$JETBF

Global Crossing Airlines Group Inc.

CIK:0001846084|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

Revenue

$ 62,017

$ 61,381

$ 138,584

$ 127,982

Operating Expenses

Salaries, Wages, & Benefits

20,282

19,906

41,060

38,700

Aircraft Fuel

4,077

3,038

11,890

10,443

Maintenance, materials and repairs

4,604

5,409

11,562

9,261

Depreciation and amortization

5,574

2,607

10,240

4,855

Contracted ground and aviation services

4,919

4,474

12,173

10,780

Travel

2,118

2,325

5,117

5,279

Insurance

1,236

1,276

2,469

2,537

Aircraft Rent

12,394

13,919

25,866

29,160

Other

5,442

5,149

10,734

10,580

Total Operating Expenses

60,646

58,103

131,111

121,595

Operating Income

1,371

3,278

7,473

6,387

Non-Operating Expenses

Interest Expense

3,791

2,661

7,073

5,244

Gain on Settlement

(1,049)

Total Non-Operating Expenses

2,742

2,661

6,024

5,244

(Loss) Income before income taxes

(1,371)

617

1,449

1,143

Income tax expense

Net (Loss) Income

(1,371)

617

1,449

1,143

Net (Loss) Income attributable to Noncontrolling Interest

(34)

381

Net (Loss) Income attributable to the Company

$ (1,337)

$ 608

$ 1,354

$ 762

(Loss) Income per share:

Basic

$ (0.02)

$ 0.01

$ 0.02

$ 0.01

Diluted

^[1]

$ (0.02)

$ 0.01

$ 0.02

$ 0.01

Weighted average number of shares outstanding

66,888,860

64,043,388

66,483,508

63,132,541

Weighted-average shares outstanding - Diluted

66,888,860

71,261,322

70,926,046

70,350,475

[1]

There were 10,195,451 warrants and 4,442,538 RSUs outstanding at June 30, 2026, and there were 17,732,764 warrants and 7,217,934 RSUs outstanding at June 30, 2025. The Company excluded the RSUs and warrants from the calculation of diluted EPS for the three month period ended June 30, 2026, and excluded the warrants from the calculation of diluted EPS for the three month period ended June 30, 2025 and for the six month periods ended June 30, 2026 and 2025, as inclusion would have an anti-dilutive effect.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$ 1,449	$ 1,143
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	10,240	4,855
Credit losses	273	111
Loss on sale of spare parts	11	63
Amortization of debt issue costs	354	377
Amortization of operating lease right of use assets	6,690	7,955
Share-based payments	1,135	1,339
Interest on finance leases	3,623	2,181
Changes in assets and liabilities:
Accounts receivable	1,900	29
Assets held for sale	258	8
Prepaid expenses and other current assets	(1,877)	(1,289)
Accounts payable	593	620
Accrued liabilities, deferred revenue and customer deposits	(6,082)	2,206
Operating lease obligations	(7,049)	(8,440)
Other liabilities	(4,110)	(2,215)
Net cash provided by operating activities	7,408	8,943
CASH FLOWS FROM INVESTING ACTIVITIES
Deposits, deferred costs and other assets	(3,574)	(1,189)
Purchases of property and equipment	(6,174)	(5,425)
Net cash used in investing activities	(9,748)	(6,614)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on finance leases	(4,661)	(2,360)
Principal payments on note payable	(1,701)
Proceeds on issuance of shares	142	207
Dividends	(60)	(148)
Proceeds from disgorgement of stockholders' short-swing profits		12
Net cash used in financing activities	(6,280)	(2,289)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(8,620)	40
Cash, cash equivalents and restricted cash - beginning of the period	20,503	14,043
Cash, cash equivalents and restricted cash - end of the period	11,883	14,083
Non-cash investing and financing activities
Reclass of property and equipment to accounts receivable (aircraft receivable) and prepaid expenses and other current assets (deferred maintenance)		117
Right-of-use (ROU) assets acquired through operating leases	12,961	383
Right-of-use (ROU) assets reclassification of existing lease	6,491
Aircraft acquired through finance leases	11,477
Equipment acquired through finance leases		3,453
Cash paid for
Interest	$ 6,697	$ 4,552

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 9,925	$ 16,694
Restricted cash	1,958	3,809
Accounts receivable, net of allowance for credit losses	4,610	6,782
Prepaid expenses and other current assets	5,406	3,529
Current assets held for sale	136	405
Total Current Assets	22,035	31,219
Property and equipment, net	37,612	33,578
Finance leases, net	53,868	48,870
Operating lease right-of-use assets	72,604	72,824
Deposits	12,567	11,880
Other assets	5,946	4,681
Total Assets	204,632	203,052
Current liabilities
Accounts payable	14,481	13,888
Accrued liabilities	37,144	28,948
Deferred revenue	4,683	16,830
Customer deposits	2,268	4,401
Current portion of note payable	2,762	3,080
Current portion of long-term operating leases	14,951	14,262
Current portion of finance leases	13,396	10,304
Total current liabilities	89,685	91,713
Other liabilities
Note payable, net of unamortized debt issuance costs	39,418	40,447
Long-term operating leases	58,107	59,374
Long-term finance leases	43,562	40,705
Other liabilities	672	291
Total other liabilities	141,759	140,817
Total Liabilities	231,444	232,530
Commitments and Contingencies (Note 9)
Stockholders' Equity (Deficit)
$.001 par value; 144,462,687, 5,537,313 and 50,000,000 authorized; 52,546,045, 5,537,313, 9,089,107 and 50,992,033, 5,537,313, 9,089,107 issued and outstanding as of June 30 2026 and December 31, 2025, for Common Stock, Class A Non-voting Common Stock, and Class B Non-voting Common Stock, respectively	67	65
Additional paid-in capital	45,297	44,022
Retained deficit	(72,263)	(73,617)
Total Company's stockholders' deficit	(26,899)	(29,530)
Noncontrolling interest	87	52
Total stockholders' deficit	(26,812)	(29,478)
Total Liabilities and Deficit	$ 204,632	$ 203,052