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Tag: NYSE: SRFM

  • Surf Air Mobility (SRFM) Stock Continues Uptrend In Pre-Market Activity

    Surf Air Mobility (SRFM) Stock Continues Uptrend In Pre-Market Activity

    Surf Air Mobility Inc. (NYSE: SRFM) shares continued to build on their recent jump in early pre-market activity. The stock rose 8.60% to $3.92 from its previous closing price of $3.60 with a tremendous 88.48% rise.

    This continued momentum, which follows SRFM’s announcement of noteworthy accomplishments in the second phase of its four-stage Transformation Plan, has increased investor optimism.

    Performance Is Driven by Operational Optimization

    In order to achieve airline operations profitability, as shown by positive Adjusted EBITDA, by the end of current fiscal year, the second phase, referred to as the Optimization Phase, is concentrated on improving operational efficiency and using SurfOS technology.

    Surf Air Mobility’s strengthened relationship with Southern Airways and Mokulele Airlines is one of the noteworthy improvements, as it contributed to a 10% rise in the controlled completion factor over fiscal year 2024.

    Additionally, there was a 21% improvement in on-time departures (D0) and arrivals within 14 minutes of the scheduled time (A14). Surf Air Mobility’s emphasis on dependability and customer happiness is seen in these measures, which have reached their greatest levels since January 2023.

    Contract Wins and Technological Integration

    In a further boost to its revenue stream, Surf Air Mobility recently secured a contract renewal in an Essential Air Service community, which is projected to contribute approximately $9.9 million in additional subsidy income over the next four years.

    The company’s Surf On Demand business has now collaborated with more than 425 operators, while pilot-submitted Flight Risk Assessment Tool (FRAT) reports have doubled since the introduction of the company’s Crew App—enhancing safety oversight and proactive risk management.

    Foundation for Expansion Phase

    These initiatives are establishing the foundation for the 2026 Expansion Phase, which will allow third-party operators to use SurfOS and offer additional scheduled flights, in addition to significant investments in aircraft renovations and the introduction of new Cessna Caravans. These developments show Surf Air Mobility’s (SRFM) dedication to profitable expansion, sustainable growth, and technology leadership in regional aviation.

  • Surf Air (SRFM) Shares Show After-Market Resilience

    Surf Air (SRFM) Shares Show After-Market Resilience

    Surf Air Mobility Inc. (NYSE: SRFM) experienced a notable recovery in its share price during Wednesday’s after-market session, gaining 8.85% to close at $3.69. This rise offset a 3% decline in the regular session, where shares closed at $3.39. The fluctuations reflect market responses to significant developments within the company, particularly regarding leadership.

    Deanna White Takes Helm as CEO and COO

    Deanna White has been named Chief Operating Officer and Chief Executive Officer of Surf Air. From May 2022 until December 2023, Ms. White served as Chief Financial Officer. Since May 2024, she has been acting as Interim CEO and COO.

    She is the perfect person to manage Surf Air as it carries out its Transformation Plan and strives for profitability because of her wealth of expertise and leadership qualities. Ms. White has a notable background in flying.

    She handled the commercialization of an eVTOL aircraft program as COO of Kitty Hawk, which was eventually acquired by Boeing and rebranded as Wisk Aero. She also held high-level positions at Bombardier Flexjet, helping the company expand prior to Directional Aviation Capital’s acquisition.

    Progress in the Transformation Plan

    Surf Air’s ongoing Transformation Plan is focused on achieving profitability by 2025. SRFM wants to improve its financial condition and develop a business strategy that uses less money.

    The recent purchase of four Cessna Grand Caravan EX turboprop aircraft from Textron Aviation is a major step in this direction. Two of these aircraft were financed through operating leases with ITC-AeroLeasing, highlighting Surf Air’s effective partnership with international aviation stakeholders.

    Fleet Expansion Enhances Operations

    The delivery of these aircraft, celebrated at Textron Aviation’s Kansas facility, represents a strategic investment in operational efficiency and passenger experience. The Grand Caravans will immediately join Surf Air’s network, contributing to improved profitability and supporting the company’s commitment to modernizing its fleet.

    Each new addition underscores SRFM’s resolve to meet its ambitious goals under the Transformation Plan. With robust leadership and a clear strategic focus, Surf Air Mobility is positioned to redefine its business model and strengthen its presence in the aviation industry.