Airlines Summit Takes: JSX - Time is Our Greatest Luxury (+ Starlink)

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Airlines Summit Takes: JSX - Time is Our Greatest Luxury (+ Starlink)

USA | Airlines EquityJuneResearch9, 2026

Airlines Summit Takes: JSX - Time is Our

Greatest Luxury (+ Starlink)

We hosted Alex Wilcox, co-Founder and CEO of JSX, at our 6th Annual Airlines

Summit. Key takes: 1) Value proposition centered around time savings and

staying connected; 2) Growth runway significant at 30% growth over the next

several years; 3) No demand degradation to-date from higher fuel w/ a potential

benefit from LH demand shifting domestic; and 4) Targeting 15% EBITDA

margins from HSD today.

JSX Background. JSX is a Dallas-based public charter operator that has been operating for 10+

years, with ~55 aircraft in service today and one aircraft being added roughly every two months.

The co. operates 30-seat Embraer 145s and ATR 42s under public charter rules, positioning itself

between commercial airlines and private aviation. JSX is ~4x larger than it was pre-COVID and is

currently growing ~30% annually.

Value Proposition Focused on Time Savings & Staying Connected. JSX’s core value proposition

is built around reducing friction in the travel experience, with customers able to arrive ~20 minutes

before domestic flights and ~40 minutes before international flights (e.g. Cabo). The co. operates

from private leaseholds or FBOs rather than main airport terminals, enabling faster security,

boarding and deplaning. The onboard product includes flight attendants, free drinks, snacks and

Starlink Wi-Fi, but the primary “luxury” is time savings. On WiFi, JSX was the launch carrier for

Starlink in 2022 w/ mgmt noting it's been a material differentiator vs. peers over the past four years.

In our US airlines coverage, launching next-gen WiFi has been a focus item w/ AAL (Starlink), DAL