Commenting on the results, Mr. Wegel stated:
“Q2 was another excellent quarter with 2,418 block hours sold versus 1,729 block hours flown in Q1 2022 for a 40% quarter over quarter increase. We added a sixth A320 for a total fleet of seven aircraft, signed LOIs for two passenger aircraft and one freighter aircraft, and signed a firm lease agreements for three A321 freighter aircraft. We also signed a major contract with TUI fly Netherlands for up to 1,600 hours in Q3, and started flying for a major client in Dominican Republic,” said Ed Wegel, Chair and CEO of GlobalX.
Outlook
Looking ahead, GlobalX projects continued strong demand and increased block hours in the third quarter of 2022 with 2,997 block hours already sold. Expected capacity in Q3 2022 will increase by 45% over Q2 2022 and expected capacity in Q4 2022 is expected to increase an additional 45%. GlobalX will take delivery of two A319 and one A321 aircraft in Q3, as well as the first A321 freighter in late September, all subject to final DOT and FAA approvals.
About Global Crossing Airlines
GlobalX is a US 121 domestic flag and supplemental Airline flying the Airbus A320 family aircraft. GlobalX flies as a passenger ACMI and charter airline serving the US, Caribbean, and Latin American markets. In 2022, GlobalX will enter ACMI cargo service flying the A321 freighter, subject to DOT and FAA approvals. For more information, please visit www.globalxair.com.
For more information, please contact:
Ryan Goepel, Chief Financial Officer
Email: ryan.goepel@globalxair.com
Tel: 786.751.8503
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain “forward looking statements” and “forward-looking information”, as defined under applicable United States and Canadian securities laws, concerning anticipated developments and events that may occur in the future. Forward-looking statements contained in this news release include, but are not limited to, statements with respect to the Company’s aircraft fleet size, the destinations that the Company intends to service, the expected delivery timelines for aircraft, future demand, increased block hours and future capacity estimates.
In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking statements contained in this news release is based on certain factors and assumptions regarding, among other things, the receipt of financing to continue airline operations, the accuracy, reliability and success of GlobalX’s business model; GlobalX’s ability to accurately forecast demand; GlobalX will be able to successfully conclude definitive agreements for transactions subject to LOI; the timely receipt of governmental approvals; the success of airline operations of GlobalX; GlobalX’s ability to successfully enter new geographic markets; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; the Company has or will have sufficient aircraft to provide the service; the impact of competition and the competitive response to GlobalX’s business strategy; the future price of fuel, and the availability of aircraft. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.