The founder and CEO of Global Airlines (London City) says he plans to launch flights from his home airport to New York JFK and Los Angeles International by the 2024 northern summer season, adding that he intends to ramp up his fleet to five A380-800s. At the same time, questions have been raised about the accuracy of the start-up's 2021 investor pitch deck.

Speaking at an event in London last week, CEO James Asquith said the three-cabin quadjets will seat between 450 and 470 passengers. He also expects to secure an air operator's certificate later this year. "The airline is also determined to improve the way people travel when working and is seeking to attract business travellers to its newly designed and refurbished cabins," he said.

ch-aviation has reported on the first four A380-800s, including identifying the first as 9H-MIP (msn 6) - former Hi Fly Malta (3L, Malta International) stock which is now in storage at Lourdes/Tarbes but bearing Global Airlines' livery. Last month, the start-up said it had secured three more A380s, but the identity and source of those aircraft remain unknown, as it does for the now recently announced fifth plane.

Asquith reportedly rebuffed questioning at the event about the carrier's operational and financial bona fides, rejecting the assertion that Global Airlines' business plan does not add up given the transatlantic market is littered with failed carriers. The PaxEx portal has also highlighted several issues with Global Airlines' 2021 investor pitch ditch, including claims it had its AOC secured when it had not as well as several questionable financial valuations.

The pitch deck stated that Global Airlines would acquire and retrofit each A380-800 for just USD8 million, well below industry norms. Once converted, those aircraft would be revalued at USD60 million each, according to the figures on the projected balance sheet. As the fleet grows to a projected ninety A380-800s, the valuation of each quadjet drops to USD15 million. There are no reasons stated for the valuations or their variances. There is also the claim of a USD50 million loan, secured against three aircraft, which is potentially spurious given the start-up only recently began acquiring aircraft.

The pitch deck also reveals projected revenues from a full A380-800 operating between London Gatwick and Orlando International, saying it would generate USD381,000 in profit on USD903,700 in income. This is based on selling 350 economy class seats at USD1,050 each; 32 premium economy seats at USD1,750 each; 15 so-called gamer class seats at USD2,600 each; 64 business class seats at USD3,500 each; four first class seats at USD9,500 each; and USD160,000 worth of freight in the belly hold. Based on 2021 costs, the pitch deck said it expected hourly A380-800 operating costs of USD27,000 and at 85% passenger loads, anticipated profits on the sample sector would be USD246,000 and USD111,000 at 70% loads.

The pitch deck also flagged generating USD7.6 billion in revenue by 2025 when the carrier hoped to operate seventy-five A380-800s, saying it would "place large and discounted orders for aircraft at amazing low-value deals."

Since 2021, at least two of the cabin classes, including gamer class, have been dropped. Global Airlines' recently appointed director of corporate affairs, Liam McKay, told the outlet that since 2021, "things, and the world, have moved on."

Global was not immediately available for comment.