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MIAMI - Global Crossing Airlines Group (Cboe CA:JET, Cboe CA: JET.B, OTCQB: JETMF), a $778 million market cap airline that has delivered an impressive 121.65% return over the past year, announced Wednesday it has signed a long-term wet-lease agreement with Caribbean carrier Sunrise Airways to provide two Airbus A320 aircraft. According to InvestingPro data, the company is currently trading above its Fair Value, reflecting strong market confidence in its expansion strategy.
Under the agreement, GlobalX will begin service in November 2025, deploying two A320 aircraft configured with 179 seats each to support Sunrise’s expansion plans. The partnership will initially focus on strengthening existing routes, particularly between Florida and Cap-Haïtien, Haiti. This expansion aligns with GlobalX’s strong operational performance, having achieved 40.71% revenue growth in the last twelve months.
Sunrise Airways currently operates under three Air Operator Certificates covering Haiti, the Dominican Republic, and the Eastern Caribbean. The addition of these aircraft will increase Sunrise’s total fleet to 14 planes, with plans to reach 18 aircraft by the end of 2025.
"This partnership highlights GlobalX’s growing position as the ACMI provider of choice for airlines worldwide," said Ryan Goepel, President and CFO of GlobalX, in the press release.
Gary Stone, CEO of Sunrise Airways, indicated the aircraft would eventually support expansion to new destinations including Fort Lauderdale, New York, and other markets throughout the Americas.
Sunrise Airways, which launched in 2012, currently serves more than 20 gateways across the Americas, connecting U.S. and Central American markets with Caribbean destinations. The airline expanded into the Eastern Caribbean in 2024.
GlobalX operates as a U.S. 121 domestic flag and supplemental airline flying the Airbus A320 family of aircraft. The company provides domestic and international ACMI (Aircraft, Crew, Maintenance, and Insurance) and charter services for passengers and cargo throughout the U.S., Caribbean, Europe, and Latin America. With a healthy current ratio of 1.4 and moderate debt levels, InvestingPro analysis reveals 8 additional key insights and a comprehensive Pro Research Report available to subscribers, offering deeper understanding of the company’s growth trajectory and market position.
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