Overview

* Surf Air Mobility ( SRFM ) Q3 revenue of $29.2 mln exceeds company's guidance range

* Adjusted EBITDA loss of $9.9 mln

* Company closed $100 mln strategic transaction to fund SurfOS and strengthen balance sheet

Outlook

* Company raises full-year revenue guidance to at least $105 mln

* Company expects Q4 revenue between $25.5 mln and $27.5 mln

* Company anticipates Q4 adjusted EBITDA loss of $8 mln to $6.5 mln

Result Drivers

* LARGER AIRCRAFT MIX - Shift to larger aircraft and international flights increased revenue per departure in On Demand business

* EXITING UNPROFITABLE ROUTES - Company improved operational metrics in Scheduled Service by exiting unprofitable routes

* AIRLINE PROFITABILITY - Achieved second consecutive quarter of profitability in airline operations due to improved operational metrics

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $29.17 $27.90

Revenue mln mln (3

Analysts

)

Q3 EPS -$0.64

Q3 Net -$27.21 -$17.90

Income mln mln (2

Analysts

)

Q3 -$16.50 -$13.60

Operatin mln mln (2

g Income Analysts

)

Q3 -$27.28 -$17.90

Pretax mln mln (2

Profit Analysts

)

Q3 $45.67

Operatin mln

g

Expenses

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the airlines peer group is "buy"

* Wall Street's median 12-month price target for Surf Air Mobility Inc ( SRFM ) is $7.88, about 61.4% above its November 11 closing price of $3.04

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)