SURF AIR MOBILITY INC

For the period ended Sep 30, 2024. Filed Nov 14, 2024.

About this filing

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.

Sep 30, 2024 · Filed Nov 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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Contents

Unaudited Condensed Consolidated Statements of Operations

Three and Nine Months Ended September 30, 2024 and 2023

(in thousands, except share and per share data)

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
	2024	2023	2024	2023
Revenue	$28,386	$21,967	$91,376	$33,669
Operating expenses:
Cost of revenue, exclusive of depreciation and amortization	27,496	20,610	83,714	34,309
Technology and development	5,710	2,877	18,377	4,506
Sales and marketing	1,282	4,529	6,869	7,850
General and administrative	415	55,618	44,620	73,354
Depreciation and amortization	2,121	1,356	6,161	1,875
Total operating expenses	37,024	84,990	159,741	121,894
Operating loss	$(8,638)	$(63,023)	$(68,365)	$(88,225)
Other income (expense):
Changes in fair value of financial instruments carried at fair value, net	$(1,249)	$(10,926)	$(1,918)	$(49,426)
Interest expense	(2,087)	(935)	(5,669)	(1,632)
Gain (loss) on extinguishment of debt	—	63	—	(326)
Other expense	(265)	(3,359)	(316)	(3,664)
Total other income (expense), net	$(3,601)	$(15,157)	$(7,903)	$(55,048)
Loss before income taxes	(12,239)	(78,180)	(76,268)	(143,273)
Income tax benefit	14	3,571	95	3,571
Net loss	$(12,225)	$(74,609)	$(76,173)	$(139,702)
Net loss per share applicable to common shareholders, basic and diluted	$(0.94)	$(9.55)	$(6.40)	$(35.21)
Weighted-average number of common shares used in net loss per share applicable to common shareholders, basic and diluted	12,970,898	7,813,573	11,908,406	3,967,882

Unaudited Condensed Consolidated Statement of Changes in Redeemable Convertible Preferred Shares and Shareholders’ Deficit

Three and Nine Months Ended September 30, 2024 and 2023

(in thousands, except share data)

	Stockholders’ Equity (Deficit)
Redeemable Convertible Preferred Shares · Class B-6s ConvertiblePreferred Shares · Common Stock
	Number ofShares	Amount	Number ofShares	Amount	Number ofShares	Amount	Additional Paid-In Capital	AccumulatedDeficit	Total Shareholders' Deficit
Balance at June 30, 2024	—	$—	—	$—	12,432,775	$1	$538,392	$(666,483)	$(128,090)
Issuance of common stock related to restricted shares	—	—	—	—	154,452	—	—	—	—
Issuance of common shares under Share Purchase Agreement	—	—	—	—	1,353,721	—	2,870	—	2,870
Shares received as consideration for Mandatory Convertible Security	—	—	—	—	(900,000)	—	(1,796)	—	(1,796)
Conversion of Mandatory Convertible Security to common shares	—	—	—	—	448,764	—	910	—	910
Stock-based compensation expense	—	—	—	—	—	—	2,721	—	2,721
Net loss	—	—	—	—	—	—	—	(12,225)	(12,225)
Balance at September 30, 2024	—	$—	—	$—	13,489,712	$1	$543,097	$(678,708)	$(135,610)

	Stockholders’ Equity (Deficit)
Redeemable Convertible Preferred Shares · Class B-6s ConvertiblePreferred Shares · Common Stock
	Number ofShares	Amount	Number ofShares	Amount	Number ofShares	Amount	Additional Paid-In Capital	AccumulatedDeficit	Total Stockholders' Deficit
Balance at June 30, 2023	234,856,003	$133,667	83,819,163	$8,889	1,916,832	$—	$128,708	$(416,932)	$(279,335)
Exercise of warrants	—	—	—	—	543,211	—	128	—	128
Exercise of stock options	—	—	—	—	19,242	—	161	—	161
Conversion of convertible notes to Class B-5 redeemable convertible preferred shares	8,282,432	3,253	—	—	—	—	—	—	—
Conversion of convertible notes to Class B-6a redeemable convertible preferred shares	1,385,905	543	—	—	—	—	—	—	—
Conversion of convertible notes to Class B-6s redeemable convertible preferred shares	—	—	23,560,301	10,494	—	—	—	—	10,494
Conversion of redeemable convertible preferred shares to common shares	(244,524,340)	(137,463)	—	—	1,559,456	—	137,463	—	137,463
Conversion of class B-6s convertible preferred shares to common shares	—	—	(107,379,464)	(19,383)	684,814	—	19,383	—	—
Issuance of common stock related to restricted shares	—	—	—	—	37,203	—	—	—	—
Issuance of common shares to settle SAFEs	—	—	—	—	2,480,765	1	86,826	—	86,827
Issuance of common stock for business acquisition	—	—	—	—	2,321,423	—	81,250	—	81,250
Issuance of common stock related to contract termination	—	—	—	—	90,714	—	3,175	—	3,175
Issuance of common stock in settlement of advisor accrual	—	—	—	—	2,142	—	75	—	75
Issuance of common shares under GEM Purchase	—	—	—	—	142,857	—	25,000	—	25,000
Issuance of common shares under Share Purchase Agreement	—	—	—	—	757,142	—	13,020	—	13,020
Shares repurchased for employee tax withholding	—	—	—	—	(57,666)	—	(1,273)	—	(1,273)
Share-based compensation expense	—	—	—	—	—	—	25,922	—	25,922
Net loss	—	—	—	—	—	—	—	(74,609)	(74,609)
Balance at September 30, 2023	—	$—	—	$—	10,498,135	$1	$519,838	$(491,541)	$28,298

	Stockholders’ Equity (Deficit)
Redeemable Convertible Preferred Shares · Class B-6s ConvertiblePreferred Shares · Common Stock
	Number ofShares	Amount	Number ofShares	Amount	Number ofShares	Amount	Additional Paid-In Capital	AccumulatedDeficit	Total Shareholders' (Deficit)/Equity
Balance at December 31, 2023	—	$—	—	$—	10,878,633	$1	$525,049	$(602,535)	$(77,485)
Issuance of common stock related to restricted shares				215,436	—	—	—	—
Issuance of common stock related to stock option exercises	—	—	—	—	278	—	1	—	1
Issuance of common stock under software license agreement	—	—	—	—	1,272,687	—	6,000	—	6,000
Issuance of common stock under marketing agreement	—	—	—	—	26,144	—	187	—	187
Issuance of common shares under Share Purchase Agreement	—	—	—	—	1,547,770	—	4,326	—	4,326
Shares received as consideration for Mandatory Convertible Security	—	—	—	—	(900,000)	—	(1,796)	—	(1,796)
Conversion of Mandatory Convertible Security to common shares	—	—	—	—	448,764	—	910	—	910
Stock-based compensation expense	—	—	—	—	—	—	8,420	—	8,420
Net loss	—	—	—	—	—	—	—	(76,173)	(76,173)
Balance at September 30, 2024	—	$—	—	$—	13,489,712	$1	$543,097	$(678,708)	$(135,610)

	Stockholders’ Equity (Deficit)
Redeemable Convertible Preferred Shares · Class B-6s ConvertiblePreferred Shares · Common Stock
	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	1,783,919	$—	$126,336	$(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	—	—	—	—	672,509	—	128	—	128
Issuance of related party SAFEs	—	—	—	—	—	—	(444)	—	(444)
Exercise of stock options	—	—	—	—	22,857	—	191	—	191
Issuance of Class B-6s to service providers	—	—	1,921,778	855	—	—	—	—	855
Conversion of convertible notes to Class B-5 redeemable convertible preferred shares	8,282,432	3,253	—	—	—	—	—	—	—
Conversion of convertible notes to Class B-6a redeemable convertible preferred shares	1,385,905	543	—	—	—	—	—	—	—
Conversion of convertible notes to Class B-6s redeemable convertible preferred shares	—	—	23,560,301	10,494	—	—	—	—	10,494
Conversion of redeemable convertible preferred shares to common shares	(244,524,340)	(137,463)	—	—	1,559,456	—	137,463	—	137,463
Conversion of class B-6s convertible preferred shares to common shares	—	—	(107,379,464)	(19,383)	684,814	—	19,383	—	—
Issuance of common stock related to restricted shares	—	—	—	—	37,203	—	—	—	—
Issuance of common shares to settle SAFEs	—	—	—	—	2,480,765	1	86,826	—	86,827
Issuance of common stock for business acquisition	—	—	—	—	2,321,423	—	81,250	—	81,250
Issuance of common stock related to contract termination	—	—	—	—	90,714	—	3,175	—	3,175
Issuance of common stock in settlement of advisor accrual	—	—	—	—	2,142	—	75	—	75
Issuance of common shares under GEM Purchase	—	—	—	—	142,857	—	25,000	—	25,000
Issuance of common shares under Share Purchase Agreement	—	—	—	—	757,142	—	13,020	—	13,020
Shares repurchased for employee tax withholding	—	—	—	—	(57,666)	—	(1,273)	—	(1,273)
Share-based compensation expense	—	—	—	—	—	—	27,866	—	27,866
Net loss	—	—	—	—	—	—	—	(139,702)	(139,702)
Balance at September 30, 2023	—	$—	—	$—	10,498,135	$1	$519,838	$(491,541)	$28,298

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.