Third Quarter 2023 GAAP Revenue of $21.9 million and Pro Forma1 Revenue of $28.9 million, up 6.2% Year-Over-Year on a Pro Forma Basis and On Track To Meet Full-year 2023 Guidance
Surf Air Mobility Inc. (NYSE: SRFM) (“Surf Air”), the air mobility platform transforming regional flying through electrification, today reported its third quarter results and announced that it remains on track to meet its full year 2023 guidance. Please visit the Surf Air Mobility investor relations website at investors.surfair.com for more information and to listen to the accompanying earnings call.
Completed public listing on the NYSE, allowing Surf Air to close our merger with Southern Airways and solidify our contractual agreements with strategic partners Textron Aviation, Jetstream Aviation Capital, and GEM Global Yield.
Confirmed our order with Textron Aviation and paid the deposit for the purchase of 100 Cessna Grand Caravan EX aircraft, with 11 to be delivered into service during 2024.
Purchased a number of spare engines to mitigate the industry-wide supply chain issues and return the fleet to normal operations over the next one to two quarters.
Saw a sizable increase in our On-Demand business with 63% growth in flights year-over-year for the third quarter on a pro forma basis, and 55% growth in flights year-over-year for the nine months year-to-date on a pro forma basis.
Made significant progress on the buildout of our Electrification business by finalizing a data license agreement with Textron Aviation, thus de-risking the electrification timeline.
Advanced the engineering and design specifications of our electrification program in collaboration with our lead partner, AeroTEC. Additionally, we are actively engaging with supply chain vendors to source the key components for our electrified powertrain.
Finalized our exclusive sales and marketing agreement with Textron Aviation that Surf Air anticipates will activate a viable channel to significant market share with our electrified powertrains.
Forged a partnership with REGENT – a company pioneering all-electric Seaglider airships – to be their launch customer in Hawaii, and to establish a base of operations for passenger service in South Florida, the Bahamas, and the Caribbean. see & read more and watch the video on