Global Crossing Airlines Group, Inc. (GlobalX) has provided a recent update on block hours operated in Q3 2023, showing a record surge in operations.
The airline Group is set to release its full Q3 financials in November and has also announced a forthcoming Annual General Meeting in December.
Block Hours in Q3 2023
GlobalX, as it is often referred to, has seen a remarkable surge in its operations during the third quarter of 2023. During this period, the airline giant operated an impressive 6,504 block hours.
This figure represents an astounding 81 percent increase compared to the previous quarter, Q2 2023, where they operated 3,585 hours.
ACMI vs. Charter: A Shift in Strategy
One intriguing aspect of GlobalX’s Q3 operations is the distribution of block hours between Aircraft, Crew, Maintenance, and Insurance (ACMI) and Charter operations.
In Q3 2023, a significant 70 percent of the block hours were operated on an ACMI basis, while the remaining 30 percent were carried out on a Charter basis.
This marks a shift from Q2 2023, where 62 percent of the hours were operated on a charter basis, and only 38 percent were on an ACMI basis.
This shift in strategy suggests that GlobalX is adapting to market demand and optimizing its fleet allocation to maximize profitability.
Fleet Expansion on the Horizon
Global Crossing Airlines is not resting on its laurels. The company has exciting news regarding the expansion of its fleet. The third A321F is slated for delivery during the week of October 10, 2023.
Following closely behind, the 11th passenger aircraft is set to be delivered during the week of October 20, 2023.
The company’s 12th A320 passenger aircraft is expected to join the fleet in the second week of November 2023.
Global Crossing Airlines Group, Inc. plans to release its Q3 2023 financial results and business update prior to market open on Wednesday, November 8.
Webinar Nov 8, 2023 01:00 PM Eastern Time
To make this information more accessible, GlobalX will be hosting a Zoom webinar on the same day. Interested parties can register to attend the webinar here.
During the webinar session, the company will provide a comprehensive business update and discuss the financial results in detail, giving stakeholders valuable insights into its performance.
In addition to the earnings release, GlobalX has also announced the date of its Annual General Meeting.
This important event will take place at the company’s Miami headquarters at 10 a.m. on December 13, 2023.
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