 2024 and 2023, total recognized equity-based compensation costs related to ESPP was 0.2 million. ESPP payroll contributions accrued at September 30, 2024 and 2023, totaled $ 0.3 million and $ 0.4 million, respectively, and are included within accrued expenses in the consolidated balance sheets. Employee payroll contributions used to purchase shares under the ESPP will be reclassified to stockholders' equity at the end of the offering period.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	8. INCOME TAXES The Company’s expected effective tax rate for the three and six months ended September 30, 2024, and 2023 was 0 %. The effective tax rate varies from the statutory rate due to the change in the valuation allowance.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 one Airbus A321 converted freighter. The ten-year lease term commenced on January 23, 2023 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 120 months, plus supplemental rent for maintenance of the aircraft. On June 21, 2022, the Company entered into a lease agreement for one A321F cargo aircraft. The eight-year lease term commenced on August 1, 2023 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 94 months, plus supplemental rent for maintenance of the aircraft. On December 14, 2022, the Company entered into a lease agreement for one A319 passenger aircraft. The two-year lease term commenced on August 18, 2023 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 24 months, plus supplemental rent for maintenance of the aircraft. On January 27, 2023, the Company entered into a lease agreement for one A320 passenger aircraft. The six-year lease term commenced on April 21, 2023 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 72 months, plus supplemental rent for maintenance of the aircraft. On May 22, 2023, the Company entered into a lease agreement for a commercial property warehouse. The five-year lease term commenced on June 1, 2023 . Under the agreement, the Company will pay the lessor variable monthly rents increasing once every year for 62 months, plus estimated expenses for insurance, utilities, taxes, management fees and other operating expenses. On June 16, 2023, the Company entered into a lease agreement for one A320 passenger aircraft. The four-year lease term commenced on November 13, 2023 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 48 months, plus supplemental rent for maintenance of the aircraft. On August 8, 2023, the Company entered into a lease agreement for one A320 passenger aircraft. The three-year lease commenced on September 3, 2024 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 36 months, plus supplemental rent for maintenance of the aircraft. On September 8, 2023, the Company entered into a lease agreement for one A321F cargo aircraft. The eight-year lease term commenced on October 6, 2023 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 96 months, plus supplemental rent for maintenance of the aircraft. On November 17, 2023, the Company signed a lease agreement for one A321 passenger aircraft and paid commitment fees to the lessor. The lease will commence upon aircraft delivery which is expected to be in 2025 and will run through 24 months from delivery date. In addition to basic rent due, the Company will pay the lessor supplemental rent for maintenance of the aircraft. On November 20, 2023, the Company entered into a lease agreement for one A320 passenger aircraft. The seven-year lease term commenced on February 9, 2024 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 86 months, plus supplemental rent for maintenance of the aircraft. On December 22, 2023, the Company entered into a lease agreement for one A321F cargo aircraft. The ten-year lease commenced on March 8, 2024 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 120 months, plus supplemental rent for maintenance of the aircraft. On January 19, 2024, the Company entered into a lease agreement for one A320 passenger aircraft. The one-year lease commenced on July 9, 2024 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 16 months, plus supplemental rent for maintenance of the aircraft. On April 16, 2024, the Company entered into a lease agreement for one A320 passenger aircraft. The six-year lease commenced on April 17, 2024 . Under the agreement, the Company will pay the lessor a fixed monthly rent for 72 months, plus supplemental rent for maintenance of the aircraft. On April 29, 2024, the Company signed a lease agreement for one A321 passenger aircraft and paid commitment fees to the lessor. The lease will commence upon aircraft delivery which is expected to be in 2024 and will run through the next heavy maintenance visit on November 15, 2025. Following the expiration date, the aircraft is expected to undergo a passenger-to-freighter conversion and a second lease after completion which will run through an additional 102 months from redelivery date. In addition to basic rent due, the Company will pay the lessor supplemental rent for maintenance of the aircraft. 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 two aircraft extending their lease terms for an additional 60 and 15 months from original ending date of June 1, 2023 , and October 1, 2023 , to May 31, 2028 , and December 31, 2024 , respectively. In addition, on March 27, 2024 an additional extension was signed to extend aircraft lease term for an additional 74 months from previous extended ending date of December 31, 2024 to February 28, 2031 . Terms of extensions were agreed solely to grant the Company the right to use the asset for the related additional time including no changes in payment rent. As such, extension was accounted as a modification of lease in accordance with ASC 842 rather than as a new contract and the Company remeasured at modification date the following: Right-of-use asset, lease liability, discount rate, lease term and classification. In addition, as of March 31, 2024, the Company signed a lease agreement to convert one of its lease passenger aircraft with lease term ending on November 1, 2024, into an Aircraft Freighter at lessor's expense. The new lease is contingent on a successful conversion from induction date of November 1, 2024, and can take up to a year. Among terms agreed includes commitment fees paid to lessor and also no basic and supplemental rent shall be payable while the Aircraft undergoes conversion during the period commencing on the conversion induction date and ending on the conversion redelivery date. The Company expects to record a new lease on the acceptance of redelivery date, which is the date the lessee will have access to the leased asset. Furthermore, on August 1, 2024, the Company signed a new lease to extend one A320 passenger aircraft for a lease term of an additional 93 months from original ending date of November 15, 2023 . Terms of extension included contingencies on lessor of timely deliveries of repairs on engines and incremental increases in monthly basic rents throughout the lease. As such, extension was accounted as a new lease in accordance with ASC 842 from a new contract and the Company recorded at lease commencement date a new Right-of-use asset and lease liability. 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 sheets as of September 30, 2024. 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 2024 $ 1,630 $ 7,131 2025 7,304 27,835 2026 7,309 24,474 2027 7,129 22,016 2028 6,450 16,232 2029 and thereafter 14,777 44,411 Total minimum lease payments 44,599 142,099 Less amount representing interest 15,552 46,569 Present value of minimum lease payments 29,047 95,530 Less current portion 3,091 16,454 Long-term portion $ 25,956 $ 79,076 The table below presents information for lease costs related to the Company's finance and operating leases in thousands: For The Three Months Ended September 30, For The Nine Months Ended September 30, 2024 2023 2024 2023 Finance lease cost Amortization of leased assets $ 1,039 $ 149 $ 2,163 $ 368 Interest of lease liabilities 950 116 1,991 309 Operating lease cost Operating lease cost (1) 6,644 2,287 18,565 5,934 Total lease cost 8,633 2,552 22,719 6,611 (1) Expenses are classified within Aircraft Rent on the Company's condensed consolidated statements of operations. 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. The table below presents lease terms and discount rates related to the Company's finance and operating leases: September 30, 2024 September 30, 2023 Weighted-average remaining lease term Operating leases 6.08 years 6.19 years Finance leases 6.58 years 5.41 years Weighted-average discount rate Operating leases 13.95 % 12.24 % Finance leases 14.75 % 12.30 % The table below presents cash and non-cash activities associated with our leases: Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,507 $ 6,181 Financing cash flows from finance leases 1,427 343 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.

Income (Loss) Per Share

Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Income (Loss) Per Share	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 September 30, 2024 and 2023 in thousands, except share and per share amounts: Three Months Ended September 30, 2024 2023 Numerator: Net income (loss) $ ( 4,887 ) $ ( 4,884 ) Denominator: Weighted average common shares outstanding - Basic 60,817,884 57,497,385 Dilutive effect of stock options, RSUs and warrants — — Weighted average common shares outstanding - Diluted 60,817,884 57,497,385 Basic loss per share $ ( 0.08 ) $ ( 0.08 ) Diluted loss per share (1) $ ( 0.08 ) $ ( 0.08 ) The following table shows the computation of basic and diluted earnings per share for the nine months ended September 30, 2024 and 2023 in thousands, except share and per share amounts: Nine Months Ended September 30, 2024 2023 Numerator: Net loss $ ( 10,982 ) $ ( 18,426 ) Denominator: Weighted average common shares outstanding - Basic 60,024,188 56,292,992 Dilutive effect of stock options, RSUs and warrants — — Weighted average common shares outstanding - Diluted 60,024,188 56,292,992 Basic loss per share $ ( 0.18 ) $ ( 0.33 ) Diluted loss per share (1) $ ( 0.18 ) $ ( 0.33 ) (1) There were 17,732,764 warrants, 246,667 options, and 5,263,027 RSUs outstanding at September 30, 2024 and there were 22,376,020 warrants, 470,668 options, and 5,073,932 RSUs outstanding at September 30, 2023. The Company excluded the warrants, options and RSUs from the calculation of diluted EPS for the three and nine months ended September 30, 2024 and 2023, as inclusion would have an anti-dilutive effect.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	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. GlobalX continues to provide back-office support including sharing the costs of the Company’s aircraft fleet management software (TRAX). As of September 30, 2024 and 2023, amounts due to related parties include the following: 1. GlobalX earned $ 0 and $ 0 during the 3 and 9 months ended on September 30, 2024 and it was owed $ 0 and $ 1 K, respectively, in relation to flights flown and shared TRAX services with Jetlines, respectively. GlobalX earned $ 0 and $ 123 thousand during the 3 and 9 months ended on September 30, 2023 and it was owed $ 0 and $ 64 thousand in relation to flights flown and shared TRAX services with Jetlines, respectively; 2. Jetlines earned approximately $ 0 and $ 1.3 million during the 3 and 9 months ended on September 30, 2024, respectively, and it was owed $ 18 thousand, in relation to flights flown by Jetlines for GlobalX. Jetlines earned approximately $ 0 and $ 0 million during the 3 and 9 months ended on September 30, 2023, respectively, and it was owed $ 0 , in relation to flights flown by Jetlines for GlobalX. As described in footnote 4 above, on August 2 and December 21, 2023, the Company issued Secured Notes of $ 35.7 million with entity of which its executive was elected as a member of the Board of Directors of the Company during the last annual shareholders meeting in December 2023.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	12. ACCRUED LIABILITIES Accrued liabilities consisted of the following as of September 30, 2024 and December 31, 2023, in thousands. September 30, 2024 December 31, 2023 Salaries, wages and benefits $ 3,010 $ 2,899 Passenger Taxes 4,640 2,317 Aircraft fuel 394 1,435 Contracted ground and aviation services 578 2,200 Maintenance 606 1,081 Aircraft Rent 2,916 3,384 Other 3,350 4,149 Accrued liabilities $ 15,494 $ 17,465

Revenue Contract Liability

Revenue Contract Liability	9 Months Ended
	Sep. 30, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Revenue Contract Liability	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. Significant changes in our deferred revenue liability balances during the nine months and year ended, September 30, 2024 and December 31, 2023, respectively, were as follows in thousands: September 30, 2024 December 31, 2023 Beginning Balance $ 9,896 $ 3,201 Revenue Recognized ( 25,488 ) ( 3,201 ) Amounts Collected or Invoiced 20,961 9,896 Ending Balance $ 5,369 $ 9,896 The Company has 2 customers that accounted for approximately 60 % and 52 % of the revenue for the 3 and 9 months period ended on September 30, 2024 and approximately 8 % and 7 % of the revenue for the 3 and 9 months period ended on September 30, 2023. The Company expects to maintain these relationships with those customers.

Note Payable (Tables)

Note Payable (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Note Payable	Notes Payable is comprised of the following: For the Period Ended For the Year Ended Subscription Agreement $ 35,684 $ 35,684 Less unamortized debt issuance costs, noncurrent 6,171 6,509 Total carrying amount 29,513 29,175 Less current maturities — — Total long-term Note Payable $ 29,513 $ 29,175

Warrants (Tables)

Warrants (Tables)	9 Months Ended
	Sep. 30, 2024
Warrants and Rights Note Disclosure [Abstract]
Summary of Warrant Activity	Following is a summary of the warrant activity during the three and nine months ended September 30, 2024 and 2023: Number of Share Purchase Warrants Weighted Average Exercise Price Outstanding January 1, 2023 19,633,911 $ 1.18 Issued - - Exercised ( 2,499,453 ) 0.43 Expired - - Outstanding March 31, 2023 17,134,458 $ 1.29 Issued - - Exercised ( 227,630 ) 0.97 Expired ( 4,530,808 ) 0.99 Outstanding June 30, 2023 12,376,020 $ 1.40 Issued 10,000,000 1.00 Exercised - - Expired - - Outstanding September 30, 2023 22,376,020 $ 1.22 Outstanding January 1, 2024 22,571,471 $ 1.35 Issued - - Exercised - - Expired ( 4,838,707 ) 1.24 Outstanding March 31, 2024 17,732,764 $ 1.21 Issued - - Exercised - - Expired - - Outstanding June 30, 2024 17,732,764 $ 1.21 Issued - - Exercised - - Expired - - Outstanding September 30, 2024 17,732,764 $ 1.21
Schedule of Common Stock Share Purchase Warrants Outstanding and Exercisable	As of September 30, 2024, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 7,537,313 USD$ 1.50 1.58 April 29, 2026 10,195,451 USD$ 1.00 5.75 Jun 30, 2030 17,732,764 As of September 30, 2023, the following share purchase warrants were outstanding and exercisable: Outstanding Exercise Price Remaining life Expiry Date 4,838,707 USD$ 1.24 0.75 March 28, 2024 7,537,313 USD$ 1.50 2.83 April 29, 2026 10,000,000 USD$ 1.00 6.75 June 30, 2030 22,376,020

Share Based Payments (Tables)

Share Based Payments (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activities	The following is a summary of stock option activities for the three and nine months ended September 30, 2024 and 2023: Number of stock Weighted average Weighted average Outstanding January 1, 2023 820,668 $ 0.25 $ 0.34 Granted — — — Exercised ( 150,000 ) 0.48 0.16 Forfeited ( 200,000 ) 0.25 0.57 Outstanding March 31, 2023 470,668 $ 0.25 $ 0.54 Granted — — — Exercised — — — Forfeited — — — Outstanding June 30, 2023 470,668 $ 0.25 $ 0.54 Granted — — — Exercised — — — Forfeited — — — Outstanding September 30, 2023 470,668 $ 0.25 $ 0.54 Outstanding January 1, 2024 470,668 $ 0.25 $ 0.54 Granted — — — Exercised — — — Forfeited ( 157,334 ) 0.37 0.24 Outstanding March 31, 2024 313,334 $ 0.25 $ 0.25 Granted — — — Exercised — — — Forfeited ( 66,667 ) 0.25 0.67 Outstanding June 30, 2024 246,667 $ 0.25 $ 0.67 Granted — — — Exercised — — — Forfeited — — — Outstanding September 30, 2024 246,667 $ 0.50 $ 0.67
Summary of Stock Options Outstanding and Exercisable	As of September 30, 2024, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 246,667 246,667 $ 0.25 — June 23, 2025 246,667 246,667 As of September 30, 2023, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry Date 420,668 420,668 $ 0.25 1.98 June 23, 2025 50,000 50,000 $ 0.62 2.24 September 23, 2025 470,668 470,668
Summary of RSU Activities	The following is a summary of RSU activities for the three and nine months ended September 30, 2024 and 2023: Number of RSUs Weighted average grant date fair value per RSU Outstanding January 1, 2023 3,305,837 $ 1.14 Granted 1,687,777 0.97 Vested ( 400,542 ) 1.04 Forfeited ( 129,315 ) 0.96 Outstanding March 31, 2023 4,463,757 $ 1.10 Granted 1,155,000 0.97 Vested ( 467,500 ) 0.91 Forfeited ( 378,334 ) 1.01 Outstanding June 30, 2023 4,772,923 $ 1.01 Granted 798,500 0.87 Vested ( 324,157 ) 0.87 Forfeited ( 173,334 ) 0.74 Outstanding September 30, 2023 5,073,932 $ 1.02 Outstanding January 1, 2024 4,989,603 $ 0.98 Granted 2,573,333 0.52 Vested ( 794,579 ) 1.02 Forfeited ( 870,002 ) 1.11 Outstanding March 31, 2024 5,898,355 $ 0.75 Granted 231,667 0.54 Vested ( 619,908 ) 1.26 Forfeited ( 330,892 ) 0.71 Outstanding June 30, 2024 5,179,222 $ 0.69 Granted 605,000 0.24 Vested ( 371,425 ) 0.63 Forfeited ( 150,576 ) 0.72 Outstanding September 30, 2024 5,262,221 $ 0.64

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Summary of Future Minimum Lease Payments under Finance and Operating Lease Liabilities	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 sheets as of September 30, 2024. 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 2024 $ 1,630 $ 7,131 2025 7,304 27,835 2026 7,309 24,474 2027 7,129 22,016 2028 6,450 16,232 2029 and thereafter 14,777 44,411 Total minimum lease payments 44,599 142,099 Less amount representing interest 15,552 46,569 Present value of minimum lease payments 29,047 95,530 Less current portion 3,091 16,454 Long-term portion $ 25,956 $ 79,076
Schedule of Lease Costs Related to Finance and Operating Leases	The table below presents information for lease costs related to the Company's finance and operating leases in thousands: For The Three Months Ended September 30, For The Nine Months Ended September 30, 2024 2023 2024 2023 Finance lease cost Amortization of leased assets $ 1,039 $ 149 $ 2,163 $ 368 Interest of lease liabilities 950 116 1,991 309 Operating lease cost Operating lease cost (1) 6,644 2,287 18,565 5,934 Total lease cost 8,633 2,552 22,719 6,611 (1) Expenses are classified within Aircraft Rent on the Company's condensed consolidated statements of operations.
Schedule of Lease Terms and Discount Rates Related to Finance and Operating Leases	The table below presents lease terms and discount rates related to the Company's finance and operating leases: September 30, 2024 September 30, 2023 Weighted-average remaining lease term Operating leases 6.08 years 6.19 years Finance leases 6.58 years 5.41 years Weighted-average discount rate Operating leases 13.95 % 12.24 % Finance leases 14.75 % 12.30 %
Schedule of Cash and Non-cash Activities Associated with Leases	The table below presents cash and non-cash activities associated with our leases: Nine Months Ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,507 $ 6,181 Financing cash flows from finance leases 1,427 343

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table shows the computation of basic and diluted earnings per share for the three months ended September 30, 2024 and 2023 in thousands, except share and per share amounts: Three Months Ended September 30, 2024 2023 Numerator: Net income (loss) $ ( 4,887 ) $ ( 4,884 ) Denominator: Weighted average common shares outstanding - Basic 60,817,884 57,497,385 Dilutive effect of stock options, RSUs and warrants — — Weighted average common shares outstanding - Diluted 60,817,884 57,497,385 Basic loss per share $ ( 0.08 ) $ ( 0.08 ) Diluted loss per share (1) $ ( 0.08 ) $ ( 0.08 ) The following table shows the computation of basic and diluted earnings per share for the nine months ended September 30, 2024 and 2023 in thousands, except share and per share amounts: Nine Months Ended September 30, 2024 2023 Numerator: Net loss $ ( 10,982 ) $ ( 18,426 ) Denominator: Weighted average common shares outstanding - Basic 60,024,188 56,292,992 Dilutive effect of stock options, RSUs and warrants — — Weighted average common shares outstanding - Diluted 60,024,188 56,292,992 Basic loss per share $ ( 0.18 ) $ ( 0.33 ) Diluted loss per share (1) $ ( 0.18 ) $ ( 0.33 ) (1) There were 17,732,764 warrants, 246,667 options, and 5,263,027 RSUs outstanding at September 30, 2024 and there were 22,376,020 warrants, 470,668 options, and 5,073,932 RSUs outstanding at September 30, 2023. The Company excluded the warrants, options and RSUs from the calculation of diluted EPS for the three and nine months ended September 30, 2024 and 2023, as inclusion would have an anti-dilutive effect.

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following as of September 30, 2024 and December 31, 2023, in thousands. September 30, 2024 December 31, 2023 Salaries, wages and benefits $ 3,010 $ 2,899 Passenger Taxes 4,640 2,317 Aircraft fuel 394 1,435 Contracted ground and aviation services 578 2,200 Maintenance 606 1,081 Aircraft Rent 2,916 3,384 Other 3,350 4,149 Accrued liabilities $ 15,494 $ 17,465

Revenue Contract Liability (Tab

Revenue Contract Liability (Tables)	9 Months Ended
	Sep. 30, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Summary of Significant Changes in Deferred Revenue Liability Balances	Significant changes in our deferred revenue liability balances during the nine months and year ended, September 30, 2024 and December 31, 2023, respectively, were as follows in thousands: September 30, 2024 December 31, 2023 Beginning Balance $ 9,896 $ 3,201 Revenue Recognized ( 25,488 ) ( 3,201 ) Amounts Collected or Invoiced 20,961 9,896 Ending Balance $ 5,369 $ 9,896

Basis of Presentation and Goi_2

Basis of Presentation and Going Concern - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital deficit	$ 40,000
Retained deficit	$ (70,076)	$ (59,094)

New Accounting Standards - Addi

New Accounting Standards - Additional Information (Details)	Sep. 30, 2024
ASU 2023-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true
ASU 2023-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true
ASU 2024-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true
ASU 2024-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true

Investments - Additional Inform

Investments - Additional Information (Details)	Sep. 30, 2024	Sep. 18, 2023	Jun. 28, 2021
Canada Jetlines Operations Ltd.
Schedule of Investments [Line Items]
Percentage of shares transferred			75%
Percentage of shares retained			25%
Equity method investment ownership percentage	7%
Charter Air Solutions, LLC (Top Flight)
Schedule of Investments [Line Items]
Percentage of share acquired		80%

Note Payable - Additional Infor

Note Payable - Additional Information (Details)

9 Months Ended

Dec. 21, 2023 USD ($) $ / shares shares

Aug. 02, 2023 USD ($) $ / shares shares

Jan. 27, 2023 USD ($)

Sep. 30, 2024 USD ($) $ / shares shares

Sep. 30, 2024 CAD ($) shares

Jun. 30, 2024 $ / shares shares

Mar. 31, 2024 $ / shares shares

Dec. 31, 2023 $ / shares shares

Sep. 30, 2023 $ / shares shares

Jun. 30, 2023 $ / shares shares

Mar. 31, 2023 $ / shares shares

Dec. 31, 2022 $ / shares shares

Mar. 17, 2022 USD ($)

Debt Instrument [Line Items]

Loan

$ 5,000,000

$ 2,500,000

Term of facility

6 months

Interest rate of loan

20%

Warrant exercise price | $ / shares

$ 1.21

$ 1.21

$ 1.21

$ 1.35

$ 1.22

$ 1.4

$ 1.29

$ 1.18

Debt costs and discounts

$ 945,000

Warrants issued | shares

17,732,764

17,732,764

17,732,764

17,732,764

22,571,471

22,376,020

12,376,020

17,134,458

19,633,911

GEM Global Yield LLC SCS

Debt Instrument [Line Items]

Capital commitments, closing of transaction term

36 months

Capital commitments, description

The initial CAD $100 million is in the form of a capital commitment that allows the Company to draw down funds during the 36-month term by issuing shares to GEM (or such persons as it may direct) and subject to share lending arrangement(s) being in place. The purchase price of the shares to be sold is set at (i) 90% of the recent average daily closing price of the Company’s common stock on the TSX Venture Exchange or (ii) the floor price set by the company for each drawn down. The Company is not permitted to make a draw-down request in an amount that exceeds (i)1000% of the average daily trading volume of the Company’s stock for the 15 trading days preceding the draw-down date or (ii) 90% of the closing price on the trading day immediately prior to the issue or the relevant draw down notice and then added to the aggregate purchase price of all the common shares subscribed for pursuant to all prior closings would not exceed the total facility. GEM may accept or reject such drawn down notice based on various conditions described in the agreement. On July 8, 2020, the TSX Venture Exchange provided approval for the Facility.

Capital commitments, initial

$ 100,000,000

Draw down funds, issuing shares, term

36 months

Common stock purchase price based on average daily closing price percentage

90%

90%

Drawn down request maximum percentage of average daily trading volume

1,000%

1,000%

Drawn down request closing price percentage on trading day prior to issue

90%

90%

Tranche One

Debt Instrument [Line Items]

Loan

$ 2,500,000

Maximum | GEM Global Yield LLC SCS

Debt Instrument [Line Items]

Capital commitments

$ 100,000,000

Senior Secure Notes Due 2029

Debt Instrument [Line Items]

Warrant exercise price | $ / shares

$ 1

Debt instrument term

6 years

Principal amount

$ 35,700,000

$ 35,000,000

Debt instrument maturity date

Jun. 30, 2029

Debt instrument interest at fixed rate

15%

Upfront fees payment percentage

2%

Issuance of Warrants

$ 10

Line of credit periodic payment

35,000,000

Minimum Adjusted Ebitda For The Fiscal Year Ended December Thirty One Two Thousand And Twenty Five

25,000,000

Minimum Adjusted Ebitda For The Fiscal Year Ended December Thirty One Two Thousand And Twenty four

15,000,000

Minimum Adjusted Ebitda For The Fiscal Year Ended December Thirty One Two Thousand And Twenty Three

5,000,000

Minimum Liquidity Of Measured At Each Quarter End

5,000,000

Total principal balance

35,000,000

Additional notes issued amount

$ 5,000,000

Warrants issued | shares

142,874

Amount of accrued interest paid

$ 251,000

Notes amount partially pay-off

$ 4,300,000

Principal payments

$ 0

Senior Secure Notes Due 2029 | Class A common stock

Debt Instrument [Line Items]

Number of common stock purchase warrant into which each warrant or right may be converted | shares

1

Warrant exercise price | $ / shares

$ 1

Warrant Expiration Date

Jun. 30, 2030

Senior Secure Notes Due 2029 | Redeemed on or Prior to August 2, 2026

Debt Instrument [Line Items]

Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed

7.50%

Senior Secure Notes Due 2029 | Redeemed after August 2, 2026 or on or Prior to August 2, 2027

Debt Instrument [Line Items]

Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed

5%

Senior Secure Notes Due 2029 | Redeemed After August 2, 2027 or on or Prior to August 2, 2028

Debt Instrument [Line Items]

Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed

2.50%

Senior Secure Notes Due 2029 | Redeemed After August 2, 2028

Debt Instrument [Line Items]

Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed

0%

Senior Secure Notes Due 2029 | Stock Price

Debt Instrument [Line Items]

Warrant measurement input, price per share | $ / shares

$ 0.85

Senior Secure Notes Due 2029 | Exercise Price

Debt Instrument [Line Items]

Warrant measurement input, price per share | $ / shares

$ 1

Senior Secure Notes Due 2029 | Expected Term

Debt Instrument [Line Items]

Warrants, measurement input, term

6 years 10 months 28 days

Senior Secure Notes Due 2029 | Expected Dividend

Debt Instrument [Line Items]

Warrants, expected dividend

$ 0

Senior Secure Notes Due 2029 | Risk Free Interest Rate

Debt Instrument [Line Items]

Warrants, measurement input

0.0421

Senior Secure Notes Due 2029 | Volatility

Debt Instrument [Line Items]

Warrants, measurement input

0.50

Senior Secure Notes Due 2029 | Warrant

Debt Instrument [Line Items]

Debt issuance costs

$ 3,800,000

Note Payable - Summry Of Note P

Note Payable - Summry Of Note Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less unamortized debt issuance costs, noncurrent	$ 6,171	$ 6,509
Total carrying amount	29,513	29,175
Total long-term Note Payable	29,513	29,175
Subscription Agreement
Debt Instrument [Line Items]
Notes payable	$ 35,684	$ 35,684

Share Capital and Additional _2

Share Capital and Additional Paid in Capital Authorized - Additional Information (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Voting common shares outstanding	43,446,990	40,420,350
Class A
Non-voting shares outstanding	5,537,313	5,537,313
Class B
Non-voting shares outstanding	12,039,136	12,968,208

Warrants - Summary of Warrant A

Warrants - Summary of Warrant Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Class Of Warrant Or Right [Line Items]
Number of Share Purchase Warrants Outstanding, Beginning balance	22,571,471	12,376,020	17,134,458	19,633,911
Number of Share Purchase Warrants, Issued		10,000,000
Number of Share Purchase Warrants, Exercised			(227,630)	(2,499,453)
Number of Share Purchase Warrants, Expired	(4,838,707)		(4,530,808)
Number of Share Purchase Warrants Outstanding, Ending balance	17,732,764	22,376,020	12,376,020	17,134,458
Weighted Average Exercise Price Outstanding, Beginning balance	$ 1.35	$ 1.4	$ 1.29	$ 1.18
Weighted Average Exercise Price, Issued		1
Weighted Average Exercise Price, Exercised			0.97	0.43
Weighted Average Exercise Price, Expired	1.24		0.99
Weighted Average Exercise Price Outstanding, Ending balance	$ 1.21	$ 1.22	$ 1.4	$ 1.29

Warrants - Schedule of Common S

Warrants - Schedule of Common Stock Share Purchase Warrants Outstanding and Exercisable (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Class Of Warrant Or Right [Line Items]
Outstanding	17,732,764	22,376,020	17,732,764	17,732,764	22,571,471	12,376,020	17,134,458	19,633,911
Exercise Price	$ 1.21	$ 1.22	$ 1.21	$ 1.21	$ 1.35	$ 1.4	$ 1.29	$ 1.18
Exercise Price One
Class Of Warrant Or Right [Line Items]
Outstanding	7,537,313
Exercise Price	$ 1.5
Remaining life (years)	1 year 6 months 29 days
Expiry Date	Apr. 29, 2026
Exercise Price Two
Class Of Warrant Or Right [Line Items]
Outstanding	10,195,451
Exercise Price	$ 1
Remaining life (years)	5 years 9 months
Expiry Date	Jun. 30, 2030
Exercise Price Three
Class Of Warrant Or Right [Line Items]
Outstanding		4,838,707
Exercise Price		$ 1.24
Remaining life (years)		9 months
Expiry Date		Mar. 28, 2024
Exercise Price Four
Class Of Warrant Or Right [Line Items]
Outstanding		7,537,313
Exercise Price		$ 1.5
Remaining life (years)		2 years 9 months 29 days
Expiry Date		Apr. 29, 2026
Exercise Price Five
Class Of Warrant Or Right [Line Items]
Outstanding		10,000,000
Exercise Price		$ 1
Remaining life (years)		6 years 9 months
Expiry Date		Jun. 30, 2030

Share Based Payments - Addition

Share Based Payments - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2021 USD ($) OfferingPeriod	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum number of Voting Shares issuable pursuant to share-based payment arrangements | shares		9,400,000		9,400,000
Stock options granted | shares		0	0	0	0
Share-based payments expense		$ 400	$ 600	$ 1,266	$ 1,678
Employee stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Accrued payroll contribution		$ 300	$ 400	300	400
Equity-based compensation costs				$ 200	$ 200
Issuance of shares - private placement, shares | shares		0	0	391,574	300,121
Number of offering periods | OfferingPeriod	2
Purchase price of common stock	85%
Percentage of employee's compensation for payroll deduction		15%		15%
Employee stock | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Purchase price of common stock per offering	$ 10
Purchase price of common stock	$ 25
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options expiry period				10 years
Share based compensation not yet recognized		$ 2,300	$ 3,400	$ 2,300	$ 3,400
Share based compensation not yet recognized, weighted average period				2 years 7 days	2 years 21 days

Share Based Payments - Summary

Share Based Payments - Summary of Stock Option Activities (Details)	3 Months Ended					9 Months Ended
	Sep. 30, 2024 $ / shares shares	Jun. 30, 2024 $ / shares shares	Mar. 31, 2024 $ / shares shares	Sep. 30, 2023 $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Sep. 30, 2024 $ / shares shares	Sep. 30, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of stock options outstanding, Beginning balance | shares	246,667	313,334	470,668	470,668	820,668	470,668	820,668
Number of stock options, Granted | shares	0			0		0	0
Number of stock options, Exercised | shares					(150,000)
Number of stock options, Forfeited | shares		(66,667)	(157,334)		(200,000)
Number of stock options outstanding, Ending balance | shares	246,667	246,667	313,334	470,668	470,668	246,667	470,668
Weighted average exercise price outstanding, Beginning balance	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Weighted average exercise price, Exercised					0.48
Weighted average exercise price, Forfeited		0.25	0.37		0.25
Weighted average exercise price outstanding, Ending balance	0.5	0.25	0.25	0.25	0.25	0.5	0.25
Weighted average grant date fair value outstanding, Beginning balance	0.67	0.25	0.54	0.54	$ 0.34	0.54	0.34
Weighted average grant date fair value, Exercised | $					0.16
Weighted average grant date fair value, Forfeited		0.67	0.24		$ 0.57
Weighted average grant date fair value outstanding, Ending balance	$ 0.67	$ 0.67	$ 0.25	$ 0.54	$ 0.54	$ 0.67	$ 0.54

Share Based Payments - Summar_2

Share Based Payments - Summary of Stock Options Outstanding and Exercisable (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, Outstanding	246,667	470,668
Stock options, Exercisable	246,667	470,668
Exercise Price One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, Outstanding	246,667	420,668
Stock options, Exercisable	246,667	420,668
Stock options outstanding, Exercise Price	$ 0.25	$ 0.25
Stock options outstanding, Remaining life (years)		1 year 11 months 23 days
Expiry Date	Jun. 23, 2025	Jun. 23, 2025
Exercise Price Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, Outstanding		50,000
Stock options, Exercisable		50,000
Stock options outstanding, Exercise Price		$ 0.62
Stock options outstanding, Remaining life (years)		2 years 2 months 26 days
Expiry Date		Sep. 23, 2025

Share Based Payments - Summar_3

Share Based Payments - Summary of RSU Activities (Details) - RSUs - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of RSUs Outstanding, Beginning balance	5,179,222	5,898,355	4,989,603	4,772,923	4,463,757	3,305,837
Number of RSUs, Granted	605,000	231,667	2,573,333	798,500	1,155,000	1,687,777
Number of RSU, Vested	(371,425)	(619,908)	(794,579)	(324,157)	(467,500)	(400,542)
Number of RSUs, Forfeited	(150,576)	(330,892)	(870,002)	(173,334)	(378,334)	(129,315)
Number of RSUs Outstanding, Ending balance	5,262,221	5,179,222	5,898,355	5,073,932	4,772,923	4,463,757
Weighted average grant date fair value per RSU Outstanding, Beginning balance	$ 0.69	$ 0.75	$ 0.98	$ 1.01	$ 1.1	$ 1.14
Weighted average grant date fair value per RSU, Granted	0.24	0.54	0.52	0.87	0.97	0.97
Weighted average grant date fair value per RSU, Vested	0.63	1.26	1.02	0.87	0.91	1.04
Weighted average grant date fair value per RSU, Forfeited	0.72	0.71	1.11	0.74	1.01	0.96
Weighted average grant date fair value per RSU Outstanding, Ending balance	$ 0.64	$ 0.69	$ 0.75	$ 1.02	$ 1.01	$ 1.1

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	0%	0%	0%	0%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)

Aug. 01, 2024

Jul. 31, 2024

Apr. 29, 2024 Aircraft

Apr. 16, 2024 Aircraft

Mar. 27, 2024

Jan. 19, 2024 Aircraft

Dec. 22, 2023 Aircraft

Nov. 20, 2023 Aircraft

Oct. 10, 2023 Aircraft

Oct. 09, 2023

Sep. 08, 2023 Aircraft

Aug. 08, 2023 Aircraft

Jun. 16, 2023 Aircraft

May 22, 2023

Jan. 27, 2023 Aircraft

Dec. 21, 2022 Aircraft

Dec. 20, 2022

Dec. 14, 2022 Aircraft

Jun. 21, 2022 Aircraft

Oct. 14, 2021 Aircraft

Sep. 30, 2024 Lease

Nov. 17, 2023 Aircraft

Other Commitments [Line Items]

Lease agreements ending date

Feb. 28, 2031

Dec. 31, 2024

Oct. 01, 2023

May 31, 2028

Jun. 01, 2023

Extended lease term

74 months

15 months

60 months

Number of aircraft lease extended

2

2

Number of aircraft lease converted | Lease

1

Aircraft Lease Agreement One

Other Commitments [Line Items]

Number of aircraft leased

1

Lease term

8 years

lease term commenced

Aug. 01, 2023

Number of months fixed monthly rent to be paid

94 months

Aircraft Lease Agreement Two

Other Commitments [Line Items]

Number of aircraft leased

1

Lease term

2 years

lease term commenced

Aug. 18, 2023

Number of months fixed monthly rent to be paid

24 months

Aircraft Lease Agreement Three

Other Commitments [Line Items]

Number of aircraft leased

1

Lease term

6 years

lease term commenced

Apr. 21, 2023

Number of months fixed monthly rent to be paid

72 months

Aircraft Lease Agreement Four

Other Commitments [Line Items]

Lease term

5 years

lease term commenced

Jun. 01, 2023

Number of months fixed monthly rent to be paid

62 months

Aircraft Lease Agreement Five

Other Commitments [Line Items]

Number of aircraft leased

1

lease term commenced

Nov. 13, 2023

Number of months fixed monthly rent to be paid

48 months

Aircraft Lease Agreement Six

Other Commitments [Line Items]

Number of aircraft leased

1

lease term commenced

Sep. 03, 2024

Number of months fixed monthly rent to be paid

36 months

Aircraft Lease Agreement Seven

Other Commitments [Line Items]

Number of aircraft leased

1

lease term commenced

Oct. 06, 2023

Number of months fixed monthly rent to be paid

96 months

Aircraft Lease Agreement Eight

Other Commitments [Line Items]

Number of aircraft leased

1

Lease term

24 months

Aircraft Lease Agreement Nine

Other Commitments [Line Items]

Number of aircraft leased

1

Lease term

7 years

lease term commenced

Feb. 09, 2024

Number of months fixed monthly rent to be paid

86 months

Aircraft Lease Agreement Ten

Other Commitments [Line Items]

Number of aircraft leased

1

Lease term

10 years

lease term commenced

Mar. 08, 2024

Number of months fixed monthly rent to be paid

120 months

Aircraft Lease Agreement Eleven

Other Commitments [Line Items]

Number of aircraft leased

1

Lease term

1 year

lease term commenced

Jul. 09, 2024

Number of months fixed monthly rent to be paid

16 months

Aircraft Lease Agreement Twelve

Other Commitments [Line Items]

Number of aircraft leased

1

Lease term

6 years

lease term commenced

Apr. 17, 2024

Number of months fixed monthly rent to be paid

72 months

Aircraft Lease Agreement Thirteen

Other Commitments [Line Items]

Number of aircraft leased

1

Number of months fixed monthly rent to be paid

102 months

Airbus A321 Converted Freighter

Other Commitments [Line Items]

Number of aircraft leased

1

Lease term

10 years

lease term commenced

Jan. 23, 2023

Number of months fixed monthly rent to be paid

120 months

A320 Passenger Aircraft

Other Commitments [Line Items]

Lease agreements ending date

Aug. 15, 2031

Nov. 15, 2023

Extended lease term

93 months

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Future Minimum Lease Payments under Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finance Leases
Remainder of 2024	$ 1,630
2025	7,304
2026	7,309
2027	7,129
2028	6,450
2029 and thereafter	14,777
Total minimum lease payments	44,599
Less amount representing interest	15,552
Present value of minimum lease payments	29,047
Less current portion	3,091	$ 599
Long-term portion	25,956	3,292
Operating Leases
Remainder of 2024	7,131
2025	27,835
2026	24,474
2027	22,016
2028	16,232
2029 and thereafter	44,411
Total minimum lease payments	142,099
Less amount representing interest	46,569
Present value of minimum lease payments	95,530
Less current portion	16,454	13,650
Long-term portion	$ 79,076	$ 65,158

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Lease Costs Related to Finance and Operating Leases (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finance lease cost
Amortization of leased assets		$ 1,039	$ 149	$ 2,163	$ 368
Interest of lease liabilities		950	116	1,991	309
Operating lease cost
Operating lease cost	[1]	6,644	2,287	18,565	5,934
Total lease cost		$ 8,633	$ 2,552	$ 22,719	$ 6,611
[1] Expenses are classified within Aircraft Rent on the Company's condensed consolidated statements of operations.

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Lease Terms and Discount Rates Related to Finance and Operating Leases (Details)	Sep. 30, 2024	Sep. 30, 2023
Weighted-average remaining lease term
Operating leases	6 years 29 days	6 years 2 months 8 days
Finance leases	6 years 6 months 29 days	5 years 4 months 28 days
Weighted-average discount rate
Operating leases	13.95%	12.24%
Finance leases	14.75%	12.30%

Commitments and Contingencies_5

Commitments and Contingencies - Schedule of Cash and Non-cash Activities Associated with Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 10,507	$ 6,181
Financing cash flows from finance leases	$ 1,427	$ 343

Income (Loss) Per Share - Sched

Income (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net Income (Loss)		$ (4,887)	$ (4,884)	$ (10,982)	$ (18,426)
Denominator:
Weighted average common shares outstanding - Basic		60,817,884	57,497,385	60,024,188	56,292,992
Dilutive effect of stock options, RSUs and warrants		0	0	0	0
Weighted average common shares outstanding - Diluted		60,817,884	57,497,385	60,024,188	56,292,992
Basic loss per share		$ (0.08)	$ (0.08)	$ (0.18)	$ (0.33)
Diluted loss per share	[1]	$ (0.08)	$ (0.08)	$ (0.18)	$ (0.33)
[1] There were 17,732,764 warrants, 246,667 options, and 5,263,027 RSUs outstanding at September 30, 2024 and there were 22,376,020 warrants, 470,668 options, and 5,073,932 RSUs outstanding at September 30, 2023. The Company excluded the warrants, options and RSUs from the calculation of diluted EPS for the three and nine months ended September 30, 2024 and 2023, as inclusion would have an anti-dilutive effect.

Income (Loss) Per Share - Sch_2

Income (Loss) Per Share - Schedule of computation of Basic and diluted Earnings Per Share (Parenthetical) (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Warrant
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted EPS	17,732,764	22,376,020
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted EPS	246,667	470,668
RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted EPS	5,263,027	5,073,932

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 21, 2023	Aug. 02, 2023
Senior Secure Notes Due 2029
Related Party Transaction [Line Items]
Principal amount					$ 35,700,000	$ 35,000,000
Canada Jetlines Operations Ltd.
Related Party Transaction [Line Items]
Equity method investment ownership percentage	7%		7%
Other Liabilities	$ 18,000	$ 0	$ 18,000	$ 0
GlobalX
Related Party Transaction [Line Items]
Other Liabilities	1,000	64,000	1,000	64,000
Expense to replated party			0	123,000
Flights flown by global
Related Party Transaction [Line Items]
Other Liabilities	0	0	0	0
Expense to replated party	0	0
Flights flown by global | Canada Jetlines Operations Ltd.
Related Party Transaction [Line Items]
Expense to replated party	$ 0	$ 0	$ 1,300,000	$ 0

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Salaries, wages and benefits	$ 3,010	$ 2,899
Passenger Taxes	4,640	2,317
Aircraft fuel	394	1,435
Contracted ground and aviation services	578	2,200
Maintenance	606	1,081
Aircraft Rent	2,916	3,384
Other	3,350	4,149
Accrued liabilities	$ 15,494	$ 17,465

Revenue Contract Liability - Su

Revenue Contract Liability - Summary of Significant Changes in Deferred Revenue Liability Balances (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Beginning balance	$ 9,896	$ 3,201
Revenue Recognized	(25,488)	(3,201)
Amounts Collected or Invoiced	20,961	9,896
Ending Balance	$ 5,369	$ 9,896

Revenue Contract Liability - Ad

Revenue Contract Liability - Additional Information (Details) - Revenue [Member] - Customer Concentration Risk [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Customer One [Member]
Revenue, Major Customer [Line Items]
Concentration risk percentage	60%	8%	52%	7%
Customer Two [Member]
Revenue, Major Customer [Line Items]
Concentration risk percentage	60%	8%	52%	7%