SRFM News & Events

Surf Air Mobility announced two debt financing transactions designed to strengthen its balance sheet and reduce future shareholder dilution. Surf Air Mobility has entered into a definitive agreement to refinance its existing senior secured convertible note, which is expected to reduce the remaining principal - reduced from the original principal amount of $74M to $47M - by an additional 64% and monthly payments by up to 50%. Separately, certain subsidiaries of Surf Air Mobility have received the first disbursement of a new non-convertible $21.6M asset-backed loan secured by new and existing aircraft. Together, the transactions are expected to significantly lower the Company's near-term cash obligations, extend debt maturities and improve balance sheet liquidity. Surf Air Mobility has entered into a definitive agreement to refinance its existing senior secured convertible note due 2028, with a currently outstanding principal amount of approximately $46.9M, into a new $16.9M senior secured convertible note due 2027 and a new non-convertible $30M senior secured term note due 2028. The new notes will be senior secured obligations of the Company, guaranteed by certain of the Company's subsidiaries. Surf Air Mobility anticipates closing on the senior secured convertible note due 2027 and the new non-convertible $30M senior secured term note due 2028, on or about July 1, subject to certain closing conditions. Upon completion, the new structure will reduce the existing convertible note principal by 64% and lowers monthly amortization payments from up to $4M to up to $2M, a reduction of up to 50%. The Company may make these payments in cash or stock, subject to certain conditions, providing additional flexibility to manage liquidity. Certain subsidiaries of Surf Air Mobility have also entered into a new non-convertible $21.6M asset-backed loan, secured by new and existing aircraft. The loan, which significantly increases balance sheet liquidity, will fund in two tranches. The first disbursement occurred on June 30, and a second disbursement of $14M is expected to occur within 30 days, subject to certain conditions, which will include a guaranty by Surf Air Mobility.

Palantir Technologies (PLTR) announced an expansion of its partnership with Surf Air Mobility (SRFM). Under the expanded agreement, Palantir and Surf Air Mobility are committing additional resources to accelerate the development and commercial release of SurfOS, including OperatorOS, OwnerOS, and SurfOS Enterprise Solutions products. The expanded partnership builds on the successful commercial launch of BrokerOS and the recent announcement of a multi-million-dollar contract with Wheels Up (UP), a provider of on-demand private aviation, to be the launch customer for Enterprise BrokerOS. SurfOS is powered by Palantir's AIP and Foundry and is designed to bring modern software to the private aviation and air mobility industries, a segment that has historically relied on manual processes and fragmented, outdated software systems. SurfOS provides aircraft operators, brokers, owners, and manufacturers with the tools needed to manage operations, drive efficiencies, and reduce costs.

Surf Air Mobility (SRFM) and BETA Technologies (BETA) announced the launch of an electric aircraft demonstration program in Hawaii, with Hawaiian Airlines (ALK), part of Alaska Air Group, providing support in key areas. BETA's ALIA CTOL electric aircraft has begun conducting demonstration flights across Hawaii as part of an approximately six to eight-week flight campaign to evaluate the operational, economic and infrastructure requirements for future electric aircraft operations in the state.

Surf Air Mobility (SRFM) announced Wheels Up Experience (UP) as the launch customer for Enterprise BrokerOS, Surf Air Mobility's SurfOS charter broker product powered by Palantir Technologies Inc.'s (PLTR) Foundry and Artificial Intelligence Platform. George Mattson, Chief Executive Officer of Wheels Up, said: "This partnership is a defining step in solidifying Wheels Up as the most customer-centric, AI-forward and operationally excellent company in private aviation. By combining Wheels Up's scale, brand and aviation expertise with Surf Air Mobility's transformative aviation software and Palantir's leadership in AI, we are setting a new standard for how private aviation is sold, operated and experienced. This is technology as a competitive advantage in the marketplace, not a back-office function."