Surf Air Mobility Inc. - SRFM STOCK NEWS

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.

Surf Air Mobility reported Q3 2024 financial results with revenue of $28.4 million, slightly down from $28.9 million year-over-year, but exceeding expectations of $25-28 million. The company secured a $50 million term loan to fund its transformation plan. Adjusted EBITDA loss was $8.9 million, flat compared to the previous year but better than expected loss of $10-13 million. GAAP Net Loss improved to $12.2 million from $74.6 million in the prior year. Scheduled service revenue increased by 2%, while On Demand service revenue decreased by 13%. The company expects Q4 2024 revenue between $25-28 million with Adjusted EBITDA loss of $5-8 million.

Surf Air Mobility has secured a $50 million financing package from Comvest Partners, comprising a $44.5 million term loan and a $5.5 million delayed draw term loan. The four-year facility, priced at SOFR +5%, aims to strengthen the company's balance sheet and fund its transformation plan. The company has outlined a four-phase transformation strategy including: completed transformation phase with improved capital structure, optimization phase (2025-2026) focusing on airline operations, expansion phase (2026-2027) for tier 1 routes growth, and acceleration phase (2027+) implementing electrification technologies.

Surf Air Mobility (NYSE: SRFM) has scheduled its Q3 2024 financial results announcement for November 14, 2024, after market close. The company will host a webcast at 5:00 pm ET on the same day. Investors can participate through advance registration or access the webcast through the company's investor relations website. Alternative dial-in options are available for North American (800-715-9871) and International (646-307-1963) participants using Conference ID 4775356.

Surf Air Mobility Inc. (NYSE: SRFM), a regional air mobility platform, has received an Acceptance Letter from the NYSE's Listings Operations Committee on August 20, 2024. The letter confirms the NYSE's acceptance of Surf Air's plan to regain compliance with the exchange's listing standards. The company now has until November 20, 2025, to meet the continued listing requirements. This development follows Surf Air's previous submission of a compliance plan to the NYSE. Further details about the Acceptance Letter can be found in Surf Air's Current Report on Form 8-K, filed with the SEC on August 21, 2024, available under the 'SEC Filings' section of the company's investor relations website.