Surf Air Mobility Files Its Second Quarter Results via Quarterly Report on Form 10-Q and Current Report on Form 8-K

Surf Air Mobility Inc. (NYSE: SRFM) (“Surf Air Mobility”), a regional air mobility platform aiming to sustainably connect the world’s communities, filed its regular Quarterly Report on Form 10-Q along with Current Report on Form 8-K. Surf Air Mobility has also provided pro forma financial results for the periods ending June 30, 2023 and June 30, 2022, which are available on its investor relations website at https://investors.surfair.com.

Second quarter operating results for Surf Air Mobility were filed today in its regular Quarterly Report on Form 10-Q. The acquisition of Southern Airways (“Southern”) by Surf Air Mobility closed during the third quarter, on July 27, 2023. As such, the Quarterly Report on Form 10-Q for Surf Air Mobility only reflects the results of Surf Air. Surf Air Mobility today also filed a Current Report on Form 8-K with Southern’s second quarter operating results. In addition to Southern’s standalone results, in the Current Report on Form 8-K, Surf Air Mobility has provided pro forma financial results for the period ending June 30, 2023, on a quarter and year-to-date basis, which combines the results of Surf Air and results of Southern, for those same periods, as if the acquisition of Southern occurred on January 1, 2022, which is available below and on its investor relations website at https://investors.surfair.com.

As previously reported on August 16, 2023, Surf Air Mobility’s 2Q23 Quarter Financial Highlights:

• Revenue
  • GAAP Revenue of $6.2 million for Surf Air and $22.4 million for Southern, in line with Flash Expectations
  • Pro Forma Revenue of $28.3 million for 2Q23, up 17.5% YoY, recurring revenue from Government Contracts was 39.6%, in line with Flash Expectations
• Gross Profit
  • Pro Forma Gross Profit of $3.6 million, up 44.3% YoY
• Operating Income (Loss)
  • GAAP Operating loss of $(13.2) million for Surf Air and $(1.3) million for Southern
  • Pro Forma Operating loss of $(15.1) million, which is inclusive of $3.9 million of one-time transaction-related expenses and $1.7 million in stock based compensation, and is approximately flat with the prior year
• Non-GAAP Adjusted EBITDA
  • Non-GAAP Adjusted EBITDA of $(7.8) million for Surf Air and $0.0 million for Southern
  • Pro Forma Non-GAAP Adjusted EBITDA of $(7.8) million, compared to $(3.7) million for the same period of the prior year. See the Pro Forma Non-GAAP Adjusted EBITDA table for the reconciliation from Net loss to Non-GAAP Adjusted EBITDA

As previously reported on August 16, 2023, Surf Air Mobility’s 1H23 Financial Highlights: