Global Crossing Airlines Group (JET) Lytham Partners Fall 2024 Investor Conference summary

Business performance and market position

• Achieved Q2 revenue of $57.5 million, up 83% year over year, and Q2 EBITDA of $18.7 million, with 2023 revenue at $160 million and a market cap of $35 million as of August 2024.

• Operates 18 aircraft, including 4 freighters, and targets 20 by year-end, with a focus on charter and ACMI services, avoiding ticket and fuel risk.

• Holds key certifications (IOSA, EASA, Department of Defense) and has operated over 50,000 block hours since August 2021.

• 50% of business is long-term government contracts, with additional work in sports, concerts, and airline support.

• Expanded fleet by 40% in 2024, with plans to further grow and capitalize on a competitor's exit from the market.

Strategic focus and operational improvements

• Eliminated non-core initiatives and upgraded management team to drive profitability and operational excellence.

• Focused on maximizing aircraft profit per month and incentivizing crews for on-time performance, leading to improved customer satisfaction and retention.

• Dedicated eight aircraft to a Department of Homeland Security deportation program, with minimum revenue guarantees and three operational bases.

• Benefited from a competitor's bankruptcy, gaining market share and improved pricing, especially in government and college sports charters.

• Management expects aircraft demand to outpace supply for the next 4–5 years, supporting continued growth.

Financial outlook and future plans

• Achieved positive net income in Q2 2024, with strong EBITDA growth and $10.4 million in cash at quarter-end.

• Plans to add 5–6 aircraft in 2025, targeting 30% revenue growth per year and compounding double-digit growth over the next 2 years.

• Intends to uplist from OTCQB once positive shareholder equity is achieved, as current valuation is significantly discounted compared to peers.

• Expects incremental fleet growth to drive higher margins as fixed costs are already covered.

• New management team aims for $8 million in cost avoidance in 2024 by focusing on core business.