Surf Air Q1 revenue $30.6M beats guidance; CEO Stan Little steps aside, Deanna White interim CEO

SURF AIR MOBILITY INC.

2024-Q1 EPS reported -$0.48 revenue$30,624,000

Q1 revenue $30.6M, up 9.5% pro forma YoY, exceeding guidance; net loss $(37.0)M vs $(15.5)M YoY pro forma.
Adjusted EBITDA $(16.5)M, within guidance; Q2 outlook: revenue $28-31M, adjusted EBITDA $(18)-$(16)M.
CEO transition: Stan Little to Founder role; Deanna White becomes COO and interim CEO, effective May 14, 2024.
Cash $1.3M as of March 31; $90M committed draws available under GEM facility; retained investment bank for non-dilutive capital.
Strategic review underway to return airline ops to profitability; investor day postponed to Q3 2024.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SURF AIR MOBILITY INC. reported the first quarter ended March 31, 2024 results: revenue $30.6 million, net income $(37.0) million.

Period: the first quarter ended March 31, 2024
Revenue: $30.6 million
Net income: $(37.0) million
Result: reported results

Exact text from the filing

Guidance and Announces CEO Transition Deanna White, former CFO, will become Chief Operating Officer and interim CEO, Stan Little to assume role of “Founder” Q1 2024 Revenue of $30.6 million, up 9.5% Year-Over-Year on a Pro Forma Basis, Beats Guidance LOS ANGELES – May 14, 2024 – Surf Air Mobility Inc. (NYSE: SRFM), a leading regional air mobility platform, today

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Source: SEC EDGAR

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