Global Crossing Airlines Group Inc. (JETMF) Form 10-Q — Aug 13, 2026

$JETMFForm 10-QFiled Aug 13, 2026, 1:43 PM ET0001193125-26-348692Original filing

Global Crossing Airlines' 10-Q for the quarter ended June 30, 2026 discloses substantial doubt about the company's ability to continue as a going concern. The company had a $67.7 million working capital deficit, a $72.3 million retained deficit, and only $9.9 million of unrestricted cash, and states it cannot fund general and administrative expenses and working capital needs for the next 12 months without additional debt or equity financing.

Key figures

Eps: $(0.02) Q2 2026 vs $0.01 Q2 2025; $0.02 six months 2026 vs $0.01 six months 2025
Revenue: $138.6 million (six months ended June 30, 2026); $62.0 million (Q2 2026)
Net Income: $1.4 million attributable to the Company for six months 2026; $(1.3) million Q2 2026 net loss
Total Debt: $42.2 million notes payable carrying value (including $35.7 million 15% Secured Notes due June 30, 2029); $57.0 million finance leases
Revenue Yoy: +8.3% (six months); +1.0% (Q2)
Total Assets: $204.6 million
Cash Position: $9.9 million unrestricted plus $2.0 million restricted at June 30, 2026
Fleet: 19 passenger + 4 cargo aircraft at June 30, 2026; expects 21 passenger + 4 cargo by end of 2026
Pilots: 165 (up from 150)
Secured notes: $35.7 million at 15% fixed rate, due June 30, 2029
Retained deficit: $72.3 million
H1 operating income: $7.5 million (vs $6.4 million H1 2025)
Interest expense h1: $7.1 million (+34.9% YoY)
Q2 operating income: $1.4 million (vs $3.3 million Q2 2025)
Stockholders deficit: $26.8 million
Warrants outstanding: 10,195,451 at $1.00 exercise price, expiring June 30, 2030
Customer concentration: one customer = 57% of Q2 revenue and 47% of H1 revenue
Lease payments due 12m: $28.3 million
Operating cash flow h1: $7.4 million
Working capital deficit: $67.7 million
Lease payments after 12m: $101.7 million
Cargo block hours change h1: -34.9%
Charter rate per block hour: $17,937 H1 2026 (+32.6% YoY)

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