Surf Air Mobility (SRFM) Registration Filing summary

Company overview and business model

• Operates a regional air mobility platform focused on sustainable, electrified flight and connecting underserved communities.

• Develops fully-electric and hybrid-electric powertrain technology with commercial partners to upgrade existing fleets.

• Provides scheduled and on-demand charter flights, leveraging a network of 41 cities and 31,476 departures in 2023.

• Acquired Southern Airways in July 2023, expanding its network and becoming the largest U.S. operator of Cessna Grand Caravan EXS.

• Holds multi-year contracts with the U.S. government for Essential Air Service routes.

Financial performance and metrics

• Reported net loss of $250.7 million for 2023, compared to $74.4 million in 2022 (as adjusted for reverse split).

• Net loss for the six months ended June 30, 2024 was $63.9 million, similar to $65.1 million in the prior year period.

• Reverse stock split (7-for-1) effective August 16, 2024; all share data retroactively adjusted.

• Weighted-average shares outstanding for 2023: 5.6 million (post-split); net loss per share: $(44.46).

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general corporate purposes, including debt repayment, acquisitions, capital expenditures, and working capital.

• Actual allocation of proceeds for each offering will be detailed in the relevant prospectus supplement.