Recent Insider Transactions • 17h
Chief Financial Officer recently sold US$101k worth of stock On the 8th of May, Oliver Reeves sold around 77k shares on-market at roughly US$1.31 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Oliver has been a net seller over the last 12 months, reducing personal holdings by US$138k. Announcement • May 08
Surf Air Mobility Inc Announces Commercial Launch Plan for SurfOS Surf Air Mobility Inc. provided details on the commercial go-to-market strategy for SurfOS, the Company’s AI-enabled software operating system powered by Palantir Technologies. SurfOS’s products serve the fragmented Part 135 private aviation and air mobility market through BrokerOS, OperatorOS, and SurfOS Enterprise Solutions, each monetized through distinct revenue models for brokers, operators, and large enterprise clients. BrokerOS launched commercially in December 2025 through the Powered by Surf On Demand program that equips independent brokers with a branded platform offering a full suite of tools and an end-to-end solution, including 24/7 customer service, safety accreditation, real-time aircraft access, and complimentary aircraft recovery. BrokerOS deployed within Surf On Demand’s internal sales team delivered a 32% increase in bookings for top-performing brokers, 57% faster quote-to-close cycles, and 40% more payments processed on-platform comparing First Quarter 2026 vs. First Quarter 2025. BrokerOS generates revenue via a take rate across On Demand private charter bookings. BrokerOS targets 100 independent brokers onboarded by year-end, contributing to Surf On Demand private charter business revenue and profitable margin. OperatorOS is designed for small and mid-sized Part 135 scheduled and charter air operators and is targeted for external commercial launch in the second half of 2026. Core modules within OperatorOS include crew and aircraft scheduling, reporting, and distribution, and will feed supply directly into BrokerOS. The Company currently has 17 Letters of Intent and software agreements in its initial sales pipeline generated from 440+ existing operator relationships. OperatorOS revenue model is a modular subscription fee based on operator size, charged per module, with additional revenue generated from ancillary service upsells. OperatorOS targets 10 additional letters of intent signed by year-end and five operators onboarded and live on OperatorOS by year-end. SurfOS Enterprise Solutions provides fully customized deployments of SurfOS powered by Palantir’s Foundry and AI platforms for large operators, charter brokerages, and aircraft manufacturers. Palantir's forward-deployed engineering team participates directly in enterprise sales conversations under the Company’s exclusive teaming agreement. SurfOS Enterprise Solutions revenue model is customized agreements. SurfOS Enterprise Solutions targets first multi-year, multi-million-dollar enterprise contracts in 2026. With the Company's federated operational data live within Palantir's Foundry platform, SurfOS is developing a suite of AI agents designed to autonomously optimize critical workflows, such as dynamic pricing, crew scheduling, aircraft sourcing, and AOG recovery. With Palantir's AIP providing the underlying AI infrastructure, the Company expects to deploy these SurfOS agents at an accelerated pace. Announcement • Apr 28
Surf Air Mobility Inc Announces New Surfos Modules to Reduce Fuel Costs and Optimize Crew Reserves for Airline Operations Surf Air Mobility Inc. released two new modules within SurfOS, the Company’s proprietary AI-enabled operating system for private aviation and air mobility: a fuel optimization module and a crew reserve optimization module. Both modules are live within the Company's scheduled airline operations and bring mainline airline operational discipline to the scheduled commuter and regional air travel segment. SurfOS now reconciles fuel uplift against vendor invoicing and provides flight-level visibility into fuel performance and cost across routes, aircraft, and crews. This module tracks actual fuel burn against planned burn on every departure and surfaces anomalies in both consumption and billing. SurfOS reconciles fuel uplift records against vendor invoices to identify billing discrepancies and recover overcharges. SurfOS monitors fuel burn by route, flight, aircraft tail, and crew, flagging deviations from plan. SurfOS identifies crew-level fuel performance patterns to support coaching and training. SurfOS integrates airport-level and regional fuel pricing to recommend optimal uplift, enables cost-aware dispatch, and brings greater transparency to vendor pricing and negotiations. Fuel consumption is one of the largest variable costs in scheduled airline operations. This module converts fuel management from a manual, exception-driven process into a systematic, data-driven one. SurfOS now automates reserve crew assignments for the Company’s airline operations, replacing a manual process that could result in overstaffing and coverage inefficiencies. SurfOS calculates seasonal demand-adjusted and daily reserve requirements by base. SurfOS surfaces gaps between scheduled and actual reserve availability, including reserves improperly positioned within assigned bases, to ensure published crew coverage meets operational requirements. SurfOS tracks reserve utilization rates and flags chronic over- or under-coverage by base. SurfOS reduces administrative workload for day-of reserve decisions. Sizing reserves to actual demand has a direct and measurable impact on airline operating cost structures. Announcement • Apr 28
Surf Air Mobility Inc. to Report Q1, 2026 Results on May 11, 2026 Surf Air Mobility Inc. announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on May 11, 2026 Major Estimate Revision • Apr 24
Consensus EPS estimates upgraded to US$1.30 loss The consensus outlook for fiscal year 2026 has been updated. 2026 losses forecast to reduce from -US$1.53 to -US$1.30 per share. Revenue forecast unchanged from US$131.5m at last update. Airlines industry in the US expected to see average net income decline 10% next year. Consensus price target of US$7.13 unchanged from last update. Share price fell 17% to US$1.13 over the past week. Announcement • Apr 20
Surf Air Mobility Inc. Reaffirms Revenue Guidance for 2026 Surf Air Mobility Inc. reaffirmed revenue guidance for 2026. For the year, the company expected revenue guidance of $128 million to $138 million, a 20% to 30% year-over-year increase. Reported Earnings • Mar 15
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: US$3.15 loss per share. Revenue: US$106.6m (down 11% from FY 2024). Net loss: US$110.6m (loss widened 48% from FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.0%. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Airlines industry in the US. Announcement • Mar 13
Surf Air Mobility Inc. Provides Earnings Guidance for the First Quarter and Full Year 2026 Surf Air Mobility Inc. provided earnings guidance for the first quarter and full year 2026. For the quarter, the company expected revenue in the range of $24 million to $26 million. These expectations reflect an increase in On Demand charter revenue, an emphasis on increasing load factors on scheduled service flights, offset by the continued revenue impact from the exit of unprofitable routes. Revenue guidance for the first quarter of 2026 does not reflect any revenue contribution for SurfOS.
For the year 2026, the company expects revenue in the range of $128 million to $138 million, a 20% to 30% increase as compared with 2025. Revenue guidance range contemplates accelerating growth in On Demand charter business and partial year revenue contribution from SurfOS. Because of these dynamics, revenue growth will be heavily weighted to the back half of 2026. Announcement • Feb 27
Surf Air Mobility Inc. to Report Q4, 2025 Results on Mar 12, 2026 Surf Air Mobility Inc. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Mar 12, 2026 Announcement • Dec 31
Surf Air Mobility Advances SurfOS Development, Targets Commercial Software Rollout in 2026, and Reports Milestones Surf Air Mobility Inc. provided an update on SurfOS, its AI-enabled software designed for the private aviation and air mobility industries. Powered by Palantir Technologies' AIP and Foundry platforms, SurfOS aims to integrate the fragmented air mobility ecosystem into a unified operating system to improve efficiency, reliability, and profitability across the industry. As part of Surf Air Mobility's recent $100 million strategic transaction, the Company directed $26 million from new equity issuances specifically to fund the continued development and commercialization of SurfOS's products (BrokerOS, OperatorOS, and OwnerOS), significantly expand engineering and go-to-market capabilities, build enterprise-grade solutions, and launch new modules that will increase the Company's potential share of the growing air mobility software market. The Palantir Foundry and AIP Platforms power SurfOS's core operating system for the Part 135 regional aviation segment. The companies have also expanded their partnership to provide enterprise implementation services and additional go-to-market resources from Palantir to accelerate commercial deployment of SurfOS. Recently Launched SurfOS Features The Company continues to make progress across the SurfOS products, including the following recent internal feature launches: A Palantir AIP-powered analytics dashboard providing predictive insights on crew performance and operational reliability, currently in internal beta use; Expanded capabilities in Flight Ops crew mobile app, including engine trend monitoring and baggage upload features; A BrokerOS mobile app to enable customer flight management and streamlined aircraft sourcing. Announcement • Nov 25
Surf Air Mobility Inc. has completed a Follow-on Equity Offering in the amount of $13.199991 million. Surf Air Mobility Inc. has completed a Follow-on Equity Offering in the amount of $13.199991 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 3,975,901
Price\Range: $3.32
Security Name: Warrants
Security Type: Equity Warrant
Securities Offered: 3,975,901
Transaction Features: Registered Direct Offering Reported Earnings • Nov 18
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: US$0.64 loss per share. Revenue: US$29.2m (up 2.8% from 3Q 2024). Net loss: US$27.2m (loss widened 123% from 3Q 2024). Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) missed analyst estimates by 5.8%. Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Airlines industry in the US. New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings have declined by 27% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$115m). Earnings have declined by 27% per year over the past 5 years. Shareholders have been substantially diluted in the past year (321% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Announcement • Nov 10
Surf Air Mobility Inc. has filed a Follow-on Equity Offering. Surf Air Mobility Inc. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 3,975,901
Price\Range: $3.32
Security Name: Warrants
Security Type: Equity Warrant
Transaction Features: Registered Direct Offering Announcement • Oct 31
Surf Air Mobility Inc. to Report Q3, 2025 Results on Nov 12, 2025 Surf Air Mobility Inc. announced that they will report Q3, 2025 results After-Market on Nov 12, 2025 Announcement • Oct 08
Surf Air Mobility Inc. Appoints Shawn Pelsinger to the Board of Directors, Effective October 8, 2025 Surf Air Mobility Inc. (Company) announced the appointment of Shawn Pelsinger to the company’s Board of Directors, effective October 8, 2025. Mr. Pelsinger is currently Chief Legal Officer and Chief Administrative Officer of Acrisure. Prior to joining Acrisure, Mr. Pelsinger was the Global Head of Corporate Development & Senior Counsel of Palantir Technologies for 10 years from March 2015 to April 2025, where he played a key role in establishing the strategic relationship between Surf Air Mobility and Palantir in 2021. He continued to be responsible for the Palantir relationship with Surf Air Mobility until April 2025, when he left Palantir. At Palantir, he was instrumental in the creation of Skywise, a data platform for the commercial aviation industry via a partnership between Palantir and Airbus. He also led deals with Korea Telecom, Fujitsu, Sompo, HD Hyundai, Credit Suisse, Starlab Space and others. In July 2024, Mr. Pelsinger was appointed as a Member of the Board of Directors of Palantir Technologies Japan, K.K. and remains a Member of that Board, advising on strategic direction and governance frameworks. In September 2022, Mr. Pelsinger was appointed a Member of the Board of Directors of Palantir, Korea, LLC and remains a Member of that Board, providing strategic oversight on governance, compliance, and partnerships. Mr. Pelsinger brings extensive experience in strategic partnerships and navigating the legal issues in the technology sector with specific expertise in data-driven platforms, aviation technology, and highly regulated industries. The Board believes his extensive experience will be invaluable as Surf Air Mobility markets SurfOS, the Company’s software operating system, powered by Palantir’s AI and Foundry platforms. Earlier in his career, Shawn practiced law at Shearman & Sterling LLP (now A&O Shearman). He is currently an advisor to a number of early-stage technology companies and has been an adjunct professor at Columbia Law School since 2013. Announcement • Aug 30
Surf Air Mobility Inc. Announces Resignation of Tyrone D. Bland from His Position as A Member of Board of Directors, Effective August 27, 2025 Surf Air Mobility Inc. announced that Tyrone D. Bland resigned from his position as a member of the Company’s Board of Directors, effective August 27, 2025, in order to pursue public sector lobbying, political engagement, and business development opportunities. Announcement • Aug 14
Surf Air Mobility Inc. Participates in Demonstration Flight Event of Electra's Electrified Ultra- Short Takeoff Aircraft Surf Air Mobility Inc. announced its participation in the event for the successful completion of the first demonstration flights for Electra's Ultra Short aircraft earlier this month at Virginia Tech. The flights showcased Electra's EL2 technology demonstrator aircraft's takeoff and landing distance of under 150 feet in non-airport, urban environments. The demonstrations highlighted the Ultra Short's potential to unlock new route possibilities for regional air travel from novel access points like underutilized airstrips, college campuses, and difficult to reach environments. The demonstration flights mark a milestone in Electra's roadmap toward launching its EL9 Ultra Short nine-passenger aircraft, which is slated to enter commercial service in 2029. The successful flights of the EL2 technology demonstrator revealed the potential for significantly expanded route networks, potentially expanding access to thousands of new destinations that current aircraft cannot effectively utilize. Surf Air Mobility's platform is designed to provide partners such as Electra the ability to accelerate the commercial deployment of next-generation electrified aircraft, and the operational support and software systems needed to enter the market and scale efficiently. SurfOS is a comprehensive software solution for scheduling, crew management, aircraft utilization, and route planning, designed to optimize efficiency and reduce operational costs. This announcement is further progress on Surf Air Mobility and Electra's previously announced agreement to bring Ultra Short aircraft to market and incorporate SurfOS into joint systems. Surf Air Mobility has previously secured preferred delivery positions for 90 Electra Ultra Short aircraft. Surf Air Mobility did not operate the Electra demonstration flights. Reported Earnings • Aug 13
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: US$1.34 loss per share. Revenue: US$27.4m (down 15% from 2Q 2024). Net loss: US$28.0m (loss widened 3.8% from 2Q 2024). Revenue exceeded analyst estimates by 9.4%. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Airlines industry in the US. Announcement • Aug 13
Surf Air Mobility Inc. Provides Financial Guidance for the Third Quarter of 2025; Reaffirms Financial Guidance for the Year 2025 Surf Air Mobility Inc. provided financial guidance for the third quarter of 2025. The company expects third quarter revenue in the range of $27.0 million to $28.5 million. These expectations reflect the exiting of unprofitable scheduled routes and a continued focus on profitability for the On Demand business.
The company reaffirmed financial guidance for the year 2025. The company reaffirms its expectations that 2025 revenues will exceed $100 million and that airline operations will achieve profitability in 2025. Announcement • Jul 30
Surf Air Mobility Inc. to Report Q2, 2025 Results on Aug 12, 2025 Surf Air Mobility Inc. announced that they will report Q2, 2025 results After-Market on Aug 12, 2025 Price Target Changed • Jul 18
Price target increased by 17% to US$7.50 Up from US$6.42, the current price target is an average from 3 analysts. New target price is 27% above last closing price of US$5.92. Stock is up 185% over the past year. The company is forecast to post a net loss per share of US$3.59 next year compared to a net loss per share of US$5.80 last year. Announcement • Jun 27
Surf Air Mobility Inc. has completed a Follow-on Equity Offering in the amount of $26.999912 million. Surf Air Mobility Inc. has completed a Follow-on Equity Offering in the amount of $26.999912 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 9,873,334
Price\Range: $2.5
Discount Per Security: $0.175
Security Name: Pre-Funded Warrants
Security Type: Equity Warrant
Securities Offered: 926,668
Price\Range: $2.4999
Discount Per Security: $0.175
Transaction Features: Registered Direct Offering New Risk • Jun 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 29% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (29% average weekly change). Negative equity (-US$136m). Shareholders have been substantially diluted in the past year (63% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$23m net loss in 3 years). Significant insider selling over the past 3 months (US$209k sold). Market cap is less than US$100m (US$69.4m market cap). Announcement • Jun 10
Surf Air Mobility Inc. Introduces SurfOS™ AI-Enabled Product Suite for Air Mobility Industry Surf Air Mobility Inc. unveiled the three software products of the Company's SurfOS AI-enabled operating system scheduled for broad commercial release in 2026. BrokerOS, OperatorOS, and OwnerOS are purpose-built to address the needs of charter brokers, aircraft operators, and aircraft owners, respectively. Surf Air Mobility will integrate industry data into a single, federated platform, creating an operating system for the Regional Air Mobility industry powered by Palantir Technologies. BrokerOS consists of software tools specifically tailored for charter brokers. BrokerOS software tools streamline sourcing, quoting, booking, and payments for charter brokers. These tools will reduce manual workflows and will give both new and experienced brokers instant access to available inventory, live pricing, and end-to-end trip management capabilities. BrokerOS is currently being used to manage the Company's Surf On Demand charter service and, once commercially available, will target the hundreds of Part 295 private charter broker companies and thousands of travel agents worldwide. OperatorOS consists of software tools specific tailored for aircraft operators. OperatorOS software tools are designed to optimize aircraft and crew scheduling for both Part 135 charter operators and scheduled commuter airlines. Leveraging these tools, operators can reduce turn times and improve aircraft and pilot utilization by tapping into operational data and automated crew planning. OperatorOS also includes a companion mobile Crew App, currently used by the Company, that enables flight crews to check in for duty and receive flight schedules and operational updates to streamline day-of-flight coordination. Once commercially available, OperatorOS will target the 1,800+ Part 135 operators, of which the Company's commuter airline, Southern Airways, is one of the largest in the U.S. by scheduled departures. OwnerOS consists of software tools specifically customized for aircraft owners. OwnerOS software tools are designed to deliver transparency and optimization capabilities to private aircraft owners. Through a native integration with OperatorOS, private aircraft owners will gain insight and better visibility into how their assets are being used as well as an interface to support decisions that optimize aircraft utilization to generate better returns on assets. BrokerOS and OperatorOS are designed to address the global private jet charter services market, an estimated $41 billion opportunity by 2029, while OwnerOS is designed to address the estimated $40 billion global private aircraft sales market. Recent Insider Transactions • Jun 08
Co-Founder & Director recently sold US$184k worth of stock On the 3rd of June, Sudhin Shahani sold around 76k shares on-market at roughly US$2.43 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Sudhin has been a net seller over the last 12 months, reducing personal holdings by US$125k. Price Target Changed • May 26
Price target decreased by 38% to US$7.63 Down from US$12.25, the current price target is an average from 2 analysts. New target price is 194% above last closing price of US$2.59. Stock is up 10% over the past year. The company is forecast to post a net loss per share of US$3.83 next year compared to a net loss per share of US$5.80 last year. Board Change • May 26
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. Co-Founder & Director Sudhin Shahani is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • May 14
Surf Air Mobility Inc. Provides Financial Guidance for Second Quarter and Reaffirms Financial Guidance for the Full Year 2025 Surf Air Mobility Inc. provided financial guidance for second quarter and reaffirmed financial guidance for the full year 2025. For the period, the company expects second quarter revenue in the range of $23.5 million to $26.5 million.
For the full year, the company reaffirms its expectations that 2025 revenues will exceed $100 million. Announcement • May 06
Surf Air Mobility Inc., Annual General Meeting, Jun 26, 2025 Surf Air Mobility Inc., Annual General Meeting, Jun 26, 2025. Announcement • May 02
Surf Air Mobility Inc. to Report Q1, 2025 Results on May 13, 2025 Surf Air Mobility Inc. announced that they will report Q1, 2025 results After-Market on May 13, 2025 Announcement • Mar 19
Surf Air Mobility Inc. Provides Earnings Guidance for the First Quarter 2025 and Reaffirms Earnings Guidance for the Full Year 2025 Surf Air Mobility Inc. provided earnings guidance for the first quarter 2025 and reaffirmed earnings guidance for the full year 2025. For the quarter, the company expects revenue in the range of $21 million to $24 million.
For the year, the Company reaffirms its expectations that 2025 revenues will exceed $100 million and that Airline operations will achieve profitability. Announcement • Mar 07
Surf Air Mobility Inc. to Report Q4, 2024 Results on Mar 18, 2025 Surf Air Mobility Inc. announced that they will report Q4, 2024 results After-Market on Mar 18, 2025 Announcement • Mar 04
Surf Air Mobility Inc. Announces Launch Customers for Surfos™ Software Surf Air Mobility Inc. announced it has entered into agreements with six air operator beta customers to use SurfOS, an AI-enabled software platform for the advanced air mobility industry. The early launch to third-party beta customers marks an acceleration in the timeline of the software initiatives of the Company's Transformation Plan. SurfOS is powered by Palantir Technologies. SurfOS is designed to increase efficiency, decrease costs, and drive productivity for stakeholders across the advanced air mobility industry. For more information about SurfOS, click here to view a short video. Launch customers will have access through SurfOS to customized tools built to improve charter flight distribution, manage customer relationships, and improve flight pricing, while unlocking direct-to-consumer flight distribution for air operators. As functionality and features are added, these customers will have access to further enhancements that will enable them to become vertically integrated mobility companies. Surf Air Mobility continues to launch new SurfOS features, including recent rollout of: Flight distribution tools for third-party operators to expand flight margins by increasing direct-to-consumer sales; AI-based charter broker tools to automate sales and sourcing processes; Direct integrations with charter supply partners to improve real-time aircraft availability and pricing; Resource planning for ground staff and pilots to gain efficiencies and cost savings; Business intelligence dashboards for operational and financial reporting; Pilot management application for Southern Airways and Mokulele Airlines brands; Multi-lingual and multi-currency On Demand marketplace capabilities. Announcement • Mar 03
Surf Air Mobility Inc. Appoints Linda Macaskill as Director of System Operations Center Surf Air Mobility Inc. announced the appointment of two new key positions to the company's air mobility team. Linda MacAskill has joined Surf Air Mobility as the Director of System Operations Center, effective December 1, 2024. Mrs. MacAskill will be located at Surf Air Mobility's new air operations center ("AOC") in Addison, TX, a suburb of Dallas, where the Company is actively hiring, including positions in Maintenance, Safety & Regulatory Compliance, Finance & Accounting, and Operations. Mrs. MacAskill was the Maintenance Project Manager for Bombardier where she helped coordinate aircraft maintenance procedures and communications. Prior to that, she was Site Manager, Interiors for JetSet Aviation Interiors Inc., and Manager, Scheduling & Records for CAE. Mrs. MacAskill spent the first 19 years of her career with Bombardier Flexjet as Director, Flight Operations Center where she supported operations for FAR Part 91, 91K, and 135 unscheduled and on-demand air carriers with a fleet from 85-100 business jets, directed schedules and logistics for 300+ crew members, and led a cross-functional team of dispatch, scheduling, maintenance, and customer support. At Surf Air Mobility, Mrs. MacAskill will leverage her extensive operational background to enhance the Company's operations. Her expertise in operational efficiency and coordination will support the Company's commitment to reliable service and positive customer experiences. Her wealth of experience in managing complex aviation operations will contribute significantly to the Company's transformation plan. Announcement • Feb 25
Surf Air Mobility Inc. Relocates Air Operations Center to Addison, TX Surf Air Mobility Inc. announced the Company's relocation of its Air Operations Center to Addison, Texas, a suburb of Dallas. The move is part of Surf Air Mobility's broader Transformation Plan that consolidates operations departments and places Surf Air Mobility at the center of one of the country's most prominent aviation hubs. Alongside this move, Surf Air Mobility is actively hiring at the Addison AOC, including positions in Maintenance, Safety & Regulatory Compliance, Finance & Accounting, and Operations. Known for its vibrant aviation ecosystem, Dallas offers Surf Air Mobility more direct access to a diverse and highly skilled talent pool, as the Company seeks to execute its mission to transform regional flying and bring its air operations to profitability in 20251. Dallas's proximity to major airports and its central location make it an ideal base to further strengthen the Company's operational capabilities and increase efficiency across its national footprint of scheduled operations. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 47% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (28% average weekly change). Negative equity (-US$136m). Shareholders have been substantially diluted in the past year (47% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$57m net loss in 3 years). Market cap is less than US$100m (US$58.5m market cap). Recent Insider Transactions • Dec 29
Co-Founder & Director recently bought US$59k worth of stock On the 23rd of December, Sudhin Shahani bought around 17k shares on-market at roughly US$3.43 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Sudhin's only on-market trade for the last 12 months. Announcement • Dec 20
Surf Air Mobility Inc. Appoints David Anderman to Board of Directors Surf Air Mobility Inc. announced the appointment of David Anderman to the Company’s board of directors effective December 17, 2024. Mr. Anderman served as Chief Legal Officer of Surf Air from June 2023 to May 2024. Mr. Anderman currently serves as the Co-Founder and General Partner of Stellar Ventures, a venture fund investing in the next generation of space entrepreneurs. Mr. Anderman was General Counsel of SpaceX from June 2019 to December 2020, during which time he supported the launch of satellite internet network Starlink and the launch of NASA astronauts to the International Space Station. Prior to SpaceX, Mr. Anderman served 16 years at Lucasfilm Ltd., starting as the junior lawyer and rising through the ranks to become General Counsel and Chief Operating Officer. He negotiated the deal to sell Lucasfilm to the Walt Disney Company in 2012. He has held C-level positions at a series of technology startups. Mr. Anderman began his career as an intellectual property litigator in Silicon Valley. Announcement • Dec 10
Surf Air Mobility Inc. Appoints Deanna White as Chief Executive Officer Surf Air Mobility Inc. announced it has appointed Deanna White to the position of Chief Executive Officer & Chief Operating Officer, after having served as the Company’s Interim CEO & COO since May 2024. Ms. White also previously served as Surf Air Mobility’s Chief Financial Officer from May 2022 to December 2023. Ms. White brings years of aviation experience and commitment to transforming flight. She has served as COO at Kitty Hawk, where she led the business operations and commercialization of an R&D eVTOL aircraft program, which was sold to Boeing during her tenure and subsequently rebranded as Wisk Aero. She also served as CFO and CEO of Bombardier Flexjet, a global leader in private aviation, which was ultimately sold to Directional Aviation Capital. Major Estimate Revision • Nov 21
Consensus EPS estimates upgraded to US$7.30 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from US$120.8m to US$118.3m. 2024 losses expected to reduce from -US$8.59 to -US$7.30 per share. Airlines industry in the US expected to see average net income growth of 32% next year. Consensus price target down from US$18.20 to US$11.60. Share price rose 46% to US$2.51 over the past week. Reported Earnings • Nov 17
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: US$0.94 loss per share (improved from US$9.55 loss in 3Q 2023). Revenue: US$28.4m (up 29% from 3Q 2023). Net loss: US$12.2m (loss narrowed 84% from 3Q 2023). Revenue exceeded analyst estimates by 7.9%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Airlines industry in the US. Announcement • Nov 15
Surf Air Mobility Inc. Provides Earnings Guidance for the Fourth Quarter 2024 Surf Air Mobility Inc. provided earnings guidance for the fourth quarter 2024. Fourth Quarter 2024 revenue, in the range of $25 million to $28 million. Announcement • Nov 14
Surf Air Mobility Inc. announced that it expects to receive $50 million in funding from Comvest Advisors, LLC Surf Air Mobility Inc. announced that it has received $44.5 million term loan in its first tranche in a round of funding on November 14, 2024. The transaction includes the participation from new lender, Comvest Advisors, LLC. The new facility is comprised of (i) a $44.5 million term loan, which was fully funded today, and (ii) a $5.5 million delayed draw term loan to be used for interest payments over the first 18 months. The company has issued senior secured term loan in the transaction. The company has SOFR +5%, Term Loan. Announcement • Nov 01
Surf Air Mobility Inc. to Report Q3, 2024 Results on Nov 14, 2024 Surf Air Mobility Inc. announced that they will report Q3, 2024 results After-Market on Nov 14, 2024 Announcement • Aug 22
Surf Air Mobility Announces NYSE Acceptance of Plan to Regain Listing Compliance Surf Air Mobility Inc. announced that it received an Acceptance Letter from the NYSE’s Listings Operations Committee, dated August 20, 2024, stating that the NYSE has accepted the Company’s previously submitted plan to regain compliance with the NYSE’s listing standards. In the Acceptance Letter, the NYSE confirmed that the Company has until November 20, 2025 to regain compliance with the continued listing standards. Major Estimate Revision • Aug 21
Consensus EPS estimates upgraded to US$8.79 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from US$124.8m to US$122.9m. 2024 losses expected to reduce from -US$9.84 to -US$8.79 per share. Airlines industry in the US expected to see average net income growth of 34% next year. Consensus price target of US$10.27 unchanged from last update. Share price fell 43% to US$1.45 over the past week. Reported Earnings • Aug 16
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: US$0.33 loss per share (improved from US$3.14 loss in 2Q 2023). Revenue: US$32.4m (up 422% from 2Q 2023). Net loss: US$27.0m (loss narrowed 39% from 2Q 2023). Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 3.1%. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Airlines industry in the US. Announcement • Aug 15
Surf Air Mobility Inc. Provides Earnings Guidance for the Third Quarter of 2024 Surf Air Mobility Inc. provided earnings guidance for the Third quarter of 2024. For second quarter of 2024, the company expects revenue in the range of $25.0 million to $28.0 million. Announcement • Aug 07
Surf Air Mobility Inc. to Report Q2, 2024 Results on Aug 14, 2024 Surf Air Mobility Inc. announced that they will report Q2, 2024 results at 4:00 PM, US Eastern Standard Time on Aug 14, 2024 Announcement • Jul 02
Surf Air Mobility Inc. Appoints Louis Saint-Cyr as President of Hawai’I Operations Surf Air Mobility Inc. announced the appointment of Louis Saint-Cyr, an experienced senior leader in airline operations, to the position of President of Hawai’i Operations. As President of Hawaii Operations, Mr. Saint-Cyr will oversee the entirety of Surf Air Mobility’s travel brand, Mokulele Airlines, including the air operations, safety and compliance, airport management, guest experience, state and local government relations, and community engagement. Mr. Saint-Cyr joined Surf Air having previously served in operations and guest experience roles at Hawaiian Airlines, Air Canada, and, most recently, WestJet. He will be relocating to Hawai’i. Mokulele is Surf Air’s largest operational region by passengers flown and is the largest inter-island commuter airline in Hawai’i. With an average of 112 departures per day, Mokulele’s air service currently connects 5 islands between 9 destinations on 10 routes. Mr. Saint-Cyr will report to Jim Sullivan, the newly appointed President of Air Mobility recently announced in June. Announcement • Jun 15
Surf Air Mobility Inc. Appoints Jim Sullivan as President of Air Mobility, Effective July 15, 2024 Surf Air Mobility Inc. announced that Jim Sullivan, an experienced airline executive and former airline captain, will become President of Air Mobility starting July 15th. Mr. Sullivan has recently served as Interim CEO and COO of Lynx Air, a Canadian commercial airline. He has also served as Vice President of Flight Operations at both JetBlue Airways and Frontier Airlines and was COO of Great Lakes Airlines, a regional airline. Jim has two decades of executive experience in the industry and as a pilot for Frontier Airlines. Mr. Sullivan served as SVP of Surf Air Operations from 2014 to 2017. As President of Air Mobility, Mr. Sullivan will be responsible for the entire scope of air operations and commercial strategy of Surf Air Mobility’s air travel brands (Surf Air, Southern Airways, and Mokulele Airlines) scheduled and On Demand charter services including safety, compliance, dispatch, reliability, crew management and training, network planning, and aircraft maintenance. Announcement • May 25
Surf Air Mobility Receives Continued Listing Standard Notice from NYSE Due to Non-Compliance with Section 802.01B of the NYSE Listed Company Manual Surf Air Mobility Inc. (‘Surf Air Mobility’) announced that on May 20, 2024 it received notice from the New York Stock Exchange (‘NYSE’) that it is not in compliance with Section 802.01B of the NYSE Listed Company Manual (the ‘Minimum Market Capitalization Standard’) because Surf Air’s average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its stockholders' equity was less than $50 million. In accordance with NYSE procedures, Surf Air Mobility plans to submit a business plan advising the NYSE of the definitive action(s) Surf Air Mobility has taken, is taking, or plans to take to regain compliance with the listing standard, taking into consideration the additional stock price deficiency, within 45 days from receipt of the notice. If the NYSE approves Surf Air Mobility's business plan, Surf Air Mobility’s shares will continue to be listed and traded on the NYSE during the 18-month cure period, subject to its compliance with other NYSE continued listing standards. Surf Air Mobility has strong conviction in its strategic plan moving forward and the ability of its leadership team to execute on that plan. The NYSE notice has no immediate impact on the listing of Surf Air Mobility’s Common Stock, and the Common Stock will continue to be listed and trade on the NYSE, subject to Surf Air Mobility’s compliance with other NYSE continued listing standards. The notice is not anticipated to impact the ongoing business operations of Surf Air Mobility and its subsidiaries or its reporting requirements with the U.S. Securities and Exchange Commission. Major Estimate Revision • May 21
Consensus EPS estimates fall by 111% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$127.1m to US$123.1m. Losses expected to increase from US$0.67 per share to US$1.41. Airlines industry in the US expected to see average net income growth of 17% next year. Consensus price target down from US$3.04 to US$2.54. Share price fell 22% to US$0.37 over the past week. Reported Earnings • May 16
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: US$0.48 loss per share (further deteriorated from US$0.065 loss in 1Q 2023). Revenue: US$30.6m (up 456% from 1Q 2023). Net loss: US$37.0m (loss widened 80% from 1Q 2023). Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) missed analyst estimates by 153%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Airlines industry in the US. Board Change • May 02
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. CEO & Director Stan Little is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Apr 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-US$77m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$31m net loss in 3 years). Market cap is less than US$100m (US$40.0m market cap). Major Estimate Revision • Apr 09
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$141.2m to US$131.2m. Losses expected to increase from US$0.64 per share to US$0.79. Airlines industry in the US expected to see average net income growth of 25% next year. Consensus price target of US$3.04 unchanged from last update. Share price rose 24% to US$0.86 over the past week. Announcement • Apr 07
Surf Air Mobility Receives Continued Listing Standard Notice from NYSE Due to Not in Compliance with Section 802.01C Surf Air Mobility Inc. (‘Surf Air Mobility’,’Surf Air’) announced that on April 2, 2024 it received notice from the New York Stock Exchange (‘NYSE’) that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of Surf Air’s Common Stock was less than $1.00 over a consecutive 30 trading-day period. The NYSE notice has no immediate impact on the listing of Surf Air’s Common Stock, and the Common Stock will continue to be listed and trade on the NYSE, subject to Surf Air’s compliance with other NYSE continued listing standards. Surf Air plans to notify the NYSE within 10 business days that it intends to regain compliance with Rule 802.01C and cure the stock price deficiency. Surf Air can regain compliance at any time within the six-month period following receipt of the NYSE notice if on the last trading day of any calendar month during the cure period Surf Air has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Surf Air intends to consider available alternatives, including, but not limited to, a reverse stock split, subject to stockholder approval no later than at Surf Air’s next annual meeting of stockholders, if necessary to cure the stock price non-compliance. Under the NYSE’s rules, if Surf Air determines that it will cure the stock price deficiency by taking an action that will require stockholder approval at its next annual meeting of stockholders, the price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above that level for at least the following 30 trading days. The notice is not anticipated to impact the ongoing business operations of Surf Air and its subsidiaries or its reporting requirements with the U.S. Securities and Exchange Commission. Reported Earnings • Mar 31
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: US$6.35 loss per share (further deteriorated from US$0.25 loss in FY 2022). Revenue: US$60.5m (up 198% from FY 2022). Net loss: US$250.7m (loss widened 237% from FY 2022). Revenue missed analyst estimates by 45%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Airlines industry in the US. Announcement • Mar 29
Surf Air Mobility Inc. Provides Earnings Guidance for the First Quarter 2024 Surf Air Mobility Inc. provided earnings guidance for the first quarter 2024. Revenue, in the range of $28.5 million to $29.5 million. Announcement • Mar 15
Surf Air Mobility Inc. to Report Q4, 2023 Results on Mar 28, 2024 Surf Air Mobility Inc. announced that they will report Q4, 2023 results After-Market on Mar 28, 2024 Announcement • Dec 27
Surf Air Mobility Announces Chief Financial Officer Changes, Effective January, 2024 Surf Air Mobility Inc. announced that Oliver Reeves will join the Company as Chief Financial Officer. Mr. Reeves will lead the Company’s financial and capital markets strategies leveraging his nearly two decades of experience in the investment management, enterprise technology, and insurance industries. He will start his new role in January, 2024. Mr. Reeves recently worked at Xinuos Inc., where he served as the Chief Strategy Officer since 2019. Mr. Reeves will succeed Deanna White, who has served as Surf Air’s Chief Administrative Officer and then as Chief Financial Officer. Ms. White, who joined Surf Air Mobility in 2021 to help take the company through its public listing, will become a Senior Advisor to both Surf Air Mobility and the Surf Air Board of Directors. Ms. White’s expertise across public company finance and the airline industry has helped position Surf Air Mobility for significant future growth. Since 2019, Mr. Reeves has served as Chief Strategy Officer of Xinuos Inc., the developer and licensor of the UnixWare and OpenServer operating systems. Xinuos and its predecessor companies have provided enterprise customers with operating systems with a reputation for stability and rock-solid performance in mission critical contexts for over 40 years. Earlier in his career, prior to joining Xinuos as an Executive Vice President in 2016, having consulted with the company since 2014, Mr. Reeves gained investment experience by holding several asset management positions: first as an Investment Analyst at Coliseum Capital Management then as a Vice President at Gerson Global Advisors and finally as a Senior Vice President at Phoenix Star Capital. Mr. Reeves started his career as an Associate in the M&A Group at Aon. Mr. Reeves received his MBA from Columbia Business School where he participated in the prestigious “Value Investing Program” and graduated Summa Cum Laude from Babson College. Reported Earnings • Nov 16
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: US$1.36 loss per share (further deteriorated from US$0.072 loss in 3Q 2022). Revenue: US$22.0m (up 300% from 3Q 2022). Net loss: US$74.6m (loss widened 232% from 3Q 2022). Revenue missed analyst estimates by 24%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Airlines industry in the US. Announcement • Nov 15
Surf Air Mobility Inc. Provides Earnings Guidance for the Year 2023 Surf Air Mobility Inc. provided earnings guidance for the year 2023. GAAP Revenue, which assumes operating results for Surf Air for the full year 2023 period and Southern for the period July 28, 2023 through December 31, 2023, in the range of $54.5 million to $59.5 million. Announcement • Nov 01
Surf Air Mobility Inc. to Report Q3, 2023 Results on Nov 14, 2023 Surf Air Mobility Inc. announced that they will report Q3, 2023 results After-Market on Nov 14, 2023 New Risk • Oct 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$94.3m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$34m free cash flow). Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-US$146m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$37m net loss in 3 years). Significant insider selling over the past 3 months (US$113k sold). Market cap is less than US$100m (US$94.3m market cap). Reported Earnings • Aug 18
Second quarter 2023 earnings released: US$0.15 loss per share (vs US$0.062 loss in 2Q 2022) Second quarter 2023 results: US$0.15 loss per share (further deteriorated from US$0.062 loss in 2Q 2022). Revenue: US$6.20m (up 38% from 2Q 2022). Net loss: US$44.5m (loss widened 137% from 2Q 2022). Announcement • Aug 17
Surf Air Mobility Inc. Provides Earnings Guidance for the Year Ending December 31, 2023 Surf Air Mobility Inc. provided earnings guidance for the year ending December 31, 2023. GAAP Revenue, which assumes operating results for Surf Air for the full year 2023 period and Southern for the period July 28, 2023 through December 31, 2023, in the range of $54.5 million to $59.5 million. 
