Surf Air Mobility Inc (SRFM) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Eric and I will be a conference operator today.

感謝您的支持。我叫 Eric，今天我將擔任會議主持人。

At this time, I would like to welcome everyone to the Surf Air Mobility Q1 2025 earnings call.

現在，我歡迎大家參加 Surf Air Mobility 2025 年第一季財報電話會議。

All lines have been placed on mute to prevent any background noise. (Operator Instructions)

所有線路均已靜音，以防止任何背景噪音。（操作員指示）

I would now like to turn the call over to SAM Levinson, investor relations. Please go ahead.

現在我想將電話轉給投資者關係部門的 SAM Levinson。請繼續。

Thank you, operator. Welcome to Surf Air Mobility's first quarter 2025 earnings call.

謝謝您，接線生。歡迎參加 Surf Air Mobility 2025 年第一季財報電話會議。

I'm joined today by Deanna White, Chief Executive Officer and Chief Operating Officer.

今天與我一起出席的還有執行長兼營運長 Deanna White。

And Oliver Reeves, Chief Financial Officer.

以及財務長 Oliver Reeves。

Our earnings release can be found on the SEC Edgar website and on our surf Air Mobility investor relations page at investors. Surffair.com.

我們的收益報告可以在 SEC Edgar 網站和我們的 surf Air Mobility 投資者關係頁面上的投資者找到。Surffair.com。

During this call, we will discuss our outlook and expectations for future performance. These forward-looking statements may be preceded by words such as we expect, we believe, we anticipate for other similar statements.

在本次電話會議中，我們將討論對未來績效的展望和期望。這些前瞻性陳述之前可能會出現諸如「我們期望」、「我們相信」、「我們預期」等類似字眼。

These statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today. Some of these risks have been set forth in our oranges release and in our periodic reports to follow the SEC.

這些聲明受風險和不確定性的影響，我們的實際結果可能與今天表達的觀點有重大差異。其中一些風險已在我們的橙子發布和遵循美國證券交易委員會的定期報告中列出。

During today's call, we will present both GAAP and non-gap measures. Additional disclosures regarding non-gap measures, including a reconciliation of GAAP to non-gap measures are included in the earnings release we issued earlier today.

在今天的電話會議中，我們將介紹 GAAP 和非差距指標。我們今天稍早發布的收益報告中包含了有關非差距指標的額外揭露，包括 GAAP 與非差距指標的調整。

Posted on the Surfer mobility Investor Relations website and in our filings with the SEC.

發佈在 Surfer mobility 投資者關係網站和我們向美國證券交易委員會提交的文件中。

I will now turn the call over to surfer mobility CEO Deanna White. Deanna.

現在我將電話轉給衝浪移動執行長 Deanna White。迪安娜。

Thank you, SAM, and thank you to everyone who has joined our call today.

謝謝你，SAM，也謝謝今天參加我們電話會議的所有人。

Before I review our first quarter of financial and operational results, I would like to take a moment to discuss the substantial changes in the economic, regulatory, and political environment since the new administration took office.

在回顧我們第一季的財務和營運表現之前，我想花點時間討論新政府上任以來經濟、監管和政治環境的重大變化。

Changing trade policies, tariffs, and funding for various governmental functions has wide ranging implications for the regional air mobility sector, particularly as it relates to areas regulated by the DOT and the FAA.

改變貿易政策、關稅和各種政府職能的資金對區域空中交通部門有廣泛的影響，特別是與交通部和聯邦航空局監管的領域有關。

Fortunately, trade policy and tariffs are expected to have minimal impact for Surf Air Mobility. We are an American company that operates almost exclusively in the US, primarily flying aircraft manufactured domestically by a US company, Textron Aviation.

幸運的是，貿易政策和關稅預計對 Surf Air Mobility 的影響微乎其微。我們是一家美國公司，業務幾乎全部在美國境內開展，主要營運由美國德事隆航空在國內生產的飛機。

Textron Aviation has publicly stated tariffs will have little impact to its business specific to our supply chain, any work done outside the US, such as engine overhauls, is not subject to tariffs.

德事隆航空已公開表示，關稅對其供應鏈業務的影響不大，在美國境外進行的任何工作（例如發動機大修）均不受關稅影響。

The Essential Air Service program, which represents approximately 40% of our revenue, is part of the budget reconciliation process currently being reviewed by Congress.

基本航空服務計劃約占我們收入的 40%，是國會目前正在審查的預算協調程序的一部分。

While nothing has been decided or implemented this time, we believe that as the lowest cost provider, we have a competitive advantage.

雖然這次還沒有任何決定或實施，但我們相信，作為成本最低的供應商，我們具有競爭優勢。

The Committee on Transportation and Infrastructure will be meeting this week to review the effectiveness of the FAA reauthorization Act that was passed last May, one important aspect of that act required the DOT to give equal consideration to cost when selecting the winning bid for EAS routes.

交通運輸和基礎設施委員會將於本週召開會議，審查去年 5 月通過的《聯邦航空管理局重新授權法案》的有效性，該法案的一個重要方面要求交通部在選擇 EAS 路線的中標者時同等考慮成本。

This change provides a significant advantage for surfer mobility, as we are often the lowest cost provider on routes below 500 miles. We were recently awarded renewal bids for DuBois, Pennsylvania, and Kalapapa, Hawaii, representing $7.6 million annually in subsidy revenue.

這項變更為衝浪者的流動性提供了顯著的優勢，因為我們通常是 500 英里以下航線上成本最低的提供者。我們最近贏得了賓州杜波依斯和夏威夷卡拉帕帕的續約投標，每年的補貼收入為 760 萬美元。

We are monitoring all of these issues very closely. We are engaging with the federal government and are taking proactive steps to mitigate potential negative impacts on our business.

我們正在密切監視所有這些問題。我們正在與聯邦政府合作，並採取積極措施減輕對我們業務的潛在負面影響。

Now let me turn to the results of the quarter. I am pleased to share our financial and operational achievements in the 1st quarter as we continue to execute strongly against each of the phases in our transformation plan.

現在讓我來談談本季的業績。我很高興與大家分享我們在第一季取得的財務和營運成就，我們將繼續強力執行轉型計畫的每個階段。

Turning first to our financial results, first quarter revenue was $23.5 million at the high end of our expected range of $21 to $24 million keeping us on track to meet our full year expectation of over $100 million in revenue. Adjusted EBITDA loss in Q1 was $14.4 million within the expected range we provided in our last earnings release.

首先來看看我們的財務業績，第一季的收入為 2,350 萬美元，處於我們預期的 2,100 萬至 2,400 萬美元範圍的高端，這使我們能夠實現全年收入超過 1 億美元的預期。第一季調整後的 EBITDA 虧損為 1,440 萬美元，符合我們在上次收益報告中提供的預期範圍。

Despite being capital constrained for much of the time since our listing, we have repeatedly met or exceeded our guidance.

儘管自上市以來，我們大部分時間都面臨資金限制，但我們仍多次達到或超越了我們的預期。

We continue to actively manage our balance sheet and liquidity and just subsequent to the end of Q1, we raised an incremental $5 million in funding.

我們繼續積極管理我們的資產負債表和流動性，並且在第一季結束後，我們又籌集了 500 萬美元的增量資金。

On the operational front, we had numerous achievements across all three categories within the optimization phase of our transformation plan.

在營運方面，我們在轉型計劃的最佳化階段在所有三個類別中都取得了許多成就。

Under optimization of airline operations, we completed the relocation of the company's systems operation center to the Dallas-Fort Worth area, and we are attracting top aviation talent to our management ranks.

在優化航空營運方面，我們完成了公司係統營運中心向達拉斯-沃斯堡地區的搬遷，並正在吸引頂尖航空人才加入我們的管理團隊。

Amy Malouf has recently joined as our Chief Administrative Officer, responsible for people and IT operations and customer experience, and brings extensive aviation experience from her tenure at Sabre and [FlexJet].

Amy Malouf 最近加入我們，擔任首席行政官，負責人員和 IT 運營以及客戶體驗，並在 Sabre 任職期間積累了豐富的航空經驗，[FlexJet]。

Additionally, Bob Walt has joined as Vice President of flight operations, coming from Southwest Airlines and Sun Country, and Daniel Ho has joined as Vice President of technical operations and director of maintenance coming from Amazon Air.

此外，來自西南航空和太陽城的 Bob Walt 加入該公司擔任飛行營運副總裁，來自亞馬遜航空的丹尼爾·何 (Daniel Ho) 則加入該公司擔任技術營運副總裁兼維修總監。

We also continue to adjust the composition of our aircraft fleet by returning or selling unneeded aircraft and simplifying our fleet to focus on the operationally efficient Cessna Grand Caravan.

我們也將繼續調整機隊的組成，退回或出售不需要的飛機，並精簡機隊，將重點放在運作高效的塞斯納大捷龍上。

During Q1, we returned 5 older aircraft to their lessors. Through our refleeting work, we expect to significantly right-size our fleet and lower both operating and carrying costs.

第一季度，我們將 5 架舊飛機歸還給出租人。透過船隊重組工作，我們期望大幅優化船隊規模，並降低營運和運輸成本。

These efforts are in advance of accepting additional new aircraft from our Textron aviation order that will provide the capacity necessary to support our expansion into new tier one routes in 2026 and beyond.

這些努力是在我們接受德事隆航空訂單的更多新飛機之前進行的，這些新飛機將提供必要的運力，支持我們在 2026 年及以後擴展到新的一級航線。

During Q1, we also made substantial progress toward clearing aircraft maintenance backlogs.

第一季度，我們在清理飛機維修積壓工作方面也取得了實質進展。

The combination of clearing backlogs and utilizing our more efficient aircraft has begun to positively impact our flight completion factor.

清理積壓訂單和利用更有效率的飛機已開始對我們的航班完成率產生積極影響。

We experienced a brief service interruption in the 1st quarter related to maintenance issues, which we successfully addressed to return to more effective operational levels.

我們在第一季經歷了與維護問題相關的短暫服務中斷，但我們成功解決了該問題並恢復了更有效的營運水準。

This positive momentum has continued in the 1st 6 weeks of the 2nd quarter, with completion factors now above 92% with continued investment and maintenance, the execution of our refleeting efforts, and the implementation of changes enacted by our strengthened operational leadership team, our objective remains to return to 96% completion factors prior to initiating our route expansion program.

這一積極勢頭在第二季度的前六週得以延續，透過持續的投資和維護、重新組建機隊工作的實施以及由我們加強的營運領導團隊制定的變革的實施，完成率現已超過 92%，我們的目標仍然是在啟動航線擴展計劃之前將完成率恢復到 96%。

Our improved flight completion factor is also driving improvement in customer satisfaction, which is important to our ambitions to emerge as a premier branded regional air mobility carrier and platform.

我們提高的航班完成率也推動了客戶滿意度的提高，這對於我們成為首屈一指的品牌區域空中交通運營商和平台的目標至關重要。

We are already noting improvements in Southern Airways post-flight CSAT scores in Q1 compared to the second half of last year.

我們已經注意到，與去年下半年相比，南方航空第一季的飛行後 CSAT 分數有所提高。

Turning to more recent achievements, we announced that our Mole airline operation has entered into an interline agreement with Japan Airlines.

談到最近的成就，我們宣布我們的 Mole 航空公司已與日本航空達成聯運協議。

There is a large travel market between Japan and Hawaii, and our new agreement with Japan Airlines will enable their passengers to book travel on Molei to more destinations within Hawaii.

日本和夏威夷之間存在著巨大的旅遊市場，我們與日本航空達成的新協議將使他們的乘客能夠透過 Molei 預訂前往夏威夷更多目的地的旅行。

Travelers will be able to book connecting flights to Honolulu International Airport to airports served by Mokulele Airlines.

旅客可以預訂從檀香山國際機場到 Mokulele 航空公司服務的機場的轉機航班。

Similarly, Mokulele passengers will have the ability to book connecting international flights to Japan via Japan Airlines.

同樣，Mokulele 乘客也可以透過日本航空預訂飛往日本的國際航班。

The Interline agreement with JAL is our fifth interline agreement joining American, Alaska, Hawaiian, and United and expanding our potential access to over $435 million of their customers.

與日本航空簽署的聯運協議是我們簽署的第五份聯運協議，此前我們已與美國航空、阿拉斯加航空、夏威夷航空和聯合航空簽署了該協議，這將擴大我們與這些航空公司價值超過 4.35 億美元的客戶的潛在聯繫。

The next initiative in our optimization phase is recalibrating our on-demand business.

我們優化階段的下一個舉措是重新調整我們的按需業務。

We exited several charter products to focus on profitability over near-term market penetration and launched a new jet card in Q1 to simplify pricing options and broaden our product offerings.

我們退出了幾種包機產品，將重點放在盈利能力而非短期市場滲透上，並在第一季度推出了新的噴射機卡，以簡化定價選項並擴大我們的產品範圍。

We recently signed volume purchase agreements to improve margins with two operators who are also beta users of the [SerOS] platform.

我們最近與兩家同樣是 [SerOS] 平台測試使用者的營運商簽署了批量採購協議，以提高利潤率。

In an effort to integrate our on-demand offering under the umbrella of our branded regional air mobility experience, we have invested in rebranding this business.

為了將我們的隨選服務整合到我們品牌的區域空中交通體驗中，我們投資了這項業務的品牌重塑。

Our future regional air mobility customers will benefit from a seamless experience whether they choose to fly our point to point scheduled service or fly a more bespoke offering to operator partners in our on-demand service.

我們未來的區域空中交通客戶將受益於無縫體驗，無論他們選擇乘坐我們的點對點定期航班，還是乘坐我們按需服務中為運營商合作夥伴提供的更定制的服務。

The third category under the optimization phase is driving efficiencies from SurfOS.

優化階段的第三類是透過 SurfOS 提高效率。

In our earnings release, we have provided a comprehensive list of achievements including the launch of self-service flight changes and cancellations via chat, which have reduced the company's call center traffic volume by approximately 20%.

在我們的收益報告中，我們提供了全面的成就列表，包括推出透過聊天自助更改和取消航班服務，這使公司的呼叫中心流量減少了約 20%。

Our investment in software is creating other opportunities for the company. Last week, DOT secretary Sean Duffy submitted a plan to replace the aging ACC infrastructure in the US.

我們對軟體的投資正在為公司創造其他機會。上週，交通部部長肖恩·達菲 (Sean Duffy) 提交了一項計劃，以更換美國老化的 ACC 基礎設施。

This presents an opportunity for surf mobility to leverage the capabilities of our SurRFOS system to improve the air traffic control system.

這為衝浪機動性提供了一個機會，可以利用我們的 SurRFOS 系統的功能來改善空中交通管制系統。

We have recently met with the DOT and the FAA to showcase our proprietary Surf OS software suite, focusing on 4 potential applications.

我們最近與交通部和聯邦航空管理局會面，展示了我們專有的 Surf OS 軟體套件，重點關注 4 個潛在應用。

First, Tower OS, which is a data system and AI layer that would impact ATC decision making by providing tower operators with critical aviation data and safety-related insights to optimize airspace management.

首先，Tower OS 是一個資料系統和人工智慧層，它透過向塔台操作員提供關鍵航空資料和安全相關見解來優化空域管理，從而影響 ATC 決策。

Second, resource planning, a dynamic scheduler using Palantirer's Foundry platform, a workload distribution tool for smart scheduling to help ensure peak efficiency without overloading staff.

第二，資源規劃，這是一個使用Palantirer的Foundry平台的動態調度程序，這是一個用於智慧調度的工作負載分配工具，有助於確保尖峰效率，而不會使員工超負荷。

Surfer mobility is currently utilizing dynamic schedulers within its own operations.

Surfer mobility 目前正在其自身運作中使用動態調度程序。

Third, safety hub, an AI risk assessment tool which ingests all flight risk assessment reports, incident reports, aviation safety action reports, and anonymous near miss reports across all operators. Surfer mobility is also using this feature.

第三，安全中心，這是一種人工智慧風險評估工具，可以收集所有營運商的所有飛行風險評估報告、事件報告、航空安全行動報告和匿名未遂事故報告。Surfer mobility 也正在使用此功能。

Finally, Crew App, a full service management system that automates and streamlines common required tasks, letting pilots focus on their core tasks while ensuring the data is reliable and actionable.

最後，Crew App 是一個全方位服務管理系統，可自動化和簡化常見的必要任務，讓飛行員專注於他們的核心任務，同時確保資料的可靠性和可操作性。

This application can be applied to the work activities of an air traffic controller, similar to how Surf Air Mobility's pilots are currently using the crew app today.

該應用程式可應用於空中交通管制員的工作活動，類似於 Surf Air Mobility 的飛行員目前使用機組人員應用程式的方式。

The ATC opportunity illustrates the versatility of SurfOS, the power of data and insight available from Palantir's platforms, and the ways in which this software and data can be leveraged into specific modules that can be adapted to meet industry needs at speed.

ATC 機會體現了 SurfOS 的多功能性、Palantir 平台提供的數據和洞察力的強大功能，以及如何將這些軟體和數據利用到特定模組中，從而快速滿足行業需求。

Looking beyond our immobility operations and our SurfOS initiative, I would also like to note that we continue to make substantial progress on the electrification initiative under the acceleration phase of the transformation plan.

除了我們的不動產營運和 SurfOS 計畫之外，我還想指出，在轉型計畫的加速階段，我們在電氣化計畫方面繼續取得實質進展。

At this time, I can report that we are in late stage discussions with key partners to advance our work, and we look forward to sharing details on the electrification plan in the near future.

目前，我可以報告，我們正在與主要合作夥伴進行後期討論以推進我們的工作，我們期待在不久的將來分享有關電氣化計劃的細節。

So in summary, we delivered on our financial guidance in Q1 with revenues near the top end of our range and adjusted IEDA within our guided range. And as you can see from the operational achievements in the first quarter, the improvements we are implementing, the efficiencies that we are gaining, and from the team that we are building, we have strong operating momentum, a clear vision of where we're going. And a tangible strategic plan to become a premier regional air mobility platform.

總而言之，我們在第一季實現了財務預期，營收接近預期範圍的最高端，調整後的 IEDA 也處於預期範圍內。從第一季的營運成果、我們正在實施的改進、我們正在獲得的效率以及我們正在組建的團隊可以看出，我們擁有強勁的營運勢頭，對我們的發展方向有著清晰的願景。並制定切實可行的戰略計劃，成為首屈一指的區域空中機動平台。

The investments that we made in our airline operations in Q1 continue to drive improvements, and we remain committed to our goal of achieving positive adjusted EIA in our airline operations in 2025.

我們在第一季對航空營運的投資持續推動著我們的改進，我們仍然致力於實現 2025 年航空營運調整後 EIA 為正的目標。

With that, let me now turn the call over to Oliver to discuss our Q1 results and our outlook for Q2.

現在，我將把電話轉給奧利佛，討論我們的第一季業績和第二季的展望。

Oliver?

奧利佛？

Thank you, Dianna. I would like to start my comments by reiterating what Dianna mentioned earlier in her remarks.

謝謝你，黛安娜。首先我想重申一下戴安娜之前在演講中提到的內容。

Survey mobility anticipates minimal impacts as it relates to potential tariffs.

調查流動性預計對潛在關稅的影響很小。

Today, Surf Air Mobility is a domestic operator flying domestically produced aircraft, and our on-demand business specializes in point to point domestic regional air travel. The future opportunities we are pursuing to establish Surf Air Mobility as a next generation branded regional air mobility platform are largely focused on the US market in advance of a more global footprint.

如今，Surf Air Mobility 是一家經營國產飛機的國內營運商，我們的隨選業務專注於點對點國內區域航空旅行。我們尋求的未來機會是將 Surf Air Mobility 打造為下一代品牌區域空中交通平台，主要集中在美國市場，以便拓展全球業務。

Our EAS business, which represents approximately 40% of our revenue, is driven by long-term subsidized contracts to provide underserved domestic markets with connectivity to hubs from which our customers can access the broader US commercial aviation network. Importantly, these long term EAS contracts contain price escalators that act as mitigation to inflationary pressures.

我們的 EAS 業務約占我們收入的 40%，由長期補貼合約驅動，為服務不足的國內市場提供與樞紐的連接，我們的客戶可以透過樞紐訪問更廣泛的美國商業航空網絡。重要的是，這些長期 EAS 合約包含價格調整機制，可以緩解通膨壓力。

From a cost perspective, our supply chain is unaffected by tariffs on foreign produced aircrafts or parts. And while we do overhaul some of our engines abroad, we are confident that these services are not within the scope of imposed tariffs.

從成本角度來看，我們的供應鏈不受外國生產的飛機或零件關稅的影響。雖然我們確實在國外對一些引擎進行大修，但我們相信這些服務不在徵收關稅的範圍內。

In addition, we have made substantial investments in maintenance, and the average number of hours on our engine remains low.

此外，我們在維護方面投入了大量資金，引擎的平均運行小時數仍然很低。

In addition, the current economic environment has created some benefit for us, particularly with regard to lower fuel costs. Since the directional cost of fuel is hard to predict, we look forward to the day when regional air mobility unit economics are free from the unpredictable nature of the hydrocarbon markets as electric power trains enter service.

此外，目前的經濟環境也為我們帶來了一些好處，特別是燃料成本的降低。由於燃料的方向性成本難以預測，我們期待隨著電力列車投入使用，區域空中交通單位經濟能夠擺脫碳氫化合物市場的不可預測性。

As a reminder, we estimate that our electric powertrains for the Cessna caravan will potentially reduce the direct cost of flying by 50%, and our hybrid electric powertrains will potentially reduce the direct cost of flying by 25%.

提醒一下，我們估計，塞斯納大篷車的電動動力系統可能會將飛行的直接成本降低 50%，而我們的混合電動動力系統可能會將飛行的直接成本降低 25%。

Another area that we continue to watch closely is the volatility of the equity market and the availability of equity financing for our business.

我們持續密切關注的另一個領域是股票市場的波動性和我們業務的股權融資的可用性。

As part of our transformation plan, we announced last November that we successfully extended the maturity of our secured debt obligations to the end of fiscal year 2028. We're leaving us with the near term pressures of debt repayments.

作為我們轉型計畫的一部分，我們在去年 11 月宣布成功將擔保債務的到期日延長至 2028 財年末。我們面臨短期內償還債務的壓力。

We later commented that we would raise further capital limiting advances under our gem facility to $150 million per year.

我們後來表示，我們將把我們的創業板融資機制下的資本限制預付款進一步提高到每年 1.5 億美元。

After the close of the first quarter, we completed a registered direct offering which provided $5 million of equity capital to the business. In completing this offering, we weighed the opportunistic nature of the transaction given economic and market conditions, the dilution to our investors, the anticipated returns on capital, and the attractiveness of alternatives. We will continue to monitor the markets for opportunities to raise capital for investments that will create value for our long term shareholders.

第一季結束後，我們完成了註冊直接發行，為該企業提供了 500 萬美元的股權資本。在完成此次發行時，我們根據經濟和市場條件、對投資者的稀釋、預期的資本回報以及替代方案的吸引力，權衡了交易的機會性質。我們將繼續關注市場，尋找籌集投資資金的機會，為我們的長期股東創造價值。

During Q1, we continued to thoughtfully deploy capital and invested significantly in the infrastructure that will lay the foundation for profitable growth.

在第一季度，我們繼續精心部署資本，並對基礎設施進行了大量投資，為獲利成長奠定了基礎。

These investments are already serving to improve our completion factor, a key driver of our goal to make the airline operations profitable this year.

這些投資已經提高了我們的完成率，這是我們今年航空營運獲利目標的關鍵驅動力。

Additionally, our work to separately capitalize both our software initiatives and our electrification initiative continues. We are making excellent progress and on the electrification initiative in particular, we are in late stage discussions to move forward with the prospective partner. We will keep you apprised as those developments unfold.

此外，我們將繼續致力於分別利用我們的軟體計劃和電氣化計劃。我們正在取得巨大進展，特別是在電氣化計劃方面，我們正處於與潛在合作夥伴推進的後期討論階段。我們將隨時向你通報事態發展。

Now turning to Q1 results. For the first quarter of 2025, revenue was $23.5 million at the high end of our expected range of $21 to 24 million.

現在轉向第一季業績。2025 年第一季的營收為 2,350 萬美元，處於我們預期的 2,100 萬至 2,400 萬美元範圍的高端。

Revenue in the first quarter of 2025 was lower than the prior year as expected, as we have exited unprofitable routes.

由於我們退出了無利可圖的航線，2025 年第一季的收入低於上年，這符合預期。

Scheduled service revenue decreased by 23% year over year, primarily driven by the elimination of unprofitable routes and a brief interruption of service in January.

定期航班服務收入年減 23%，主要原因是取消了無利可圖的航線以及 1 月服務的短暫中斷。

On-demand service revenue decreased by 25% year over year over the comparable period, driven by a mix of lower sales and flight completions, as the company continues to focus on charter profitability.

由於公司繼續專注於包機盈利能力，按需服務收入較去年同期下降 25%，原因是銷售額和航班完成量下降。

Adjusted EBITDA lost in Q1 was $14.4 million within the expected range we provided on our last earnings release. As we move forward, we continue to aggressively execute the optimization phase of our transformation plan in preparation for our expansion and acceleration phases, which will see the company return to growth.

第一季調整後的 EBITDA 損失為 1,440 萬美元，符合我們在上次收益報告中給出的預期範圍。在我們前進的過程中，我們將繼續積極執行轉型計畫的最佳化階段，為擴張和加速階段做好準備，這將使公司恢復成長。

Now let me turn to our outlook for the 2nd quarter in full year. For the second quarter, we are guiding to revenue of $23.5 to 26.5 million and adjusted EBITDA loss in the range of $10 to $13 million. These estimates considered the exiting of unprofitable scheduled routes, increased focus on profitability in the on-demand business, and our continued investment in our technology initiatives.

現在讓我來談談我們對全年第二季的展望。對於第二季度，我們預計營收為 2,350 萬至 2,650 萬美元，調整後 EBITDA 虧損在 1,000 萬至 1,300 萬美元之間。這些估計考慮了退出無利可圖的定期航線、更加關注按需業務的盈利能力以及我們對技術計劃的持續投資。

Our guidance reflects our current expectation that tariffs as they currently exist, will not have a significant impact on our business.

我們的指導反映了我們目前的預期，即現有的關稅不會對我們的業務產生重大影響。

For the full year, we continue to expect the transformation initiative to positively impact our financial results. We are reiterating our expectations of at least $100 million in revenue, as well as achieving profitability in our airline operations for the full year of 2025.

對於全年而言，我們仍然預期轉型舉措將對我們的財務表現產生正面影響。我們重申我們的預期，到 2025 年全年，我們的航空營運收入至少要達到 1 億美元，並且獲利。

Now let me turn the call back to Deanna for some brief closing thoughts before we take your questions.

現在，在回答您的問題之前，請允許我把電話轉回給迪安娜，讓她簡短地談談結束語。

Thank you, Oliver. The results from the 1st quarter demonstrate our continued strong execution against our transformation plan keeping us on track for our stated goals for this year.

謝謝你，奧利佛。第一季的結果表明，我們繼續強力執行轉型計劃，使我們有望實現今年的既定目標。

While we are navigating the challenging economic, regulatory, and funding environment.

我們正在應對充滿挑戰的經濟、監管和融資環境。

We are aggressively managing our operations, improving our cost structure, driving efficiencies, and proactively mitigating potential impacts to our business.

我們正在積極管理我們的運營，改善我們的成本結構，提高效率，並主動減輕對我們業務的潛在影響。

This is a dynamic environment and our team is working diligently to anticipate changes, take appropriate actions, and pivot where necessary with our unique and exclusive relationships with Palantir's, Textron Aviation, and others, we alongside our future partners have three clear growth vectors.

這是一個充滿活力的環境，我們的團隊正在努力預測變化，採取適當的行動，並在必要時進行調整，憑藉我們與 Palantir、德事隆航空和其他公司的獨特和獨家關係，我們以及我們未來的合作夥伴擁有三個明確的增長方向。

The expansion of our air mobility operations, the commercial rollout of our regional air mobility software platform and the sale and marketing of electrified power trains for the Cessna caravan.

擴大我們的空中機動業務，商業化推出我們的區域空中機動軟體平台，以及銷售和行銷塞斯納大篷車的電動動力傳動系統。

We will continue to pursue these vast opportunities and keep you apprised of our progress. We look forward to presenting at the Jeffreys EVA conference on May 28th.

我們將繼續尋求這些巨大的機遇，並隨時向您通報我們的進展。我們期待在 5 月 28 日的 Jeffreys EVA 會議上發表演講。

With that, we now like to open it up to questions and turn it over to the operator.

好了，我們現在開始回答問題，並將其交給操作員。

(Operator Instructions)

（操作員指示）

Austin Moeller, Canaccord Genuity LLC.

奧斯汀·莫勒（Austin Moeller），Canaccord Genuity LLC。

Hi, good afternoon. I was just wondering what you thought about the changes to the essential air service budget around the $308 million dollar reduction in subsidies. I guess you had mentioned that you think your lower cost op option increases your competitive advantage on future contracts.

嗨，下午好。我只是想知道您對削減 3.08 億美元補貼的基本航空服務預算變化有何看法。我想您已經提到過，您認為低成本的營運選擇會增加您在未來合約中的競爭優勢。

Austin, thank you for that question. This is Deanna.

奧斯汀，謝謝你的提問。這是迪安娜。

Yes, we are looking at that. It's a part of the budget reconciliation process. There was an announcement, I think, last week about cutting that budget. It's a $570 million budget. They were looking at, along with a lot of other budget items, cutting significantly.

是的，我們正在考慮這個問題。這是預算協調過程的一部分。我認為上周有關於削減預算的公告。預算為 5.7 億美元。他們正在考慮大幅削減許多其他預算項目。

However, in that there's a lot of other operators that are higher cost operators, jet operators that are receiving much larger subsidies than we are in in our communities that we service that I would believe would be more at risk necessarily than us for a reduction. There's also, we're following it very closely. We are looking at, strategies, including.

然而，在我們服務的社區中，還有很多其他成本更高的營運商，噴射機營運商獲得的補貼比我們多得多，我認為他們面臨的削減風險必然比我們更大。我們也密切關注此事。我們正在研究包括在內的策略。

In those routes that we do receive subsidies, if there's other options for us to stay in those, if for some reason we were to lose the subsidiary subsidy via the budget reconciliation process, we're watching it very closely, but our low cost being one of the lowest cost operators, we do have that competitive advantage.

在我們確實獲得補貼的那些航線上，如果有其他選擇讓我們繼續留在這些航線上，如果由於某種原因，我們通過預算調節流程失去了補貼，我們會密切關注，但我們的低成本是成本最低的運營商之一，我們確實有競爭優勢。

Okay, and can you discuss what of the scheduled and charter flights, that you consider to be, I guess, core versus some of the ones that you're reducing activity on? Are there examples of potential routes or regions that you consider to be more core than others?

好的，您能否討論一下您認為是核心的定期航班和包機航班，以及您正在減少活動的一些航班？有沒有您認為比其他路線或地區更核心的潛在路線或地區的例子？

Sure, Hawaii is the most core of our areas and our AAS routes. A lot of the traffic that we service there, we are a local commuter airline there, and we are providing commuters. All the inter-island flying that happens there, folks have to get where we're the only way off the island, so we do a lot of traffic there that is not necessarily travel related but involves commuting folks to live their lives there.

當然，夏威夷是我們最核心的地區和 AAS 路線。我們為那裡的許多交通提供服務，我們是當地的通勤航空公司，為通勤者提供服務。所有島嶼間的飛行，人們都必須到達那裡，因為那裡是離開島嶼的唯一途徑，所以我們在那裡進行大量的交通，這些交通不一定與旅行有關，而是涉及通勤人們在那裡生活。

In our EIS routes and communities that we do have, we don't have a competitor, a direct competitor like you would have with a larger hub and the larger airlines, and so you can't necessarily apply the same.

在我們擁有的 EIS 路線和社區中，我們沒有競爭對手，沒有像大型樞紐和大型航空公司那樣的直接競爭對手，因此您不一定能採用相同的方法。

Economics to ours or view of our traffic as you would, a larger commercial or regional airline. In addition, we have a couple of other clusters, the central region, some clustered in the east coast. We're always looking to, as we choose which routes to Either exit or enter, always looking at profitability, always looking at how they fit within our existing footprint.

就我們的經濟狀況或對我們的客流量的看法而言，我們是一家大型商業或區域航空公司。此外，我們還有其他幾個集群，有些集中在中部地區，有些集中在東海岸。當我們選擇退出或進入哪條路線時，我們始終在考慮獲利能力，並始終在考慮它們如何適應我們現有的足跡。

Amit Dayal, HC Wainwright & Co.

阿米特·達亞爾（Amit Dayal），HC Wainwright & Co.

Thank you. Good afternoon, everyone.

謝謝。大家下午好。

Thank you for taking my questions. It looks like you may be close to or maybe done with exiting these unprofitable routes. My question is around this seeing how proactively you may add new routes, new profitable routes, or is the goal for this segment just to maximize profitability.

感謝您回答我的問題。看起來您可能已經接近或已經完成退出這些無利可圖的路線。我的問題是看看你們如何積極地增加新航線、新的獲利航線，或是這個部門的目標只是實現獲利能力的最大化。

Thank you, Ahmed. We are, we have targeted routes to exit. However, the EAS routes that we have, some of them we have been asked to be held in by the DOT longer than we originally requested.

謝謝你，艾哈邁德。我們有，我們有目標退出路線。然而，對於我們現有的 EAS 航線，交通部要求我們將其中一些航線的停留時間延長至比我們最初要求的時間。

The good pieces of that, we are getting an additional subsidy from the DOT to do that. So we do have a number of routes that we had planned to have exited by now, but we're not, we're being held in. Some as late as the fall of this year. As far as entering into a new tier one route, our current plan does not have us starting that until next year.

好的一面是，我們從交通部獲得了額外的補助來做這件事。因此，我們確實計劃現在就退出一些路線，但我們沒有，我們被困住了。有些甚至晚至今年秋天。至於開闢新的一級航線，我們目前的計畫是要到明年才開始。

Okay.

好的。

Just to add to Dina's comment there, I just wanted to give you some commentary on the on-demand side. One of the things you will note from our script is that we are contemplating some pre-buys of capacity, and that's important to us because obviously in regards to shifting that business towards a more profitable base, having those pre-buys does give us the ability to increase that profitability, and that's one of the key parts of the recalibration of our business.

只是想補充 Dina 的評論，我只是想給你一些關於點播方面的評論。您將從我們的腳本中註意到的一件事是，我們正在考慮一些產能的預購，這對我們很重要，因為顯然在將業務轉向更有利可圖的基礎方面，這些預購確實使我們有能力提高盈利能力，這是我們業務重新調整的關鍵部分之一。

Yes, makes sense. Thank you.

是的，有道理。謝謝。

I'm all for that. My next question is based around, the surf or side of things. It looks like it this product is starting to get into the hands of potential customers. Just wondering how much more work needs to be done before you guys get more aggressive about marketing all of these.

我完全同意。我的下一個問題是關於衝浪或事物的側面。看起來該產品已經開始進入潛在客戶的手中。只是想知道在你們更積極地行銷所有這些產品之前還需要做多少工作。

So Ahmed, thanks for that question. And as you can imagine, we, we're anticipating the feedback from our beta users and integrating that feedback into what we hope to be the commercial product that we will roll out in 2026.

艾哈邁德，謝謝你的提問。正如您所想像的，我們期待來自測試使用者的回饋，並將這些回饋整合到我們希望在 2026 年推出的商業產品中。

That is our plan as it stands. If we are able to accelerate that, we will be very pleased, but the current plans remain to have a full commercial rollout of SurfOS and certainly certain modules of SurfOS for fiscal year 2026 and then an acceleration of the number of modules as, from there on out.

這就是我們的現行計劃。如果我們能夠加速這一進程，我們將非常高興，但目前的計劃仍然是在 2026 財年全面推出 SurfOS 的商業版本，當然還有 SurfOS 的某些模組，然後從那時起加速增加模組的數量。

Dave Storms, Stonegate Capital Partners.

戴夫·斯托姆斯（Dave Storms），Stonegate Capital Partners。

Good evening and thank you for taking my questions. Just wanted to start with the service interruption that you mentioned, in the prepared remarks. Was any part of this plan downtime considering you're still well within your guidance range?

晚上好，感謝您回答我的問題。我只是想從您在準備好的發言中提到的服務中斷開始。考慮到您仍然處於指導範圍內，該計劃的任何部分是否有停機？

The service interruption that we had was in the 2nd week of January this quarter. It was not something that was planned and had to do with maintenance around corrosion and interiors where we did not have the proper NEF they call it NEF program.

我們的服務中斷發生在本季 1 月的第二週。這不是計劃中的事情，與腐蝕和內部維護有關，我們沒有適當的 NEF，他們稱之為 NEF 計劃。

With the FAA, we had a number of hours in the system that we had to reduce our schedule, and the FAA worked very closely with us to get us updated onto that program so that we could safely and legally fly under that program, but it was something that was not planned.

由於聯邦航空局的原因，我們在系統中的時間很長，因此我們不得不減少航班時刻表，聯邦航空局與我們密切合作，讓我們及時了解該計劃，以便我們能夠安全合法地按照該計劃飛行，但這是計劃之外的事情。

Understood. That's very helpful.

明白了。這非常有幫助。

Thank you. And then just one more, congrats on the partnership with Japan Airlines. When you're thinking about the potential for more of these to come, are there any geographic geographies that that you would be targeting? Would you look at, more East Coast operators or we just stick, the, Pacific region?

謝謝。最後再說一句，恭喜您與日本航空建立合作關係。當您考慮未來可能出現的更多此類活動時，您是否會瞄準某些地理區域？您會考慮更多東海岸的營運商嗎？還是我們只堅持太平洋地區？

So we, we're excited about the Japanese, Japan Airlines airline agreement because it's our first international agreement with someone that is flying specifically into one of our largest revenue generating regions.

因此，我們對與日本航空的協議感到非常興奮，因為這是我們與專門飛往我們最大收入來源地區之一的航空公司達成的第一份國際協議。

We would be looking to expand to other carriers, not just in the United States but also potentially globally too, as Japan Airlines is our first experience at trying to do that.

我們希望擴展到其他航空公司，不僅在美國，而且可能在全球範圍內，因為日本航空是我們首次嘗試這樣做。

I would now like to turn the call back over to Deanna White for closing remarks. Please go ahead.

現在我想將電話轉回給迪安娜懷特 (Deanna White) 做結束語。請繼續。

Yes, thank you.

是的，謝謝。

Thank you all who joined the call. I appreciate your interest in our company and hope to report in the future. A more progress on our transformation plan, the various phases, more progress on all the goals we set for ourselves and our and our technology initiatives both on the electrification side and on our software side and hoping to have exciting news on that front in the future. But thank you for your interest and thank you for joining us today.

感謝所有參加電話會議的人。感謝您對我們公司的關注，並希望將來能夠繼續報告。我們的轉型計劃、各個階段都取得了更多進展，我們為自己設定的所有目標以及我們的技術計劃（包括電氣化方面和軟體方面）都取得了更多進展，並希望未來在這方面能有令人興奮的消息。但感謝您的關注並感謝您今天加入我們。