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Surf Air Mobility Inc. (SRFM-0.21%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The report is available for review filing.
The filing details Surf Air Mobility's operations as a regional air mobility platform, highlighting its Air Mobility and Air Technology businesses. The company aims to transform regional flying through scheduled services and an on-demand charter marketplace.
The report outlines the company's acquisition of Southern Airways Corporation, which was completed on July 27, 2023. This acquisition expanded Surf Air Mobility's network across various U.S. regions, including the Mid-Atlantic, Gulf South, Midwest, Rocky Mountains, West Coast, New England, and Hawaii.
Financial results for 2024 show a total revenue of $119.4 million, a 97% increase from the previous year. The increase in revenue is attributed to the Southern acquisition and growth in on-demand charter flights.
Operating expenses for the year totaled $179.7 million, a decrease from the previous year's $257.3 million. The decrease is primarily due to reductions in general and administrative expenses and the absence of goodwill impairment charges recorded in 2023.
The company reported a net loss of $74.9 million for 2024, an improvement from the $250.7 million net loss in 2023. The improvement is due to increased revenue and decreased operating expenses.
Surf Air Mobility's liquidity remains a concern, with the company in default of certain tax and debt obligations. The report highlights the company's efforts to secure additional financing and implement operational improvements to address these issues.
The filing also discusses Surf Air Mobility's strategic focus on developing electrified powertrain technology and enhancing its digital platform to support regional air mobility at scale.
The company acknowledges its dependence on strategic partnerships and its efforts to maintain compliance with regulatory requirements as it pursues its growth and expansion strategies.
The report concludes with a discussion on risk factors, including market competition, regulatory challenges, and the company's ability to secure necessary financing to support its operations and strategic initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Surf Air Mobility Inc. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.