Global Crossing Airlines Group Inc.

to discuss Global Crossing Airlines' financial results for the first quarter of 2025. At this time, all participants are in liaison-only mode. As a reminder, this conference is being recorded. Joining us on the call today are the company's Executive Chairman, Chrism Ross, President and CFO, Ryan Gopal, and SVP Corporate Controller, Wendy Shapiro. Please be advised, this conference call will contain statements that are considered forward-looking under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These forward-looking statements are also subject to the other risks and uncertainties that are described from time to time in the company's filings with the SEC. Do not place undue reliance on any forward-looking statements which are being made only as of the day of this call, except as required by law. The company undertakes no obligation to publicly update or revise any forward-looking statements. Please refer to the company's earnings press release for the important risks and assumptions associated with such forward-looking statements. The company's presentation also includes certain non-GAAP financial measures, including EBITDA, EBITDA, and supplemental measures of performance of the business. All non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You will find reconciliation tables and other important information in the earnings press release and Form 8K furnished to the SEC yesterday. which are currently available to the company's EDGAR page on the SEC's website and will be available on the company's investor relations section of its website within approximately 24 hours after this call has ended. And now, I will turn the call over to the company's executive chairman, Chris Jim Ross. Chris, please go ahead.

Thank you, operator, and good morning, everyone. I hope everybody can hear me okay. I'm pleased to report a solid start to the year for Global X. In the first quarter, we continued to execute on the strategic plan we initiated around this time last year, delivering improved financial results. This quarter's performance highlights basically our unwavering commitment to operational excellence, our measured and disciplined approach to expansion and strength of our business model, and a versatile service platform. Throughout the quarter, we expanded our fleet, continued to prioritize higher margin ACMI contracts, and optimized fleet utilization. These efforts are key to our long-term strategy and reflect our focus on execution and concerted growth. As demand continues to rise, we are positioning the company's scale up efficiently with a goal of achieving operational financial sustainability. Looking ahead, we will further strengthen our foundation by adding new logos, curating partnerships, securing long-term contracts with key customers, and elevating the exceptional service standards that already differentiate GlobalX and the market today. Before handing it over to Ryan, I want to reiterate our steadfast commitment to delivering long-term value for shareholders by driving scalable growth, maintaining our industry-leading customer service, and achieving sustainable profitability. With precision, accountability, and reliability as the cornerstones and guiding principles of our management philosophy, we remain focused on executing our vision of becoming the latest in our body, the largest in our body charter airline in North America. With that, I will now hand it over to our president and CFO, Brian Gultow, to elaborate on GlobalX's first quarter operational habits. Brian?

Thank you, Chris, and good morning, everyone. As Chris noted, we are pleased to report a good quarter for GlobalX. we achieved meaningful year-over-year gains across all key metrics. These accomplishments underscore the positive impact of the strategic initiatives we implemented over the past year. We delivered record revenue of $66.6 million in Q1, representing a 24% increase year-over-year. This strong performance was fueled by the continued nailing of our ACMI business, which grew 84% to $34.3 million and now accounts for 52% of our total revenue compared to 35% in the year-ago period. The growth in our ACMI business was primarily driven by an expanded fleet, growing customer demand, and increased average revenue per block hour. This reflects the strategic shift we initiated last year to reallocate aircraft from charter to ACMI, capitalizing on its higher margin profile and more predictable fly. As a result, charter revenue declined 10% to $30.5 million compared to $34 million in the prior year period. Charter now represents 46% of total revenue, down from 63% in the same quarter last year. During the quarter, we flew 7,546 block hours, including subservice between ACMI and Charter, a 29% increase compared to the year-ago period, reflecting strong market demand for our service, service offering further amplified by supply shortage as competitors reduced capacity. In Q1, we increased block hours flown for ACMI by 67% to 5,091 compared to Q1 of 2024. For charter, we flew 2,246 block hours compared to 2,685 in the year-ago quarter, again resulting from our intentional shift from charter to ACMI. Our average utilization per aircraft increased 6% to 442 block hours compared to the same quarter last year. Turning to cargo operations, we continue to operate in the trough of the freight cycle. Throughout the quarter, we operated four cargo aircraft, and at the start of Q2, commenced our six-month contract with DHL. While the cargo market continues to face the ongoing headwinds, we remain committed to setting the industry gold standard for unit economics with the A321 freighter aircraft. Combine that with our focus on quality and reliability, we believe we are in the early stages of setting the new benchmark for not only service excellence, but lowest cost in the packaged goods air freight market. For the passenger market, we continue to see strong demand driven by persistent shortage of available aircraft, reduced direct competition, and a growing reliance on flexible, tailored travel solutions from colleges, corporate groups, and the US government. We will continue to prioritize growth in this market, recognizing its critical role in our go-to-market strategy, and focus on increasing granularity in our overall book of business. To support long-term growth, we regularly evaluate our operations and pricing structure to enhance revenue performance. Our increasing average revenue per block hour underscores the success of this strategic focus. For ACMI, we generated an average of $6,740 per block hour, an increase of 10% from the prior year quarter. For charter, average revenue per block hour increased 7% to $13,588 compared to the $12,688 in Q1 of 2024. On a sequential basis, we generated a 9% increase in revenue per block hour for ACMI. The increase in ACMI revenue per block hour is primarily driven by strong market demand coupled with reduced capacity from competitors. By leveraging favorable market dynamics and growing demand, we anticipate continued profitability across our passenger fleet. During the quarter, we took delivery of one additional A321 passenger aircraft, expanding our fleet to a total of 19 aircraft. We remain on track to expand our fleet by more than 20% in the second half of 2025, with the majority of deliveries expected during this period, further strengthening our operational capacity, and supporting our next phase of growth. Through Q1, we proactively completed a comprehensive tip-to-tail scheduled maintenance, which included three heavy maintenance events and nine non-heavy maintenance events across 10 aircraft. The significant maintenance work completed in Q1 contributed directly to the higher CapEx, underscoring the volume of work accomplished during the quarter. All aircraft were successfully returned to service ahead of the second quarter, ensuring the fleet availability and positioning the company supporting increased flying activity heading into the summer season. We continue to focus on deepening our relationships with both new and existing customers to secure long-term contracts and drive sustainable revenue growth and margin expansion. Consistent with our strategic plan, we prioritized exposure to legacy. We reduced our exposure to legacy low-margin contracts and prioritized higher-margin opportunities aligned with our profitability goals. We expanded our sports charter program this quarter, transporting twice as many college teams for the 2025 basketball season and a significant increase in the flying for college basketball tournament compared to the same period last year. This growth highlights the strengthening of our brand in college athletics and our team's now proven ability to meet unique demands of high-profile athletic programs. To support this, we provided three dedicated VIP configured aircraft, offered a premium customized onboard experience, specifically designed for sports teams and other premium clients. Our summer contracts are nearly at full capacity as our demand in the passenger market continues to rise. In addition, all four of our cargo aircraft have work committed for the third quarter delivering predictable block hours and revenue in an otherwise challenging backdrop for the cargo market. Now I'll turn the call over to our SVP corporate controller, Wendy Shapiro, who will discuss our financial results.