Surf Air Mobility Inc. - SRFM STOCK NEWS

Surf Air Mobility (NYSE: SRFM) has announced the relocation of its Air Operations Center (AOC) to Addison, Texas, a Dallas suburb. This strategic move is part of the company's broader Transformation Plan that aims to consolidate operations departments and position Surf Air within one of America's major aviation hubs.

The company is actively recruiting aviation professionals in the Dallas metro area across multiple departments, including Maintenance, Safety & Regulatory Compliance, Finance & Accounting, and Operations. This relocation leverages Dallas's vibrant aviation ecosystem and skilled talent pool to support Surf Air's mission of transforming regional flying.

According to Deanna White, CEO and COO, the move "reflects our commitment to excellence in the aviation industry" and represents "another achievement within our Transformation Plan." The company expects this centralization to streamline business operations and help bring its air operations to profitability in 2025, defined as positive Adjusted EBITDA. Surf Air will maintain its offices in Hawthorne, CA.

Surf Air Mobility (NYSE: SRFM) has released its second video presentation detailing the company's business plan and operations, specifically focusing on its Air Mobility business strategy. The presentation, narrated by CEO and COO Deanna White, outlines the company's path to achieve profitable airline operations by 2025, as measured by Adjusted EBITDA.

White, who was appointed CEO on December 10, 2024, previously served as the company's CFO since 2022. She brings significant aviation industry experience, having served as COO at Kitty Hawk, where she led eVTOL aircraft program operations, and as CEO and CFO at Bombardier Flexjet. The presentation highlights the company's Transformation Plan, which is now entering its second phase, Optimization.

Surf Air Mobility (NYSE: SRFM), a regional air mobility platform, has released its first video presentation in a new series focusing on the company's business plan and operations. The presentation, narrated by CFO Oliver Reeves, details the company's Transformation Plan and growth opportunities across its Air Mobility and Air Technology business segments. The video is available on the company's investor website.

Surf Air Mobility (NYSE: SRFM) announced significant insider stock purchases by board members. Chairman Carl Albert acquired 14,500 shares and Co-Founder Sudhin Shahani purchased 17,237 shares, totaling 31,737 shares for approximately $110,000 in open market transactions.

The purchases align with the company's Transformation Plan, which includes goals to increase shareholder value and achieve profitability in airline operations by fiscal year 2025. The company is focusing on developing and implementing its SurfOS software to enhance operational efficiency.

Surf Air Mobility (NYSE: SRFM) has appointed David Anderman to its board of directors, effective December 17, 2024. Anderman, who previously served as Chief Legal Officer of Surf Air from June 2023 to May 2024, brings significant experience from his roles as General Counsel at SpaceX and COO/General Counsel at Lucasfilm At SpaceX, he supported the launch of Starlink and NASA astronaut missions to the ISS. During his 16-year tenure at Lucasfilm, he notably negotiated the company's sale to Disney in 2012. Currently, he serves as Co-Founder and General Partner of Stellar Ventures, focusing on space entrepreneurship investments. The appointment aims to strengthen Surf Air's development of SurfOS, their AI-powered aviation management software being developed with Palantir.

Surf Air Mobility (NYSE: SRFM) announced plans to reduce potential future equity dilution by approximately 90%. The company will amend its registration statement to decrease share subscription facility shares from 40,000,000 to approximately 4.4M shares (~$15,000,000 at current prices). This follows their recently secured $50M term loan, which enables execution of their Transformation Plan without significant draws from the GEM facility.

The company has strengthened its balance sheet through debt maturity extensions to 2028, cost reductions from M&A synergies, route optimization, and reduced past liabilities. For 2025, Surf Air plans to exit unprofitable routes, deploy four new aircraft, address maintenance backlogs, and leverage their SurfOS platform. They expect 2025 revenue to exceed $100 million and achieve profitability in airline operations.

Surf Air Mobility (NYSE: SRFM) has appointed Deanna White as its new CEO and COO. White has served as Interim CEO & COO since May 2024 and was previously the company's CFO from May 2022 to December 2023. Carl Albert, Chairman of Surf Air Mobility, praised White's vision and track record, highlighting her role in the company's Transformation Plan aimed at achieving profitability in the near term. White's aviation experience includes leading operations at Kitty Hawk, which was sold to Boeing and rebranded as Wisk Aero, and serving as CFO and CEO of Bombardier Flexjet, sold to Directional Aviation Capital. White expressed confidence in achieving profitability by 2025, emphasizing a business model requiring less capital and a strengthened balance sheet.

Surf Air Mobility (NYSE: SRFM), a leading regional air mobility platform, has taken delivery of four Cessna Grand Caravan EX turboprop aircraft from Textron Aviation. These are the first deliveries from Surf Air’s previously announced fleet order. Two of these aircraft are financed through operating leases with ITC-AeroLeasing, a partner in aircraft financing. A delivery event was held at Textron Aviation’s manufacturing facility in Independence, Kansas. Surf Air CEO, Deanna White, stated that the new aircraft will enhance the airline's operational efficiency and passenger experience. As the largest commuter airline in the U.S. by scheduled departures, Surf Air plans to use the new fleet to renew its existing fleet, expand its network, and launch new routes. The company is also developing proprietary electrified powertrain technology for the Cessna Grand Caravan and aims to upgrade its fleet and offer this technology to third-party operators.

Surf Air Mobility (NYSE: SRFM) has unveiled its four-phase Transformation Plan alongside a new investor presentation. The company secured a $50 million term loan, marking the completion of the plan's first phase. According to Interim CEO & COO Deanna White, the company is now entering the Optimization phase and expects to achieve profitability in its airline operations by 2025. The detailed plan and presentation are available on the company's investor website.