SRFM — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-10

• setting, have challenged the Company’s ability to serve its customers as desired and, in turn, cover expenses, specifically related to its scheduled service offerings.

• as a result of exiting unprofitable routes, partially offset by higher average fuel costs and investments to improve operations. The increase of $7.2 million in on-demand cost of revenue was primarily associated with achieving higher revenue performance, slightly offset by improving on-demand margin…

• Depreciation and amortization expenses were consistent between the three months ended June 30, 2026 and the three months ended June 30, 2025.

• Results of the Company’s Operations for the Six Months Ended June 30, 2026 and 2025

• The following table sets forth our condensed consolidated statements of operations data for the six months ended June 30, 2026 and 2025 (in thousands, except percentages):

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• in on-demand cost of revenue was primarily associated with achieving higher revenue performance, slightly offset by improving on-demand margins with higher volumes.

• Depreciation and amortization expenses increased by $0.4 million, or 19%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. This was primarily due to overall increases in aircraft depreciation due to capital expenditures subsequent to March 31, 2025.

• For the three months ended March 31, 2025, net cash used in operating activities was $15.8 million, driven by a net loss of $18.5 million. These operating outflows were partially offset by depreciation and amortization expense of $2.1 million and losses on disposals of fixed assets of $0.7 million.

• to paying amounts due under more senior debt obligations. The SAFE-T note had an outstanding principal amount of $0.5 million as of March 31, 2026 and December 31, 2025.

• During the three months ended March 31, 2026, the Company received $12 million in advances under the Share Purchase Agreement with GEM, of which $8.3 million had been settled through the issuance of 4,350,412 shares of the Company’s common stock. As of March 31, 2026, the contractual terms allow the…

Text added vs the prior filing · source: 10-Q · 2026-08-10

• our disclosure controls and procedures, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the disclosure controls and procedures are met.

• As required by Rule 13a-15(b) under the Exchange Act, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2026. Based upon that evaluation, our Chief Executive Officer …

• During the quarter ended June 30, 2026, the Company completed the implementation and go-live of the general ledger module of its NetSuite enterprise resource planning system. The Company continues to evaluate and implement enhancements to its control environment, including information technology gen…

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• As required by Rule 13a-15(b) under the Exchange Act, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026. Based upon that evaluation, our Chief Executive Officer…

• There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materiall…

Text added vs the prior filing · source: 10-Q · 2026-08-10

• Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K, filed on April 21, 2026)

• Form of Promissory Note (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K, filed on April 24, 2026).

• Advisory Services Agreement dated May 19, 2026, but effective as of July 24, 2026 by and between Surf Air Mobility Inc. and Carl Albert (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K, filed on May 22, 2026).

• Omnibus Amendment and Exchange Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K, filed on July 1, 2026).

• Form Senior Secured Convertible Note due 2027 (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K, filed on July 1, 2026).

Text removed vs the prior filing · source: 10-Q · 2026-05-11

• Amendment to Senior Secured Convertible Note due 2028 and Security Agreement, dated as of April 24, 2026 by and among Surf Air Mobility Inc. and certain of its subsidiaries, High Trail Special Situations LLC, and each of the Holders signing thereto.

• Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.