Surf Air Mobility Beats Revenue Guidance and Appoints Former Bombardier Flexjet Exec as New Interim CEO

–News Direct–

Surf Air Mobility Inc. (NYSE:SRFM), a leading regional air mobility platform, just announced its incoming interim-CEO, Deanna White, a leading pioneer in the aviation industry.¹

Deanna, Surf Air Mobilitys former CFO and current Senior Advisor, will become full time Chief Operating Officer and interim CEO for Surf Air Mobility Inc. (NYSE:SRFM). Deanna White brings years of executive experience in aviation and a proven commitment to transforming flight.

This news also marks a significant milestone for the aviation space, which is primarily a male-dominated industry.

Deanna is the perfect choice to guide Surf Air Mobility into the future as the company turns its focus to profitability and efficiency. Her unparalleled depth of experience in the aviation industry, combined with her intimate knowledge of Surf Air Mobility and the broader opportunity, positions her to lead the company towards new heights. Since joining Surf Air Mobility in 2021, she has made valuable and long-lasting contributions as both CFO and Senior Advisor of the company.

Deannas previous experience in both emerging aviation technologies and private charter operations makes her an amazing fit. She has served as COO at Kittyhawk, which was sold during her tenure to Boeing and has subsequently been rebranded as Wisk Aero, where she led the business operations and commercialization of an R&D eVTOL aircraft program. She was also CEO of Bombardier Flexjet, a global leader in private aviation, which was ultimately sold to Directional Aviation Capital for $185 million.

Deanna is a seasoned industry leader, blending an intimate knowledge of Surf Air Mobility and its people with an unparalleled depth of experience in the aviation industry. She has a proven track record of success in the C-Suite of multiple innovative companies across the Air Mobility sector.

Her previous experience in C-level positions at Bombardier Flexjet and Kittyhawk, continues to guide and inspire her as she leads Surf Air Mobility into its next chapter. This new phase will balance growth and opportunity with profitability, as Deanna reshapes the industry and realizes Surf Air Mobilitys massive potential.

In a CEO transition, Stan Little, the founder of Southern Airways and current Surf Air CEO, will move to a "Founders" role.

Surf Air Mobility also provided financial and business highlights for the first quarter of 2024. The company is making progress on key initiatives, including supporting 19 communities under the Essential Air Service program and entering into an MOU to supply electric powertrains to Tanzanian Cessna Caravan operator Auric Air. The aircraft electrification program is on track to complete the conceptual design phase by the fourth quarter of 2024, and software development for B2C and B2B platforms is ongoing.

To enhance its capital structure, Surf Air Mobility has engaged a leading investment bank to secure additional, non-dilutive or less-dilutive capital in the form of a credit facility.

Congress is expected to imminently pass the FAA Reauthorization Act, which, in its current form, would positively impact the Essential Air Service (EAS) program by raising the subsidy cap from a maximum of $200 per passenger to a maximum of at least $650 per passenger.

As of March 31, Surf Air Mobility supported 19 communities under the EAS program. The FAA Reauthorization Act requires the total cost of an air carrier's proposal to be equally weighted with other factors such as local recommendations, including frequency of service, and interline agreements. This focus on cost favors Surf Air Mobilitys low-cost Caravan fleet.

Stan Little, founder of Southern Airways, highlighted that Surf Air Mobility achieved many first-quarter goals and met or exceeded guidance. He noted their collaboration with Congressional leaders from both parties to reform and expand the Essential Air Service program, aiming to benefit passengers, commuter air carriers, and taxpayers. Additionally, the company continued its electrification efforts, which are designed to benefit all stakeholders.

For more information on the companys first quarter financial results and outlook, visit investors.surfair.com.

Surf Air Mobility Advances Regional Air Travel Through Electrification

Surf Air Mobility Inc. (NYSE:SRFM), headquartered in Los Angeles, is dedicated to transforming regional air travel through electrification. The company partners with commercial leaders to develop innovative powertrain technology for smaller aircraft, with the goal of making regional flying more accessible and affordable while reducing environmental impact. Supported by a management team with expertise in aviation, electrification, and consumer technology, Surf Air Mobility is at the forefront of sustainable air travel innovation.

In March, Surf Air Mobility signed an agreement with Auric Air Services Ltd. to upgrade up to 12 of their Cessna Grand Caravan aircraft with Surf Airs electrified powertrains, aiming to lower emissions and reduce operating costs. Auric Air, a Tanzania-based regional air operator, will be among the first to benefit from Surf Air's technology once it is certified.

This agreement marks a significant milestone for Surf Air, as it now has agreements covering approximately 13% of the Cessna Caravan market in Africa for electrified powertrain upgrades. Surf Air is currently developing Supplemental Type Certifications for both hybrid and fully-electric variants of the Cessna Grand Caravan. The company aims to achieve up to 50% reduction in direct operating costs and 100% reduction in carbon emissions for the fully-electric powertrain, which could have a profound impact on the aviation industry worldwide.

This agreement with Auric Air follows similar agreements with other large Cessna Caravan operators in East Africa and Brazil.

In February, Surf Air Mobility and Electra.aero Inc., a next-gen aerospace company, partnered to introduce affordable, sustainable, and easily accessible regional air travel. They plan to leverage Electras hybrid-electric short takeoff and landing (eSTOL) aircraft on Surf Airs technology-driven, on-demand air mobility platform, and through Surf Airs Aircraft-as-a-Service (ACaaS) offering to air operators.

Surf Air Mobility Inc. (NYSE:SRFM) has secured early delivery positions for 90 Electra eSTOL aircraft, which will be integrated into the Surf Air national flight network, including Southern Airways Express and Mokulele Airlines. This initiative aligns with Surf Airs goal of supporting the launch, growth, and optimization of new electrified aircraft through its platform. The Electra eSTOL aircrafts remarkable ability to take off and land in as little as 150 feet will enable direct-to-destination air transportation, expanding regional transportation to a broader customer base beyond what private aviation currently serves.

Click on this link or read their corporate presentation to learn more about Surf Air Mobility Inc. (NYSE:SRFM).

Footnotes:

[1] https://finance.yahoo.com/news/surf-air-mobility-reports-first-200500326.html

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