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
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Revenue | $30,624 | $5,507 |
| Operating expenses: | ||
| Cost of revenue, exclusive of depreciation and amortization | 28,489 | 6,650 |
| Technology and development | 7,009 | 812 |
| Sales and marketing | 3,009 | 1,394 |
| General and administrative | 24,609 | 8,441 |
| Depreciation and amortization | 1,978 | 258 |
| Total operating expenses | 65,094 | 17,555 |
| Operating loss | $(34,470) | $(12,048) |
| Other income (expense): | ||
| Changes in fair value of financial instruments carried at fair value, net | $(515) | $(8,096) |
| Interest expense | (1,671) | (171) |
| Other expense | (355) | (258) |
| Total other income (expense), net | $(2,541) | $(8,525) |
| Loss before income taxes | (37,011) | (20,573) |
| Income tax benefit | 46 | — |
| Net loss | $(36,965) | $(20,573) |
| Net loss per share applicable to common shareholders, basic and diluted | $(0.48) | $(1.46) |
| Weighted-average number of common shares used in net loss per share applicable to common shareholders, basic and diluted | 77,309,329 | 14,100,926 |
Unaudited Condensed Consolidated Statement of Changes in Redeemable Convertible Preferred Shares and Shareholders’ Deficit
(in thousands, except share data)
| Stockholders’ Equity (Deficit) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Redeemable Convertible Preferred Shares · Class B-6s ConvertiblePreferred Shares · Common Shares | |||||||||
| Number ofShares | Amount | Number ofShares | Amount | Number ofShares | Amount | Additional Paid-In Capital | AccumulatedDeficit | Total Shareholders' Deficit | |
| Balance at December 31, 2022 | 229,144,283 | $130,667 | 71,478,742 | $3,414 | 12,487,438 | $1 | $126,335 | $(351,839) | $(222,089) |
| Stock-based compensation expense | — | — | — | — | — | — | 1,145 | — | 1,145 |
| Net loss | — | — | — | — | — | — | — | (20,573) | (20,573) |
| Balance at March 31, 2023 | 229,144,283 | $130,667 | 71,478,742 | $3,414 | 12,487,438 | $1 | $127,480 | $(372,412) | $(241,517) |
| Stockholders’ Equity (Deficit) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Redeemable Convertible Preferred Shares · Class B-6s ConvertiblePreferred Shares · Common Shares | |||||||||
| Number ofShares | Amount | Number ofShares | Amount | Common ofShares | Amount | Additional Paid-In Capital | AccumulatedDeficit | Total Shareholders' (Deficit)/Equity | |
| Balance at December 31, 2023 | — | $— | — | $— | 76,150,437 | $8 | $525,042 | $(602,535) | $(77,485) |
| Issuance of common stock related to restricted shares | 311,052 | — | — | — | — | ||||
| Issuance of common stock under software license agreement | — | — | — | — | 4,052,073 | — | 4,000 | — | 4,000 |
| Issuance of common stock under marketing agreement | 45,283 | — | 50 | — | 50 | ||||
| Issuance of common shares under Share Purchase Agreement | — | — | — | — | 1,358,342 | — | 1,456 | — | 1,456 |
| Stock-based compensation expense | — | — | — | — | — | — | 2,643 | — | 2,643 |
| Net loss | — | — | — | — | — | — | — | (36,965) | (36,965) |
| Balance at March 31, 2024 | — | $— | — | $— | 81,917,187 | $8 | $533,191 | $(639,500) | $(106,301) |
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