Global Crossing Airlines Group, Inc. (GlobalX) has provided an update on block hours operated in July and August, aircraft deliveries and contracts signed.
GlobalX Block Hours Soar
GlobalX had an impressive summer in terms of block hours, recording over 2,500 block hours in July and approximately 2,400 block hours in August. This adds up to a quarter total of 4,900 block hours.
Comparing this to the same period in 2022, which saw 3,157 hours, we observe a substantial 55% increase.
Fleet Expansion and Deliveries
During the third quarter of 2023, GlobalX made significant strides in expanding its fleet:
New Passenger Aircraft: GlobalX welcomed its 10th passenger aircraft, N285GX, and commenced revenue operations on September 1st, enhancing its capacity to serve travelers.
Government Contract: The company secured a noteworthy $4 million ACMI government contract for September and October.
This contract not only bolsters their financial position but also has the potential to evolve into a multi-year agreement, underlining their reliability.
Financial Boost: GlobalX successfully closed a $35 million financing deal. This financial injection enables them to add six additional aircraft in the current year and supports their planned deliveries for 2024. This financial stability is pivotal in their growth journey.
New Ventures: Partnerships and Routes
Global Crossing Airlines Group, Inc. didn’t just stop at expanding its fleet; it also ventured into new territories and markets during the period:
Tour Operator Contracts: The airline inked contracts with two major tour operators, both initiating new three-times-a-week services to captivating Caribbean destinations. This move not only opens up exciting travel opportunities but also reflects the airline’s attractiveness to tour operators.
Cargo Expansion: The company signed contracts with a cargo operator, ushering in new cargo routes to several Caribbean countries, including Jamaica and Trinidad. This diversification of services strengthens their position in the region.
Partnerships: GlobalX made its presence felt by successfully flying for Wizz Air, Lynx Air, TUI, and Caribbean Airlines.
Moreover, it provided valuable lift to its sister company, Canada Jetlines. These partnerships highlight the airline’s adaptability and broad appeal.
Future Prospects: Aircraft and Personnel
With a respectable third quarter performance under its belt, GlobalX has its sights set on the future with some promising developments:
A321 Passenger Aircraft: A letter of intent was signed for the delivery of one additional A321 passenger aircraft in Q4 2023. This expansion underscores their anticipation of increased demand in the upcoming months.
A321 Freighters: The airline also secured agreements for two additional A321 freighters, expected to be delivered in 2024. This expansion of the freighter fleet reflects their readiness to meet evolving cargo demands.
Scheduled Deliveries: GlobalX is scheduled to receive its 11th passenger aircraft, an A320, in October, and the 12th passenger aircraft in December 2023. These planned deliveries are poised to enhance their operational capabilities.
Pilot Team: The airline has bolstered its pilot headcount to 123, with an additional 10 direct entry Captains set to join on September 11th. This investment in skilled personnel ensures safe and efficient operations.
CFO’s Conference Appearances
Lastly, Ryan Goepel, the company’s Chief Financial Officer (CFO), will be a key presenter at both the Planet MicroCap Conference and the Emerging Growth Virtual Conference on Wednesday, September 6th.
Registration links for the Conferences are as follows:
Emerging Growth Conference
Date: Wednesday, Sept. 6, 2023
Time: 12:35 p.m. Eastern Time
Planet MicroCap Showcase: VANCOUVER 2023
Date: Wednesday, Sept. 6, 2023
Time: 3:30 p.m. Pacific Time (6:30 p.m. Eastern Time)
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