Surf forecasts ‘rapid growth’ in first quarterly disclosure since public listing
California start-up Surf Air Mobility has reported second-quarter results reflecting its recent acquisition of regional carrier Southern Airways – its first disclosure since being listed on the New York Stock Exchange last month. Surf generated $6.2m of revenue in the three months ending 30 June, while Southern’s revenue was $22.4m. The companies generated $4.5m and $19.6m, respectively, during the same period last year. Surf reports losing $44.5m during the second quarter, while Southern lost $1.7m. That compares with losses of $18.7mi and $1.2m during the prior-year period. Based in Los Angeles, Surf currently operates a “technology-forward, on-demand scheduled regional aviation platform” – a membership model through which passengers can book flights with third-party operators. The company is considered a leader in developing door-to-door travel experiences in the emerging regional air mobility segment, which is focused on operating traditional short-haul flights using low- or no-emissions technology. Surf closed the deal to acquire Florida-based Surf on 27 July – the same day that it was listed as a public company – and subsequently became “the largest commuter airline in the United States and the largest passenger operator of Cessna Caravans… by scheduled departures,” Surf says in its prospectus for investors. On 2 August, Surf disclosed that it has a deal with Textron Aviation to purchase 100 new Cessna Grand Caravans over a five-year period, with options for an additional 50 of the type. Deliveries are set to begin in 2024. The start-up also has an exclusive deal with Textron to ”become the exclusive provider of battery-electric and hybrid-electric powertrain technology for the Cessna Grand Caravan”, Surf says. Surf plans to retrofit Southern’s sizeable fleet of existing Grand Caravans with hybrid-electric and fully electric powerplants, and to develop and certify its “EP1” propulsion system through partnerships with AeroTEC, MagniX and Textron.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2023-08-17/unaligned/surf-forecasts-2018rapid-growth2019-in-first-quarterly-disclosure-since-public-listing
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Surf forecasts ‘rapid growth’ in first quarterly disclosure since public listing
California start-up Surf Air Mobility has reported second-quarter results reflecting its recent acquisition of regional carrier Southern Airways – its first disclosure since being listed on the New York Stock Exchange last month. Surf generated $6.2m of revenue in the three months ending 30 June, while Southern’s revenue was $22.4m. The companies generated $4.5m and $19.6m, respectively, during the same period last year. Surf reports losing $44.5m during the second quarter, while Southern lost $1.7m. That compares with losses of $18.7mi and $1.2m during the prior-year period. Based in Los Angeles, Surf currently operates a “technology-forward, on-demand scheduled regional aviation platform” – a membership model through which passengers can book flights with third-party operators. The company is considered a leader in developing door-to-door travel experiences in the emerging regional air mobility segment, which is focused on operating traditional short-haul flights using low- or no-emissions technology. Surf closed the deal to acquire Florida-based Surf on 27 July – the same day that it was listed as a public company – and subsequently became “the largest commuter airline in the United States and the largest passenger operator of Cessna Caravans… by scheduled departures,” Surf says in its prospectus for investors. On 2 August, Surf disclosed that it has a deal with Textron Aviation to purchase 100 new Cessna Grand Caravans over a five-year period, with options for an additional 50 of the type. Deliveries are set to begin in 2024. The start-up also has an exclusive deal with Textron to ”become the exclusive provider of battery-electric and hybrid-electric powertrain technology for the Cessna Grand Caravan”, Surf says. Surf plans to retrofit Southern’s sizeable fleet of existing Grand Caravans with hybrid-electric and fully electric powerplants, and to develop and certify its “EP1” propulsion system through partnerships with AeroTEC, MagniX and Textron.<br/>
