Surf Air Mobility Inc. (NYSE:SRFM) reported its fourth-quarter financial results after the bell Thursday.
Surf Air Mobility reported quarterly non-GAAP losses of 28 cents per share, which was in line with consensus, and quarterly revenue of $26.8 million. Pro Forma revenue came in at $27.4 million, beating the $25.69 million estimate.
The company reported fiscal year 2023 losses of $6.35 per share, compared to losses of $5.51 from the prior year.
“We are pleased to have beat our revenue guidance and achieved our Adjusted EBITDA guidance for the year. Additionally, we’ve achieved two significant milestones: our direct listing on the NYSE and the completion of our merger with Southern Airways. We have also advanced our growth pillars of expanding our leading regional airline network and developing a proprietary powertrain technology to electrify smaller aircraft,” said Stan Little, Surf Air Mobility’s CEO.
Outlook: Surf Air Mobility sees first-quarter revenue in the range of $28.5 million to $29.5 million, versus the $32.3 million estimate. The company will provide full-year 2024 guidance at its Investor Day, which will be held on June 7 at the New York Stock Exchange.
“Looking ahead in 2024 we are focused on balancing growth with profitability, expense reduction, and disciplined capital allocation centered around high ROI opportunities, including potential route expansions,” Surf Air Mobility CFO Oliver Reeves stated.
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Price Action: SRFM shares were up 4.39% at $0.88 in the after-hours session on the last check Thursday.
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