Financial Data and Key Metrics Changes - Revenues for Q4 2024 reached $28,050,000, exceeding the upper end of guidance [5][22] - Adjusted EBITDA loss improved by $11,500,000 or 63% to $6,900,000 for Q4 2024 [6][22] - Full year revenue rose by $6,500,000 or 6% year over year to $119,400,000 [6][23] - Full year adjusted EBITDA loss improved by $6,800,000 or 13% to $44,100,000 [6][23] Business Line Data and Key Metrics Changes - Scheduled service revenue decreased by 6% due to the elimination of unprofitable routes [22] - On-demand service revenue increased by 58% driven by higher sales and flight completions [22] - Full year on-demand service revenue increased by 28% primarily due to improved charter sales [23] Market Data and Key Metrics Changes - The company has exited several unprofitable routes, focusing on profitable operations [9][24] - The Essential Air Service (EAS) business is expected to benefit from the FAA Reauthorization Act, enhancing competitive positioning [9] Company Strategy and Development Direction - The transformation plan consists of four phases: transformation, optimization, expansion, and acceleration, with the transformation phase completed in 2024 [7][8] - The company aims for profitable airline operations defined as positive adjusted EBITDA for the full year of 2025 [8][20] - The relocation of the operations center to Dallas, Texas is intended to attract talent and reduce costs [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability in airline operations for 2025, driven by process improvements and exiting unprofitable routes [20][25] - The company anticipates achieving at least $100,000,000 in revenue and profitability in airline operations for the full year 2025 [26] - Management highlighted strong momentum entering 2025 with a focus on executing the transformation plan and electrification initiatives [33] Other Important Information - A $50,000,000 term loan was secured in November 2024 to support the transformation plan [5][25] - The company has reduced liabilities by over $42,000,000, exceeding the targeted reduction [25] Q&A Session Summary Question: Does a full year continuing resolution being passed by Congress impact when you can receive new contracts or renewals on the essential air service flights? - Management indicated that the DOT has several awards and bids pending, which could positively impact revenue through higher subsidy rates [34][36] Question: Do you plan to shift more of the fleet's airframes over to flying on-demand flights from scheduled air service? - Management clarified that the current fleet is primarily used for scheduled service, with operators servicing most on-demand business [37] Question: Could you provide additional color on the recently announced SurfOS customers and monetization? - Management stated that the offerings are currently in pre-revenue testing with beta customers [41] Question: Should we assume operating costs will be roughly flat in 2025 compared to 2024? - Management confirmed a focus on reducing operating costs to achieve profitability in airline operations [44] Question: Are you comfortable with the balance sheet to execute this plan and initiate growth strategies in 2025 and 2026? - Management expressed intent to be strategic with capital raises to create shareholder value [45] Question: Any early feedback on the SurfOS beta launch? - Management reported positive early feedback from beta customers regarding the unique offerings of SurfOS [50][51] Question: Is there any runway or cadence for addressing the maintenance backlog? - Management indicated that a substantial amount of the maintenance backlog is expected to be resolved in the first quarter [54]

Core Viewpoint - Surf Air Mobility Inc. is positioned for a significant turnaround due to a revamped management team and transformation of its regional air business, with a Buy rating and a price forecast of $12 from H.C. Wainwright analyst Amit Dayal [1][2]. Company Overview - The company has a unique approach to electric aviation, differentiating itself from eVTOLs, and is strategically focused on consolidating technology and services in the regional air travel industry [2]. - Surf Air Mobility is expected to become a leading player in the U.S. regional air mobility (RAM) market, with improving financials that position its aviation segment for profitability by 2025 [2]. Financial Projections - Revenue projections for Surf Air Mobility include $99.7 million in 2025 and $112 million in 2026 [3]. - The company is expected to announce its fourth-quarter results on March 18, 2025 [4]. Strategic Partnerships - A strategic partnership with Palantir Technologies Inc., which holds a 19.9% stake, is anticipated to help bridge the technology gap in the industry [3]. Market Positioning - The company is leading in electrifying conventional take-off and landing aircraft, positioning itself to sustainably meet the growing demand in the RAM market [3].

Core Insights - Surf Air Mobility Inc. reported a quarterly loss of $0.94 per share, better than the Zacks Consensus Estimate of a loss of $1.05, and a significant improvement from a loss of $6.44 per share a year ago, indicating a 85.4% year-over-year improvement [1] - The company achieved revenues of $28.39 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 8.30% and showing a 29.1% increase from $21.97 million in the same quarter last year [2] - The stock has underperformed significantly, losing about 83.1% since the beginning of the year, while the S&P 500 has gained 25.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$1.19 on revenues of $32.71 million, and for the current fiscal year, it is -$7.07 on revenues of $121.9 million [7] - The estimate revisions trend for Surf Air Mobility Inc. is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Transportation - Airline industry, to which Surf Air Mobility Inc. belongs, is currently ranked in the top 6% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% of industries [8] - Copa Holdings, another company in the same industry, is expected to report quarterly earnings of $3.48 per share, reflecting a year-over-year decline of 20.7%, with revenues anticipated to be $860.34 million, down 0.9% from the previous year [9][10]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [Mark One] ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-41759 Surf Air Mobility Inc. (Exact Name of Registrant as Specified in Its Charter) (Primary Stan ...

Surf Air Mobility Inc. (SRFM) came out with a quarterly loss of $0.28 per share versus the Zacks Consensus Estimate of a loss of $0.20. This compares to loss of $3.14 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -40%. A quarter ago, it was expected that this company would post a loss of $0.19 per share when it actually produced a loss of $0.26, delivering a surprise of -36.84%. Over the last four quarters, the company has ...

N Y S E S R F M Q 2 2 0 2 4 P E R F O R M A N C E Transforming regional flying through electrification SURFAIR SURFAIR MOBILITY Q 2 R E V E N U E $32.4M 1 2 Q 2 A D J U S T E D E B I T D A $(11.8)M Exceeded guidance Exceeded guidance 13.2% YoY growth t O N D E M A N D 18,057 S C H E D U L E D D E P A R T U R E S O N D E M A N D 996 F L I G H T S 17,591 S C H E D U L E D F L I G H T H O U R S H E A D C O U N T 91,738 S C H E D U L E D P A S S E N G E R S 786 E M P L O Y E E S H A W A I I Adjusted EBITDA is a ...

+ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [Mark One] ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-41759 Surf Air Mobility Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 4522 36 ...

Financial Data and Key Metrics Changes - Surf Air Mobility reported first quarter revenue of $30.6 million, up 9.5% year-over-year from $27.9 million, exceeding first quarter guidance [35][36] - Adjusted EBITDA was negative $16.5 million, driven by operating losses in the Air Mobility segment due to inflationary cost pressures and supply chain issues [39] - As of March 31, 2024, the company had $1.3 million cash on hand, with the ability to draw $90 million in committed draws and $296 million in follow-on draws from the GEM share subscription facility [40][41] Business Line Data and Key Metrics Changes - The regional Air Mobility platform's revenue growth was driven by an 80% year-over-year increase in EAS scheduled service revenue and a 4% year-over-year increase in on-demand charter revenue [22] - On-demand charter products saw a 29% year-over-year increase in quarterly departures, totaling 906 departures in Q1 2024 compared to 701 in Q1 2023 [37] - The charter mix increasingly favored turboprops, with 72% of charters in Q1 2024 flown on turboprops compared to 68% in Q1 2023 [38] Market Data and Key Metrics Changes - The imminent passing of the FAA Reauthorization Act could raise the subsidy cap from $200 to at least $650 per passenger, potentially increasing revenues and profitability [24] - The company anticipates that the Reauthorization Act will allow for a more competitive bidding process for EAS routes, potentially adding up to $5 million to the bottom line without increasing costs [63] Company Strategy and Development Direction - The company plans to provide a comprehensive overview of its business and growth strategy at the upcoming Investor Day in Q3 2024, focusing on regional Air Mobility and technology platforms [12][13] - A strategic review of scheduled service routes will be conducted to maximize profitability in a challenging operating environment [30] - The company aims to balance growth and opportunity with profitability, with a renewed focus under the new leadership of Deanna White [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the potential impact of the FAA Reauthorization Act on revenue and profitability, emphasizing the importance of the subsidy cap increase [24][63] - The company is committed to achieving profitability without sacrificing revenue, with plans to implement cost-cutting measures and strategic initiatives [23] - Management acknowledged ongoing inflationary pressures and supply chain issues affecting aircraft maintenance and operations [39] Other Important Information - Deanna White has been appointed as Chief Operating Officer and Interim CEO, bringing extensive experience in the aviation industry [10][16] - The company is progressing with its electrification initiatives, including the electric caravan program, which is in the conceptual design phase [33][45] Q&A Session Summary Question: Is the strategic review expected to focus on essential air services flights or Tier 1 routes? - The strategic review will focus on all routes currently flown, primarily on EAS routes [51] Question: Will the electrified powertrain tech be sold, or is the company considering selling some of the caravan fleet? - The company is considering various strategic initiatives, including potential joint ventures to capitalize on electrification and software efforts [54] Question: Can you explain how the EAS program subsidies work and the impact of the FAA Reauthorization Act? - The EAS program requires airlines to bid with a proposed subsidy below $200 per passenger, which may increase to $650, allowing for more profitable bids [63]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [Mark One] ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-41759 Delaware (State or other jurisdiction of incorporationororganization) Surf Air Mobility Inc. (E ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-41759 Surf Air Mobility Inc. (Exact name of Registrant as specified in its Charter) Delaware 36-5025592 (State or other jurisdiction ...