Matt Thurber, editor-in-chief at AIN Media Group, has been flying since 1975 and writing about aviation since 1978 and now has the best job in the world, running editorial operations for Aviation International News, Business Jet Traveler, and FutureFlight.aero. In addition to working as an A&amp;P mechanic on everything from Piper Cubs to turboprops, Matt taught flying at his father’s flight school in Plymouth, Mass., in the early 1980s, flew for an aircraft owner/pilot, and for two summer seasons hunted swordfish near the George’s Banks off the East Coast from a Piper Super Cub. An ATP certificated fixed-wing pilot and CFII and commercial helicopter pilot, Matt is type-rated in the Citation 500 and Gulfstream V/550. Based in the Pacific Northwest, Matt and his team cover the entire aviation scene including business aircraft, helicopters, avionics, safety, manufacturing, charter, fractionals, technology, air transport, advanced air mobility, defense, and other subjects of interest to AIN, BJT, and FutureFlight readers.

Editor-in-Chief

Cessna 208 Caravan and 208B Grand Caravan

Matt Thurber

Regional air mobility operator, charter broker, and software developer Surf Air Mobility reported revenue of $27.4 million in the second quarter, up from $23.5 million in the first three months. Net loss in the quarter was $28 million, 51% higher than in the first quarter and “driven by a $2.6 million reduction in operating loss offset by a $12.2 million increase in other expenses, mainly due to non-cash changes in the fair value of financial instruments,” according to Surf Air.
Surf Air is “one of the largest commuter airlines in the U.S. by scheduled departures” and operates the largest fleet of Cessna Caravan turboprop singles. The company’s flight operations are conducted by Southern Airways Express, which Surf Air purchased in July 2023, and Hawaii-based Mokulele Airlines, which Southern acquired in 2019.
Another significant element of Surf Air’s business is its SurfOS software suite, which includes modules for charter brokers (BrokerOS), aircraft operators (OperatorOS), and aircraft owners (OwnerOS).
Second-quarter revenue of $27.4 million exceeded Surf Air’s expectation of $23.5 to $26.5 million and was 17% higher than the first quarter. Scheduled service revenue climbed 20% and on-demand charter brokerage revenue 5%.
“On a year-over-year basis, revenue decreased 15%, as expected, due to the company exiting unprofitable scheduled routes and focusing on profitability in its on-demand business. Scheduled service revenue decreased 12% and on-demand revenue decreased 26%, respectively,” the company noted.
In terms of adjusted EBITDA, the second-quarter loss was $9.5 million, better than the company’s expectation of a loss of $10 to $13 million. This was an improvement over the first quarter, up $4.8 million due to airline operations’ profitability. Year-over-year adjusted EBITDA improved by $2.3 million, also thanks to profitability in airline operations.
As part of its transformation plan, Surf Air raised $44.7 million in equity capital during the second quarter “through a combination of registered direct offerings, private sales of shares, and draws under its share subscription facility.” It also improved key operating performance measures in the airline business, including achieving profitability in the second quarter, signing an interline agreement with Japan Airlines, renewing four-year Essential Air Service contracts for Kalaupapa and Waimea, Hawaii, worth $14 million, and renovating aircraft interiors and exteriors.
Two charter operators have signed up as beta users of SurfOS, and Surf Air has expanded its relationships to 425 charter operators for the on-demand brokerage business.
“As the financial and operational results of the second quarter demonstrate, we are making phenomenal progress,” said Deanna White, Surf Air CEO and COO, during the financial results call. “These achievements for the quarter and year to date are the outcome of a deliberate and focused plan to strategically rebuild Surf Air Mobility.”
The on-demand business had its highest sales month in July since the inception of that unit. “We are running this business utilizing our BrokerOS software platform,” she said. “Our hyper-focus on product profitability has led to the introduction of an industry standard jet card and a shift to a larger cabin sales strategy to improve the unit economics of our offering.”
SurfOS is powered by Palantir, which is also the largest investor in Surf Air, according to White. “Many aspects of the platform are driving the commercial and operational performance of our air operations and on-demand businesses. SurfOS has replaced spreadsheets and PDFs with a fully integrated aviation stack powered by live flight data and real-time decision-making.”
The $45 million capital infusion is helping Surf Air “accelerate the pace of positive change in our operations and in our organization,” White said. “Surf Air Mobility is more than just an airline. We are a technology-led organization that will transform regional air mobility.”
In 2026, the company plans to expand its scheduled service network and add more Cessna Grand Caravans, with deliveries of two planned in each of the first and second quarters. Six clients have signed letters of intent to purchase software in advance of the commercial rollout in 2026.
On the electric aircraft front, Surf Air previously placed an order for 90 Electra STOL electric aircraft. Surf Air’s efforts to certify an electric-powered Grand Caravan continue, according to co-founder Sudhin Shahani. “We are still on track for a 2027, late 2027 time frame for the electrification initiative,” he said. “We’re working with a number of potential strategic partners within the value chain, within electrification, and expect to announce, as we have some of those solidified, some further developments on accelerating our path to market.”

Surf Air Second-quarter Revenue and Losses Climb, Airline Ops Profitable

Adjusted EBITDA drop exceeded company’s expectations

Surf Air, “one of the largest commuter airlines in the U.S. by scheduled departures,” operates the largest fleet of Cessna Caravan single-engine turboprops.

Surf Air Second-quarter Revenue and Losses Climb

2024 Corporate Aviation Leadership Summit

Amy Wilder

News and issues relating to business, corporate and private aviation, primarily regarding turbine-engine-powered airplanes and helicopters. Subjects include aircraft, engines, maintenance, operations, personnel, acquisitions, accidents, safety, security, and training.

Group seeks silent auction donations, volunteers

CAN’s Fund an Angel Returns to NBAA-BACE

Hanneke Weitering

News and developments about airplanes, helicopters and unmanned air vehicles used in all varieties of operations, including airlines, military, business, commercial, general aviation and private.

Midnight prototype will fly in Northern California, Texas, and Florida

Archer Plans City-to-city Tour with Midnight eVTOL

News and issues about aviation maintenance, repair and overhaul (MRO), covering all segments of the aviation industry; and modifications for aircraft and engines. Subjects include product support of aircraft, engines and avionics, MRO company mergers, acquisitions, announcements and personnel, Airworthiness Directives, Supplemental Type Certificate approvals and other topics.

Geolocation tool matches operators with available mechanics

CrewBlast OS Now Includes A&P Mechanics on Platform

Jessica Reed

News and issues concerning general aviation, specifically airplanes and helicopters powered by piston and alternative engines (i.e., non-turbine powered aircraft). Subjects include aircraft, engines, personnel, acquisitions, accidents, safety, security and training.

Pelton was named CEO of the Experimental Aircraft Association in 2015

EAA’s Jack Pelton Joins Board at Corporate Angel Network

AIN Staff

Across two CALS East roundtables, flight department leaders traded honest accounts of what works, what doesn’t, and why no single tool solves post-flight debriefing—yet.

Debriefing without the Dread: What Corporate Flight Departments Are Learning about Post-flight Reviews

Across three flight department roundtables, an insurance expert walked corporate aviation leaders through the coverage gaps that catch pilots off guard.

In this article

Cessna 208 Caravan and 208B Grand Caravan

Surf Air Mobility

Textron Aviation

More In Operations

CAN’s Fund an Angel Returns to NBAA-BACE

Group seeks silent auction donations, volunteers

Archer Plans City-to-city Tour with Midnight eVTOL

Midnight prototype will fly in Northern California, Texas, and Florida

CrewBlast OS Now Includes A&P Mechanics on Platform

Geolocation tool matches operators with available mechanics

EAA’s Jack Pelton Joins Board at Corporate Angel Network

Pelton was named CEO of the Experimental Aircraft Association in 2015

Debriefing without the Dread: What Corporate Flight Departments Are Learning about Post-flight Reviews

Across two CALS East roundtables, flight department leaders traded honest accounts of what works, what doesn’t, and why no single tool solves post-flight debriefing—yet.

Beyond the Fine Print: What Loss-of-license Insurance Really Covers

Across three flight department roundtables, an insurance expert walked corporate aviation leaders through the coverage gaps that catch pilots off guard.

Bluetail’s AI Platform Tops 30 Million Aircraft Records

Dataset powers Bluetail’s business aviation learning model

Special Olympics Airlift: A Lasting Legacy at Textron Aviation

What started as a call in the mid-1980s is now an institution at Textron Aviation

AIN Products

SUBSCRIPTIONS

RESOURCES

ABOUT AIN