May 12, 2025
Surf Air revenue dipped to $23.5 million in Q1 2025 as it cut losses during the year’s first three months.
Despite a revenue drop, Surf Air Mobility cut Adjusted EBITDA and Net Losses in Q1.
(Full Surf Air’s financials can be downloaded at the end of the story.)
Q1 revenues were $23.5 million, near the high end of its guidance, down from $30.6 million in 2024.
Operating loss dropped from $34.5 million to $18.6 million year-over-year.
Net loss dropped to $18.5 million from $36.9 million.
Scheduled revenue dropped from $23.0 million to $17.8 million.
On-Demand revenue fell year-over-year from $7.6 million to $5.7 million in the quarter.
CEO and COO Deanna White noted, “During the first quarter of 2025, we continued to make strong progress across multiple initiatives in our Transformation Plan, achieving numerous milestones and keeping us on track to achieve profitability in our airline operations in 2025.”
She added, “Our momentum is strong, and our operating metrics continue to improve as we optimize our aircraft fleet, implement new technologies, and drive efficiencies.”
The company said the 25% drop in on-demand revenue was due to its “focus on charter profitability.”
Earlier this year, it relaunched its jet card program.
The year-over-year reduction in net loss was primarily driven by lower technology-related costs, lower compensation costs, and a benefit from the change in fair value of financial instruments.
Surf Air relocated its operations center from California to Dallas during the quarter.
Second quarter revenue guidance is projected to be $23.5 million to $ 26.5 million.
Q2 2025 Adjusted EBITDA loss is guided from $ 10.0 million to $ 13.0 million.
Guidance excludes the expected impact of stock-based compensation, changes in fair value of financial instruments, and other non-recurring items.
The adjusted EBITDA loss range for the second quarter reflects the continued deployment of capital, which was raised in November.
It also includes clearing aircraft maintenance backlog and R&D.
Surf Air reaffirmed its expectations that 2025 revenues will exceed $100 million and that airline operations will achieve profitability, defined as positive adjusted EBITDA.
DOWNLOAD: Surf Air Q1 2025 Financials
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