{"url_path":"/sec/jetbf/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-K/A","doc_date":"2026-06-10","source_url":"https://www.sec.gov/Archives/edgar/data/1846084/0001193125-26-265739-index.html","accession_number":"0001193125-26-265739","cik":"0001846084","ticker":"JETMF","issuer_name":"Global Crossing Airlines Group Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1846084/0001193125-26-265739-index.html","primary_entity_key":"0001846084","primary_entity_name":"Global Crossing Airlines Group Inc."},"word_count":1846,"has_tables":true,"body_markdown":"10-K/A\n\n0001846084FYfalse1http://fasb.org/srt/2025#ChiefFinancialOfficerMember http://fasb.org/srt/2025#PresidentMember12022 2023 20242022 2023 2024http://fasb.org/srt/2025#ChiefFinancialOfficerMember 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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-K/A\n\nAmendment No. 1\n\n \n\n[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the fiscal year ended December 31, 2025\n\n \n\nOR\n\n \n\n[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from to\n\n \n\nCommission File Number: 000-56409\n\n \n\nGlobal Crossing Airlines Group Inc.\n\n(Exact name of registrant as specified in its charter)\n\n \n\nDelaware\n\n86-2226137\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\n\nIdentification Number)\n\n \n\n4200 NW 36th Street, Building 5A\n\nMiami International Airport\n\nMiami, Florida\n\n \n\n \n\n33166\n\n(Address of principal executive office)\n\n(Zip Code)\n\n \n\nRegistrant’s telephone number, including area code: (786) 751-8550\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\nTrading Symbol\n\nName of each exchange on which registered\n\nNone\n\n \n\n \n\n \n\n \n\n \n\nSecurities registered pursuant to Section 12(g) of the Act:\n\nCommon stock, par value $0.001\n\nClass A and B non-voting common stock, par value $0.001\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]\n\n \n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [X]\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] No [ ]\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n[ ]\n\nAccelerated filer\n\n[ ]\n\nNon-accelerated filer\n\n[X]\n\nSmaller reporting company\n\n[X]\n\nEmerging growth company\n\n[X]\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ].\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report [ ].\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. [ ].\n\nIndicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. [ ].\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). [ ].\n\n \n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]\n\nThe aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, based on the closing price of the shares of common stock on the CBOE Canada on June 30, 2025 was $27,173,759.\n\n \n\nThe total number of the registrant’s shares outstanding as of March 2, 2026 was 66,351,785 shares, consisting of 51,725,365 shares of Common Stock, 5,537,313 shares of Class A Non-Voting Common Stock, and 9,089,107 shares of Class B Non-Voting Common Stock.\n\n \n\n \n\nDOCUMENTS INCORPORATED BY REFERENCE\n\n \n\nThe information required by Part III of this Annual Report on Form 10-K, to the extent not included herein, is incorporated by reference from the registrant’s definitive proxy statement for its 2026 Annual Meeting of Stockholders.\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEXPLANATORY NOTE\n\n \n\nGlobal Crossing Airlines Group Inc. (the “Company”) is filing this Amendment No. 1 (this “Amendment”) to its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Form 10-K”), as filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2026. This Amendment is being filed in response to comments received from the Staff of the SEC’s Division of Corporation Finance.\n\nThis Amendment revises the 2025 Form 10-K to: (i) expand and clarify the Company’s dividend policy disclosure in Item 5 to distinguish between the Company’s policy with respect to dividends on its common stock and cash distributions made by a majority-owned subsidiary of the Company to the holder of a noncontrolling interest in such subsidiary, and to describe the underlying arrangement giving rise to such distributions; (ii) revise the related risk factor disclosure in Item 1A to provide consistent clarification regarding the Company’s dividend policy and such majority-owned subsidiary’s cash distributions; and (iii) revise Item 9A to include management’s complete report on the effectiveness of the Company’s internal control over financial reporting as of December 31, 2025, including identification of the framework used in evaluating effectiveness and management’s conclusion as to effectiveness.\n\nPursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended, this Amendment also contains current dated certifications of the Company’s Executive Chairman and President & Chief Financial Officer pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002. The certifications of the Company’s Executive Chairman and President & Chief Financial Officer are attached to this Amendment as Exhibits 31.1 and 32.1 and 31.2 and 32.2 respectively. A currently dated consent of the Company’s independent registered public accounting firm is also filed as an exhibit to this Amendment, which is attached to this Amendment as Exhibit 23.1.\n\nThe content of this Amendment is limited to the entirety of the disclosures and financial statements prescribed for Items 1A, 5, 8, 9A, and 15.\n\nExcept as described above, this Amendment does not modify or update any other disclosures set forth in the 2025 Form 10-K. This Amendment does not reflect subsequent events occurring after the filing date of the 2025 Form 10-K, and does not modify or update those disclosures affected by subsequent events.\n\n \n\n \n\nCautionary Note Regarding Forward-Looking Statements\n\n \n\nThis annual report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are based on management’s beliefs and assumptions and on information currently available to management. For this purpose, any statement contained in this report that is not a statement of historical fact may be deemed to be forward-looking, including, but not limited to, statements relating to our future actions, intentions, plans, strategies, objectives, results of operations, cash flows and the adequacy of or need to seek additional capital resources and liquidity. Without limiting the foregoing, words such as “may,” “should,” “expect,” “project,” “plan,” “anticipate,” “believe,” “estimate,” “intend,” “budget,” “forecast,” “predict,” “potential,” “continue,” “should,” “could,” “will” or comparable terminology or the negative of such terms are intended to identify forward-looking statements; however, the absence of these words does not necessarily mean that a statement is not forward-looking.\n\n \n\nForward-looking statements by their nature involve known and unknown risks and uncertainties and other factors that may cause actual results and outcomes to differ materially depending on a variety of factors, many of which are not within our control. Such factors include, but are not limited to, general economic conditions; competition within our industry; our reliance on third-party specialists and other commercial partners to perform functions integral to our operations; our limited operating history and history of net losses; our ability to achieve and maintain profitability; our ability to purchase or lease additional aircraft on favorable terms to execute our growth strategy; the availability and price of aircraft fuel and its impact on charter operations; increased labor costs in the airline industry; our ability to obtain sufficient airport gates and landing slots at desirable airports; the impact of tariffs or trade restrictions on aircraft and related parts; legislative requirements or changes which could render our products or services less competitive or obsolete; our failure to successfully develop new products and/or services or to anticipate current or prospective customers’ needs; price increases; limits to employee capabilities; delays, reductions, or cancellations of our contracts with customers, suppliers or other parties; sufficiency of working capital, capital resources and liquidity; the impact of climate change regulations on our operations and costs; cybersecurity risks and potential data breaches; our dependence on the A320 family of aircraft and vulnerability to any design defects or mechanical problems associated with this aircraft type; conflicts of interest between our significant investors and our other stakeholders; volatility of our operating results and share price; geopolitical instability affecting our international operations; terrorist attacks or security concerns affecting air travel demand; economic conditions affecting discretionary travel spending; our significant aircraft-related fixed obligations under lease and debt arrangements; and other factors detailed herein and in our other filings with the United States Securities and Exchange Commission (the “SEC” or “Commission”). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. The foregoing factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report. For a more detailed discussion of the principal factors that could cause actual results to be materially different, you should read our risk factors in Item “1A. Risk Factors”, included elsewhere in this report.\n\n \n\nForward-looking statements in this report are based only on information currently available to us and speak only as of the date on which they are made. We undertake no obligation to amend this report or publicly revise these forward-looking statements (other than as required by law) to reflect subsequent events or circumstances, whether as the result of new information, future events or otherwise.\n\n \n\nThe following discussion should be read in conjunction with our financial statements and the related notes contained elsewhere in this report and in our other filings with the Commission. All currency amounts are in US dollars unless otherwise indicated.\n\n \n\nNOTE REGARDING COMPANY REFERENCES\n\n \n\nReferences to the “Company”, “GlobalX”, “we”, “us” or “our” mean Global Crossing Airlines Group Inc., a Delaware corporation, together with its subsidiaries.\n\n2\n\n \n\nPART I"}