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]

Revenue Growth - Revenue increased by $25.1 million, or 456%, for the three months ended March 31, 2024, compared to the same period in 2023[140]. - Scheduled revenue increased by $22.1 million for the three months ended March 31, 2024, primarily due to the Southern Acquisition, which contributed $22.0 million to this increase[141]. - On-demand revenue increased by $3.0 million, or 63%, for the three months ended March 31, 2024, compared to the same period in 2023, driven by an increase in on-demand charter flights from 422 to 630[142]. Passenger and Flight Activity - Scheduled flight hours reached 16,817 for the three months ended March 31, 2024, an increase of 16,095 hours compared to 722 hours in the same period of 2023[138]. - The number of scheduled passengers soared to 87,723 in the first quarter of 2024, up from 1,631 in the first quarter of 2023, marking an increase of 86,092 passengers[138]. - Headcount increased to 815 employees by the end of the first quarter of 2024, up from 84 employees in the same period of 2023, reflecting a growth of 731 employees[138]. Operating Expenses and Losses - Operating expenses totaled $65.1 million for the three months ended March 31, 2024, a significant increase of $47.5 million, or 271%, compared to $17.6 million in the same period of 2023[139]. - The Company incurred an operating loss of $34.5 million for the three months ended March 31, 2024, compared to an operating loss of $12.0 million in the same period of 2023[139]. - The Company reported a net loss of $37.0 million for the three months ended March 31, 2024, compared to a net loss of $20.6 million in the same period of 2023[139]. Financial Position and Cash Flow - Net cash used in operating activities was $12.8 million for the three months ended March 31, 2024, compared to $9.0 million in the same period in 2023, reflecting a $3.8 million increase[158]. - Net cash provided by financing activities increased by $3.7 million to $13.1 million for the three months ended March 31, 2024, primarily due to proceeds from the GEM stock purchase agreement[162]. - The company incurred a net loss of $36.9 million for the three months ended March 31, 2024, an increase of $16.4 million compared to the same period in 2023[155]. Tax and Liabilities - The company is in default of certain tax obligations totaling approximately $7.6 million, including penalties and interest, as of March 31, 2024[164]. - The company has classified $1.0 million as a current liability related to past due rental and maintenance payments under aircraft leases[165]. Capital Expenditures and Financing - The Company has placed an order for 90 Cessna Grand Caravan aircraft, with an expected total cost of approximately $1.2 billion over the next five years[169]. - The Company intends to finance aircraft acquisitions through a sale-leaseback financing arrangement of up to $450 million with Jetstream Aviation Capital[169]. - The Company has the ability to draw an additional $296 million under the Share Purchase Agreement, subject to daily volume limitations[166]. Development and Technology - The Company is developing fully-electric and hybrid-electric powertrain technologies to enhance its regional air mobility ecosystem[124]. - The Company has engaged AeroTEC to develop hybrid-electric and fully electric STCs for the Cessna Grand Caravan[169]. - Technology and development expenses surged by $6.2 million, or 763%, for the three months ended March 31, 2024, mainly due to the amortization of the Textron data license and software expenses related to Palantir[146]. Future Strategies - The Company is evaluating strategies to obtain additional funding, including equity financing and restructuring operations to grow revenues[167]. - The Company’s financial statements assume it will continue as a going concern, despite uncertainties regarding its ability to raise sufficient financing[168].

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 ...

Surf Air Mobility, Inc. (NYSE:SRFM) Q4 2023 Earnings Conference Call March 28, 2024 5:00 PM ET Company Participants Bill Margaritis - Investor Relations Stan Little - CEO Oliver Reeves - CFO Ido Gruberger - Chief Strategy Officer Conference Call Participants Austin Moeller - Canaccord Ben Johnson - Piper Sandler David Vernon - Bernstein Operator Good afternoon and welcome to the Surf Air Fourth Quarter and Full Year 2023 Earnings Call. Please note that this call is being recorded. All participants are now i ...

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, 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 4522 ...

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, 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) (State or other j ...