SURF AIR MOBILITY INC
For the period ended Jun 30, 2024. Filed Aug 14, 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.
Jun 30, 2024 · Filed Aug 14, 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
Three and Six Months Ended June 30, 2024 and 2023
(in thousands, except share and per share data)
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | $32,366 | $6,195 | $62,990 | $11,702 |
| Operating expenses: | ||||
| Cost of revenue, exclusive of depreciation and amortization | 27,729 | 7,049 | 56,218 | 13,699 |
| Technology and development | 5,658 | 816 | 12,667 | 1,629 |
| Sales and marketing | 2,578 | 1,927 | 5,587 | 3,321 |
| General and administrative | 19,596 | 9,296 | 44,205 | 17,736 |
| Depreciation and amortization | 2,062 | 261 | 4,040 | 519 |
| Total operating expenses | 57,623 | 19,349 | 122,717 | 36,904 |
| Operating loss | $(25,257) | $(13,154) | $(59,727) | $(25,202) |
| Other income (expense): | ||||
| Changes in fair value of financial instruments carried at fair value, net | $(154) | $(30,404) | $(669) | $(38,500) |
| Interest expense | (1,911) | (525) | (3,582) | (697) |
| Loss on extinguishment of debt | — | (389) | — | (389) |
| Other income (expense) | 304 | (48) | (51) | (305) |
| Total other income (expense), net | $(1,761) | $(31,366) | $(4,302) | $(39,891) |
| Loss before income taxes | (27,018) | (44,520) | (64,029) | (65,093) |
| Income tax benefit | 35 | — | 81 | — |
| Net loss | $(26,983) | $(44,520) | $(63,948) | $(65,093) |
| Net loss per share applicable to common shareholders, basic and diluted | $(0.33) | $(3.14) | $(0.80) | $(4.60) |
| Weighted-average number of common shares used in net loss per share applicable to common shareholders, basic and diluted | 81,890,955 | 14,168,091 | 79,599,848 | 14,138,856 |
Unaudited Condensed Consolidated Statement of Changes in Redeemable Convertible Preferred Shares and Shareholders’ Deficit
Three and Six Months Ended June 30, 2024 and 2023
(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 March 31, 2024 | — | $— | — | $— | 81,917,187 | $8 | $533,191 | $(639,500) | $(106,301) |
| Issuance of common stock related to restricted shares | — | — | — | — | 115,836 | — | — | — | — |
| Issuance of common stock related to stock option exercises | — | — | — | — | 1,946 | — | 1 | — | 1 |
| Issuance of common stock under software license agreement | — | — | — | — | 4,856,727 | — | 2,000 | — | 2,000 |
| Issuance of common stock under marketing agreement | — | — | — | — | 137,729 | — | 137 | — | 137 |
| Issuance of common shares under Share Purchase Agreement | — | — | — | — | — | — | — | — | — |
| Stock-based compensation expense | — | — | — | — | — | — | 3,056 | — | 3,056 |
| Net loss | — | — | — | — | — | — | — | (26,983) | (26,983) |
| Balance at June 30, 2024 | — | $— | — | $— | 87,029,425 | $8 | $538,385 | $(666,483) | $(128,090) |
| 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 Stockholders' Deficit | |
| Balance at March 31, 2023 | 229,144,283 | $130,667 | 71,478,742 | $3,414 | 12,487,438 | $1 | $127,479 | $(372,412) | $(241,518) |
| Issuance of Class B-6a redeemable convertible preferred shares | 5,711,720 | 3,000 | — | — | — | — | — | — | — |
| Conversion of debt to Class B-6s convertible preferred shares | — | — | 486,402 | 202 | — | — | — | — | 202 |
| Conversion of related party promissory note to Class B-6s convertible preferred shares | — | — | 9,932,241 | 4,418 | — | — | 842 | — | 5,260 |
| Exercise of warrants | — | — | — | — | 905,081 | — | — | — | — |
| Issuance of related party SAFEs | — | — | — | — | — | — | (444) | — | (444) |
| Exercise of share options | — | — | — | — | 25,307 | — | 31 | — | 31 |
| Issuance of Class B-6s to service providers | — | — | 1,921,778 | 855 | — | — | — | — | 855 |
| Share-based compensation expense | — | — | — | — | — | — | 799 | — | 799 |
| Net loss | — | — | — | — | — | — | — | (44,520) | (44,520) |
| Balance at June 30, 2023 | 234,856,003 | $133,667 | 83,819,163 | $8,889 | 13,417,826 | $1 | $128,707 | $(416,932) | $(279,335) |
| 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)/Equity | |
| Balance at December 31, 2023 | — | $— | — | $— | 76,150,437 | $8 | $525,042 | $(602,535) | $(77,485) |
| Issuance of common stock related to restricted shares | 426,888 | — | — | — | — | ||||
| Issuance of common stock related to stock option exercises | — | — | — | — | 1,946 | — | 1 | — | 1 |
| Issuance of common stock under software license agreement | — | — | — | — | 8,908,800 | — | 6,000 | — | 6,000 |
| Issuance of common stock under marketing agreement | 183,012 | — | 187 | — | 187 | ||||
| Issuance of common shares under Share Purchase Agreement | — | — | — | — | 1,358,342 | — | 1,456 | — | 1,456 |
| Stock-based compensation expense | — | — | — | — | — | — | 5,699 | — | 5,699 |
| Net loss | — | — | — | — | — | — | — | (63,948) | (63,948) |
| Balance at June 30, 2024 | — | $— | — | $— | 87,029,425 | $8 | $538,385 | $(666,483) | $(128,090) |
| 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) |
| Issuance of Class B-6a redeemable convertible preferred shares | 5,711,720 | 3,000 | — | — | — | — | — | — | — |
| Conversion of debt to Class B-6s convertible preferred shares | — | — | 486,402 | 202 | — | — | — | — | 202 |
| Conversion of related party promissory note to Class B-6s convertible preferred shares | — | — | 9,932,241 | 4,418 | — | — | 842 | — | 5,260 |
| Exercise of warrants | — | — | — | — | 905,081 | — | — | — | — |
| Issuance of related party SAFEs | — | — | — | — | — | — | (444) | — | (444) |
| Exercise of share options | — | — | — | — | 25,307 | — | 31 | — | 31 |
| Issuance of Class B-6s to service providers | — | — | 1,921,778 | 855 | — | — | — | — | 855 |
| Share-based compensation expense | — | — | — | — | — | — | 1,943 | — | 1,943 |
| Net loss | — | — | — | — | — | — | — | (65,093) | (65,093) |
| Balance at June 30, 2023 | 234,856,003 | $133,667 | 83,819,163 | $8,889 | 13,417,826 | $1 | $128,707 | $(416,932) | $(279,335) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.