8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 16, 2022

GLOBAL CROSSING AIRLINES GROUP INC.

(Exact name of registrant as specified in its charter)

Delaware	000-56409	98-1350261
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

4200 NW 36^th Street, Building 5A

Miami International Airport

Miami, FL 33166

(Address of Principal Executive Office) (Zip Code)

(786) 751-8503

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

Global Crossing Airlines Group Inc. (the “Company”) is furnishing this information under Item 2.02 of Form 8-K.

The information in this Current Report, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report, including Exhibit 99.1, shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act.

On March 16, 2022, the Company issued a press release announcing its financial results for the three months ended March 31, 2022. A copy of the press release is attached as Exhibit 99.1.

Item 7.01 Regulation FD Disclosure.

On May 17, 2022, representatives of the Company made presentations to investors using slides containing the information attached to this Current Report on Form 8-K as Exhibit 99.2 (the “Investor Presentation”) and incorporated herein by reference.

The information contained in the Investor Presentation is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

The Investor Presentation includes financial information not prepared in accordance with generally accepted accounting principles (“Non-GAAP Financial Measures”). By filing this Current Report on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.

The information presented in Item 7.01 of this Current Report on Form 8-K and Exhibit 99.2 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or specifically incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Exhibits

Exhibit No.	Name
99.1	Press release dated May 16, 2022
99.2	Investor Presentation Slideshow in use beginning May 17, 2022

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	GLOBAL CROSSING AIRLINES GROUP INC.
Date: May 17, 2022	By:	/s/ Edward J. Wegel
		Name: Edward J. Wegel
		Title: Chief Executive Officer

EX-99.1

Exhibit 99.1

NEWS RELEASE

Global Crossing Airlines First Quarter 2022 Update

Q1 Quarter Highlights

Total Revenue hours flown were 33% over Q4 2021 and total revenue increased 46%

• Currently have $70M in signed contracts or LOI’S for 2022 and still projecting $90+ Million in revenue for 2022

• To date, $76 Million in signed contracts and LOI’S for 2023 and $52 million for 2024

• Signed long-term lease for two Airbus A321 freighter aircraft Aerovista to be delivered in August 2023 and November 2023 bringing total A321F aircraft under lease or commitment to 20 freighter aircraft

• Filed Form 8-A Registration and became a fully reporting SEC Issuer

• Agreed to a partnership with OSM Aviation Academy to implement a Pilot Direct Placement Training program, creating a robust pipeline of new pilots

• Closed US$6.0 million Financing

• Signed LOI for up to 200 electric vertical take-off and landing (eVTOL) aircraft with EVE Mobility (Embraer) to develop the Miami Dade Market; expect to start deliveries in 2026.

MIAMI, FLORIDA, May 16, 2022 – Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” or “GlobalX”) today provided an update on its operations for first quarter of 2022 and a preview of Q2 2022.

“We had a strong revenue quarter with a 45% increase in revenue over Q4 2021, despite being impacted heavily by the Omicron variant, which forced us to reduce flying by about 20%,” said Ed Wegel, Chairman and CEO of GlobalX. “Our results included expenses related to maintenance and conformity for three aircraft deliveries, as well as significant investments in pilot recruitment and training. We also invested heavily in our IT systems as part of our paperless airline initiative that is required to support future growth.”

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

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

Mr. Wegel further added: “We are reaching profitability on our projected timetable and demand is increasing for our product as we gain a reputation for on time, reliable service. Further, the launch of our Cargo operation in Q4, powered by our 20 A321F which will all be delivered over the next 30 months, will drive sustained growth and profitability.”

First Quarter 2022 Results

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

2022 Outlook

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

As a reminder, there will be a Zoom webinar Tuesday, May 17^th at 2:00PM Eastern Time with Management to discuss these results and more.

You can register in advance for this webinar:

https://bit.ly/3swlQPY

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

For full details of the 2022 Q1 financial results, management’s discussion and analysis of financial results and consolidated financial statements and notes for the three months ended March 31, 2022, will be available in the Company’s Quarter Report on Form 10-Q that will be filed on EDGAR and under the Company’s SEDAR profile at www.sedar.com. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP).

About Global Crossing Airlines

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

JET: NEO www.globalairlinesgroup.com Page 2 of 6

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 for block hours, increases in flight activity, expected future revenues, the terms of the eVTOL transaction, timing for freighter certification and launch of cargo operations, details regarding additional aircraft acquisitions and future profitability.

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 “ 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; 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.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include risks related to, the ability to obtain financing at acceptable terms, the impact of general economic conditions, risks related to supply chain and labour disruptions, failure to retain or obtain sufficient aircraft, domestic and international airline industry conditions, the effects of increased competition from our market competitors and new market entrants, passenger demand being less than anticipated, the impact of the global uncertainty created by COVID-19, future relations with shareholders, volatility of fuel prices, increases in operating costs, terrorism, pandemics, natural disasters, currency fluctuations, interest rates, risks specific to the airline industry, risks associated with doing business in foreign countries, the ability of management to implement GlobalX’s operational strategy, the ability to attract qualified management and staff, labour disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits; risks related to significant disruption in, or breach in security of GlobalX’s information technology systems and resultant interruptions in service and any related impact on its reputation; and the additional risks identified in the “Risk Factors” section of the Company’s reports and filings with applicable Canadian securities regulators and the U.S. Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements are made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update any forward-looking statements. If GlobalX does update one or more forward-looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements.

JET: NEO www.globalairlinesgroup.com Page 3 of 6

GLOBAL CROSSING AIRLINES GROUP INC.

(FORMERLY “CANADA JETLINES LTD.”)

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2022 (Unaudited)			December 31, 2021
Current Assets
Cash and cash equivalents	$	8,480,530		$	5,241,716
Restricted cash	$	3,448,529		$	2,752,285
Accounts receivable, net of allowance	$	469,693		$	745,646
Prepaid expenses and other current assets	$	1,688,167		$	848,490
Total Current Assets	$	14,086,919		$	9,588,137
Property and equipment, net	$	868,602		$	618,883
Operating lease right-of-use assets	$	21,717,984		$	22,668,308
Deferred costs and other assets	$	6,816,187		$	6,198,338
Total Assets	$	43,489,692		$	39,073,666
Current liabilities
Accounts payable	$	6,651,302		$	3,574,186
Accrued liabilities		6,692,972		$	5,963,761
Due from related parties	$	—		$	197,558
Current portion of notes payable	$	1,573,000		$	1,573,000
Current portion of long-term operating leases	$	3,854,957		$	3,393,497
Total current liabilities	$	18,772,231		$	14,702,002
Other liabilities
Note payable	$	3,794,887		$	—
Long-term operating leases	$	18,849,571		$	20,042,343
Other liabilities	$	83,491		$	83,491
Total other liabilities	$	22,727,949		$	20,125,834
Equity
Common stock - $.001 par value; 200,000,000 authorized; 51,258,576 and 51,237,876 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	$	51,258		$	51,237
Additional paid-in capital	$	28,980,063		$	26,456,900
Retained deficit	$	(27,041,809	)	$	(22,262,307	)
Total stockholders’ equity	$	1,989,512		$	4,245,830
Total Liabilities and Equity	$	43,489,692		$	39,073,666

See accompanying notes to condensed consolidated financial statements.

JET: NEO www.globalairlinesgroup.com Page 4 of 6

GLOBAL CROSSING AIRLINES GROUP INC.

(FORMERLY “CANADA JETLINES LTD.”)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended March 31, 2022			Three Months Ended March 31, 2021
Operating Revenue	$	16,380,011		$	—
Operating Expenses
Salaries, Wages, & Benefits		5,865,074			956,697
Aircraft Fuel		3,250,554			17,583
Maintenance, materials and repairs		1,190,823			43,897
Depreciation and amortization		23,312			3,652
Contracted ground and aviation services		2,955,576			33,145
Travel		1,295,110			20,750
Insurance		857,268			475,133
Aircraft Rent		3,359,674			—
Other		2,345,908			1,361,813
Total Operating Expenses		21,143,299			2,912,670
Operating Loss		(4,763,288	)		(2,912,670	)
Non-Operating Expenses (Income)
Loss on Warrant Valuation		—			3,050,968
Interest Expense		16,214			11,286
Total Non-Operating Expenses		16,214			3,062,254
Loss before income taxes		(4,779,502	)		(5,974,924	)
Income tax expense		—			—
Net Loss		(4,779,502	)		(5,974,924	)
Loss per share:
Basic	$	(0.09	)	$	(0.17	)
Diluted	$	(0.09	)	$	(0.17	)
Weighted average number of shares outstanding		51,241,326			34,976,943
Fully diluted shares outstanding		51,241,326			34,976,943

See accompanying notes to condensed consolidated financial statements.

JET: NEO www.globalairlinesgroup.com Page 5 of 6

GLOBAL CROSSING AIRLINES GROUP INC.

(FORMERLY “CANADA JETLINES LTD.”)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	For the three months ended March 31,
	2022			2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(4,779,502	)	$	(5,974,924	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		23,312			3,652
Loss on warrant revaluation					2,250,576
Amortization of operating lease right of use asset		950,324			498,857
Share-based payments		382,612			120,411
Non-cash working capital item changes:
Accounts receivable		275,953			—
Prepaid expenses and other current assets		(839,677	)		(615,468	)
Accounts payable		3,077,116			257,497
Accrued liabilities		729,211			525,938
Decrease in operating lease obligations		(731,312	)		(149,925	)
Net cash used in operating activities		(911,963	)		(3,083,386	)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from asset disposal
Purchases of property and equipment		(273,031	)		(158,659	)
Deferred costs and other assets		(617,849	)		(300,000	)
Net cash used in investing activities		(890,880	)		(458,659	)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments to related party		(197,558	)		(101,487	)
Other liabilities					(87,928	)
Proceeds on issuance of shares		9,930			4,988,499
Long term loan payable		5,925,529			25,363
Net cash provided by financing activities		5,737,901			4,824,447
Net increase in cash		3,935,058			1,282,402
Cash, cash equivalents and restricted cash - beginning of the period		7,994,001			548,690
Cash, cash equivalents and restricted cash - end of the period		11,929,059			1,831,092

See accompanying notes to condensed consolidated financial statements.

JET: NEO www.globalairlinesgroup.com Page 6 of 6

EX-99.2

Exhibit 99.2 Q1 Update May 17, 2022

DISCLAIMER The information contained herein, while obtained from sources we believe to be reliable, is not guaranteed as to accuracy or completeness. This Presentation is for information only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. No securities regulator or stock exchange has reviewed or accepted responsibility for the adequacy or accuracy of this Presentation. All figures in United States dollars unless indicated otherwise. This Presentation 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 for block hours, increases in flight activity, expected future revenues, timing for freighter certification and launch of cargo operations, details regarding additional aircraft acquisitions and future profitability. 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 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; 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. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include risks related to, the ability to obtain financing at acceptable terms, the impact of general economic conditions, risks related to supply chain and labour disruptions, failure to retain or obtain sufficient aircraft, domestic and international airline industry conditions, the effects of increased competition from our market competitors and new market entrants, passenger demand being less than anticipated, the impact of the global uncertainty created by COVID-19, future relations with shareholders, volatility of fuel prices, increases in operating costs, terrorism, pandemics, natural disasters, currency fluctuations, interest rates, risks specific to the airline industry, risks associated with doing business in foreign countries, the ability of management to implement GlobalX’s operational strategy, the ability to attract qualified management and staff, labour disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits; risks related to significant disruption in, or breach in security of GlobalX’s information technology systems and resultant interruptions in service and any related impact on its reputation; and the additional risks identified in the Risk Factors section of the Company's reports and filings with applicable Canadian securities regulators and the U.S. Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements are made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update any forward-looking statements. If GlobalX does update one or more forward-looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements. This Presentation also contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about the pro forma revenue of the resulting issuer which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. FOFI contained in this Presentation was made as of the date of this Presentation and was provided for the purpose of providing further information about Global’s anticipated future business operations. Global disclaims any intention or obligation to update or revise any FOFI contained in this Presentation, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. FOFI contained in this Presentation should not be used for purposes other than for which it is disclosed herein. Such future-oriented production information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such outlook or information should not be used for purposes other than for which it is disclosed in this Presentation. Use of Projections. The financial projections, estimates and targets in this Presentation are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond GlobalX’s control. While all financial projections, estimates and targets are necessarily speculative, GlobalX believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this Presentation should not be regarded as an indication that GlobalX, or its representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events. • p2.

Agenda • First quarter 2022 - highlights • Q1 vs Q4 quarter over quarter analysis • Q2 objectives • Major revenue contracts signed – updated forecast • Positive impact of A321F introduction by Q4 • Unit Economics p3.

Q1 Results Delivered Highlights Q1 2022 Revenue = $16.3 million • Projecting $90+ Million in revenue for 2022 • Total contracts and LOI’s now exceed $200M • $70 Million in signed contracts or LOI’S for 2022 • $76 Million in signed contracts and LOI’S for 2023 and $52 million for 2024 • Forecasting operating hours per quarter will increase 300% in Q4 22 vs Q1 22 • Confirm our forecast of profitability in Q3 2022 p4. All amounts are $USD

Q1 2022 Q4 2021 Inc / (Dec) % Change Operating Revenue $16,380,011 $11,168,526 $5,211,485 46.7% Operating Expenses 2022 2021 Inc / (Dec) % Change Salaries, Wages, & Benefits $5,865,074 $4,736,232 $1,128,842 23.8% Aircraft Fuel $3,250,554 2,144,388 1,106,166 51.6% Maintenance, materials and repairs $1,190,823 377,975 812,848 215.1% Q1 22 Depreciation and amortization $23,312 18,805 4,507 24.0% Contracted ground and aviation services $2,955,576 2,530,751 424,825 16.8% Travel $1,295,110 612,887 682,223 111.3% Vs Q4 21 Insurance $857,268 289,356 567,912 196.3% Aircraft Rent $3,359,674 2,235,830 1,123,844 50.3% Other 2,379,276 2,546,842 (167,566) (6.6)% Total Operating Expenses $21,176,667 $15,493,066 $5,683,601 36.7% Operating Income ($4,796,656) ($4,324,540) ($472,116) 10.9% Operating Margin (29.3)% (38.7)% 9.4% Hours Flown 1,729 1,308 421 32.2% Highlights: • Q1 showed a 46% increase in revenue and a 32% increase in hours flown • Operating margin increased 25% • We had almost $500k in unscheduled maintenance expenses • Increased salaries reflect additional employees hired and trained to staff additional aircraft, an FAA and DOT requirement before additional aircraft are allowed • Non Q1 operating expenses include increase professional fees for securities issuances and S1 filing costs p5.

$200M in Contracts and LOIs Secured YTD for 2022 and Beyond GlobalX Overview LOI’S – Cargo Contracts Key Contracts - PAX • Latin American Major Airline Operator • US Government Contractor • 4950 Hours in 2022 • 600 Minimum Hours in 2022 • 9360 Hours years 2023 & 2024 • 2400 Hours in both 2023 & 2024 • Cuba Contract Renewed • Caribbean Cargo/Logistics Operator • Represents 1760 Hours in 2022 (subject to DOT • 390 Hours in 2022 approval) • Cuba province cities now opened • Expected 2400 hours in both 2023 & 2024 • We project an additional 780 hours per year • Collegiate, Fan and Incentive Travel • 1900 Hours • US Airline • 171 hours in May/June • 287 additional hours proposed • Major European Tour Operator • 1600 Hours in Summer 2022 p6.

GlobalX Current Status GlobalX Overview Fleet Team Passenger • 72 Pilots (includes 30 in training) • 5 A320 • 105 Flight attendants, including 23 in • 1 A321 training 10 Passenger • 1 A320 (May 2022) Bases • 1 A319 (June 2022) Aircraft • Miami (Operating) • 1 A321 (July 2022) • Atlantic City (Operating) • 1 A319 (Aug 2022) • Las Vegas (Operating) Cargo • 13 A321F on lease/firm LOI with deposit, with 7 • San Antonio (In process) additional lessor commitments • First aircraft to be delivered in August to complete certification • Second aircraft to be delivered in September • Both 321F’s in revenue service by October 1 p7.

N284GX coming out of paint N284GX p8.

Q2 Objectives • $19M+ in Revenue • EBITDAR* positive • Delivery of 2 aircraft (A319 and A320) • 2 additional passenger aircraft LOI’s signed to support growing government contract • Multiple cargo contracts executed • Fall football season work contracted *EBITDAR – is a non-GAAP measure which is “Earning before Interest, Taxes, Depreciation, Amortization and Rent”. Common metric used when analyzing airlines to allow an apples to apples comparison of profits by removing rental costs. By removing rental costs one can compare companies with similar operations but which choose to access assets differently—some companies may own assets while other companies rent. p9.

321F Livery p10.

A321-200F Fleet Type General Advantages over Boeing VS B757-200PCF – 17-19% Less fuel burn than B757-200PCF 321F vs The – 95% Total volume of the 757-200PCF – 14% More containerized volume than B757-200PCF Competition VS B737-800F – 18% More volume than B737-800F – 55% More containerized volume than B737-800F p11.

A321 Containerized Cargo Capacity vs 737-800/757 Main Lower Container Equals AAY containers Deck Deck Volume* 3 A321 +55% +14% 14 10 7,349 ft 3 17 88‘‘x125‘‘ LD3-45W 208 m 3 757-200SF 15 6,473 ft BULK 3 15 88‘‘x125‘‘ 183 ft ONLY 11 + 0.5 BULK 3 4,747 ft 737-800SF 11 ONLY 11 x 88‘‘x125‘‘ 3 134 m 1 x 53‘‘x88‘‘ *100% inner container volume, no bulk; ** 100% ULD volume, no bulk 3 3 3 3 AAY vol. 12.22m / 431ft ; LD3-45W: 3.7m / 130.7ft ; pallet position are not considered p12.

Anticipated Delivery Date in MSN AGE MTOW Engine Type Conversion Type # full Cargo Config 1 1199 2000 93K KG IAE V2500 EFW Aug 19/22 2 1438 2001 89K KG IAE V2500 Precision Sept 1/22 3 1953 2003 89K KG IAE V2500 Precision Mid December 2022 4 TBD TBD TBD TBD EFW Est 1st half 2023 5 993 1999 89K KG IAE V2500 Precision Jun-23 6 1451 2001 89K KG CFM56 Precision Jul-23 7 1024 1999 89K KG IAE V2500 Precision Sep-23 321F Delivery 8 1503 2001 89K KG CFM56 Precision Oct-23 9 1966 2003 89K KG CFM56 Precision Jan-24 Schedule and 10 TBD TBD 93K KG TBD EFW Feb-24 11 2480 2005 89K KG IAE V2500 Precision Mar-24 12 TBD TBD 93K KG TBD EFW Mar-24 Future 13 TBD TBD 93K KG TBD EFW Aug-24 Options 1 TBD Slot secured - no plane Precision Q1 2024 2 TBD Slot secured - no plane EFW Q4 2023 3 TBD Slot secured - no plane EFW Q1 2024 4 TBC Precision Slots 2023 5 TBD Slot secured - no plane Q4 2023 6 TBD Searching for feedstock 2023 or 2024 7 TBD Searching for feedstock 2023 or 2024 th Working to secure a 4 A321F in Q1 2023 p13.

MSN 1199 and MSN 1438 Cargo Conversion in progress p14.

Improving Unit Economics Estimates We are projecting: $1.5-2.2M annualized gross profit before overhead per passenger aircraft $4.2-5.5M annualized gross profit before overhead per cargo aircraft Fleet Plan calls for by the end of each year: 2022: 10 Passenger / 3 Cargo 2023: 13 Passenger / 8 Cargo 2024: 19 Passenger / 15 Cargo 2025: 25 Passenger / 25 Cargo Annualized G&A/Overhead: $18M growing 10% annually to support fleet expansion Gross Profit used to calculate gross margin reflects non-GAAP Gross Profit relative to net revenue. Non-GAAP Gross Profit includes Depreciation & Amortization costs. p15.

Share Price Performance Certification 3 7 $0 Revenue 6 2.5 5 2 4 1.5 3 6 Passenger Aircraft 1 13 Cargo Aircraft on order 2 7 additional commitments $16M in Q1 Revenue 0.5 1 0 0 Adj Close Number of aircraft p16.

In Summary… Resilient and Diverse Business Model Assets Still Being Acquired at Post-Covid Prices On track for Oct 1 launch of cargo revenue service Major long term contracts provide solid revenue foundation p17.

XML

Document and Entity Information	May 16, 2022
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001846084
Document Type	8-K
Document Period End Date	May 16, 2022
Entity Registrant Name	GLOBAL CROSSING AIRLINES GROUP INC.
Entity Incorporation State Country Code	DE
Entity File Number	000-56409
Entity Tax Identification Number	98-1350261
Entity Address, Address Line One	4200 NW 36th Street
Entity Address, Address Line Two	Building 5A
Entity Address, Address Line Three	Miami International Airport
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
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false