{"url_path":"/sec/jetbf/10-k/2026/item-1","section_key":"item-1","section_title":"Item 1 BUSINESS","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":"JETBF","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":2630,"has_tables":true,"body_markdown":"ITEM 1. BUSINESS\n\nOverview\n\nGlobal Crossing Airlines Group Inc. (“GlobalX” or the “Company”) operates a US Part 121 domestic flag and supplemental airline using the Airbus A320 family of aircraft (“A320”). GlobalX’s business model is to (1) provide services on an Aircraft, Crew, Maintenance and Insurance (“ACMI”) basis using wet lease contracts to airlines whereby we provide aircraft, crew, maintenance and insurance to customers, and (2) on a Full Service (“Charter”) basis whereby we provide passenger aircraft charter services to customers by charging an “all-in” fee that includes fuel, insurance, landing fees, navigation fees and most other operational fees and costs. GlobalX operates within the United States, Europe, Canada, the Caribbean Islands, and Central and South America.\n\n \n\nThe Company was originally incorporated in British Columbia, Canada on September 2, 1966 under the name Shasta Mines & Oil Ltd. On February 4, 1975, the Company changed its name to International Shasta Resources Ltd. On May 20, 1994, the Company changed its name to Consolidated Shasta Resources Inc. On November 23, 1994, the Company changed its name again to Lima Gold Corporation and on September 21, 1999, the Company again changed its name to International Lima Resources Corp. On March 1, 2004, the Company changed its name to Crosshair Exploration & Mining Corp. On June 1, 2004 the Company transitioned (from a provincially incorporated entity to a federally incorporated entity) under the Business Corporation Act of British Columbia. On October 28, 2011, the Company changed its name to Crosshair Energy Corporation. On September 17, 2013, the Company changed its name to Jet Metal Corp. On February 28, 2017, the Company continued as a corporation governed by the Canada Business Corporations Act and changed its name to Canada Jetlines Ltd.\n\n \n\nOn June 23, 2020, the Company (at the time named Canada Jetlines Ltd.) consummated a business combination with Global Crossing Airlines, Inc., with the Company as the surviving company.\n\n \n\nOn December 22, 2020, the Company changed its jurisdiction of incorporation from the Province of British Columbia, Canada, to the U.S. State of Delaware (the “U.S. Domestication”). In connection with the U.S. Domestication, the Company changed its name to “Global Crossing Airlines Group Inc.”\n\nOperations\n\nGlobalX operates a US Part 121 domestic flag and supplemental airline using the Airbus A320 family of aircraft. GlobalX remains competitive by providing services on an ACMI and Charter basis to airlines operating within the United States and throughout North and South America, developing aircraft interchanges with leading European charter/tour operators, and providing charter flights for non-airline customers.\n\n \n\nGlobalX’s passenger aircraft fleet is built on the Airbus A320-200 fleet family. GlobalX started operations with one leased A320 in 2021 and it has a fleet of sixteen aircraft as of December 31, 2025 with plans to increase to twenty-one within the next 12 months.\n\n \n\nGlobalX’s cargo aircraft fleet is based on the Airbus A321 aircraft type. GlobalX started operations with one lease A321F aircraft in January 2023 and it has a fleet of four aircraft as of December 31, 2025 and plans to remain at four aircraft for the next 12 months.\n\n \n\nLocation of Operations Bases\n\n \n\nGlobalX operates primarily from a single geographic base:\n\n•\nMiami International Airport (“MIA”) – GlobalX’s main base of operations is MIA, and, pursuant to its Airline Use Agreement with MIA, GlobalX (1) operates charter flights out of Concourse E, and rents office space and operates its ticket counters, and (2) maintains a maintenance office for its maintenance staff and for storage of all aircraft records, as well as spare parts and consumables storage, with loading dock capabilities. While we do have an Airline Use Agreement in place with MIA, it does not guarantee the availability of boarding gates or landing slots at that airport.\n\n \n\nGlobalX also maintains additional crew and operations at the following locations:\n\n•\nSan Antonio International Airport in San Antonio, Texas.\n\n•\nAlexandria International Airport in Alexandria, Louisiana.\n\n•\nMesa Gateway Airport in Mesa, Arizona.\n\n3\n\n \n\n•\nValley International Airport in Harlingen, Texas.\n\nEmployees\n\nGlobalX had approximately 661 and 678 full time employees as of December 31, 2025 and 2024, respectively.\n\nGovernment Regulation\n\nAviation Regulation\n\nThe airline industry is heavily regulated, especially by the federal government. Two of the primary regulatory authorities overseeing air transportation in the United States are the U.S. Department of Transportation (the “DOT”) and the U.S. Federal Aviation Administration (the “FAA”). The DOT has authority to issue certificates of public convenience and necessity, exemptions and other economic authority required for airlines to provide domestic and foreign air transportation. International routes and international code-sharing arrangements are regulated by the DOT and by the governments of the foreign countries involved. A U.S. airline’s ability to operate flights to and from international destinations is subject to the air transport agreements between the United States and the foreign country and the carrier’s ability to obtain the necessary authority from the DOT and the applicable foreign government.\n\nThe U.S. government has negotiated “open skies” agreements with many countries, which allow for largely unrestricted access between the United States and the applicable foreign country and to points beyond the foreign country on flights serving the foreign country. In countries with which the U.S. government has not negotiated “open skies” agreements, access between the United States and the applicable foreign country is more restricted which consequently limits our operations in these jurisdictions.\n\nThe FAA is responsible for regulating and overseeing matters relating to the safety of air carrier flight operations, including the control of navigable air space, the qualification of flight personnel, flight training practices, compliance with FAA airline operating certificate requirements, aircraft certification and maintenance requirements and other matters affecting air safety. The FAA requires each commercial airline to obtain and hold an FAA air carrier certificate (the process of obtaining such certificate is referred to as the Certification Process). We currently hold an FAA air carrier certificate.\n\nGlobalX has a Part 121 Air Carrier Certification from the FAA. The FAA uses the Certification Process to ensure that the applicant (also referred to as a Certificate Holder) is able to design, document, implement, and audit safety critical processes that do two things: (1) comply with regulations and safety standards; and (2) manage hazard-related risks in the operating environment.\n\nThe FAA also uses the Certification Process to determine whether an applicant can conduct business in a manner that complies with all applicable regulations and safety standards and allows the applicant to manage the hazard-related risks in its operating systems and environment. The Certification Process is designed to preclude the certification of applicants who are unwilling or unable to comply with regulations or to conform to safe operating practices.\n\nThe Certification Process assures that the applicant’s processes, programs, systems, and intended methods of compliance are thoroughly reviewed, evaluated, and tested. Once completed, the Certification Process provides confidence that the applicant’s infrastructure (programs, methods, and systems) results in continued compliance and provides the applicant with the ability to manage hazard related risks in its operating systems and environment.\n\nThe FAA will not issue an air carrier certificate until the Safety Analysis and Promotion Division management, the Certification and Evaluation Program Office management, and the Air Carrier Safety Assurance Management are confident and agree that the prospective certificate holder is able to provide service at the highest possible degree of safety in the public interest.\n\nAs Title 49 of the United States Code (“USC”) states below, safety is both a priority and a legal responsibility of the Certificate Holder. It is the FAA’s responsibility to ensure that the Certificate Holder understands and accepts this duty before issuing the Air Carrier Certification. The FAA receives its authority from:\n\n•\nTitle 49 USC, Section 44702, Issuance of Certificates states “When issuing a certificate under this part, the Administrator shall consider the duty of an air carrier to provide service with the highest possible degree of safety in the public interest … ”\n\n•\nTitle 49 USC, Section 44705, Air Carrier Operating Certificates, states “The Administrator of the Federal Aviation Administration shall issue an air carrier operating certificate to a person desiring to operate as an air carrier when the Administrator finds, after investigation, that the person properly and adequately is equipped and able to operate safely under this part and regulations and standards prescribed under this part.”\n\nTo ensure that the policies listed above are followed, the FAA:\n\n4\n\n \n\n•\nVerifies that the applicant can operate safely and that the applicant complies with the regulations and standards prescribed by the FAA administrator before issuing an air carrier operating certificate and before approving or accepting air carrier programs.\n\n•\nConducts periodic reviews to re-verify that the applicant organization continues to meet regulatory requirements when environmental changes occur.\n\n•\nContinually validates the performance of the applicant organization’s approved and accepted programs.\n\nConsumer Protection Regulation\n\nThe DOT also has jurisdiction over certain economic issues affecting air transportation and consumer protection matters, including unfair or deceptive practices and unfair methods of competition, lengthy tarmac delays, airline advertising, denied boarding compensation, ticket refunds, baggage liability, contracts of carriage, customer service commitments, consumer notices and disclosures, customer complaints and transportation of passengers with disabilities. The DOT frequently adopts new consumer protection regulations, such as rules to protect passengers addressing lengthy tarmac delays, chronically delayed flights, codeshare disclosure and undisclosed display bias. They also have adopted, and do adopt, new rules on airline advertising and marketing practices. The DOT also has authority to review certain joint venture agreements, marketing agreements, code-sharing agreements (where an airline places its designator code on a flight operated by another airline) and wet-leasing agreements (where one airline provides aircraft and crew to another airline) between carriers and regulates other economic matters such as slot transactions.\n\nSecurity Regulation\n\nThe U.S. Transportation Security Administration (the “TSA”) and the U.S. Customs and Border Protection (“CBP”), each a division of the U.S. Department of Homeland Security, are responsible for certain civil aviation security matters, including passenger and baggage screening at U.S. airports, and international passenger prescreening prior to entry into or departure from the United States. International flights are subject to customs, border, immigration and similar requirements of equivalent foreign governmental agencies. To our knowledge, we are currently in compliance with all directives issued by such agencies. We cannot forecast what additional security and safety requirements may be imposed in the future or the cost or revenue impact that would be associated with complying with such requirements.\n\nEnvironmental Regulation\n\nWe are subject to various federal, state, foreign and local laws and regulations relating to the protection of the environment and affecting matters such as air emissions (including GHG emissions), noise emissions, discharges to surface and subsurface waters, safe drinking water, and the use, management, release, discharge and disposal of, and exposure to, materials and chemicals.\n\nWe are also subject to environmental laws and regulations that require us to investigate and remediate soil or groundwater to meet certain remediation standards. Under certain laws, generators of waste materials, and current and former owners or operators of facilities, can be subject to liability for investigation and remediation costs at locations that have been identified as requiring response actions. Liability under these laws may be strict, joint and several, meaning that we could be liable for the costs of cleaning up environmental contamination regardless of fault or the amount of waste directly attributable to us.\n\nGHG Emissions\n\nConcern about climate change and greenhouse gases has resulted, and may result, in additional regulation or taxation of aircraft emissions in the United States and abroad. In particular, on March 6, 2017, the International Civil Aviation Organization (“ICAO”), an agency of the United Nations established to manage the administration and governance of the Convention on International Civil Aviation, adopted new carbon dioxide (“CO2”) certification standards for new aircraft beginning in 2020. These standards, known as the Carbon Offsetting and Reduction Scheme for International Aviation (“CORSIA”), aim to cap net CO2 emissions from international civil aviation at 2020 levels. The CORSIA framework requires airlines to monitor, report, and offset their emissions above a certain threshold. The new CO2 standards will apply to new aircraft type designs from 2020, and to aircraft type designs already in production as of 2023. In-production aircraft that do not meet the standard by 2028 will no longer be able to be produced unless their designs are modified to meet the new standards. In August 2016, the EPA made a final endangerment finding that GHG emissions cause or contribute to air pollution that may reasonably be anticipated to endanger public health or welfare, which obligates the EPA under the Clean Air Act to set GHG emissions standards for aircraft. In August 2020, the EPA issued a proposed rule regulating GHG emissions from aircraft that largely conforms to the March 2017 ICAO CORSIA standards. Like the ICAO standards, the final EPA standards would not apply retroactively to engines on in-service aircraft. These final standards have been challenged by several states and environmental groups. On November 15, 2021, the EPA announced that it would not rewrite the existing aircraft engine GHG emissions standards but would seek more ambitious new aircraft GHG emission standards within the ICAO process. The outcome of the legal challenge and whether there will be any development of new aircraft GHG emissions standards cannot be predicted at this time. On November 23, 2022, the\n\n5\n\n \n\nEPA published the final rule for particulate matter emission standards and test procedures for civil aircraft engines, which took effect on January 1, 2023. The costs of complying with our future obligations under CORSIA are uncertain because there is significant uncertainty with respect to the future supply and price of carbon offset credits and lower-carbon aircraft fuels. There may be future rulemaking that may result in stricter GHG emissions standards than those contained in the proposed rule.\n\nNoise\n\nFederal law recognizes the right of airport operators with special noise problems to implement local noise abatement procedures so long as those procedures do not interfere unreasonably with interstate and foreign commerce and the national air transportation system, subject to FAA review under the Airport Noise and Control Act of 1990. These restrictions can include limiting nighttime operations, directing specific aircraft operational procedures during take-off and initial climb and limiting the overall number of flights at an airport. While we have had sufficient scheduling flexibility to accommodate local noise restrictions in the past, our operations could be adversely impacted if ICAO or locally imposed regulations become more restrictive or widespread.\n\nOther Regulations\n\nAirlines are also subject to various other federal, state, local and foreign laws and regulations. For example, the U.S. Department of Justice has jurisdiction over certain airline competition matters. The privacy and security of passenger and employee data is regulated by various domestic and foreign laws and regulations.\n\nCorporate Information\n\nOur principal executive offices are located at Building 5A, Miami International Airport, Miami, Florida 33166 and our telephone number is (786) 751-8550.\n\nWe file annual, quarterly, current reports, proxy statements and other information with the Securities and Exchange Commission (the “SEC”). The SEC maintains an Internet site that contains our public filings and other information regarding the Company, at www.sec.gov. We also post on the “Investor” page of our website, www.globalxair.com, a link to our filings with the SEC, our Corporate Governance Guidelines and Code of Business Conduct and Ethics which applies to all directors and all our employees, and the charters of our Audit, Compensation, Nominating and Governance and Safety committees. Our filings with the SEC are posted as soon as reasonably practical after they are filed electronically with the SEC. Please note that information contained on our website is not incorporated by reference in, or considered to be a part of, this report.\n\nWe are also a reporting issuer under the securities laws of every province of Canada except for Quebec."}