The following is a summary of the Surf Air Mobility, Inc. (SRFM) Q1 2024 Earnings Call Transcript:
Financial Performance:
Surf Air Mobility Q1 revenues have increased by 9.5%, driven by an 80% rise in EAS scheduled service revenue and 4% increase in on-demand charter revenue.
Surf Air Mobility reported an adjusted EBITDA of negative $16.5 million, attributed to operating losses in the Air Mobility segment and technology investments.
The company holds $1.3 million cash on hand, and it has the capacity to draw $90 million and $296 million in committed and follow-on draws from the GEM share subscription facility.
Business Progress:
Deanna White has assumed the role of Interim CEO following Stan Little's decision to step down.
A strategic review assessing the profitability of all routes is currently being undertaken by the company.
The company expects to deliver a strategic update focused on rapid profitability at the Investor Day in Q3 2024.
The FAA Reauthorization Act could potentially boost the company's revenues and profitability by raising the subsidy cap per passenger.
The electric caravan program is in the conceptual design phase, furthering its electrification efforts.
In collaboration with Palantir, the company is advancing software development geared towards establishing a new revenue stream.
Surf Air Mobility anticipates receiving 128 new caravan aircraft from Textron Aviation over the next six years.
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