Stonegate Capital Partners Updates Coverage on Surf Air Mobility Inc. (SRFM) 2025 Q1

Dallas, Texas--(Newsfile Corp. - May 15, 2025) - Surf Air Mobility Inc. (NYSE: SRFM): Stonegate Capital Partners updates their coverage on Surf Air Mobility Inc. (NYSE: SRFM). SRFM reported revenue, adj EBITDA, and adj EPS of $23.5M, ($14.4)M, and ($1.09), respectively. It is notable that the Company was well within both revenue and EBITDA guidance in the quarter, despite a short unscheduled downtime towards the beginning of the quarter and a decrease in OnDemand services revenue as the Company continues to focus on charter profitability. With the Company moving out of the Transformation Phase into the Optimization Phase we expect SRFM to improve profitability through strategic cost take outs and optimizations, with very noticeable growth expected towards the back half of FY25. We are very encouraged by the interline agreement that SRFM entered with Japan Airline, the Company's first interline agreement with an international airline. We note that this combined with the Company's launch of the new Jet Card shows the high priority of end-user experience.

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Key Takeaways:

• First Quarter Revenue of $23.5 Million, achieving the High End of Guidance Range.
• Continued Strong Progress Against Transformation Plan.
• SRFM announced that Mokulele Airlines will launch a new interline agreement with Japan Airlines ("JAL"), a leading Japanese airline.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

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