Global Crossing Airlines Group, Inc. has reported fourth quarter and 2022 annual financial results.

Full Year and Fourth Quarter 2022 Financial Results

Total operating revenues for the 2022 year and Q4 2022 were $97.1 million and $32.5 million, respectively. This represents an increase of $82.8 million or 742% and $21.3 million or 191% when compared to the 2021 year and Q4 2021, respectively. This increase was driven by our continued growth in operations, including number of available aircraft during the year from three in 2021 to seven in 2022. In addition, GlobalX operated 2,463 revenue block hours in Q4 2022, representing an 89% increase over the number of block hours operated in Q4 2021.

Ed Wegel, Chair and CEO of GlobalX commented: “We are pleased to report strong financial and operational results for 2022. We reached $97.1M in revenue, beating previous guidance of $90 million by 8%. GlobalX finished 2022 with eight A320 family passenger aircraft, which resulted in Full Year 2022 Adjusted EBITDAR (Non-GAAP)(1) of $8.9 million and a 2022 Adjusted EBITDA (Non-GAAP)(1) of ($6.6 million). Q4 2022 results were an Adjusted EBITDAR of $5.3 million, an Adjusted EBITDA of approximately $845,000 and Adjusted EPS (Non-GAAP)(1) of $(0.00). Those results reflect our continued efforts to expand charter operations throughout North and South America, as well as the Caribbean by adding 79 new customers during 2022.”

Mr. Wegel continued: “We continued to invest heavily during Q4 in our systems, training, and development of our people, as we added over 55 pilots, 86 flight attendants, built our cargo operating systems and continued work on important certifications. We incurred cargo related expenses in anticipation of A321 freighter (A321F) deliveries and revenue operations in Q4, which did not ultimately occur. As a result, we expect compensation to be paid because of the late deliveries which we will receive in 2023.”

2023 Update

Mr. Wegel added: “We remain bullish on 2023 with our cargo certification completed and our first A321F started revenue operations in February. We will take delivery of the second A321F and will be operating revenue flights in early Q2. We are providing guidance of expected full year revenue in 2023 of at least $140 Million from our base plan of nine passenger and two freighter aircraft. In addition to this fleet of 9/2, our target plan for 2023 is to add up to four A321F’s, and three A320 passenger aircraft. We have developed a strong reputation as a reliable operator and we will continue to add new customers and build on existing customers.”

Outlook

Guidance items provided in this release are based on the Company’s current estimates and are not a guarantee of future performance. GlobalX is providing revenue guidance of at least $140 million in revenue for 2023 based on a fleet of nine passenger and two cargo aircraft, a 44% increase over 2023. Currently $81.5M of this revenue is contracted and an additional $60M is currently being actively quoted and we anticipate that most of this will become contracted. We will provide updated guidance as we take delivery of additional aircraft to the current projected fleet of nine passenger and two cargo aircraft.