Surf Air Mobility reports milestones in optimization phase of transformation

Surf Air Mobility (SRFM) announced key progress within the second phase of the company’s four-phase Transformation Plan. The Optimization phase is focused on operational improvements and internal SurfOS technology deployment to achieve profitability in the company’s airline operations this year, defined as positive Adjusted EBITDA. Milestones include: improved controllable completion factor over the past several months with an increase of 10% vs. FY24; improved on time departures over the past several months with an increase of 21% vs. FY24; improved arrivals within 14 minutes of planned schedule over the past several months with an increase of 21% vs. FY24; won a bid contract renewal in one Essential Air Service community, resulting in ~$9.9M of additional subsidy revenue over the next 4 years; controllable completion factor are currently the highest on record since January 2023, and the company believes the continued improvements to operational reliability will strengthen customer satisfaction and position the airline for long-term, profitable growth. The Surf On Demand business has now worked with over 425 operators since inception. Surf Air Mobility remains on track to enter the third phase of the Company’s Transformation Plan, “Expansion,” in 2026, within which the company plans to launch new scheduled routes and offer SurfOS to third-party customers.