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Here are 1-2 brief analogies for Surf Air Mobility (SRFM):

• Tesla for regional aviation: Like Tesla aims to electrify ground transport and build associated services, Surf Air Mobility is focused on bringing electric and hybrid-electric powertrains to regional air travel and operating those routes.
• Rivian for regional planes: Similar to how Rivian develops electric vehicles for specific segments (trucks/SUVs) and integrates technology with operations, Surf Air Mobility is developing electric powertrains for regional aircraft and operating a network of flights.

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• Electric Powertrain Technology: Development and integration of proprietary electric and hybrid-electric powertrains for existing and new turboprop aircraft.
• Regional Electric Air Travel Service: Operating a network of electric and hybrid-electric aircraft to provide short-haul, regional air travel, often on a subscription or on-demand basis.

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Surf Air Mobility (SRFM) operates a regional air mobility platform, which includes a subscription-based air travel service and the development of electric powertrain technology for aircraft. While they engage in business-to-business (B2B) partnerships for aircraft electrification and sales/leases, their core revenue-generating "mobility" platform primarily sells air travel services directly to individuals (business-to-consumer or B2C).

Therefore, the company sells primarily to individuals, and its major customer categories can be described as:

• Business Travelers: Professionals and executives who require efficient and flexible regional air travel for business meetings, site visits, or connecting between locations not well-served by major commercial airlines. These customers value time savings, convenience, and productivity while in transit.

• Affluent Leisure Travelers: Individuals and families seeking a premium, hassle-free travel experience for personal trips, vacations, or visiting secondary markets. These customers prioritize comfort, privacy, and avoiding the complexities and delays often associated with traditional commercial air travel.

• Premium Commuters/Frequent Regional Travelers: Individuals who regularly travel between specific regional destinations, such as those with second homes, or who commute for work in areas where road travel is extensive or commercial air options are inconvenient. They often seek a reliable, consistent, and time-saving travel solution.

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• Textron Inc. (NYSE: TXT)
• MagniX
• Palantir Technologies (NYSE: PLTR)

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Deanna White Chief Executive Officer & Chief Operating Officer

Deanna White is a seasoned executive with extensive experience across aviation and technology, having led finance, operations, engineering, and manufacturing functions for both public and growth-stage companies. She previously served as COO of Kitty Hawk/CORA, where she transformed the eVTOL R&D program into a joint venture with Boeing, which was subsequently rebranded as Wisk Aero. She also served as CEO and CFO of Bombardier's Flexjet, where she drove profitability and led the company's sale to private equity, Directional Aviation Capital. Ms. White was appointed as Surf Air Mobility's Chief Executive Officer and Chief Operating Officer in December 2024, after serving as Interim CEO & COO since May 2024, and previously as the company's CFO from May 2022 to December 2023.

Oliver Reeves Chief Financial Officer

Oliver Reeves was appointed as Chief Financial Officer of Surf Air Mobility in January 2024. He brings nearly two decades of experience across investment management, enterprise technology, and insurance industries. Prior to joining Surf Air Mobility, Mr. Reeves served as Chief Strategy Officer at Xinuos, Inc., where he oversaw the development and licensing of UnixWare and OpenServer operating systems. His earlier career included investment management roles as an Investment Analyst at Coliseum Capital Management, Vice President at Gerson Global Advisors, and Senior Vice President at Phoenix Star Capital. He began his career as an Associate in the M&A Group at Aon.

Sudhin Shahani Co-Founder

Sudhin Shahani is a Co-Founder of Surf Air Mobility and has served as a director of the company since July 2023. He was the co-founder and Chief Executive Officer of Surf Air Global Limited from 2013 to July 2023. Before his role at Surf Air, Mr. Shahani was an Entrepreneur in Residence at Anthem Ventures, an early-stage venture capital firm, where he led investments and served on the board of Madefire and Panna, both of which were sold to Discovery Networks. He also co-founded Musicane, a digital music and social shopping network, from 2004 to 2009.

Liam Fayed Co-Founder, Chief Brand & Experience Officer

Liam Fayed is a serial entrepreneur and creative executive, serving as Co-Founder and Chief Brand & Experience Officer of Surf Air Mobility. In this role, he guides the company's trajectory toward becoming a sustainable air travel brand, overseeing brand, marketing, and platform, and has helped redesign the customer experience. Previously, he was the founder, creative director, and CEO of the menswear label BESPOKEN New York. He also serves as a board member of Turnbull & Asser and has been an early investor in fast-growing consumer brands, including Warby Parker, Harry's, and Away Luggage.

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The key risks to Surf Air Mobility (SRFM) are:

1. Going Concern and Liquidity Risk: Surf Air Mobility faces significant doubt about its ability to continue as a going concern due to heavy and consistent net losses, a substantial working capital deficit, and material debt. The company's short-term recovery is contingent on its ability to secure continuous access to equity and successfully resolve tax and debt defaults.
2. Electrification Program Challenges and Execution Risk: The company's strategic growth and future profitability are heavily dependent on the successful development and commercialization of unproven fully-electric and hybrid-electric powertrains. Delays, failures, or the inability to secure continued capital for these electrification programs, which the company and its partners have limited experience with, could severely impact its growth strategy and financial performance.
3. Shareholder Dilution Risk: To address its ongoing liquidity needs and fund its ambitious initiatives, Surf Air Mobility frequently relies on raising capital through equity issuances. This practice has led to, and is expected to continue causing, significant dilution for existing shareholders, potentially reducing earnings per share and negatively impacting the stock price.

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One clear emerging threat for Surf Air Mobility (SRFM) is the accelerating development and potential market entry of competing electric regional aircraft from other dedicated aerospace companies. Companies such as Heart Aerospace, with its ES-30 hybrid-electric regional aircraft, and Eviation, with its all-electric Alice, are actively developing, certifying, and securing orders for aircraft designed to serve the same regional air mobility market that SRFM is targeting. Should these or other startups achieve certification, production scale, or market adoption more quickly or efficiently than SRFM's own electrified aircraft or powertrain upgrades, they could capture significant market share and partnerships, directly challenging SRFM's growth strategy in both aircraft development and regional flight operations.

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Surf Air Mobility (SRFM) operates in several key markets related to regional air mobility, focusing on electrified aircraft, an AI-enabled operating system, and regional air travel services.

Electrified Aircraft (Hybrid-Electric and Fully Electric Powertrains)

The addressable market for hybrid-electric aircraft, a core offering of Surf Air Mobility, is projected to experience substantial growth. The global hybrid electric aircraft market was valued at approximately $2.80 billion in 2023 and is anticipated to reach an estimated $465.60 billion by 2050. More broadly, the global electric aircraft market, which includes both hybrid and fully electric models, was valued at $10.21 billion in 2024 and is projected to grow to $18.92 billion by 2029.

SurfOS AI-Enabled Operating System

Surf Air Mobility's proprietary SurfOS, an AI-enabled operating system designed to optimize regional air mobility, addresses a significant and growing market. The estimated value of the global regional air mobility market is projected to reach up to $115 billion by 2035.

Regional Air Travel/Commuter Airline Operations

As a regional air mobility platform and one of the largest commuter airlines in the U.S. by scheduled departures, Surf Air Mobility also operates within the broader regional air travel market. The global regional aircraft market was valued at $8.5 billion in 2023 and is anticipated to grow to $12.9 billion by 2032. Specifically for North America, a key region for Surf Air Mobility, the regional aircraft market held over 40% of the global revenue in 2023. Looking at the broader global airlines market, which includes regional operations, it was valued at $570.03 billion in 2024 and is projected to reach $761.49 billion by 2033. The domestic transport segment, highly relevant to Surf Air Mobility's operations, captured 62.8% of this global market share in 2024. North America, where Surf Air Mobility primarily operates, accounted for 32% of the global airlines market in 2024.

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Surf Air Mobility (SRFM) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion and Optimization of Air Mobility Operations: Surf Air Mobility, as the largest commuter airline in the U.S. by scheduled departures and the largest passenger operator of Cessna Caravans, plans to grow its core air mobility business. This includes a strategic focus on profitability over market penetration for its on-demand services and improving operational efficiencies within its scheduled service. The company's "Transformation Plan" aims to rightsize operations and implement new processes to achieve sustained profitability in its regional airline operations.
2. Commercialization of SurfOS (AI-Powered Airline Software): In partnership with Palantir, Surf Air Mobility is developing and plans to commercialize its AI-powered airline software operating system, SurfOS, starting in 2026. This software is designed to enhance safety, efficiency, and profitability for the regional air mobility industry, and Surf Air Mobility has already secured six Letters of Intent (LOIs) from potential clients.
3. Electrification of Aircraft and Proprietary Powertrain Technology: Surf Air Mobility is actively developing and pursuing certification for electric powertrain technology, with a specific focus on a Supplemental Type Certificate (STC) for its proprietary technology for the Cessna Grand Caravan. The company targets late 2027 for the market introduction of this electrification initiative, which is expected to reduce operating costs and expand margins.
4. Strategic Partnerships and Technology Solutions: The company intends to offer its software and electrification solutions to the broader regional air mobility industry. This strategy positions Surf Air Mobility to not only enhance its own operations but also generate revenue by providing its technology solutions to other operators, aiming to improve industry-wide safety, efficiency, and profitability.

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Share Issuance

• In November 2025, Surf Air Mobility raised $26 million through new equity issuances as part of a $100 million strategic transaction to fund the development and commercialization of its SurfOS software.
• In June 2025, the company completed a registered direct offering, selling 10,800,002 shares of common stock (or pre-funded warrants) at $2.50 per share, generating approximately $27 million in gross proceeds to be used for debt reduction and general corporate purposes.
• Surf Air Mobility went public on July 27, 2023, through an initial public offering (IPO) that raised $281 million by issuing 23,700,000 shares at $11.86 per share.

Inbound Investments

• In November 2025, Surf Air Mobility secured a $100 million strategic transaction, which included the sale of a $74 million senior secured convertible note to an institutional investor in a private placement, generating gross proceeds of $65 million.
• Prior to its IPO in June 2023, the company updated an investment commitment from GEM Global Yield LLC SCS, providing the right to direct GGY to purchase up to $400 million of common stock, including initial advances of up to $100 million.
• Palantir Technologies received $6 million in common stock in November 2025 as a prepayment for continued access to its software and services, further strengthening their partnership.

Outbound Investments

• As part of its public listing in August 2023, Surf Air Mobility completed the acquisition of Southern Airways Express.
• In July 2021, Surf Air Mobility entered an exclusive relationship with Textron Aviation for the development of an electrified Cessna Grand Caravan and agreed to purchase up to 150 Cessna Grand Caravan EX single-engine turboprops.

Capital Expenditures

• Surf Air Mobility reported capital expenditures of -$12.82 million over the last 12 months ending approximately November 2025.
• For 2025, projected capital expenditures are $6 million, with expectations to increase to $9 million in 2026, $13 million in 2027, $18 million in 2028, and $24 million in 2029, consistently representing about 6% of revenue.
• A primary focus of capital allocation includes the development and commercialization of the proprietary SurfOS software, scaling engineering and sales capabilities for a 2026 commercial rollout, and investing in new SurfOS modules.