Latest news with #SurfAirMobility
Globe and Mail
28-05-2025
- Business
- Globe and Mail
Surf Air Mobility Announces $1 Million Purchase of Company Stock by Co-Founder
Co-Founder and Member of the Board, Sudhin Shahani, purchased over 400,000 shares of Surf Air Mobility Inc. Common stock at market price May 28, 2025 — Surf Air Mobility Inc. (NYSE:SRFM) ('the Company', 'Surf Air Mobility'), a leading regional air mobility platform, announced that Co-Founder and Member of the Board, Sudhin Shahani, purchased 408,163 shares of the Company's common stock at the market price, for a purchase price of approximately $1 million, directly from the Company in a private transaction. Mr. Shahani said: 'Our Transformation Plan is already having an early impact. We've improved operations and strengthened the core business. I'm confident in our experienced leadership team's continued execution capabilities.' The Company remains focused on the Optimization Phase of the Transformation Plan with key initiatives to optimize airline operations, recalibrate the On Demand business, and drive efficiencies from SurfOS. About Surf Air Mobility Surf Air Mobility is a Los Angeles-based regional air mobility platform and one of the largest commuter airlines in the U.S. by scheduled departures. It is also the largest U.S. passenger operator of Cessna Caravans. In addition to its airline operations and On Demand charter services, Surf Air Mobility is developing an AI-powered software platform for the Regional Air Mobility industry. The company is also working to commercialize electrified aircraft and developing proprietary powertrain technology for the Cessna Caravan. Surf Air Mobility plans to offer its software and electrification solutions to the Regional Air Mobility industry to improve safety, efficiency, and profitability. Forward-Looking Statements This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Surf Air's profitability and future financial results and its ability to achieve its business objectives. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company and reflect the Company's current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air's ability to anticipate the future needs of the air mobility market; Surf Air's future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air's development of its advanced air mobility software platform, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air's growth; the inability of Surf Air's customers to pay for Surf Air's services; the inability of Surf Air to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air, the risks associated with Surf Air's obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that the Company files with the SEC, and investors are urged to review those periodic reports and the Company's other filings with the SEC, which are accessible on the SEC's website at before making an investment decision. The Company assumes no obligation to update its forward-looking statements except as required by law. Contacts: Surf Air Mobility Media Contacts Press: press@ Investors: investors@
Business Wire
28-05-2025
- Business
- Business Wire
Surf Air Mobility Announces $1 Million Purchase of Company Stock by Co-Founder
LOS ANGELES--(BUSINESS WIRE)--Surf Air Mobility Inc. (NYSE: SRFM) ('the Company', 'Surf Air Mobility'), a leading regional air mobility platform, announced that Co-Founder and Member of the Board, Sudhin Shahani, purchased 408,163 shares of the Company's common stock at the market price, for a purchase price of approximately $1 million, directly from the Company in a private transaction. Mr. Shahani said: "Our Transformation Plan is already having an early impact. We've improved operations and strengthened the core business. I'm confident in our experienced leadership team's continued execution capabilities." The Company remains focused on the Optimization Phase of the Transformation Plan with key initiatives to optimize airline operations, recalibrate the On Demand business, and drive efficiencies from SurfOS. About Surf Air Mobility Surf Air Mobility is a Los Angeles-based regional air mobility platform and one of the largest commuter airlines in the U.S. by scheduled departures. It is also the largest U.S. passenger operator of Cessna Caravans. In addition to its airline operations and On Demand charter services, Surf Air Mobility is developing an AI-powered software platform for the Regional Air Mobility industry. The company is also working to commercialize electrified aircraft and developing proprietary powertrain technology for the Cessna Caravan. Surf Air Mobility plans to offer its software and electrification solutions to the Regional Air Mobility industry to improve safety, efficiency, and profitability. Forward-Looking Statements This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Surf Air's profitability and future financial results and its ability to achieve its business objectives. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company and reflect the Company's current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air's ability to anticipate the future needs of the air mobility market; Surf Air's future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air's development of its advanced air mobility software platform, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air's growth; the inability of Surf Air's customers to pay for Surf Air's services; the inability of Surf Air to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air, the risks associated with Surf Air's obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that the Company files with the SEC, and investors are urged to review those periodic reports and the Company's other filings with the SEC, which are accessible on the SEC's website at before making an investment decision. The Company assumes no obligation to update its forward-looking statements except as required by law.
Business Wire
14-05-2025
- Business
- Business Wire
Surf Air Mobility to Present at the Third Annual Jefferies eVTOL / AAM Summit
LOS ANGELES--(BUSINESS WIRE)--Surf Air Mobility Inc. (NYSE: SRFM) ('Surf Air Mobility'), a leading regional air mobility platform, today announced that CEO and COO Deanna White and co-founder Sudhin Shahani will present at the Jefferies eVTOL / AAM Summit on Wednesday, May 28, 2025, at 1:20 PM ET. Surf Air Mobility is a Los Angeles-based regional air mobility platform and one of the largest commuter airlines in the U.S. by scheduled departures. It is also the largest U.S. passenger operator of Cessna Caravans. In addition to its airline operations and On Demand charter services, Surf Air Mobility is developing an AI-powered software platform for the Regional Air Mobility industry. The company is also working to commercialize electrified aircraft and developing proprietary powertrain technology for the Cessna Caravan. Surf Air Mobility plans to offer its software and electrification solutions to the Regional Air Mobility industry to improve safety, efficiency, and profitability.
Yahoo
14-05-2025
- Business
- Yahoo
Surf Air Mobility Inc (SRFM) Q1 2025 Earnings Call Highlights: Revenue Growth and Strategic ...
Release Date: May 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Surf Air Mobility Inc (NYSE:SRFM) reported first-quarter revenue of $23.5 million, at the high end of their expected range, keeping them on track to meet their full-year expectation of over $100 million in revenue. The company successfully raised an incremental $5 million in funding, enhancing their liquidity and balance sheet management. Surf Air Mobility Inc (NYSE:SRFM) has entered into an interline agreement with Japan Airlines, expanding their potential access to over 435 million customers and enhancing connectivity in the Hawaii region. The company is making substantial progress on their electrification initiative, with late-stage discussions with key partners to advance their work. Surf Air Mobility Inc (NYSE:SRFM) has improved their flight completion factor to above 92% in the first six weeks of the second quarter, indicating operational improvements and increased customer satisfaction. The company experienced a brief service interruption in the first quarter due to maintenance issues, impacting their operational levels temporarily. Scheduled service revenue decreased by 23% year over year, primarily due to the elimination of unprofitable routes and a brief interruption of service. On-demand service revenue decreased by 25% year over year, driven by a mix of lower sales and flight completions. The company is navigating a challenging economic, regulatory, and funding environment, which requires aggressive management of operations and cost structures. Surf Air Mobility Inc (NYSE:SRFM) is still capital constrained, which has impacted their ability to fully execute their transformation plan. Warning! GuruFocus has detected 4 Warning Signs with SRFM. Q: What are your thoughts on the changes to the Essential Air Service (EAS) budget and how might it affect Surf Air Mobility? A: Deanna White, CEO, explained that while there is a proposed $308 million reduction in EAS subsidies, Surf Air Mobility's position as a low-cost operator provides a competitive advantage. They are monitoring the situation closely and exploring strategies to maintain service on subsidized routes even if subsidies are reduced. Q: Can you discuss which scheduled and charter flights are considered core versus those being reduced? A: Deanna White, CEO, stated that Hawaii and EAS routes are core areas due to their unique commuter needs and lack of direct competition. They focus on profitability and how routes fit within their existing footprint when deciding on route adjustments. Q: How proactive will you be in adding new profitable routes, and what is the goal for this segment? A: Deanna White, CEO, mentioned that while they have targeted routes to exit, some EAS routes are being maintained longer due to DOT requests. They plan to start new tier-one routes next year, focusing on maximizing profitability. Q: What is the status of the SurfOS product, and when can we expect a commercial rollout? A: The company is integrating feedback from beta users and plans a full commercial rollout of SurfOS in 2026. They are currently using SurfOS modules internally to enhance operations before broader market release. Q: Can you provide details on the recent service interruption and its impact? A: Deanna White, CEO, clarified that the service interruption in January was unplanned, related to maintenance issues, and was resolved with FAA cooperation. Despite this, they remained within their guidance range. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Business Wire
06-05-2025
- Business
- Business Wire
Mokulele Airlines and Japan Airlines Announce New Interline Agreement
LOS ANGELES--(BUSINESS WIRE)--Surf Air Mobility Inc. (NYSE: SRFM) (the 'Company' or 'Surf Air Mobility'), a leading regional air mobility platform, today announced that Mokulele Airlines will launch a new interline agreement with Japan Airlines ('JAL'), a leading Japanese airline. This interline agreement expands direct flight connectivity between Japan and Hawaii via Mokulele Airlines, a subsidiary airline brand of Surf Air Mobility. Mokulele Airlines is the largest commuter airline in Hawaii by scheduled departures. Travelers will be able to book connecting flights with Japan Airlines through Honolulu International Airport (HNL) to Mokulele Airline's Hawaiian airports, including Molokai (MKK), Kapalua (JHM), Lana'i City (LNY), Hana (HNM), Waimea-Kohala (MUE), and Kailua-Kona (KOA). Mokulele Airways passengers will have the ability to book connecting international flights to Japan via Japan Airlines. This interline agreement will increase the Company's exposure to the large international air travel market between Japan and Hawaii and will ensure a more seamless travel experience with single-ticket issuance for the entire trip and easier itinerary changes and communication in the event of schedule changes. Deanna White, Surf Air Mobility's CEO and COO said, 'We're excited to collaborate with Japan Airlines to connect their international passengers to more destinations across the Hawaiian Islands within our Mokulele Airlines network. With a more integrated booking and travel experience, we're confident both of our customer bases will benefit from the expanded access and more seamless customer service.' Ross Leggett, Japan Airline's Executive Officer and Deputy Senior Vice President, International Relations & Alliances said, 'I am delighted to announce the interline agreement between Mokulele Airlines and Japan Airlines. With this collaboration, the networks of both airlines between Japan and Hawaii will expand, providing our customers with a wider range of travel options and destinations. For those customers visiting Hawaii, this enhanced connectivity means that they now have easier access to many attractive cities in the islands of Hawaii. JAL is always committed to improving customer satisfaction, and this new partnership with Mokulele Airlines is another step in that direction.' Surf Air Mobility, through its subsidiary airline brands, Southern Airways and Mokulele Airlines, has interline agreements with five large commercial air carriers, including American Airlines, United Airlines, Alaska Airlines, Hawaiian Airlines, and Japan Airlines, who fly a cumulative ~435 million passengers per year. This agreement supports Surf Air Mobility's initiative to optimize airline operations as part of the Optimization phase of the Company's Transformation Plan. About Surf Air Mobility Surf Air Mobility is a Los Angeles-based regional air mobility platform and one of the largest commuter airlines in the U.S. by scheduled departures. It is also the largest U.S. passenger operator of Cessna Caravans. In addition to its airline operations and On Demand charter services, Surf Air Mobility is developing an AI-powered software platform for the Regional Air Mobility industry. The company is also working to commercialize electrified aircraft and developing proprietary powertrain technology for the Cessna Caravan. Surf Air Mobility plans to offer its software and electrification solutions to the Regional Air Mobility industry to improve safety, efficiency, and profitability. About Japan Airlines Japan Airlines (JAL), Japan's first private aviation company, was established in 1951 and is a member of the oneworld® Alliance. The airline operates a fleet of 232 aircraft (as of March 2025) and began renewing its international long-haul aircraft with the Airbus A350-1000 starting 2023 Winter Schedule. Together with other JAL Group and partner airlines, JAL offers an extensive domestic and international network that serves 395 airports across 68 countries/regions. The airline has received numerous accolades for its exceptional service, including being recognized as a certified 5-Star Airline by Skytrax and being awarded the prestigious "World Class" Airline title by APEX, the Airline Passenger Experience Association. The airline is dedicated to ensuring the highest standards of flight safety and overall service quality, striving to be the most preferred airline by customers worldwide. For details and to learn more, visit JAL's official website at Forward-Looking Statement This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding projections of Surf Air Mobility's market opportunity and market share, potential benefits and the commercial attractiveness to Surf Air Mobility's customers of Surf Air Mobility's products and services, and Surf Air Mobility's profitability and future financial results. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of Surf Air Mobility's management as well as assumptions made by and information currently available to Surf Air Mobility and reflect Surf Air Mobility's current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air Mobility's future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; the inability to accurately forecast demand and manage flight schedules and fleet and crew availability in an effective and efficient manner; the inability to execute business objectives and growth strategies successfully or sustain Surf Air Mobility's growth; the inability of Surf Air Mobility's customers to pay for Surf Air Mobility's products and services; the inability of Surf Air Mobility to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the risks associated with Surf Air Mobility's obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that Surf Air Mobility files with the SEC, and investors are urged to review those periodic reports and Surf Air Mobility's other filings with the SEC, which are accessible on the SEC's website at before making an investment decision. Surf Air Mobility assumes no obligation to update its forward-looking statements except as required by law.
