133 0 Kommentare Surf Air Mobility Files Its Second Quarter Results via Quarterly Report on Form 10-Q and Current Report on Form 8-K - Seite 2

Revenue
- GAAP Revenue of $11.7 million for Surf Air and $45.1 million for Southern
- Pro Forma Revenue of $56.3 million, up 23.4% YoY, recurring revenue from Government Contracts was 43.5%
Gross Profit
- Pro Forma Gross Profit of $6.6 million, up 20.1% YoY
Operating Income (Loss)
- GAAP Operating Loss of $(25.2) million for Surf Air and $(3.2) million for Southern
- Pro Forma Operating Loss of $(29.6) million, which is inclusive of $5.2 million one-time transaction-related expenses and $2.8 million in stock based compensation, and is approximately flat with the prior year
Adjusted EBITDA
- Non-GAAP Adjusted EBITDA of $(17.4) million for Surf Air and $(0.8) million for Southern
- Non-GAAP Adjusted EBITDA of $(18.2) million compared to $(7.7) 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

FINANCIAL OUTLOOK

Full year of 2023:

Surf Air Mobility acquired Southern on July 27, 2023 and will be reporting GAAP results that reflect operating results for Surf Air for the twelve months ended December 31, 2023 and Southern for the period beginning July 28, 2023 through December 31, 2023. The Company is providing guidance for GAAP Revenue, as well as Non-GAAP Revenue and Non-GAAP Adjusted EBITDA, which represents operating results for Surf Air and Southern on a pro forma basis for the full 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
Non-GAAP Revenue, which assumes pro forma operating results for Surf Air and Southern, for the full year 2023 period, in the range of $107.5 million to $112.5 million, as compared to $100.6 million for the full year 2022, up 6.9% - 11.8%. Slower YoY growth in 2H23 attributable to supply chain-related constraint of aircraft parts delivery, closure of Marianas Joint Venture in Guam effective March 31, 2023, and limited fleet expansion due to aircraft availability. We expect these concerns to be resolved as part of the Textron Aviation, Inc. fleet order.
Non-GAAP Adjusted EBITDA, which assumes pro forma operating results for Surf Air and Southern, for the full year 2023 period, in the range of $(46.3) million to $(56.3) million, which excludes the expected impact of stock-based compensation, and one-time direct listing related expenses, as compared to $(28.8) million for period year of 2022. The expected decrease in Non-GAAP Adjusted EBITDA in 2023, as compared to 2022, is driven by incremental investments in Technology and Electrification R&D, Sales and Marketing, and G&A expenses primarily associated with expenses related to public company readiness and the company’s Southern transaction.