Surf Air Mobility Q2 revenue beats estimates
Overview
Surf Air Mobility Q2 revenue of $27.4 mln beats analyst expectations
Adjusted EBITDA loss of $9.5 mln outperforms company guidance
Co raised $44.7 mln equity capital, strengthening balance sheet
Outlook
Company expects Q3 revenue between $27.0 mln and $28.5 mln
Surf Air Mobility projects Q3 adjusted EBITDA loss of $10.0 mln to $8.5 mln
Company reaffirms 2025 revenue to exceed $100 mln
Surf Air Mobility anticipates airline operations profitability in 2025
Result Drivers
SCHEDULED SERVICE GROWTH - Scheduled Service revenue grew over 20%, driven by improved operational performance
ON DEMAND IMPROVEMENT - On Demand revenue increased by over 5%, aided by more charter flights and BrokerOS software impact
EQUITY CAPITAL RAISED - Co raised $44.7 mln in equity capital, enhancing its balance sheet and strategic execution
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $27.43 mln | $25.20 mln (2 Analysts) |
Q2 EPS |
| -$1.34 |
|
Q2 Net Income | Miss | -$28 mln | -$18.40 mln (1 Analyst) |
Q2 Operating Income | Miss | -$15.93 mln | -$14.90 mln (1 Analyst) |
Q2 Pretax Profit | Miss | -$28.06 mln | -$18.50 mln (1 Analyst) |
Q2 Operating Expenses |
| $43.36 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the airlines peer group is "buy"
Wall Street's median 12-month price target for Surf Air Mobility Inc is $7.50, about 45.1% above its August 11 closing price of $4.12
Press Release: ID:nBw1rrgdFa
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