All right. Hello everyone, and thank you all for joining us during the Lytham Partners spring 2026 investor conference. Again, my name is Robert Blum, Managing Partner at Lytham Partners, and today Ryan Goepel at Global Crossing Airlines Group will be taking us through a brief slide presentation. As a reminder, Global Crossing Airlines Group trades under the ticker symbol JETMF. All right, Ryan, the floor is all yours. Great. Thank you very much. Thank you everybody. I just want to appreciate you taking the time to learn a bit about our story. We've been around since 2020, but before we get into it, we'll do the disclaimer language, all forward-looking information, forward-looking statements, risks, and uncertainties as you're familiar with. Quick company overview. We are the fastest growing charter airline in North America, with a goal of setting the standard for on-time performance and reliability. Since we've started, we've consistently proven our strength and our platform, the resilience of our business model, and I think that's being tested in the current environment more than any other time, and our ability to grow with the demand in our market, while retaining and attracting top talent. Our foundation is expected to enable us to further our ability to scale operations revenue and shareholder value. Quick timeline. This is getting a busier slide every time, which is the idea. We launched in February 2020, which as you can imagine, was an interesting time to launch an airline, but it was actually probably the best time. One of the advantages of that is that as they say, never waste a crisis. We were able to get top talent, secure deals that allowed us to get aircraft and parts and software and all these other kind of things at discounted markets, which allowed us to get certified for almost $8 million. We got certified by August of 2021. If we tried to do that today, you're probably looking at a $30 million-$50 million run rate, probably a two to three-year process as other people are trying or have tried. Again, we had this weird window, as a result of COVID-19, that allowed us to do it for a lot less and much faster. We quickly grew to six aircraft in 2022. As you can see, there's a whole bunch of references in here to IOSA, EASA, TUI, and U.S. Department of Defense. Basically, when you look at an airline, there's three parts to it. The first part is the aircraft, which most people are familiar with, and we'll talk about that. The second part is the crews, which is, again, we will talk more about the crews. The third part is the certification. The certifications are what allow you the license to operate. It's the platform per se, that allows you to go do what we need to go do. We are a Part 121 flag carrier, which means we have the same level of certification as a Delta Air Lines and an American Airlines and United Airlines. We are IOSA certified. IOSA means is part of IATA. It's a global standard for audit for safety, which allows us to work for other airlines around the world. They can rely on that audit versus relying just on our certification. We have an EASA TCO, which allows us to operate as European FAA allwos us to operate throughout Europe. We have a U.S. Department of Defense approval, which means we're all allowed to authorize on behalf of the U.S. Department of Defense. We're also authorized to operate in Australia, Canada, and a whole bunch of other places around the world. Where we have is we started in February 2020, and currently we're at 19 aircraft, as of today. If you think about the market and the size of the opportunity, this is a $10 billion passenger and cargo market inside the United States. It's a $9 billion revenue market opportunity. In 2024, we did $223 million in revenue. The way I think about this though, is you think about aviation as a fishbowl and the scheduled carriers which are really familiar with hopefully Delta Air Lines, United Airlines, American Airlines, Alaska Airlines, Southwest Airlines, they're kind of the marbles. Where we exist is in the gaps between the marbles, right? As those marbles shrink or grow, the gaps will adjust. We're kind of like the water. Our market and our opportunity is to find the niches inside that massive market. These niches are incredibly large, and I think that's what we're demonstrating as we go through our process. What is our place in the industry? Scheduled carrier, when you hear airline, almost everyone thinks of scheduled carrier. We are what we call an ACMI operator, so Aircraft, Crew, Maintenance, and Insurance. That's what stands for ACMI. Here's a couple subtle differences to the business model. For a scheduled carrier, they publish a schedule, and then they go to sell the tickets, and hopefully they sell enough tickets at the right price to make enough money. In order to do that, you have to have scale, incredibly predictable, highly predictable market. You have to take a whole bunch of risks in that case. For example, you take ticket risk if you don't sell all the seats. You take fuel risk, which if you don't price fuel into your tickets, you will have significant margin erosion. You take crew costs, and you're exposed to ticket risk. There's billing, and then aircraft environment. In order for this to work, when we talk about aircraft requirements, is you have to schedule your aircraft 300 - 400 hours a month. In order for that to be economic, you need to use brand-new aircraft, so their aircraft tend to be more expensive. Conversely, our charter model is fundamentally different. The way we're different is we sell the whole aircraft. We don't sell individual seats. All of our costs are passed through to the customer. What that means is one passenger is as profitable as 150. For fuel, we set a fuel price in our contract, and if fuel goes up, which it has recently, we send a supplemental invoice, and the customer pays for it. We don't take any fuel risk. We, instead of selling a ticket or a seat, we call it a block hour. The hours from when the plane leaves the gate till it goes back to the gate. We're an hourly service. Because of that with, for example, with a basketball team, you fly the team to the game, they play the game, you fly them back the next day. You can't schedule that aircraft to do a whole bunch of flights in between. We tend to have lower usage on the aircraft, which means it's economic for us to use 15 - 20-year-old aircraft, which have a lower capital cost. When you think about all of these things, we're fundamentally different. We require significantly less capital. We're significantly lower risk. I think in our current market, we've demonstrated significant margins. Now, when you think about the ACMI, when we go to contract work, we do it on two ways. One we call ACMI, which is kind of like a bare bones, where the customer assumes fuel, landing, airport, and other operational fees. In a charter business, we would give a whole, an all-in price. The government would generally contract us on an ACMI basis because they have their own contracts for fuel and airports, whereas a sports team would do an all-in charter, covering fuel, landing, and a whole world price. What it means is the revenue per hour flown in ACMI is significantly smaller than per charter, but the margins, the gross profit per hour, is around the same. Really, when we talk about our fleet and the growth of our fleet, our fleet started with one aircraft in 2021. Our goal is to be north of 20 by the end of this year. Currently, we have 20 aircraft under operations spec. We have four more in what we call conformity, so they'll be delivered by the end of this quarter, and into operation, which should get us to close to 24 mid-year. This is a significant amount of growth. Really, when you think about the way our business model works, is we think of every aircraft as like a store or a restaurant. When you add capacity with stores, adding more stores, our ability to lever our overhead and our platform we create compounds significantly. What we're looking for is we've had a period of two years where we're relatively stable in size, and we spent a lot of time working on processes and procedures internally to make us profitable, which we have been, and now we're ready to grow the fleet. Part of what we do is we've opened several bases. We have our core base in Miami. We've opened bases in Alexandria, Louisiana, Mesa, Arizona, and Harlingen, Texas. Why this is important is when you look at for a lot of charter contracts, many times you have to charge the customer what we call repo, repositioning the plane to where the customer needs to be. Having aircraft closer to the customer opens up more markets for us. I think when you look at why we've added so many bases, and we're kind of spread all throughout the South, from West Coast to East Coast, it really opens the vast majority of contractors and opportunities for us when it comes to customers. Where are we flown? Now, one of the great things about aircraft is they're pretty easy to move, right? You just go. One of the great advantages of our market is we can go to where the market is, and we go where the opportunities are. As such, since 2021, we've operated to over 67 countries and 460 cities. To put that in perspective from a scale size, that is greater than American Airlines, which is the largest airline in the world. We go everywhere where the customer wants us to go, and that's kind of the way we're structured. Talking about the financials. We recently released Q1, with revenue of $76.6 million, net income of $2.7 million, and EBITDAR of $24.2 million. The reason we use EBITDAR is most airlines are compared apples -to -apples on an EBITDAR basis. The reason being, if you own your aircraft, your aircraft costs flow through depreciation and amortization, which means the EBITDA number isn't comparable across different airlines as we have a vastly leased fleet. EBITDAR is the comparable. To put this in perspective, I think Sun Country Airlines recently, they closed last week. They were acquired by Allegiant Air on a 5.9 x multiple of trailing 12 months EBITDAR. When you think about that as a number, our quarterly EBITDAR was $24.2 million. Cash flow from operations, which is one of our most important metrics, was $9 million in the first quarter, and cash and restricted cash at the end of the quarter was $20 million. Key KPIs, again, you can sort of see our EBITDAR. We had a big jump in Q1. We've been steady around the $20 million range, so we're on an $80 million run rate. We've seen a step up in Q1 as we've ramped up the utilization of our aircraft, and we think we'll continue to see increasing EBITDAR as we add more aircraft to the fleet. Block hours and revenue. Again, the metric we use is block hours, so how many hours did you fly? It's very similar to a law firm. How many hours did you bill? An accounting firm, how many hours did you bill? Car rental agencies, how many days did you rent? For us, it's how many block hours did you fly, and you can sort of see there's a pretty good correlation between block hours and revenue. We can see a steady growth since Q1 of 2023. As you go, value creation going forward. We're on track to expand to over 20 aircraft by the end of 2026. We're driving increased utilization, and when we talk about utilization, that means how many hours per month did we fly the aircraft. These aircraft can fly 300-400 hours a month, so we're not constrained by the ability of the aircraft. It's really driven by the contracts that we get. We currently have eight aircraft operating in government-related contracts since April of 2024, which provides a very consistent, reliable foundation of revenue. We've expanded our customer reach to include several professional sports franchises in the last quarter. To improve our balance sheet, we've transitioned to a hybrid ownership model with our second purchased aircraft coming online in Q2. We own a full aircraft and engine, we own one airframe, and we're looking to increase the number of airframes and aircraft we own on our balance sheet, which again, just provides a more stable base going forward. As far as investment highlights, we are the fastest growing charter airline. We have a significant market share as it relates to what we do. Outside of what we do, it's kind of highly fragmented because a lot of the scheduled carriers will do some charter, but we're the largest sole source kind of charter airline. Our strong balance sheet and financial profile is improving with every quarter. Six consecutive quarters of positive EBITDA. Revenue is up 15% year-over-year. Net income was up 18 x year-over-year to $2.7 million. If you look at the first quarter, the trailing 12, EBITDAR was up 17% year-over-year, 25% year-over-year on the quarter, or sorry, quarter-over-quarter, and 25% on year-over-year. EBITDA was up 4x to $20 million in 2025. Looking at our cap table, it's pretty clean. It's pretty simple. We do have multiple classes of stock. One of these were created as part of certification. Eventually we will convert the Bs actually all can be converted into common one for one for no at the investor request. The class As were part of a private equity funding that we had back in April of 2021. They don't have any voting rights. You can sort of see, we have 66 million shares outstanding. One chunk of warrants, which expire in June of 2030, and some RSUs to get just a fully diluted number of 82 million shares outstanding. With that's my 15-minute spiel on GlobalX. Fantastic. Ryan, thank you very much for your participation. Thank you to everybody watching here. If there are any questions or you'd like to schedule a meeting here with GlobalX, you can shoot me an email, blum@lythampartners.com. If you'd like to learn more about Lytham Partners, you can obviously visit our website, or be sure to follow us on LinkedIn as well to stay connected on future events such as this discussion here with Ryan. We hope you all enjoy the rest of the conference. Have a great day. Again, Ryan, thank you so much for your time today. Of course, anytime. All right.