SURF AIR MOBILITY INC
For the period ended Mar 31, 2024. Filed May 15, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 15, 2024
SRFM$0.74+5.2%Stored close · as of Nov 10, 2026
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Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(36,965) | $(20,573) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 1,978 | 258 |
| Non-cash operating lease expense | 1,368 | — |
| Stock-based compensation expense | 12,643 | 1,145 |
| Changes in fair value of financial instruments carried at fair value, net | 515 | 8,096 |
| Amortization of debt discounts and debt issuance costs | 47 | — |
| Deferred income taxes | (46) | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | 255 | (58) |
| Prepaid expenses and other current assets | 326 | 183 |
| Other assets | 465 | — |
| Accounts payable | 4,850 | 2,355 |
| Due to a related party | 1,131 | — |
| Accrued expenses and other current liabilities | 3,487 | (811) |
| Deferred revenue | (497) | 384 |
| Operating lease liabilities | (1,355) | — |
| Other liabilities | (1,012) | — |
| Cash flows used in operating activities | $(12,810) | $(9,021) |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (715) | (83) |
| Internal-use software development costs | (28) | (49) |
| Net cash used in investing activities | $(743) | $(132) |
| Cash flows from financing activities: | ||
| Payments of borrowings on convertible notes | — | (20) |
| Principal payments on long-term debt | (776) | — |
| Proceeds from borrowings of SAFE notes | — | 250 |
| Proceeds from advances under Share Purchase Agreement | 3,811 | — |
| Proceeds from collateralized borrowings, net of repayment | 138 | — |
| Proceeds from borrowings from related parties | 9,995 | 9,159 |
| Payment of finance lease obligations | (55) | — |
| Net cash provided by financing activities | $13,113 | $9,389 |
| Increase (decrease) in cash, cash equivalents and restricted cash | (440) | 236 |
| Cash, cash equivalents and restricted cash at beginning of period | 2,431 | 912 |
| Cash, cash equivalents and restricted cash at end of period | $1,991 | $1,148 |
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