Surf Air Mobility Inc. (SRFM) announced its fourth-quarter financial results, reporting a non-GAAP loss per share of 28 cents, in line with expectations. Quarterly revenue reached $26.8 million, while pro forma revenue surpassed estimates at $27.4 million.
For the fiscal year 2023, Surf Air Mobility incurred losses of $6.35 per share, an increase from the previous year's $5.51 loss. Despite these losses, the company highlighted its achievements, including a direct listing on the NYSE and the merger with Southern Airways.
Surf Air Mobility's CEO, Stan Little, expressed satisfaction with the company's performance, emphasizing the attainment of revenue and Adjusted EBITDA targets. He also highlighted the company's progress in expanding its regional airline network and developing electric powertrain technology for smaller aircraft.
Looking ahead, Surf Air Mobility anticipates first-quarter revenue between $28.5 million and $29.5 million, below the estimated $32.3 million. The company will provide further guidance for 2024 at its Investor Day on June 7th.
CFO Oliver Reeves emphasized the company's focus on balancing growth with profitability, expense reduction, and strategic capital allocation. Potential route expansions are among the high-return opportunities being considered.