Surf Air Mobility (SRFM) Registration Filing summary

Company overview and business model

• Operates a regional air mobility platform focused on sustainable, electrified flight for regional communities, aiming to reduce costs and environmental impact by developing fully-electric and hybrid-electric powertrain technology with commercial partners.

• Serves over 370,000 passengers annually with approximately 72,000 scheduled departures, leveraging a network expanded by the acquisition of Southern Airways Corporation in 2023.

• Provides both scheduled and on-demand charter flights, with a focus on connecting underutilized regional airports and private terminals.

• Holds multi-year contracts with the U.S. federal government for Essential Air Service routes, supporting small community air service.

Risk factors and disclosures

• Faces risks related to limited operating history, unproven powertrain technology, regulatory approvals, and dependence on third-party partners for technology development.

• Subject to risks from integration of acquisitions, increased public company costs, and the need for additional financing.

• Foreign ownership of voting interest is capped at 25%, with additional restrictions for non-citizens from countries without open-skies agreements; voting rights may be suspended if thresholds are exceeded.

• Forward-looking statements are subject to significant uncertainties and actual results may differ materially.

Market opportunity and competitive landscape

• Seeks to accelerate industry-wide adoption of electrified aircraft, targeting substantial cost and environmental benefits by the end of the decade.

• Believes public company status and access to growth capital will support strategic expansion.