Recent Updates — SRFM

Surf Air Mobility appointed Jason Secore as Chief Financial Officer effective September 30, 2026, succeeding Oliver Reeves who resigned from his roles as CFO and principal accounting officer. Mr. Secore brings prior experience as CFO of Matternet and finance leadership at Arconic and Republic Airways. His employment agreement includes a $450,000 base salary, a target bonus equal to 100% of base, and equity grants comprising 260,000 RSUs, 260,000 performance-based RSUs, and 270,000 additional PRSUs. Mr. Reeves will serve as an advisor through September 2027 with a $240,000 annual fee and received severance including a $650,000 cash payment and stock awards valued at approximately $732,329. Surf Air Mobility operates in the air mobility industry, providing scheduled airline services, private charter flights, and aviation software technology.

Surf Air Mobility Inc. satisfied the closing conditions for the second tranche of a Secured Purchase Agreement on August 10, 2026, resulting in the issuance of Senior Secured Debentures with an aggregate principal amount of approximately $14 million. This follows an initial issuance of approximately $7 million on June 30, 2026, bringing the total face value of the debentures to $21.6 million. The company intends to use the net proceeds from this second tranche for general working capital purposes. Surf Air Mobility Inc. operates in the aviation industry, providing subscription-based private jet and helicopter travel services.

Surf Air Mobility Inc. reported second quarter 2026 financial results on August 10, 2026, achieving total revenue of $29.5 million, an 8% year-over-year increase driven by a 101% surge in Surf On Demand private charter revenue to $12.1 million. The company posted an adjusted EBITDA loss of $10.5 million and a net loss of $28.1 million. Key operational highlights include securing its first SurfOS enterprise software contract with Wheels Up, valued up to $12 million over three years, and expanding its partnership with Palantir Technologies. Financially, the company reduced existing convertible note principal by 64% through refinancing transactions in July 2026, lowering monthly cash amortization payments by up to 50%. Surf Air Mobility reaffirmed full year 2026 revenue guidance of $128 million to $138 million and issued third quarter 2026 revenue guidance of $35.5 million to $37.5 million. The company operates in the air mobility industry, providing commuter airline services and AI-enabled aviation software platforms.

Surf Air Mobility Inc. received a notice from the New York Stock Exchange on July 24, 2026, stating the company is not in compliance with Section 802.01C of the NYSE Listed Company Manual because its average closing price was below $1.00 over 30 consecutive trading days. During its 2026 annual stockholders' meeting held on the same day, shareholders approved an amendment to the Certificate of Incorporation to allow for a reverse stock split with a ratio ranging from 2:1 to 6:1. The company also elected Tyler Painter and Sudhin Shahani to the Board of Directors and ratified PricewaterhouseCoopers LLP as its independent auditor. Surf Air Mobility is an air mobility platform that operates a commuter airline and provides aviation software services.

Surf Air Mobility Inc. closed a debt exchange transaction on July 1, 2026, exchanging a $46,857,142.89 balance of a 2028 Senior Secured Convertible Note for a new $16,857,142.89 Senior Secured Convertible Note due 2027 and a $30,000,000 Senior Secured Term Note due 2028. Additionally, the company corrected a previous statement regarding its status as the first Part 135 operator to commercialize electric passenger flights, clarifying that it plans to be the first rather than having already achieved it. Surf Air Mobility Inc. operates in the aviation industry, providing regional air mobility solutions.