Surf Air Mobility announces six new charter broker agreements

LOS ANGELES - Surf Air Mobility Inc. (NYSE:SRFM) announced Tuesday it has secured six new charter broker and operator letter of intent (LOI) agreements for its SurfOS software program, expanding the platform’s user base across various segments of the private aviation industry. The company, currently valued at $170 million, has seen its stock surge over 125% in the past year despite recent volatility. According to InvestingPro analysis, the stock is currently trading near its Fair Value.

The agreements include participants from regional and cargo operators to charter brokerages, who will provide feedback on the functionality of BrokerOS and OperatorOS modules during the beta testing phase. These new agreements add to the company’s previously announced beta launch users. While the company generated revenue of $112.3 million in the last twelve months, InvestingPro data shows it faces challenges with cash burn and profitability, with an EBITDA of -$35.8 million.

BrokerOS is designed to help brokers automate sourcing, pricing, and client communications, while OperatorOS provides tools for aircraft scheduling, crew optimization, and operational visibility.

"Getting this technology into the hands of real-world users is a critical step," said Sudhin Shahani, Co-founder of Surf Air Mobility. "The insights we gain from these additional users are shaping the future of how this industry runs."

Jeremy Johnson, Co-Founder & CEO of JetSetGo, described the platform as providing "a powerful edge with real-time aircraft sourcing and automated workflows."

The SurfOS software is being developed by Surf Air Technologies, a subsidiary of Surf Air Mobility, powered by Palantir Technologies’ (NASDAQ:PLTR) AI and Foundry platforms.

According to the company statement, SurfOS will remain in beta phase throughout 2025, with commercialization planned for 2026.

Surf Air Mobility describes itself as one of the largest commuter airlines in the U.S. by scheduled departures and the largest U.S. passenger operator of Cessna Caravans. The company is also working on electrified aircraft and developing powertrain technology for the Cessna Caravan.

The announcement was made in a press release issued by the company.

In other recent news, Surf Air Mobility Inc. has successfully closed its registered direct offering, raising approximately $27 million in gross proceeds. The offering involved the sale of 10.8 million shares of common stock at a purchase price of $2.50 per share, with H.C. Wainwright & Co. serving as the exclusive placement agent. Canaccord Genuity has adjusted its price target for Surf Air Mobility to $3.00 from $3.25, maintaining a Hold rating on the stock. This adjustment follows the recapitalization that introduced new shares, leading to a dilution effect. Additionally, Surf Air Mobility announced improvements in its airline operations, achieving a 10% increase in controllable completion factor and a 21% improvement in on-time departures and arrivals. These operational metrics have reached their highest levels since January 2023.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.