During first quarter of 2022, Global Crossing Airlines (GlobalX) operated a total 1,729 block hours with revenues of $16.3 million. These represent increases over Q4 2021 of 33% and 46% of block hours and revenues, respectively, and in a single quarter GlobalX exceeded all revenues in 2021. The net loss for the quarter was $4.8 million, and GlobalX ended the quarter with $11.9 million in cash, cash equivalents, and restricted cash. Operating losses during the quarter were driven by the investments necessary to continue the scaling of flight operations and the negative effects of Omicron, which resulted in short term

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