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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Surf Air Mobility Inc | NYSE:SRFM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.009 | 3.52% | 0.265 | 0.345 | 0.2539 | 0.2539 | 2,848,837 | 00:54:50 |
Third Quarter 2023 GAAP Revenue of $21.9 million and Pro Forma1 Revenue of $28.9 million, up 6.2% Year-Over-Year on a Pro Forma Basis and On Track To Meet Full-year 2023 Guidance
Surf Air Mobility Inc. (NYSE: SRFM) (“Surf Air”), the air mobility platform transforming regional flying through electrification, today reported its third quarter results and announced that it remains on track to meet its full year 2023 guidance. Please visit the Surf Air Mobility investor relations website at investors.surfair.com for more information and to listen to the accompanying earnings call.
BUSINESS HIGHLIGHTS
“We are making solid progress toward our long-term goal of expanding the airline network and advancing our electrified aircraft program with proprietary powertrain technology. Over time, this will enable us to bring other innovative electric aircraft to market, lowering operating costs and driving growth for the entire regional air mobility market,” said Stan Little, Surf Air’s chief executive officer.
THIRD QUARTER FINANCIAL HIGHLIGHTS
Our acquisition of Southern Airways closed on July 27, 2023, and Surf Air Mobility has reflected the results of Southern Airways operations in our financial statements included in our quarterly report Form 10-Q as of the acquisition date according to GAAP. Additionally, Surf Air Mobility is providing unaudited pro forma results for the period ended September 30, 2023, on a quarterly and year-to-date basis, which assumes the Southern acquisition closed as of the beginning of the fiscal year.
FULL YEAR 2023 FINANCIAL OUTLOOK
ABOUT SURF AIR MOBILITY
Surf Air Mobility is a Los Angeles-based regional air mobility platform expanding the category of regional air travel to reinvent flying through the power of electrification. In an effort to substantially reduce the cost and environmental impact of flying and as the operator of the largest commuter airline in the US, Surf Air Mobility intends to develop powertrain technology with its commercial partners to electrify existing fleets and bring electrified aircraft to market at scale. The management team has deep experience and expertise across aviation, electrification, and consumer technology. For more information please see the company’s investor presentation on our investor relations website.
Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements about: Surf Air Mobility’s ability to anticipate the future needs of the air mobility market; future trends in the aviation industry, generally; Surf Air Mobility’s future growth strategy and growth rate and its ability to access its financings, grow its fleet. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: 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; Surf Air Mobility’s limited operating history and that Surf Air Mobility has not yet manufactured any hybrid-electric or fully-electric aircraft; the powertrain technology Surf Air Mobility plans to develop does not yet exist; the inability to maintain and strengthen the Surf Air, Southern and Mokulele brands and their reputations as regional airlines; any accidents or incidents involving hybrid-electric or fully-electric aircraft; the inability to accurately forecast demand for products and manage product inventory in an effective and efficient manner; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air Mobility’s development of hybrid-electric and fully-electric powertrains, 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 Mobility’s growth; the inability of Surf Air Mobility’s customers to pay for Surf Air Mobility’s 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 outcome of any legal proceedings that might be instituted against Surf Air, Southern or Surf Air Mobility; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in the prospectus. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although Surf Air Mobility believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Surf Air Mobility cannot guarantee future results, level of activity, performance or achievements and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements and financial projections. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Surf Air Mobility does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Additional information regarding these and other factors that could affect Surf Air Mobility’s results is included in Surf Air Mobility’s SEC filings, which may be obtained by visiting the SEC’s website at www.sec.gov or the investor relations page at https://investors.surfair.com under the “Financials—SEC Filings” section. Information contained on, or that is referenced or can be accessed through, our website does not constitute part of this document and inclusions of any website addresses herein are inactive textual references only.
The SEC’s website at www.sec.gov or the investor relations page on Surf Air’s website at https://investors.surfair.com under the “Financials—SEC Filings” section. Other information contained on, or that is referenced or can be accessed through, our website does not constitute part of this document and inclusions of any website addresses herein are inactive textual references only.
Footnotes:
(1) Use of Pro Forma Results: Surf Air Mobility financial results for 2023 quarterly, year-to-date, and comparable periods for 2022 are derived by combining the historical financial statements of Surf Air and the historical financial statements of Southern, as if the acquisition of Southern occurred on January 1, 2022.
(2) Use of Non-GAAP Financial Measures: Surf Air Mobility uses Adjusted EBITDA to identify and target operational results which is beneficial to management and investors in evaluating operational effectiveness. Pro Forma Adjusted EBITDA is a supplemental measure of Surf Air Mobility’s performance that is not required by, or presented in accordance with, U.S. GAAP. Pro Forma Adjusted EBITDA is not a measurement of Surf Air Mobility’s financial performance under U.S. GAAP and should not be considered as an alternative to net income (loss) or any other performance measure derived in accordance with U.S. GAAP. Surf Air Mobility’s calculation of this non-GAAP financial measure may differ from similarly titled non-GAAP measures, if any, reported by other companies. This non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP.
Non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
Surf Air Mobility presents Pro Forma Adjusted EBITDA because it considers this measure to be an important supplemental measure of its performance and believes it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in its industry. Management believes that investors’ understanding of Surf Air Mobility’s performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing its ongoing results of operations.
Unaudited Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022:
September 30,2023 December 31,2022 Assets: Current assets: Cash$
5,916
$
6
Accounts receivable, net
3,916
161
Prepaid expenses and other current assets
18,202
7,755
Total current assets
28,034
7,922
Restricted cash
909
906
Property and equipment, net
49,223
624
Intangible assets, net and other assets
34,568
3,102
Operating lease right-of-use assets
13,161
1,143
Finance lease right-of-use assets
1,415
—
Goodwill
58,164
—
Total assets
$
185,474
$
13,697
Liabilities, Redeemable Convertible Preferred Shares and Shareholders’ Deficit: Current liabilities: Accounts payable
$
19,998
$
12,891
Accrued expenses and other current liabilities
46,379
14,740
Deferred revenue
16,365
7,820
Current maturities of long-term debt
2,942
—
Operating lease liabilities, current
4,306
903
Finance lease liabilities, current
228
—
SAFE notes at fair value, current
27
149
Convertible notes at fair value, current
—
15,948
Due to related parties, current
14,237
4,947
Total current liabilities
$
104,482
$
57,398
Long-term debt, net of current maturities
$
23,566
$
—
Convertible notes at fair value, long term
7,544
13,148
Operating lease liabilities, long term
6,286
246
Finance lease liabilities, long term
1,207
—
SAFE notes at fair value, long term
—
24,565
Due to related parties, long term
1,708
—
Other long-term liabilities
12,383
9,762
Total liabilities
$
157,176
$
105,119
Commitments and contingencies (Note 14): Redeemable convertible preferred shares $0.001 par value; 0 and 263,459,277 shares authorized as of September 30, 2023 and December 31, 2022, respectively; 0 shares issued and outstanding as of September 30, 2023 and 229,144,283 shares issued and outstanding as of December 31, 2022, respectively; and aggregate liquidation preference of $0 as of September 30, 2023 and $178,608 as of December 31, 2022, respectively
$
—
$
130,667
Shareholders’ equity (deficit): Class B-6s convertible preferred shares, $0.001 par value; 0 authorized shares as of September 30, 2023 and 98,799,158 authorized shares as of December 31, 2022; 0 shares issued and outstanding as of September 30, 2023 and 71,478,742 shares issued and outstanding as of December 31, 2022, respectively
$
—
$
3,414
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
—
—
Common shares, $0.0001 par value; 800,000,000 and 35,803,199 shares authorized as of September 30, 2023 and December 31, 2022, respectively; 73,486,976 shares issued and outstanding as of September 30, 2023 and 12,487,438 shares issued and outstanding as of December 31, 2022, respectively
7
1
Additional paid-in capital
519,832
126,335
Accumulated deficit
(491,541
)
(351,839
)
Total shareholders’ equity/(deficit)$
28,298
$
(222,089
)
Total liabilities, redeemable convertible preferred shares and shareholders’ equity/(deficit)$
185,474
$
13,697
Unaudited Condensed Consolidated Statements of Operations for the Three Months And Nine Months Ended September 30, 2023: (in thousands, except share and per share data):
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
Revenue$
21,967
$
5,082
$
33,669
$
14,378
Operating expenses: Cost of revenue, exclusive of depreciation and amortization
20,610
6,216
34,309
17,484
Technology and development
2,877
730
4,506
2,188
Sales and marketing
4,529
1,382
7,850
3,645
General and administrative
55,618
7,605
73,354
25,682
Depreciation and amortization
1,356
256
1,875
771
Total operating expenses
84,990
16,189
121,894
49,770
Operating loss
$
(63,023
)
$
(11,107
)
$
(88,225
)
$
(35,392
)
Other income (expense): Changes in fair value of financial instruments carried at fair value, net$
(10,926
)
$
(9,748
)
$
(49,426
)
$
(20,052
)
Interest expense
(935
)
(4
)
(1,632
)
(528
)
Gain (loss) on extinguishment of debt
63
—
(326
)
5,951
Other expense
(3,359
)
(281
)
(3,664
)
(519
)
Total other income (expense), net$
(15,157
)
$
(10,033
)
$
(55,048
)
$
(15,148
)
Loss before income taxes
(78,180
)
(21,140
)
(143,273
)
(50,540
)
Income tax benefit
(3,571
)
—
(3,571
)
—
Net loss
$
(74,609
)
$
(21,140
)
$
(139,702
)
$
(50,540
)
Net loss per share applicable to ordinary shareholders, basic and diluted$
(1.36
)
$
(1.51
)
$
(5.03
)
$
(3.85
)
Weighted-average number of common shares used in net loss per share applicable to ordinary shareholders, basic and diluted
54,695,009
13,998,411
27,775,172
13,133,743
Unaudited Pro Forma Financial Measures; Revenue, Net Loss, and the Reconciliation of Pro forma Net Loss to Pro forma Adjusted EBITDA for the Three Months and Nine Months Ended September 30, 2023 (in thousands):
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
Revenue$
28,882
$
27,197
$
85,446
$
72,849
Net loss
$
(50,751
)
$
(13,314
)
$
(77,542
)
$
(72,133
)
Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands)2023
2022
2023
2022
Net loss$
(50,751
)
$
(13,314
)
$
(77,542
)
$
(72,133
)
Addback: Depreciation and amortization
2,315
1,916
6,201
5,161
Interest expense
1,127
784
3,730
2,227
Income tax expense (benefit)
(1
)
(22
)
(268
)
(7,244
)
Stock-based compensation expense
32,586
446
35,385
10,447
Share settlement for contract termination
—
—
—
3,175
Changes in fair value of financial instruments carried at fair value
—
—
—
11,111
Transaction costs
—
—
—
21,490
Adjusted EBITDA - Pro forma
(14,724
)
(10,190
)
(32,494
)
(25,766
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20231114443667/en/
For Press: press@surfair.com
For Investors: investors@surfair.com
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