Global Crossing Airlines Group Inc. (JETMF) presents a deeply negative liquidation posture as of March 31, 2026. Total assets of $205.3M are overwhelmed by total liabilities of $231.4M, producing a book equity deficit of -$26.2M before applying any liquidation haircuts. After haircuts, recovery to equity is materially worse. Applying standard liquidation adjustments: cash of $17.0M recovers at par; restricted cash of $3.1M partially recoverable; AR of $4.8M at 90-95% yields roughly $4.3-4.5M; PP&E net of $36.2M at 50-70% yields $18-25M; finance lease ROU assets of $52.2M at 50-70% yield $26-37M (though lessor repossession mechanics would govern actual recovery on leased aircraft, likely at or near zero for the lessee); operating lease ROU assets of $69.5M haircut to zero under standard lens; non-current deposits of $13.0M partially recoverable as security deposits against lease obligations, likely net zero in wind-down; other assets including deferred financing costs of $5.2M at zero (intangible). Total gross liquidation asset recovery approximates $70-90M before extinguishing liabilities at face value of $231.4M, implying a recovery shortfall to equity of approximately -$140M to -$160M, consistent with MFFAIS CLV of -$217M and LLV of -$212M. The going concern language is explicit: the company had a working capital deficit of $63.6M and retained deficit of $70.9M as of March 31, 2026, with management disclosing substantial doubt about the ability to continue as a going concern absent additional financing. Compared to the prior period (10-K for fiscal year ended December 31, 2025), the Q1 2026 filing shows operating improvement—Q1 2026 generated $9.0M operating cash flow vs. $0.1M in Q1 2025—but the structural balance sheet deficit is unchanged in character. Finance lease obligations increased materially QoQ driven by aircraft deliveries on finance leases (finance lease equivalent aircraft rose from 3.7 to 6.7), adding to a liability stack already dominated by $70.1M operating lease liabilities, $55.1M finance lease liabilities, and $42.8M notes payable. The cargo segment is flagged as a drag on earnings with management explicitly exploring returning freighter aircraft to lessors. D&A doubled YoY to $4.7M for the quarter, reflecting the growing owned and finance-leased asset base, which adds to the long-term obligation pool. Lease commitments of $26.7M due within 12 months and $98.5M due beyond 12 months are fixed and noncancelable—these do not extinguish on windup. Filing discusses single-customer revenue concentration of 39% in Q1 2026 in MD&A but does not separately tag a concentration exposure liability in XBRL.
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