Global Crossing Airlines Group Inc.

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to today's conference call to discuss Global Crossing Airlines financial results for the third quarter of 2025. At this time, all participants are in a listen-only mode. As a reminder, this conference call is being recorded. Joining us on the call today are the company's Executive Chairman, Chris Hamroz, President and CFO, Ryan Gopel, and SVP Corporate Controller, Wendy Shapiro. Please be advised that this conference call will contain statements that are considered forward-looking statements 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 it caused action results to differ materially from those reflected in these forward-looking statements. These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC. Do not place on your reliance on any forward-looking statements which are being made only as of the date of this call. Except as required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements. For important risks and assumptions associated with such forward-looking statements, Please refer to the company's earnings press release for the third quarter of 2025 and the company's annual report on Form 10-K for the year ended December 31, 2024. The company's presentation also includes certain non-GAAP financial measures, including EBITDA and EBITDAR, as 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 the consolation tables and other important information in the earnings press release for the third quarter of 2025, which is currently available on the company's investor relations section of its website. And now, I will turn the call over to the company's executive chairman, Chris Hemros. Chris, please go ahead.

Thank you, operator, and good morning, everyone. Global Eggs delivered another period of strong growth and significant year-over-year improvements, with revenue up 11%, EBITDA up 25%, and EBITDA improving by nearly 5 million. We achieved some of the highest aircraft utilization rates since our inception, driven by increased demand across the full spectrum of charter and ACMI customers. I'm proud of our team's relentless work to achieve these results and strengthen the foundation of our business for the long term. While we are proud of the progress we've made, the results fell short of our own expectations. We had the opportunity to achieve net income profitability, but fell short due to the rapid pace of growth that tested our maintenance and operations functions, leading to logistics disruptions and AOG events. We saw more unplanned AOG events than anticipated, and over the past 60 days, we have taken targeted, decisive, and concerted steps to address those events and reduce our operating costs. We are a commercial organization, and going forward, we intend to obtain a higher standard of operating performance, and we must be ready to credibly perform to that standard. A record of revenue generation will never relieve us of the responsibility to remain operationally sound and a vibrant airline. Over the past 18 months, we've moved from the startup phase to scaling up our full-service charter airline with a sharp focus on efficiency, reliability, and sustainable profitability. Over the past quarter, we undertook a comprehensive overhaul of our executive and senior management teams, coupled with a reorganization of operations and maintenance. These steps were essential to meet the increasing demand of operational complexity of a business growing as quickly as Global X, and to ensure we're structurally equipped for the opportunities ahead. I'm confident the steps we've taken this quarter will enable us to capitalize on that growth and achieve profitability and continue to grow positive cash flow generation. As we look to 2026, our priorities are clear. Operate with discipline as we're scaling up and deliver profitable results across our entire platform. It's exceptionally noteworthy that we are also becoming the airline of choice for college sports teams, professional franchises, concert artists, and leisure travels across three continents. We have also become a carrier of choice to Europe's largest travel and tourism company. The continued influx of marquee clients from across the aviation spectrum validates the strength of our business platform. The robust demand not only confirms we've built the right model, but it's propelling the next phase of Global X growth and revenue acceleration. We are becoming the gold standard in the charter airline sector, and our success has not gone unnoticed. Many in the industry are taking note of what we're building, and yes, it makes some of our competitors uncomfortable. I want to reaffirm our steadfast commitment to executing with precision and accountability. With these guiding principles, we remain on track to achieve our long-term vision of becoming the largest and the most reliable narrow-body charter airline in North America. With that, I will now hand it over to our President and CFO, Ryan Gopal, to elaborate on Global X third quarter operational highlights. Ryan?

Thank you, Chris, and good morning, everyone. This quarter illustrated both the strength of our business model and the growing operational challenges that accompanied rapid scaling. While aircraft utilization reached record levels, we lost approximately 500 block hours to unscheduled maintenance across the fleet, a direct hit to revenue, crew productivity, and margins. Those lost hours and the resulting incremental maintenance expense are the primary reasons we missed the opportunity to report positive net income this quarter. As Chris mentioned, in Q3, we experienced more AOG events than we anticipated. Over the past 60 days, we have overhauled leadership across operations and maintenance, redesigned processes, strengthened controls, and invested significantly in preventative maintenance. We reduced more than $5 million in annualized office and operating costs, primarily through headcount reductions and tighter SG&A discipline. We expect a more normalized SG&A run rate beginning in December, our traditionally busiest and most profitable month, and we anticipate all aircraft to be fully operational heading into that period. Despite these temporary challenges, our charter operations continue to perform exceptionally well as we generated double-digit revenue growth and record block hours flown, underscoring the underlying strength and resilience of our growth strategy. Our revenue growth was fueled by our ACMI business, which increased 44% year-over-year to $53.2 million and represented 92% of total revenue, compared to 70% in the year-ago quarter. ACMI block hours increased 45% year-over-year to $9,527. reflecting our focus on expanding long-term agreements with key customers and government agencies. As we stated before, we continue to shift aircraft capacity from chartered ACMI to take advantage of its higher margin profile and more predictable flying. As a result, charter revenue declined to $2.3 million in Q3 2025 from $15 million in the prior year quarter, and now accounts for just 4% of total revenue compared to 29% a year ago. This shift in contract mix continues to strengthen our profitability profile through higher margin contributions and contract stability. During the quarter, we flew our record 9,901 block hours, including subservice between ACMI and charter, a 23% year-over-year increase, reflecting strong demand across our narrow-body charter operations. In Q3, we increased block hours flown for ACMI by 45% to 9,527, compared to Q3 of 2024. For Charter, we flew 178 block hours compared to 1,254 in a year-ago period, again resulting from our intentional shift from Charter to ECMI. Our average utilization for aircraft available increased 26% year-over-year to 618 block hours. As we mentioned before, ECMI typically generates lower revenue per block hour than Charter, but offers a more predictable and favorable margin profile since the customer assumes fuel, demand, and pricing. As our contract mix continues to shift towards ACMI, we expect to improve utilization and generate stronger operating margins and greater consistency in our financial performance over time. Turning to cargo operations, market conditions remain challenging through the quarter as the broader North American freight market continues to experience excess capacity and softer demand. Despite this, we maintain steady flying with our fleet of four A321 freighters, which continue to deliver attractive unit economics to our cargo clientele for improved fuel efficiency and lower operating costs. Although visibility in the cargo market remains limited, our efficient and flexible operating models enabled us to sustain activity, maintain key customer relationships, and remain well-positioned for recovery when the demand strengthens. Passenger demand remains exceptionally strong, supported by limited aircraft supply, reduced direct competition, and growing reliance on air charter by colleges and other institutional customers. These favorable market dynamics continue to drive increased demand for our services, particularly within the niche charter markets where aircraft availability remains constrained. To capture this growth, we are prioritizing passenger aircraft deliveries, allocating additional sales and operational resources to strengthen long-term customer relationships, and expanding into new markets as opportunities arise. Passenger charter operations remain the primary economic engine for Global X. As part of our long-term growth strategy, we continue to improve operational efficiencies and optimize aircraft utilization to strengthen financial performance. Our strong average revenue per block hour underscores the success of this focus. As stated earlier, for ACMI, we generated an average of $5,586 per block hour, consistent with the prior year. For charter, average revenue per block hour was $12,978 per hour, compared to $11,951 per hour and year-ago quarter, consistent with historical trends. During the third quarter, we made meaningful progress advancing several key initiatives that strengthened our fleet, customer base, and financial flexibility. We took delivery of our first of four previously announced A319s and the first purchased A320 airframe, which is expected to be in revenue service for the last month of the year. We expect to take delivery of the next three aircraft over the next three months, expanding our capacity to capitalize on the growing demand for our charter services. We also signed a strategic ACMI agreement with Sunrise Airways to provide two dedicated A320 aircraft starting in November, reinforcing our position as a leading ACMI provider and expanding our presence into key international markets. We value the trust Sunrise Airways has placed in us and look forward to growing this relationship through continued collaboration and shared success. Looking ahead, booking across all charter customer segments are at record levels, materially ahead of last year, and momentum continues to accelerate. We made meaningful progress in building a more efficient, reliable organization, and entering year-end with improved reliability and a stronger foundation for profitability. Looking to 2026, we plan to build on that momentum, continuing disciplined growth, focused on profitable expansion, and deploying additional aircraft to meet rising demand across our core charter markets. Now I'll turn the call over to SVP Corporate Controller Wendy Shapiro, who will discuss her financial results in more detail.