01:22 PM EDT, 05/15/2024 (MT Newswires) -- Surf Air Mobility ( SRFM ) shares fell 12% in recent Wednesday trading, a day after the company announced a strategic review and a chief executive officer transition.

The company said Tuesday it's undertaking a strategic review to cut costs and eventually return airline operations to profitability. Surf Air Mobility ( SRFM ) also said it's mulling joint ventures and seeking a credit facility.

Founder and CEO Stan Little will shift to a founder's role, and Deanna White, the former chief financial officer and current senior adviser, will be chief operating officer and interim CEO, the company said.

Surf Air Mobility ( SRFM ) reported a Q1 diluted loss of $0.48 a share, narrowing from the loss of $1.46 a year earlier.

One analyst polled by Capital IQ expected a loss of $0.19.

Revenue in the quarter ended March 31 rose to $30.6 million from $5.51 million, the company said Tuesday.

Two analysts surveyed by Capital IQ expected $29.1 million.

The company expects Q2 revenue of $28 million to $31 million.

Two analysts polled by Capital IQ expect $29.4 million.

Price: 0.42, Change: -0.06, Percent Change: -12.08