New Surf Air Chairman Shawn Pelsinger outlines plans to aggressively invest in new technologies, improve financials.
Surf Air is entering the next chapter in its Transformation Plan, according to newly appointed Chairman of the Board Shawn Pelsinger, in a letter to shareholders.
“We have significantly reduced our debt,” wrote Pelsinger, “improved profitability in our air mobility business, and we have secured our first multi-million-dollar contract to deploy SurfOS alongside Palantir.”
Wheels Up Experience was announced as the launch customer of Enterprise BrokerOS in June.
Surf Air’s mission relies on three prongs: SurfOS, a tech-enabled charter platform, and air mobility operations.
SurfOS is an AI-enabled operating system developed in collaboration with Palantir to serve clients across the industry.
The charter platform means to align operators, owners, brokers, and passengers for an interconnected ecosystem.
Meanwhile, the air mobility operations plan to serve as a launch pad for Surf Air’s investments in electric aircraft.
The chairman’s letter went on to summarize that these three technology investments would be its focus for the rest of this year and across 2027 to reach profitability.
“You’ll see the airline become a smaller share of the business,” wrote Pelsinger, “while becoming more cash generative, and when paired with technology from partners like BETA and our own SurfOS software, our airline operations will inflect even further to profitability.”
Shawn Pelsinger is the CAO and CLO of Acrisure, a financial tech and insurance company in Michigan, and a professor at Columbia Law School.
He was also the former Global Head of Corporate Development at Palantir.
The partnership between Surf Air and Palantir, which Pelsinger helped establish in 2021, continued as Palantir acquired a 7.4% stake in Surf Air.
Surf Air’s struggle to reach profitability continues, as it recently received a compliance notice from the New York Stock Exchange for trading at an average price below a dollar over 30 days, in breach of NYSE rules.
This also follows Surf Air’s Q1 report, which showed $25.6 million in revenue and a net loss of $20.3 million.
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