Surf Air Mobility Inc (SRFM) 2025 Q3 法說會逐字稿

Good evening. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Surf Air Mobility third quarter 2025 earnings call. (Operator Instructions).

晚安.我叫蒂娜，今天我將擔任你們的會議接線生。在此，我謹代表 Surf Air Mobility 公司，歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

I will now pass the call over to [Sam Levenson]. Please go ahead.

現在我將把電話轉接給[山姆·萊文森]請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Surf Air Mobility's third quarter 2025 earnings call. I'm joined today by Deanna White, Chief Executive Officer, and Oliver Reeves, Chief Financial Officer. Our earnings release can be found on the SEDAR website and on our Surf Air Mobility investor relations page at investors.Surfair.com.

謝謝接線員，大家下午好。歡迎參加 Surf Air Mobility 2025 年第三季財報電話會議。今天和我一起的是執行長迪安娜懷特和財務長奧利佛李維斯。您可以在 SEDAR 網站和 Surf Air Mobility 投資者關係頁面 investors.Surfair.com 上找到我們的收益報告。

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, or other similar statements. These statements are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today.

在本次電話會議中，我們將討論我們對未來業績的展望和預期。這些前瞻性陳述前面可能帶有「我們預期」、「我們相信」、「我們預期」或其他類似表述。這些聲明存在風險和不確定性，我們的實際結果可能與今天表達的觀點有重大差異。

Some of those risks have been set forth in our earnings release and in our periodic reports filed with the SEC. During today's call, we will present both GAAP and non-GAAP measures. Additional disclosures regarding non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the earnings release we issued today, posted on the Surffair Mobility Investor Relations website, and in our filings with the SEC.

其中一些風險已在我們的獲利報告和向美國證券交易委員會提交的定期報告中列出。在今天的電話會議上，我們將同時介紹 GAAP 和非 GAAP 指標。有關非 GAAP 指標的更多披露信息，包括 GAAP 指標與非 GAAP 指標的調整表，已包含在我們今天發布的盈利報告中，該報告已發佈在 Surffair Mobility 投資者關係網站上，並已提交給美國證券交易委員會。

I'll now turn the call over to Surf Air Mobility CEO Deanna White.

現在我將把電話交給 Surf Air Mobility 的執行長 Deanna White。

Thank you, Sam, and thank you to everyone who has joined our call today. One year ago, we announced a four-phase transformation plan to reset the financial and operational trajectory of Surf Air Mobility. Each phase was designed as a building block to execute on our core mission. To build the air mobility platform that will transform flying.

謝謝你，山姆，也謝謝今天所有參加我們電話會議的人。一年前，我們宣布了一項四個階段的轉型計劃，以重塑 Surf Air Mobility 的財務和營運軌跡。每個階段都像是一個組成部分，旨在完成我們的核心使命。打造能夠改變飛行方式的空中交通平台。

Our goal is to fly people using technology that generates long-term value for our shareholders. The plan was crafted to first strengthen the financial position of the company, then leverage our many strengths into catalysts for the adoption of software and electrification technology.

我們的目標是利用能為股東創造長期價值的技術來載人飛行。該計劃旨在首先加強公司的財務狀況，然後利用我們的諸多優勢，推動軟體和電氣化技術的採用。

Our transformation plan is proving to be reality and not just theory. We are executing and demonstrating improvements in all areas of the business. Financially, operationally, and strategically. Financially, over the past year, we have improved our capital structure and deleveraged our balance sheet through a series of debt and equity transactions.

我們的轉型計劃正在成為現實，而不僅僅是理論。我們正在業務的各個領域實施並展示改進措施。從財務、營運和策略層面來看。在財務方面，過去一年，我們透過一系列債務和股權交易改善了資本結構並降低了資產負債比率。

During the 12 months ended September 30, 2025, we secured a $50 million credit facility and raised $50 million of additional capital through equity issuances. Furthermore, we reduced our debt by $52 million through paydowns and conversions to equity.

截至 2025 年 9 月 30 日的 12 個月內，我們獲得了 5,000 萬美元的信貸額度，並透過股權發行籌集了 5,000 萬美元的額外資金。此外，我們透過償還債務和將債務轉換為股權，減少了 5,200 萬美元的債務。

Subsequent to the end of the third quarter, we announced a pivotal $100 million strategic financing that will accelerate growth and further strengthen our balance sheet. This financing includes $26 million of new capital to drive development and commercialization of SurfOS.

第三季結束後，我們宣布了一項關鍵的 1 億美元策略融資，這將加速成長並進一步加強我們的資產負債表。此次融資包括 2,600 萬美元的新資金，用於推動 SurfOS 的開發和商業化。

The remaining $74 million structured as a zero-coupon convertible note will be used to refinance debt, reducing cash interest expense and allowing for further deleveraging of the balance sheet. We will continue to look for opportunities to strengthen our balance sheets and unlock catalysts for our shareholders.

剩餘的 7,400 萬美元將以零息可轉換票據的形式用於債務再融資，從而減少現金利息支出，並進一步降低資產負債表的槓桿率。我們將繼續尋找機會來增強我們的資產負債表，並為我們的股東釋放成長動力。

Turning to our third quarter results, this quarter marks the seventh consecutive quarter that we have met or exceeded our revenue and adjusted EBITDA guidance. Third quarter revenue of $29.2 million exceeded the company's guidance of $27 million to $28.5 million and rose 6% sequentially versus the second quarter.

再來看我們第三季的業績，本季是我們連續第七個季度達到或超過我們的營收和調整後 EBITDA 預期。第三季營收為 2,920 萬美元，超過了公司先前預期的 2,700 萬美元至 2,850 萬美元，比第二季環比成長 6%。

Adjusted EBITDA loss of $9.9 million was within our guidance range as the disciplined execution led by our experienced management team once again yielded expected results. With another quarter of improved financial results behind us, we have raised our 2025 revenue guidance to at least $105 million and remain on track for a full year of profitability in our airline operations.

經過調整後的 EBITDA 虧損為 990 萬美元，符合我們的預期範圍，這得益於我們經驗豐富的管理團隊的嚴格執行，再次取得了預期成果。隨著又一個季度財務業績的改善，我們將 2025 年的收入預期提高到至少 1.05 億美元，並且我們航空業務全年盈利的目標仍然有望實現。

Operationally, we have transformed our commuter airline, consistently producing strong results which have translated into our second consecutive quarter of profitability in this business. I would like to recognize the achievements of the seasoned aviation team recruited at our systems operations center, which was relocated to Dallas, Texas this past year.

在營運方面，我們已經對通勤航空公司進行了改革，持續取得強勁的業績，並實現了該業務連續第二個季度盈利。我想表揚一下我們系統營運中心招募的經驗豐富的航空團隊所取得的成就，該中心於去年遷至德州達拉斯市。

This team has created a high functioning operation, grounded in performance metrics that produces safe, reliable, and profitable results for the organization. Our operations position us to both become the preferred operator in new markets. And to deploy new electrification technology coming to market in the near future.

團隊打造了一個高效運作的營運體系，以績效指標為基礎，為組織帶來安全、可靠和獲利的成果。我們的營運模式使我們能夠成為新市場的首選營運商。並部署即將上市的新型電氣化技術。

We produced exceptional sales results in our on-demand business for the third quarter, generating an approximate 40% increase in revenue compared to both the second quarter and the same quarter of the prior year. Our on-demand business is executing strongly against our key recalibration initiatives.

第三季度，我們的按需業務取得了卓越的銷售業績，與第二季和去年同期相比，營收成長了約 40%。我們的按需業務正在強勁推進我們的關鍵調整計劃。

Third quarter results benefited from a shift in the mix of flying from turboprop to jet aircraft and from domestic to international flights, which resulted in a 14% increase in revenue per flight. At the same time, we reduced the expenses of the on-demand team 36% since adopting SurfOS. Generating higher revenues for less cost.

第三季業績受益於航班組合從渦輪螺旋槳飛機轉向噴射機，以及從國內航班轉向國際航班，這使得每次航班的收入增長了 14%。同時，自從採用 SurfOS 以來，我們按需服務團隊的費用降低了 36%。以更低的成本創造更高的收益。

Additionally, the team implemented profitability enhancements by securing inventory through volume purchase agreements with operators who are also users of SurfOS. Our on-demand business is well positioned for profitable growth.

此外，該團隊還透過與同樣使用 SurfOS 的營運商簽訂批量採購協議來確保庫存，從而提高了盈利能力。我們的按需業務已做好實現獲利成長的充分準備。

Surf Air Mobility is at the epicenter of the air mobility market, not only as one of the largest commuter airlines in the country, having flown over 300,000 passengers in the past 12 months. But also, as a result of our relationships with over 400 operators who serve our on-demand operations and who are ideal customers of the servos platform in the future.

Surf Air Mobility 處於空中交通市場的中心，不僅是該國最大的通勤航空公司之一，在過去 12 個月中運送了超過 30 萬名乘客。此外，由於我們與 400 多家營運商建立了合作關係，這些營運商為我們的按需營運提供服務，他們也是未來伺服平台的理想客戶。

The Part 135 industry is made up of small businesses with unsophisticated tech stacks and fragmented data. As an operator and broker, we have unique insight into the technology needs of this industry. Our exclusive partnership with Palantir allows us to leverage cutting edge AI tools and best in class data management expertise.

第 135 部分產業由技術堆疊不成熟、資料分散的小型企業組成。作為營運商和經紀商，我們對該行業的技術需求有著獨特的見解。我們與 Palantir 的獨家合作關係使我們能夠利用尖端人工智慧工具和一流的數據管理專業知識。

To build an all-in-one AI enabled software platform for this industry. During the third quarter, we entered a five-year agreement with Palantir that expanded our relationship to include exclusivity for products developed for charter brokers and operators.

為該產業建構一體化的人工智慧軟體平台。第三季度，我們與 Palantir 簽訂了一項為期五年的協議，擴大了我們之間的合作關係，包括為包機經紀人和營運商開發產品的獨家代理權。

We obtained the ability to team with Palantir on solutions designed for enterprise customers, aircraft manufacturers, and the FAA. As part of the recent strategic transaction, we added resources from Palantir to further these efforts. In our SurfOS business, we continue to make substantial progress on driving efficiencies in our own operations by adding incremental functionality and expanding our applications.

我們獲得了與 Palantir 合作開發企業客戶、飛機製造商和美國聯邦航空管理局 (FAA) 的解決方案的能力。作為近期策略交易的一部分，我們從 Palantir 獲得了資源，以進一步推進這些工作。在我們的 SurfOS 業務中，我們透過增加增量功能和擴展應用程序，不斷在提高自身營運效率方面取得實質進展。

We have successfully implemented multiple applications within our operations and are already seeing significant improvements in efficiency and profitability. In our scheduled operations, we launched an aircraft and crew scheduling tool in our Northeast and Hawaii networks that required parallel testing and FAA approvals.

我們已成功在營運中實施了多個應用程序，並已看到效率和盈利能力的顯著提高。在我們的定期運作中，我們在東北和夏威夷網路中推出了一款飛機和機組人員調度工具，該工具需要進行平行測試並獲得美國聯邦航空管理局的批准。

We anticipate that the entire network will be live on this tool by the end of the year. Our SurfOS team also launched additional features within the Mobile Crew app that increase pre postflight communications and reporting. Lastly, robust CRM functionality was built into BrokerOS to streamline customer insights and promote sales efficiencies.

我們預計到今年年底，整個網路都將透過該工具上線。我們的 SurfOS 團隊還在 Mobile Crew 應用程式中推出了其他功能，以增強飛行前和飛行後的溝通和報告。最後，BrokerOS 內建了強大的 CRM 功能，以簡化客戶洞察並提高銷售效率。

During 2025, SurfOS has been in a beta test phase with eight users who have given us valuable insights. We have secured seven LOIs from brokers and operators extremely interested in purchasing SurfOS else once we commercialize this product.

2025 年，SurfOS 進入了 beta 測試階段，共有八位使用者參與，他們為我們提供了寶貴的見解。一旦我們將 SurfOS 商業化，我們已經從七家經紀商和運營商那裡獲得了購買意向書，他們對購買 SurfOS 非常感興趣。

In October, the company hosted a private event at [NBAA] showcasing SurfOS. And conducted 18 product demos for a select group of brokers, operators, aircraft manufacturers, and enterprise clients. We are extremely pleased with the progress made in the last year and expect to exit 2025 with strong momentum.

10 月，該公司在 [NBAA] 舉辦了一場私人活動，展示了 SurfOS。並為部分經紀人、營運商、飛機製造商和企業客戶進行了 18 次產品展示。我們對過去一年的進展感到非常滿意，並預計在2025年結束時將保持強勁的發展勢頭。

As we enter the strategic phases of our transformation plan next year. Strategically, Surf Air Mobility is well positioned to continue optimizing its businesses and begin pursuit of the expansion and acceleration phases of our transformation plan.

明年我們將進入轉型計畫的策略階段。從策略角度來看，Surf Air Mobility 已做好充分準備，繼續優化其業務，並開始推動我們轉型計畫的擴張和加速階段。

First, we will commercialize SurfOS and begin full deployment to third parties in 2026. With the recently announced financing, we have secured funding for the continued development and commercialization of SurfOS. SurfOS is AI-driven software powered by Palantir that organizes key stakeholder data into a single platform, allowing actionable insights for a business.

首先，我們將於 2026 年實現 SurfOS 的商業化，並開始向第三方全面部署。憑藉最近宣布的融資，我們已獲得資金，用於 SurfOS 的持續開發和商業化。SurfOS 是由 Palantir 提供技術支援的 AI 驅動軟體，它將關鍵利害關係人的資料組織到一個平台上，從而為企業提供可操作的見解。

We intend to launch our three flagship SurfOS products in 2026 BrokerOS, OperatorOS, and OwnerOS. BrokerOS manages end to end sales and sourcing and will empower charter brokers to automate processes.

我們計劃在 2026 年推出我們的三款旗艦 SurfOS 產品：BrokerOS、OperatorOS 和 OwnerOS。BrokerOS 管理端到端的銷售和採購，並將使包機經紀人能夠實現流程自動化。

OperatorOS improves efficiencies and the utilization of planes, pilots, and airport staff. OwnerOS delivers transparency and optimization to private aircraft owners to generate better returns on their aviation assets. These products can be integrated into customized solutions for enterprise clients.

OperatorOS 提高了飛機、飛行員和機場工作人員的效率和利用率。OwnerOS 為私人飛機所有者提供透明度和優化，以使其航空資產獲得更高的回報。這些產品可以整合到為企業客戶量身定制的解決方案中。

We intend to announce our commercialization plan with milestones in the coming months. Second, we are pursuing strategies to showcase new technologies in our airline operations network and in new markets. We currently provide commuter service to approximately 200,000 interisland flyers annually within the state of Hawaii.

我們計劃在未來幾個月內公佈我們的商業化計劃及其里程碑。其次，我們正在尋求各種策略，以在我們的航空公司營運網路和新市場中展示新技術。我們目前每年為夏威夷州內約 20 萬島際旅客提供通勤服務。

The length of these flights, ranging from 25 miles to 75 miles is the perfect testing ground for electrified aircraft coming online in the near future. We are working with aircraft manufacturers and the state of Hawaii to launch a pilot program within our existing network.

這些航班的航程從 25 英里到 75 英里不等，是未來不久即將投入使用的電動飛機的完美試驗場。我們正與飛機製造商和夏威夷州政府合作，在我們現有的網路內啟動一項試點計畫。

Additionally, we intend to launch a Part 145 maintenance program to service existing and new technology aircraft and our scouting potential locations within our network to invest. The high functioning system operations center we have built positions Surf Air Mobility to become a preferred operator for companies looking to adopt new aircraft technology in their business models.

此外，我們計劃啟動第 145 部分維護計劃，為現有和新技術飛機提供服務，並在我們的網路內尋找潛在的投資地點。我們建立的高效系統營運中心使 Surf Air Mobility 成為那些希望在其商業模式中採用新型飛機技術的公司的首選營運商。

Billions of dollars are being invested across the aviation industry in the development of new technologies focused on smaller aircraft flying shorter distances. With over a decade of operating both scheduled and on-demand short haul flights, we have flown millions of passengers, millions of miles, and worked with hundreds of operators in this market.

航空業正在投入數十億美元用於開發新技術，重點是小型飛機和短途飛行。十多年來，我們一直運營定期和按需短途航班，運送了數百萬名乘客，飛行了數百萬英里，並與該市場的數百家營運商合作。

This uniquely positions us to deploy these new technologies across a variety of business models and partners. In the meantime, we will continue to add capacity to our network utilizing combustion engine caravans.

這使我們能夠以獨特的優勢，在各種商業模式和合作夥伴中部署這些新技術。同時，我們將繼續利用內燃機房車增加我們網路的運能。

Of which we are taking four new deliveries in the first half of 2026. Our work on detailed launch plans continues for new routes we intend to unveil next year. Third, we intend to grow our on-demand business and expand the number of operators in our network through a series of strategic initiatives directed at profitable revenue growth.

其中，我們將在 2026 年上半年接收四艘新船。我們正在繼續制定詳細的航線開通計劃，計劃明年推出。第三，我們計劃透過一系列旨在實現獲利性收入成長的策略性舉措，發展我們的按需業務並擴大我們網路中的營運商數量。

We will continue our efforts to secure a supply advantage through operator partnerships that provide volume pricing benefits. To achieve our revenue aspirations, we plan to grow our sales team by acquiring seasoned broker talent and books of business.

我們將繼續努力透過與營運商建立合作關係來確保供應優勢，從而獲得批量定價優惠。為了實現我們的營收目標，我們計劃透過收購經驗豐富的經紀人和客戶資源來壯大我們的銷售團隊。

Currently our on-demand team is working towards the coveted [Argus broker] accreditation which will equip our operations with 100% operator vetting and strong compliance oversight. Lastly, let me update you on our electrification efforts.

目前，我們的按需服務團隊正在努力獲得夢寐以求的 [Argus 經紀商] 認證，這將使我們的營運具備 100% 的營運商審查和強大的合規監督。最後，讓我向大家報告我們的電氣化工作進度。

We have targeted securing a supplemental type certificate for the electrified power train in 2027. As such, we have been working with key organizations within the industry supply chain and are evaluating partnership opportunities where we no longer bear the full cost of development.

我們的目標是在 2027 年獲得電動動力總成的補充型式證書。因此，我們一直在與產業供應鏈中的關鍵組織合作，並正在評估合作機會，以便我們不再承擔全部開發成本。

In addition to being the largest passenger operator of Cessna Grand Caravans, we have an exclusive agreement with Textron Aviation, the manufacturer of this aircraft. For us to be the exclusive supplier of electric and hybrid electric powertrains and [fortron] aviation to provide global marketing, sales and distribution for these electrified aircraft.

除了是塞斯納大篷車客運飛機的最大運營商外，我們還與該飛機的製造商德事隆航空簽訂了獨家協議。我們將成為電動和混合動力系統的獨家供應商，而[fortron]航空將為這些電動飛機提供全球行銷、銷售和分銷服務。

As our progress toward this initiative continues, we look forward to updating you as things unfold. Cessna mobility has never been positioned as strongly as we are today. And we fully intend to leverage that strength to drive shareholder value over the coming years.

隨著我們推進這項計劃的不斷深入，我們將隨時向您報告最新進展。塞斯納飛機的移動性能從未像今天這樣強大。我們完全有信心在未來幾年內利用這一優勢來提升股東價值。

With that, let me now turn the call over to Oliver to cover the recently announced strategic financing and our Q3 results and Q4 outlook in more detail. Oliver.

接下來，我將把電話交給奧利佛，讓他更詳細地介紹最近宣布的策略融資、我們的第三季業績和第四季展望。奧利佛。

Thank you, Deanna. In my remarks today, I will address the company's third quarter results and outlook for the fourth quarter and full year, but first, let me share details on our continued efforts to strengthen our balance sheet and secure capital for our technology initiatives that we believe will create significant shareholder value.

謝謝你，迪安娜。今天，我將就公司第三季業績以及第四季和全年展望發表演說。但首先，請允許我分享我們為加強資產負債表和確保技術計劃資金所做的持續努力，我們相信這些計劃將為股東創造巨大的價值。

On November 10, 2025, Surf Air Mobility announced a $100 million strategic transaction that will continue to enable us to achieve our transformation plan. This transaction directs $26 million from new equity issuances specifically to the development and commercialization of SurfOS, shifting this initiative from its beta phase into its commercial phase.

2025 年 11 月 10 日，Surf Air Mobility 宣布了一項價值 1 億美元的策略交易，這將繼續使我們能夠實現轉型計畫。這項交易將透過新發行的股權籌集 2,600 萬美元，專門用於 SurfOS 的開發和商業化，使該計劃從測試階段過渡到商業階段。

A new institutional investor and a Surf Air Mobility co-founder together with a related party each purchased $10 million of this offering, which includes common stock and two-year warrants exercisable at a purchase price of $3.32 per share. Finally, Palantir was issued 6 million of new common equity as prepayment for software and additional services.

一家新的機構投資者和 Surf Air Mobility 的一位聯合創始人以及一家關聯方各自購買了價值 1000 萬美元的本次發行股份，其中包括普通股和兩年期認股權證，行使價格為每股 3.32 美元。最後，Palantir 獲得了 600 萬股新的普通股，作為軟體和其他服務的預付款。

This capital will be used to fund the continued development of SurfOS's three flagship products, BrokerOS, OperatorOS, and OwnerOS, and to enable the scaling of our engineering and sales capabilities. The proceeds will also be used to invest in the development of new modules and products to capture a larger share of the growing air mobility software market.

這筆資金將用於資助 SurfOS 的三大旗艦產品 BrokerOS、OperatorOS 和 OwnerOS 的持續開發，並擴大我們的工程和銷售能力。所得款項也將用於投資開發新模組和產品，以搶佔不斷增長的空中交通軟體市場更大的份額。

In the coming months, we intend to publicly share more information about SurfOS products, the sizeable and growing addressable market, our distribution and commercialization strategy, and the pricing and business models which will set revenue expectations for 2026. Concurrently with the equity raise, Surf Air Mobility completed the sale of a $74 million convertible note, yielding net cash proceeds to the company of $65 million.

在接下來的幾個月裡，我們計劃公開分享更多關於 SurfOS 產品、龐大且不斷增長的潛在市場、我們的分銷和商業化戰略以及定價和商業模式的信息，這些都將決定 2026 年的收入預期。在進行股權融資的同時，Surf Air Mobility 完成了 7,400 萬美元可轉換票據的出售，為該公司帶來了 6,500 萬美元的淨現金收益。

The company will use a portion of these proceeds to pay $51 million due under the company's four-year credit agreement with affiliates of Commerce Partners and $8 million outstanding under the company's secured convertible note with Partner for Growth V, L.P.

該公司將用部分收益來償還根據該公司與 Commerce Partners 的關聯公司簽訂的四年期信貸協議到期的 5,100 萬美元，以及根據該公司與 Partner for Growth V, L.P. 簽訂的擔保可轉換票據未償還的 800 萬美元。

In aggregate, repayment of these liabilities represent a reduction in cash interest expense of approximately $5.5 million on an annualized basis. Earlier in the quarter, a lender transferred $35 million of the outstanding principal under their convertible note to a third-party under terms identical to the original note.

整體而言，償還這些負債每年可減少約 550 萬美元的現金利息支出。本季度早些時候，一家貸款機構將其可轉換票據項下未償還本金 3500 萬美元轉讓給了第三方，條款與原票據相同。

The new holder of the note converted the entire balance, inclusive of accrued interest, into 7.2 million shares of the company's common stock. This resulted in the elimination of a $35 million liability and a reduction of $3.5 million in annualized cash interest expense.

新的票據持有人將全部餘額（包括應計利息）轉換為該公司 720 萬股普通股。這使得3500萬美元的負債得以消除，年度現金利息支出減少了350萬美元。

Finally, during the quarter, the company elected to pay down 8.2 million of the outstanding principal of the GEM mandatory convertible security. To summarize, we significantly reduced our liabilities in Q3 and have subsequently provided funding for the continued development and commercialization of SurfOS. As a result of the financing transaction, we now see a path for the company to be debt free.

最後，在本季度，該公司選擇償還 GEM 強制可轉換證券未償還本金 820 萬美元。總而言之，我們在第三季大幅減少了負債，並隨後為 SurfOS 的持續開發和商業化提供了資金。由於此次融資交易，我們現在看到了公司擺脫債務的希望。

Now let me turn to the results of the third quarter and our outlook for the remainder of the year. As discussed in our earnings release, revenue from the quarter exceeded our guidance, and adjusted EBITDA met our guidance.

現在讓我來談談第三季的業績以及我們對今年剩餘時間的展望。正如我們在獲利報告中所述，本季營收超過了我們的預期，調整後的 EBITDA 也達到了我們的預期。

Strong execution of our transformation plan has driven significant improvement in our key operating metrics in both our scheduled service and on-demand operations, yielding significant and sustainable improvements in financial results.

我們轉型計畫的強大執行，顯著改善了我們定期服務和按需營運的關鍵營運指標，從而在財務表現方面取得了顯著且可持續的改善。

Third quarter revenue of $29.2 million exceeded our guidance range of $27 million to $28.5 million, and rose 6% sequentially over the second quarter, driven by a 42% increase in on-demand revenue, partially offset by a 4% decrease in scheduled service revenue.

第三季營收為 2,920 萬美元，超過了我們先前 2,700 萬美元至 2,850 萬美元的預期範圍，較第二季環比成長 6%，這主要得益於按需服務收入成長 42%，但部分被定期服務收入下降 4% 所抵銷。

On a year over year basis, revenue increased 3%, driven by a 40% increase in on-demand revenue, partially offset by a 7% decrease in scheduled service revenue. The drivers of both sequential and year over year increases in revenue were primarily related to.

與去年同期相比，收入成長了 3%，這主要得益於按需服務收入成長了 40%，但部分被定期服務收入下降 7% 所抵消。推動營收環比成長和年成長的主要因素與以下方面有關：

A shift in the mix to larger aircraft and international flights, which resulted in an increase in revenue per departure in our on-demand business, and the exiting of unprofitable routes offset by improved operational metrics in our scheduled service operation.

業務結構向大型飛機和國際航班轉變，導致按需業務每次出發的收入增加，而退出不盈利航線則被定期航班運營指標的改善所抵消。

Our adjusted EBITDA loss of $9.9 million for the third quarter was within our guidance range of a loss of $10 million to $8.5 million. Compared with the second quarter and the second quarter of the prior year, adjusted EBITDA loss was relatively flat.

我們第三季調整後的 EBITDA 虧損為 990 萬美元，在我們先前預測的虧損範圍（1,000 萬美元至 850 萬美元）之內。與第二季和去年同期相比，調整後的 EBITDA 虧損基本上持平。

Adjusted EBITDA continues to benefit from improvements in key operating metrics, including on-time departure, on-time arrival, and controllable completion factor, demonstrating the permanency of our transformation strategies.

調整後的 EBITDA 繼續受益於關鍵營運指標的改善，包括準時出發率、準時到達率和可控完成率，這表明我們的轉型策略具有持久性。

Our airline operations achieved a second consecutive quarter of profitability defined as positive adjusted EBITDA. Now let's discuss that outlook for the fourth quarter and full year. For the fourth quarter, we expect revenue to be within a range of $25.5 million to $27.5 million and adjusted EBITDA loss to be within a range of $6.5 million to $8 million.

我們的航空公司業務連續第二季獲利，即調整後 EBITDA 為正。現在讓我們來討論一下第四季和全年的展望。我們預計第四季營收將在 2,550 萬美元至 2,750 萬美元之間，調整後 EBITDA 虧損將在 650 萬美元至 800 萬美元之間。

These ranges reflect the exit of unprofitable routes and continued efforts to improve profitability. For the full year we are raising our revenue guidance to at least $105 million and we are reaffirming our guidance for four-year airline operations profitability, the finest positive adjusted EBITDA.

這些價格區間反映了無利可圖航線的退出以及為提高獲利能力而持續做出的努力。我們將全年營收預期上調至至少 1.05 億美元，並重申我們對未來四年航空公司營運獲利能力的預期，即實現最佳正調整 EBITDA。

With that, let me turn the call back over to the operator for Q&A. Operator.

那麼，我將把電話轉回給接線生進行問答環節。操作員。

(Operator Instructions). Amit Dayal with HC Wainwright.

（操作說明）Amit Dayal 與 HC Wainwright。

Thank you. Good afternoon, everyone. Congrats on all the progress. So with this financing, guys, what kind of cash runway do you have in terms of, commercializing SurfOS?

謝謝。大家下午好。祝賀你們取得的所有進展。那麼，有了這筆融資，各位，在 SurfOS 商業化方面，你們的現金流能維持多久？

Hi Amit and thank you for your interest in being on the call. I'll turn that over that question over to Oliver, the CFO to answer.

你好 Amit，謝謝你對參加電話會議的興趣。我會把這個問題交給財務長奧利佛來回答。

Hi Amit. As you saw that there were really two uses for the financing. One is, obviously the investment in the SurfOS, and we believe that that will, give us a runway of between 18 months and 24 months.

你好，阿米特。正如你所看到的，這筆資金實際上有兩個用途。顯然，其中之一是對 SurfOS 的投資，我們相信這將為我們提供 18 個月到 24 個月的緩衝期。

Okay, that's good to hear. Thank you for that. So you have some really interesting partnerships with Palantir with Beta Technologies. Can you talk a little bit about, what is happening, with those efforts, and, especially in the context of data technologies that just went public, how are you potentially working with, that company to commercialize the SurfOS is offering.

好的，聽到這個消息很高興。謝謝。所以你們與 Palantir 和 Beta Technologies 建立了一些非常有趣的合作關係。您能否談談這些努力的進展情況，尤其是在剛公開發布的數據技術背景下，您如何與該公司合作，以實現 SurfOS 的商業化？

And that, I think you, we announced in the second quarter working with Electra and that we had an Electra aircraft odor for their future [eSTOL], but obviously there are, there is a lot of really interesting electrification technology like coming from folks like Beta, Archer, Jody that are that are coming in the near future and obviously we as a company are. Well positioned to be able to partner with all of these folks that are bringing on this new technology.

我認為，我們在第二季度宣布了與 Electra 的合作，並且我們對 Electra 未來的 [eSTOL] 飛機抱有濃厚的興趣，但顯然還有很多非常有趣的電氣化技術，例如 Beta、Archer、Jody 等公司正在研發的技術，這些技術將在不久的將來面世，而我們公司顯然也在積極參與其中。我們擁有得天獨厚的優勢，能夠與所有引進這項新技術的人建立合作關係。

Why is that? It's because, we fly in the regional air mobility space with these vehicles because they're shorter haul distances will be able to be perfect testing grounds for those, and we're also in our SurfOS product we're developing the platform in which all of these types of products can, play within our platform whether they're in our network or if they're deployed in other.

這是為什麼？這是因為我們使用這些飛行器在區域空中交通領域飛行，因為它們的短途飛行距離可以成為這些飛行器的完美試驗場，而且我們也正在開發我們的 SurfOS 產品平台，所有這些類型的產品都可以在我們的平台上運行，無論它們是在我們的網路中還是部署在其他地方。

Operators network, they can be within our SurfOS commercial platform and be in our where our platform is an ecosystem for all of these, new products that are coming, online in the very near future.

營運商網絡，他們可以加入我們的 SurfOS 商業平台，我們的平台是一個生態系統，為所有這些即將上線的新產品提供支援。

Okay, thank you for that. Apologies if I got the beta technology thing wrong, and then, from a, just an operating perspective as you are, exiting some of these, unprofitable routes, are there opportunities to lower operating costs, over the next, 12 months to 18 months?

好的，謝謝。如果我理解錯了測試版技術，請見諒。另外，從營運角度來看，您正在退出一些不盈利的航線，那麼在接下來的 12 到 18 個月內，是否有降低營運成本的機會？

Absolutely. Amit, we are still optimizing our airline operations. We are, we don't have all the capabilities of SurfOS, fully capable in our organizations. Operations, there are still more, benefits to receive once we do have all of those tools in place and we have the ability to use the optimization so we can still hit those really great operational metrics that we are today consistently.

絕對地。阿米特，我們仍在優化航空公司的營運。我們目前並不具備 SurfOS 的所有功能，我們的組織也無法完全實現這些功能。營運方面，一旦我們擁有了所有這些工具，並且能夠使用優化措施，我們就能繼續持續達到我們目前所取得的那些非常優秀的營運指標，從而獲得更多好處。

But in the future, we're using technology we should be able to do it more efficiency with more efficiency and more optimization, which would require obviously less resources and less cost in the system. So you know we do plan, and we do see the opportunity for increased levels of profitability and even operational performance in the future.

但未來，隨著我們利用科技，我們應該能夠以更高的效率和更優化的方式完成這項工作，這顯然會減少系統所需的資源和成本。所以你知道，我們確實在製定計劃，我們也看到了未來提高獲利能力甚至營運績效的機會。

Understood, I'll take my other questions offline, and again congrats on all the execution.

明白了，其他問題我會私下問，再次恭喜你們執行得這麼出色。

Yeah, thank you very much, Amit.

是的，非常感謝你，阿米特。

Austin Moeller with Canaccord Genuity.

Austin Moeller，Canaccord Genuity公司。

Hi, good afternoon. Just my first question here, are there any features of SurfOS that you plan to make exclusive for your on-demand, or scheduled business, or will all of your beta testers and customers have access to all of the features of the stack?

您好，下午好。我的第一個問題是，SurfOS 是否有任何功能是你們計劃專門為按需或定時業務提供的，還是所有測試用戶和客戶都可以使用該技術棧的所有功能？

Our intention is to have all the features available to third parties, we represent a great staging ground and testing ground because we are, we have the unique ability to be both because we're both a broker and an operator, we bring insights into what is needed.

我們的目標是讓所有功能都對第三方開放，我們是一個絕佳的試驗場和測試場，因為我們既是經紀人又是運營商，我們擁有獨特的能力，能夠同時扮演這兩種角色，我們能夠洞察客戶的需求。

So when you're working hand in hand with the tech team and Palantir to bring insights into the product requirements, we're able to make an amazing state of art tool that we are using in our own space and we want. That product to be deployed to other folks in the in the space and bring those people into the commercial platform and the ecosystem that that software develops, for the industry.

因此，當我們與技術團隊和 Palantir 攜手合作，深入了解產品需求時，我們就能打造出一款令人驚嘆的尖端工具，這款工具不僅在我們自己的領域中使用，而且也是我們所需要的。該產品將部署給該領域的其他人，並將這些人引入該軟體為產業開發的商業平台和生態系統。

Okay, and, on the scheduled business, so revenue was a little lower year over year. How many more routes might you expect to remove from the scheduled business before adding some of the new tier one routes and where geographically are you looking to add the new routes?

好的，就計劃業務而言，收入比去年同期略有下降。在增加一些新的頂級航線之前，您預計還需要從定期航班中移除多少航線？您計劃在哪些地理位置增加新航線？

So, we have a few more, couple more, exits in the fourth quarter. That's why our outlook for the fourth quarter in revenue, dropped a bit, but we, that will be the end of it, and all of the, exiting of the unprofitable routes will be complete by the end of this year, unless, of course, one of those routes, tries to hold us in longer before they can get the new carrier in.

所以，第四季我們還有幾筆，兩三筆退出交易。這就是為什麼我們對第四季度收入的預期略有下降，但我們認為，這將是結束，所有不盈利航線的退出都將在今年年底完成，除非其中一條航線試圖拖延我們更長時間，直到新的承運商接手。

As far as the announcement of any specifics on the 2026 launch of a new route, that's, we don't want to do that too soon to give away, that competitive advantage of exactly where we're going, but the team is busy developing and has a full business plan on exactly how that will have to come to play, and obviously we've.

至於何時公佈 2026 年新航線的具體細節，我們不想過早洩漏我們的競爭優勢，讓我們無法準確了解我們的發展方向。但團隊正在積極開發，並製定了完整的商業計劃，詳細說明了這條航線將如何運作。顯然，我們已經…

You we're using a lot of really good data that we have on where the demand is, where are people traveling that we can take them out of their cars and put them into the air using our service, and we have used that to make our decisions and then down select where we're going to go.

我們正在利用我們掌握的大量非常好的數據，這些數據包括需求在哪裡，人們在哪裡出行，我們可以讓他們離開汽車，透過我們的服務讓他們乘飛機出行，我們利用這些數據來做出決策，然後縮小選擇範圍，最終確定我們要去的地方。

Great, thanks for the insights there thanks.

非常感謝您的見解。

David Storms with Stonegate.

David Storms 與 Stonegate 合作。

Good evening and thank you for taking my calls. I did want to start, Oliver, you had a comment in your prepared remarks that you see a path for the company to be debt free. I was just hoping you could speak a little more to me with some of the variables, that you would see impacting that and, any sense of a timeline there.

晚上好，謝謝您接聽我的電話。我想先說的是，奧利佛，你在事先準備好的演講稿中提到，你認為公司有辦法擺脫債務。我只是希望您能再跟我詳細談談您認為會影響此事的幾個因素，以及大概的時間安排。

And David, well, as you see, the convertible was designed with features that would allow us to gradually deliver our balance sheet. So we feel that over time this is a much better path for us rather than facing high interest or high cash interest debt and then bullet payments.

大衛，正如你所看到的，這款敞篷車的設計具備一些功能，可以讓我們逐步改善資產負債表。因此，我們認為從長遠來看，這對我們來說是一條更好的道路，而不是面臨高利息或高現金利息債務，然後一次性還款。

So we feel pretty good about that across the duration of the convert, which, as you see, has a maturity of October 31, 2028. So as that converts and as we succeed, hopefully before then we have a great path to becoming debt free.

因此，我們對轉換期限內的情況感到非常滿意，正如您所看到的，轉換期限為 2028 年 10 月 31 日。所以，隨著轉換率的提高和我們取得成功，希望在此之前，我們能夠走上一條擺脫債務的良好道路。

Understood, I appreciate that. And then I also did want to circle back to the comment around SurfOS reaching commercialization, hopefully within the next 18 months to 24 months. The logistics around that, would you expect some sort of soft launch in the 12th month to 18th month range that would maybe start generating revenue? Or I guess maybe what are your thoughts around that as we get closer to, getting SurfOS on its feet?

明白了，謝謝。然後，我還想再談談 SurfOS 商業化的問題，希望能在未來 18 到 24 個月內實現。從物流角度來看，您是否預計在第 12 個月到第 18 個月之間會進行某種形式的試運營，並開始產生收入？或者，我想問，隨著 SurfOS 的逐步完善，您對這個問題有什麼想法？

Yes, so thanks, David. We, our plans, we have a commercial plan we'll unveil in the coming months, but we do plan in the first half of 2026 to start generating revenue with that product, and we do so we will have revenue guidance that we, give out, and further discussion of the business model and the commercialization plan for 2026 and beyond, but, we are starting commercialization.

是的，謝謝你，大衛。我們有一個商業計劃，將在未來幾個月內公佈。我們計劃在 2026 年上半年開始透過該產品產生收入，屆時我們將發布收入指導，並進一步討論 2026 年及以後的商業模式和商業化計劃。但是，我們正在開始商業化。

We're out of the debate we're out of the beta phase and we're doing everything. And this recent financing that we got for the strategic transaction we just announced it is the catalyst to be able to start a full commercialization.

我們已經結束了爭論，我們結束了測試階段，我們正在全力以赴。我們最近獲得的這筆用於策略交易的融資，是我們能夠開始全面商業化的催化劑。

Understood. That's great. And then one more for me if I could, just any commentary around the recent government shutdown, has that, impacted your business model in the first half of, Q4 here? I'll turn it over. Thank you.

明白了。那太棒了。如果可以的話，我再問一個問題，關於最近的政府停擺，這是否對貴公司第四季上半年的商業模式產生了影響？我把它翻過來。謝謝。

Yeah, so our company's business is impacted in two ways from the government shutdown. I'll speak to the first because it's most on top of people's minds is the traffic reductions that were recently announced by the FAA.

是的，政府停擺對我們公司的業務造成了兩方面的影響。我先談談第一個問題，因為這是大家最關心的問題，那就是美國聯邦航空管理局最近宣布的交通管制措施。

None of those traffic reductions targeted us or any of our operations or any of the regional flying. They were more directed at larger hubs in the major airports, so we did not have any capacity reductions, and we continued on operating and carrying our customers without any disruptions.

這些交通流量削減措施均未針對我們或我們的任何營運或任何區域航班。這些航班更多地針對主要機場的大型樞紐，因此我們沒有減少任何運力，我們繼續運營並運送我們的客戶，沒有受到任何干擾。

The second area that we are can be impacted from is we do participate in the essential air service program. We do routes in the rural areas under that program. That program includes subsidies to the companies who operate those flights.

我們可能受到影響的第二個方面是，我們參與了基本航空服務計劃。我們根據該計劃在農村地區開展路線服務。該計劃包括向營運這些航班的公司提供補貼。

The DOT did during the shutdown period notify those carriers and say that they would potentially be a suspension of those fundings. That has not happened, but even if it was, we would continue to operate until the government came back up. We want to support all the communities in our essential air service program, and we committed to doing that right now.

在政府停擺期間，交通部確實通知了這些運輸公司，並表示可能會暫停向它們提供資金。這種情況還沒有發生，但即使發生了，我們也會繼續運營，直到政府恢復正常運作。我們希望支持我們基本航空服務計劃中的所有社區，並且我們承諾立即這樣做。

The current, letter from the DOT talks about a suspension starting November 18, but hopefully the government. Can get back in this this week and not be affected by that at all. So those are the two areas that we would be would have been affected and so far we haven't. We've gotten all our EIS subsidies that we have billed and haven't had any flight cancellations.

交通部目前的信函提到從 11 月 18 日起暫停運營，但希望政府能夠…這週就能恢復工作，完全不會受到影響。所以，這兩個領域原本可能會受到影響，但到目前為止，我們還沒有受到影響。我們已經收到了所有已開立發票的EIS補貼，而且沒有發生任何航班取消的情況。

I will now hand the call back to Deanna White for the response.

現在我將把電話轉回給迪安娜·懷特，請她回應。

Hi everyone. For the first time, during this earnings release, we have launched a new retail investor Q&A, forum called [Sae Media]. So we had a number of investors who submitted questions, and I appreciate everyone who submitted questions to that. We've selected a handful of the top ones that were voted on by those folks to, address and answer. So I'll start with the first one.

大家好。在本次財報發布期間，我們首次推出了一個名為「散戶問答論壇」的全新散戶問答平台。[Sae Media]。所以有很多投資者提交了問題，我感謝每一位提交問題的投資者。我們從這些人的投票中挑選了一些最受關注的問題來探討和解答。那我就從第一個開始吧。

Given the current market skepticism and volatility, what is your plan to gain investor confidence and prove Surffair can execute its vision better than competitors?

鑑於當前市場的懷疑情緒和波動性，您有什麼計劃來贏得投資者的信心，並證明 Surffair 比競爭對手更能實現其願景？

So at Surf Air Mobility we are hyper focused on shareholder value, and we've come a very long way in the last year. Over a year ago we launched the transformation plan. So that is the plan that we are executing on to make sure that we can gain investor confidence in our company. The plan over the last year, like I have spoke of, has been very effective.

因此，Surf Air Mobility 非常注重股東價值，並且在過去一年中取得了長足的進步。一年多前，我們啟動了轉型計畫。所以，這就是我們正在執行的計劃，以確保我們能夠贏得投資者對我們公司的信心。正如我之前所說，過去一年的計劃非常有效。

We hit, we have hit all of our milestones. We have improved and stabilized our operations. We've done a lot of work to stabilize our balance sheet and address our capital structure, and with this recent announcement, we are allocating funds to the higher growth areas, SurfOS, and we have delivered on the development milestones within SurfOS for the last year.

我們達成了，我們已經達成了所有里程碑。我們的營運已經得到改進和穩定。我們做了很多工作來穩定資產負債表並解決資本結構問題，隨著最近的公告，我們將資金分配給了增長更快的領域，即 SurfOS，並且在過去一年中，我們已經實現了 SurfOS 的開發里程碑。

You see us proving and performing against that plan as we've achieved our seventh consecutive quarter of meeting or exceeding our guidance. And investors are noticing in the last six months we've seen 10 times the amount of shareholders in our stock, and it's been great to see that many people interested and investing in our company.

正如我們所看到的，我們已經連續第七個季度達到或超過預期目標，這證明了我們實踐了這個計劃。投資者註意到，在過去的六個月裡，我們公司的股東數量增加了 10 倍，看到這麼多人對我們公司感興趣並進行投資，真是太好了。

The second question was, with all the volatility over valuations and pullback from investors in regards to AI, can we expect true and realistic numbers coming from your company? So I'll turn this question over to Sudhin Shahani, our Co-Founder, to address.

第二個問題是，鑑於人工智慧估值波動劇烈，投資人紛紛撤資，我們能否期待貴公司提供真實、現實的數據？那麼，我將把這個問題交給我們的共同創辦人蘇丁·沙哈尼來回答。

Thank you, Deanna. I think as you commented on earlier, we're going to comment on the numbers of the software SurfOS business for 2026 later on. And our 2026 is a year to start commercializing, but I'm going to address a couple of key points around our approach and positioning in the AI space.

謝謝你，迪安娜。正如你之前提到的，我們稍後會評論 SurfOS 軟體業務在 2026 年的數據。2026 年是我們開始商業化的年份，但我將重點放在我們在人工智慧領域的方法和定位。

What we're building is a vertical AI product where we're solving specific high value problems for businesses using domain specific data in an industry, we consider ourselves an expert. We're not investing in foundational models, and we have a capital efficient approach here, building core applications and leveraging data infrastructure for [alunteer].

我們正在打造的是一款垂直領域的 AI 產品，利用特定產業（我們自認為是該領域的專家）的特定領域數據，為企業解決特定的高價值問題。我們不投資基礎模型，我們採取的是一種資本效率高的方法，即建立核心應用程式並利用資料基礎設施。[alunteer]。

And I would make a point that there are clear examples of companies in the space providing business solutions and applying AI with high degrees of profitability in these in these situations. Our partner pound share is actually a perfect example of that.

我想指出的是，該領域有很多公司透過提供商業解決方案和應用人工智慧，在這些情況下獲得了很高的獲利能力，這方面的例子非常明顯。我們的合作夥伴英鎊份額實際上就是一個完美的例子。

Thank you, Sudhin. The next question is very pertinent because we are talking to you from the Hawthorne Airport where we have our corporate headquarters for this call. There was a recent last week Archer Aviation announced their acquisition of the Hawthorne Airport.

謝謝你，蘇丁。下一個問題非常重要，因為我們現在是在霍桑機場與您通話，這裡也是我們公司的總部所在地。就在上週，Archer Aviation宣布收購了霍桑機場。

Considering the Surf Air corporate headquarters is there, what changes do you expect to emerge from this? Are these plans to work with, are there plans to work with Archer considering they're also a Palantir partner?

考慮到 Surf Air 的公司總部設在那裡，您認為這會帶來哪些改變？這些計劃是否可行？考慮到 Archer 也是 Palantir 的合作夥伴，是否有與 Archer 合作的計劃？

Interestingly enough, we have been talking and highlighting for our industry the underused, utilized and underinvested airports that exist throughout the country. There's 5,000 public use airports just like Hawthorne that can be used for the future of aviation through advanced air mobility. So we've been ahead of the curve because we play in the space and we've been talking about this for a while.

有趣的是，我們一直在討論並向業內人士重點介紹全國各地那些利用率低、投資不足的機場。像霍桑機場這樣的公共機場有 5000 個，可以透過先進的空中交通技術為航空業的未來發展做出貢獻。所以我們一直走在行業前沿，因為我們在這個領域深耕，而且我們已經討論這個問題一段時間了。

Interestingly enough, the industry and the investment in the aviation industry is moving from investment in R&D with the OEMs that are making these aircraft and starting to move into infrastructure investments. This is bringing a mass, going to bring a mass investment cycle change because you've got to now go in and make all the investment to have all the infrastructure needed for all these vehicles that are coming.

有趣的是，航空業及其投資正從對製造這些飛機的原始設備製造商的研發投資，轉向對基礎設施的投資。這將帶來大規模的投資週期變化，因為現在必須進行所有必要的投資，才能擁有所有這些即將到來車輛所需的全部基礎設施。

Coming in the near future. So, it makes sense that a party and a player like Archer Aviation would, purchase such a thing from, the, as far as, Hawthorne Airport. And as far as partnering with these types of players, we're someone who flies in today in those spaces in the shorter haul miles, and we're developing a software platform for that industry and so we'll likely work with many of these best in class next generation manufacturers to help bring their vehicles into the ecosystem and to our customers.

即將推出。所以，像 Archer Aviation 這樣的公司和玩家從霍桑機場購買這樣的東西，也就不足為奇了。至於與這類參與者合作，我們目前正以短途飛行的方式涉足這些領域，我們正在為該行業開發一個軟體平台，因此我們可能會與許多一流的下一代製造商合作，幫助他們將車輛引入生態系統並提供給我們的客戶。

And our last question is, what would be the main goal of the company to achieve by Q3 of 2026, so in the next year. We want to continue to deliver execution on our transformation plan. Our transformation plan has four phases. We're in the second phase, moving into the third phase.

最後一個問題是，公司到 2026 年第三季（即明年）的主要目標是什麼？我們希望繼續推動轉型計劃的實施。我們的轉型計劃分為四個階段。我們正處於第二階段，即將進入第三階段。

We will continue to, demonstrate stable permanent operational performance, improving and optimizing our business through the adoption of software and the technologies that we ourselves are developing. The big thing in the next year is going to be our commercial rollout of SurfOS that we have planned, and we have, secured the funding for that with the recent strategic transaction that we announced, earlier this week.

我們將繼續展現穩定持久的營運績效，透過採用我們自己開發的軟體和技術來改善和優化我們的業務。明年最重要的事情就是我們計劃中的 SurfOS 的商業推廣，而且我們已經透過本週早些時候宣布的最新策略交易獲得了所需的資金。

So that concludes our Q&A. Thank you everyone for tuning in, listening to us, and the continued support, of our company, and hope to looking forward to talking to you, in our next quarter or installation when we start talking more about '26 and we're able to provide more insight into the commercialization details and the plans we have for 2026.

我們的問答環節到此結束。感謝大家的收聽與支持，感謝大家一直以來對我們公司的支持。希望在下一個季度或安裝期間，我們能與大家繼續交流，屆時我們將更多地談論 2026 年，並能夠提供更多關於商業化細節和我們 2026 年計劃的見解。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。