EX-99.2 3 d794555dex992.htm EX-99.2 EX-99.2

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2023 FINANCIAL RESULTS | MARCH 6, 2024 TO BECOME AMERICA’S LARGEST CHARTER AIRLINE SETTING THE INDUSTRY HIGH MARK FOR ON-TIME PERFORMANCE, RELIABILITY AND PROFITABILITY.  Exhibit 99.2


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This presentation was prepared by Global Crossing Airlines Group Inc. (the “Company”) as a general presentation aimed solely at providing information about the Company, its operations and financial results. You should not rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction (the "Possible Transaction") or otherwise. This presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided together herewith. You and your directors, officers, employees, agents and affiliates (collectively, the "Recipient") must hold this document and any oral information provided in connection with this document in strict confidence and may not communicate, reproduce, distribute or disclose it to any other person, or refer to it publicly, in whole or in part at any time except with our prior written consent. If you are not the intended recipient of this document, please delete and destroy all copies immediately. The information contained in the presentation is provided for purposes of convenience only; it neither constitutes a basis for making any investment decision nor does it substitute an independent collection and analysis of information. Moreover, it does not constitute a recommendation, an offer to sell and/or a solicitation or invitation of an offer to buy or subscribe for any securities of the Company or any of its subsidiaries or affiliates, nor shall there be any offer or sale of securities in any state or jurisdiction in which such offer or sale would be unlawful, nor a substitute for independent judgment or independent collection and analysis of information on the part of any investor. It is expected that if any securities are ultimately offered and sold by the Company, investors in such securities will conduct their own independent investigation of the Company and the terms of any such securities, as well as the data, assumptions, estimates, appraisals, methodologies and projections contained or referred to in this presentation. Any securities described herein have not been registered under the Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States or to U.S. Persons (other than distributors) unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved any securities discussed herein or determined if the information is truthful or complete. Any representation to the contrary is a criminal offense. The information and details contained in this presentation are partially provided and presented in a condensed form solely for convenience purposes. You should not assume that any information in this presentation is accurate as of any date other than the date hereof or otherwise specified herein. Except for historical information, the matters discussed in this presentation contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made and are subject to risks and uncertainties (including those risks detailed in the Company’s most recent annual report on Form 10-K and other continuing reports filed with the U.S. Securities and Exchange Commissions) that could cause the Company’s actual results may differ materially from the results discussed in such forward-looking statements. The Company is not under any obligation, and expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. In this presentation, the Company also presents certain non-GAAP measures, including EBITDA, EBITDAR and FCF, that are not required by, or presented in accordance with, GAAP. While the Company believes these are useful metrics, companies use these metrics for differing purposes and they are often calculated in ways that reflect the particular circumstances of those companies. You should exercise caution in comparing the non-GAAP metrics reported in this presentation to such metrics or other similar metrics as reported by other companies. The Company’s non-GAAP metrics have limitations as analytical tools, and you should not consider them in isolation. Some of the information contained herein includes forecasts and/or assessments based on data held by the Company as of the date hereof, as well as the Company's estimates and projections, which constitute forward-looking information. The Company has no assurance that such forecasts and/or assessments will be realized, either fully or partially, due to, among other things, the fact that they depend on external and macroeconomic factors, without the Company being able to affect them, or only partially being able to affect them, and they further depend on changes in general market conditions, regulatory changes or materialization of any of the Company's risk factors. The Company is not obligated to update or modify any such forecast and/or assessment in order to reflect events or circumstances occurring after the date of the presentation. Furthermore, the presentation contains estimates and other statistics based on external sources whose contents have not been independently reviewed by the Company, and therefore the Company is not responsible for the veracity thereof. Upon receipt of this presentation, Recipient acknowledges that Jefferies has not made, and will not make, any representations and warranties with respect to accuracy or completeness of the information contained in this presentation, the Company or the Possible Transaction, and Recipient will not rely on any statements made by Company, orally or in writing, to the contrary. Recipient acknowledges that (i) it is knowledgeable, sophisticated and experienced in making, and is qualified to make, decisions with respect to investments such as the Possible Transaction, (ii) it will be responsible for conducting its own due diligence investigation with respect to the Company and any Possible Transaction, (iii) if it (including any investment fund or funds it manages or advises) acquires any securities of the Company, it will be doing so based on the results of its own due diligence investigation of the Company, (iv) if it determines to pursue an investment in a Possible Transaction, it will negotiate the Possible Transaction directly with the Company, and Jefferies will not be responsible for the ultimate success of any such investment and (v) the decision to invest in a Possible Transaction will involve a significant degree of risk, including a risk of total loss of such investment. In light of the foregoing, to the fullest extent permitted by law, Recipient releases Jefferies, its employees, officers and affiliates from any liability with respect to Recipient’s participation, or proposed participation, in the Possible Transaction. Disclaimer


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OTCQB: JETMF | JET: CBOE CA | JET.B: CBOE CA Revenue (USD) The Company continued its investment in pilot hiring and training, having spent approximately $7.0 million in the fourth quarter Q4 2023 Results $11.4 Million ($0.4) Million $53.5 Million Q4 EBITDAR Q4 EBITDA Earnings Before Interest, Taxes, Depreciation, Amortization and Rent $20 Million ANNUAL EBITDAR ($13.7) Million ANNUAL EBITDA CONTINUAL IMPROVEMENT IN ALL FINANCIAL METRICS


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2023 HIGHLIGHTS & FINANCIAL RESULTS REVENUES - $160.1 MILLION 64.9% increase over 2022 EBITDAR – Four fold increase $20M in 2023 - $11.4M in the fourth quarter OTCQB: JETMF | JET: CBOE CA | JET.B: CBOE CA BLOCK HOURS FLOWN – Doubled Increases 108.5% over 2022 AIRCRAFT UTILIZATION – UP 26.3% Key driver of profitability Revenues (USD) FLEET SIZE – 14 AIRCRAFT Increase of 57%


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FLIGHT BLOCK HOURS A wonderful serenity has taken possession of my entire soul, like these sweet mornings of spring which I enjoy with my whole heart. I am alone, and feel the charm of existence in this spot, which created for the bliss of souls like mine. I am so happy, my dear friend, so absorbed in the exquisite sense mere tranquil existence that I neglect talents. Quarterly Revenues OTCQB: JETMF | JET: CBOE CA | JET.B: CBOE CA


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2023 KPI’s


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OTCQB: JETMF | JET: CBOE CA | JET.B: CBOE CA “GlobalX has grown incredibly fast over the past few years but now it’s time to concentrate on only those things that deliver profitability.” Continual improvement in all financial metrics Scale to the largest 121 narrowbody operator targeting 35 aircraft by end of 2026 Setting industry high standard for on time performance, reliability and profitability Passenger Market vs Cargo – Managing capacity vs Growing demand


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Thank You OTCQB: JETMF | JET: CBOE CA | JET.B: CBOE CA