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 second quarter of 2026. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded. Joining us on the call today are the company's Chief Executive Chairman, Chris Jamroz, President and CFO, Ryan Goepel, Senior Vice President, Corporate Controller, Wendy Shapiro, and Investor Relations Advisor, Aaron DeSouza. Please be advised for 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 could cause actual 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 undue 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 second quarter of 2026 and the company's annual report for Form 10-K for the year ended December 31st, 2025. The company's presentation also includes certain non-GAAP financial measures, including EBITDA and EBITDA 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 the SEC rules. You will find reconciliation tables and other important information in the earnings press release for the second quarter of 2026, which is currently available on the Company Investment Relations section of its website. and now we'll turn the call over to the company's executive chairman, Chris Jamroz. Chris, please go ahead, sir.

Thank you, operator, and good morning, everyone. Global Oaks delivered resilient second quarter that demonstrated the underlying efficiency and scalability of the platform we have built. Despite an unusually concentrated period of maintenance events that constrain aircraft availability, we maintain year-over-year revenue growth generated second highest quarterly bid in our history and increased the productivity of the aircraft that we were in service. Achieving these results with fewer net available aircraft speaks directly to the strength of our operating model and the progress we have made in building a more capable and efficient charter operation. More broadly, the quarter reinforced an important point about evolution of Global X. Over the last past several years, we have been disciplined in developing the operating infrastructure, customer relationships, and internal capabilities required to support a significant future business. We are now seeing the benefits of that work. The platform is generating great revenue and earnings productivity from each available aircraft, and we believe that creates meaningful operating leverage as fleet availability improves and additional aircraft interest serves. The maintenance work completed during the quarter was necessary and substantial, with timing driven largely by calendar and aircraft usage requirements. While that activity affected near-term availability and financial performance, it was not reflective of underlying demand or the earnings potential of the business. The vast majority of our scheduled maintenance program is now behind us, and we view this work as an investment in long-term health and earnings capacity of the fleet as we scale. We are approaching the expansion with discipline by deploying capital into assets that improve reliability, support high utilization, and strengthen the long-term profitability of the platform. We believe the increased availability of aircraft in the market gives us an opportunity to modernize the fleet on attractive terms while building the scale necessary to serve a growing base of customers. Looking ahead, demand across our core passenger markets remains strong. During Q2, we operated more than 40 flights in support of a major international soccer tournament, and we continue to see substantial demand from Korean sports customers. The demand is there. Our focus is on having the available aircraft, people, and operating infrastructure in place to capture it reliably and profitably. We remain committed to becoming the largest and most reliable narrow-body charter airline in North America. The investments we are making today are designed to strengthen the durability of our earnings, expand the capacity of the platform, and create sustainable long-term value for our shareholders. With that, I will hand the call over to our President and CFO, Ryan Goepel, to discuss our second quarter operational highlights in greater detail. Ryan?

Thank you, Chris, and good morning, everyone. To understand our quarter, you need to follow four key things. Firstly, cargo revenue was down 2.9 million year-over-year, which was partially offset by $1.8 million increase in passenger revenue. Secondly, in Q2 of 2026, we had 22.3 aircraft that we were paying for, but only 15.3 aircraft that were available. Compare that to 2025 where we were paying for 19 aircraft and then 17.1 were available. Thirdly, in Q2 2026, we completed five heavy maintenance events and 16 non-heavy maintenance events. In Q2 2025, we had zero heavy maintenance events and 12 non-heavy maintenance events. The scheduled maintenance directly impacted not only our cash, but also our net available aircraft. Fourthly, due to the lack of a net available aircraft, non-revenue block hours increased 100% from 142 to 284 hours, adding $1 million in operating costs. Despite all of these negative factors, we generated year-over-year revenue growth, delivered our second highest quarterly EBITDA, and increased average utilization per available aircraft by 11%. That utilization improvement is particularly important because it shows that the aircraft we had in service are being deployed more productively. We generated approximately 523 block hours per available aircraft compared with approximately 471 hours in the prior year quarter. This reflects the progress we have made in scheduling, customer allocation and maximizing the revenue generating capacity of the available fleet. Operationally, we flew 8,010 total block hours despite the unusually concentrated maintenance schedule. Performance improved meaningfully in June as aircraft returned to service. With the vast majority of our scheduled maintenance program now complete and only two scheduled two-year checks remaining in Q3, we expect availability, fleet productivity, and operating leverage to improve throughout the second half of the year. The mix of our flying has also continued to support operational stability. ACMI represented 87% of total block hours flown compared to 84% a year ago. This higher ACMI mix provides a more predictable base of contract and flying, supports consistent utilization, gives us greater visibility into aircraft deployment and crew planning. At the same time, pricing across our charter business remains strong. Charter revenue per block hour increased 36% to approximately $18,100, reflecting healthy demand, constrained industry capacity, and favorable pricing across our core passenger markets. ECMI revenue per block hour was approximately $6,400 compared to $6,600 in the per year quarter, primarily reflecting the mix of longer duration agreements with higher minimum hour work commitments. While these contracts generally carry a lower rate per block hour, they provide important economic benefits through strong utilization, greater revenue visibility and more consistent operating performance over time. We also continue to invest in the operating infrastructure required to support future fleet growth. Pilot headcount increased 10% year-over-year to 165. Growing the fleet without the appropriate pilots, maintenance capabilities, systems, and operating controls would not create sustainable value. So we're working to ensure that each part of the organization develops in step with the aircraft growth. Turning to fleet expansion. We placed two Airbus A319 aircraft into revenue service during Q2. one in April, one in June, bringing the total number of A319s into service to three. We also took delivery of two Airbus A320 aircraft, one in June and one in July, that are currently undergoing conformity checks and are expected to enter into revenue service in Q3. The current aircraft supply environment has created an attractive opportunity to acquire younger aircraft at competitive pricing. Since quarter end, we signed an agreement to purchase three former Spirit Airbus A320 airframes together with multi-year agreements to lease the related engines. Together with the two E320s currently in conformity, these five younger aircraft should reduce the average age of the fleet by approximately 10%. Over time, we believe these additions should reduce scheduled and unscheduled maintenance requirements, increase aircraft availability, and support strong utilization and operating margins. We are focused on adding aircraft that improve the overall quality and earnings capacity of the platform. That means evaluating each opportunity based on acquisition or lease economics. expected maintenance requirements, customer demand, and the returns we believe the aircraft can generate once placed into service. Consistent with this approach, we are actively managing the composition of the fleet to maximize long-term value. Given the availability of younger aircraft in the current market, we elected to sell the A320 airframe we acquired last year to redeploy the capital towards newer, more efficient aircraft. In addition, one aircraft lease expires later this year and we expect to return that aircraft rather than renew the lease. This flexibility enables us to replace older aircraft when more reliable assets become available with attractive economics and to improve the quality of the fleet without retaining aircraft that no longer meet our return thresholds. We believe that disciplined fleet management will become an increasingly important driver of reliability, maintenance efficiency, and long-term profitability. Turning to customer demand, our pasture markets remain strong. During the second quarter, we operated more than 40 flights to support a major international soccer tournament in the United States, Canada, and Mexico. We also continue to see substantial demand from collegiate sports, with a 100% increase in the number of contracts out for signature versus time last year. For cargo operations, freight market conditions have not materially improved relative to passenger flying, as excess capacity and lower market rates continue to pressure utilization and earnings. Cargo remains a drag on near-term results, and we continue to prioritize passenger flying as the primary economic engine of the business. Looking ahead, we expect to reach 25 total aircraft by year-end and continue to target the addition of approximately four to five aircraft annually, subject to demand, attractive economics, and the operating infrastructure required to support discipline and profitable growth. With the majority of our scheduled maintenance program behind us, five younger aircraft expected to enter into revenue service, and substantial demand across our core passenger markets, we believe GlobalX's decision for stronger execution through the balance of the year. We remain focused on improving aircraft availability, fleet reliability and operating leverage while deploying capacity where we see the strongest returns and building a more efficient and durable platform for long-term growth. With that, I'll turn our call over to our SVP Corporate Controller, Wendy Shapiro, who will discuss their second quarter results in more detail.