Surf Air Mobility beats Q3 revenue and EBITDA expectations, secures $50M term loan

SURF AIR MOBILITY INC.

2024-Q3 EPS reported -$6.40 revenue$91,376,000

Q3 revenue $28.4M slightly down from pro forma $28.9M but above guidance of $25-28M.
Adjusted EBITDA loss $8.9M flat YoY, beating guidance of $10-13M loss; GAAP net loss improved to $12.2M from $74.6M.
Closed $50M term loan on Nov 14 to fund transformation, route rationalization, deferred maintenance, and improve flight completion.
Q4 guidance: revenue $25-28M, Adjusted EBITDA loss $5-8M.
Two new Cessna Caravans delivered from Textron Aviation in Nov 2024; electrification STC on track for 2027.

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