Surf Air Mobility (SRFM) Q4 2024 earnings summary

Executive summary

• Achieved significant progress in 2024, completing the transformation phase and entering 2025 with a strengthened balance sheet and operational momentum.

• Fourth quarter 2024 revenue grew 5% year-over-year to $28.05M, exceeding expectations.

• Full year 2024 revenue rose 6% to $119.4M on a pro-forma basis.

• Adjusted EBITDA loss improved 63% in Q4 and 13% for the full year, reflecting cost reductions and operational efficiencies.

• Net income in Q4 2024 was $1.3M, a $112.3M improvement year-over-year, aided by a $38.9M reversal of unearned compensation and cost actions.

Financial highlights

• Q4 2024 revenue: $28.05M (+5% YoY); full year 2024: $119.4M (+6% YoY, pro-forma).

• Q4 adjusted EBITDA loss: $6.9M (improved by $11.5M YoY); full year adjusted EBITDA loss: $44.1M (improved by $6.8M YoY).

• Q4 net income: $1.3M (vs. $111.0M loss prior year); full year net loss: $74.9M (improved by $175.8M YoY).

• On-demand service revenue grew 58% in Q4 and 28% for the year; scheduled service revenue was flat year-over-year.

• Q4 scheduled service revenue decreased 4% due to route eliminations; On Demand revenue up 39%.

Outlook and guidance

• Q1 2025 revenue guidance: $21–$24 million; adjusted EBITDA loss: $12–$15 million.

• Reiterated full-year 2025 revenue expectation of at least $100 million and profitability in airline operations.

• Plans to commercialize SurfOS in 2026 and achieve electrified powertrain certification in 2027.

• Company pursuing joint ventures to separately capitalize electrification and software initiatives.