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Surf Air has announced securing approximately $50 million in new financing, a move aimed at supporting its transformation plan and paving the way for future profitability. This development was reported alongside the company's financial results for the third quarter of 2024.
The Los Angeles-based air mobility company recorded revenue of $28.4 million during this period, slightly down from $28.9 million in the same quarter last year but exceeding expectations of $25 to $28 million. The net loss also improved significantly, with Surf Air reporting a GAAP net loss of $12.2 million compared to a $45.4 million loss last year.
Interim CEO and COO Deanna White highlighted the progress on their transformation plan: "The financial results for the third quarter demonstrate our continued progress on our transformation plan. We are rightsizing our air mobility operations, implementing new processes, driving improved efficiency and repositioning our air mobility operations for sustained profitability."
