Surf Air Mobility Inc. (SRFM) Reports Q3 Loss of $1.36/sh

Surf Air Mobility Inc. (NYSE: SRFM) reported Q3 EPS of ($1.36), versus ($1.51) reported last year. Revenue for the quarter came in at $22 million, versus $5.1 million reported last year.

FULL YEAR 2023 FINANCIAL OUTLOOK:

• 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.
• Pro forma1 Revenue, which assumes pro forma operating results for both Surf Air and Southern for the full year of 2023, 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%. As mentioned in the Company's second quarter earnings release, our guidance reflects lower growth for the second half of 2023; primarily due to supply chain constraints; the closure of the Marianas Joint Venture in Guam effective March 31, 2023; and, limited fleet expansion due to aircraft availability. We expect this to be resolved as part of the Textron Aviation fleet order.
• Pro forma Adjusted EBITDA2, which assumes pro forma operating results for both Surf Air and Southern for the full year of 2023, 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 pro forma 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.

For earnings history and earnings-related data on Surf Air Mobility Inc. (SRFM) click here.

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