Aggressively expanding GlobalX posts $4.4m Q4 loss

Fledgling US carrier Global Crossing Airlines (GlobalX) lost $4.4m during Q4 2022 as it pursues an aggressive expansion plan. Operating charter flights with a fleet of leased narrowbody Airbus aircraft, the Miami-based company lost roughly the same amount during the same quarter of 2021. It generated revenue of $32.5m during the final three months of 2022, compared with $11m the previous year. “We are pleased to report strong financial and operational results for 2022,” Ed Wegel, CE of GlobalX, said during the company’s Q4 earnings call on 9 March. The operator launched passenger flights in August 2021 using Airbus A320s. On 6 February, GlobalX received approval from the FAA to begin US cargo operations with its A321F aircraft. For the full year, the company lost $15.8m, compared with a $19.8m loss during a few months of operations in 2021. GlobalX generated $97.1m of revenue in 2022, compared with $14.3m the previous year. The company forecasts revenue of “at least $140m” for 2023. Now operating eight Airbus jets, GlobalX expects to expand its fleet to nine A320 passenger aircraft and two A321Fs within the next two months, Wegel says. All 11 of those jets “are all on great lease terms that we were able to negotiate during the pandemic”, Wegel says. “We see an extension on those favourable lease terms on the aircraft that we are bringing [into the fleet] in 2023. We believe that we still have a window of about 12 to 15 months where we can lock up aircraft – mid-life aircraft, which are the type we need.” GlobalX plans to operate 12 passenger aircraft and six freighters by the end of 2023 – and expand to 18 passenger aircraft and 12 cargo jets by the end of next year.<br/>