Quarterly ResultMay 7, 2026, 12:24 PM
GlobalX Q1 Revenue $76.57M, Net Income $2.69M; Going Concern Doubt
AI Summary
Global Crossing Airlines Group Inc. reported a significant increase in Q1 2026 revenue to $76.57 million, up 14.96% year-over-year, with net income attributable to the company rising to $2.69 million and basic/diluted EPS at $0.04. Despite improved financial performance, the company disclosed a working capital deficit of $63.6 million and a retained deficit of $70.9 million as of March 31, 2026, raising substantial doubt about its ability to continue as a going concern. The company is evaluating various financing options to address future requirements.
Key Highlights
- Q1 2026 revenue increased 14.96% to $76.57 million from $66.60 million in Q1 2025.
- Net income attributable to the Company rose to $2.69 million in Q1 2026 from $0.15 million in Q1 2025.
- Basic and diluted EPS for Q1 2026 was $0.04, up from $0.00 in Q1 2025.
- Company reported a working capital deficit of $63.6 million and a retained deficit of $70.9 million as of March 31, 2026.
- Total liabilities were $231.43 million as of March 31, 2026, down from $232.53 million at December 31, 2025.
- Cash and cash equivalents increased to $16.92 million as of March 31, 2026, from $16.69 million at December 31, 2025.
- Multiple new aircraft and engine lease agreements commenced in late 2025 and Q1 2026.
- Total lease cost increased to $8.43 million in Q1 2026 from $6.84 million in Q1 2025.