Surf Air Mobility Inc. (SRFM) 2025 Q4 法說會逐字稿

Good evening. My name is Abby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Surf Air Mobility fourth-quarter and full-year 2025 earnings call. (Operator Instructions)

晚安.我叫艾比，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 年第四季及全年業績電話會議。（操作說明）

Thank you, and I will now pass the call over to Sam Levinson. Please go ahead.

謝謝，我現在將把電話轉給薩姆·萊文森。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Surf Air Mobility's fourth-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 SEC EDGAR 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 年第四季財報電話會議。今天和我一起的有執行長迪安娜懷特和財務長奧利佛李維斯。您可以在 SEC EDGAR 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. Some of these 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.

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」、「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。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。

Additional disclosures regarding non-GAAP measures, including a reconciliation of GAAP to non-GAAP measures, are included in the earnings release we issued earlier today, posted on the Surf Air Mobility Investor Relations website and in our filings with the SEC.

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，已包含在我們今天早些時候發布的盈利報告中，該報告已發佈在 Surf Air 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. Deanna?

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

Thank you, Sam, and thank you everyone for joining us. At the beginning of 2025, we were in the midst of transforming our company financially, operationally, and strategically. The investments we made in our key priorities were straightforward. Strengthen the core business by improving reliability and profitability in our airline operations, recalibrate the on-demand charter business, and develop our SurfOS software. We delivered against that plan, demonstrating successful execution against our strategies. I think that's best exemplified by having now met or exceeded our revenue and Adjusted EBITDA guidance for eight consecutive quarters. Today, we are no longer resetting. We are pivoting to growth. We are backing that ambition by increasing 2026 revenue guidance by 20% to 30% compared to the prior year, underscoring our platform opportunity and our conviction in delivering it.

謝謝你，薩姆，也謝謝大家的參與。2025年初，我們正處於公司財務、營運和策略轉型之中。我們在重點領域所做的投資非常明確。透過提高航空公司營運的可靠性和獲利能力來加強核心業務，重新調整按需包機業務，並開發我們的 SurfOS 軟體。我們按計劃完成了任務，證明了我們策略的成功執行。我認為最好的例證是，我們已經連續八個季度達到或超越了我們的營收和調整後 EBITDA 預期。今天，我們不再需要重置。我們正在轉向成長。為了實現這一目標，我們將 2026 年的收入預期比上一年提高 20% 至 30%，這凸顯了我們平台的機會以及我們實現這一目標的信心。

This revenue guidance does not include the early stages of electric aircraft deployment, as we expect our recently announced partnership with BETA Technologies to contribute to revenue growth and operating efficiencies in 2027. In 2025, we raised over $100 million in equity to substantially reduce our overall cost of capital and lower our net debt. This strengthened financial position gives us the flexibility to move beyond stabilization and toward growth. Today, we operate a regional airline and on-demand charter business safely, reliably, and efficiently, and have been building a digital infrastructure equipped with AI-enabled software tools powered by Palantir. These efforts provide the foundation for our business platform ambition that will enable the next generation of advanced air mobility. To set the stage, aviation is entering a structural inflection point.

該收入預期不包括電動飛機部署的早期階段，因為我們預計最近宣布與 BETA Technologies 建立的合作夥伴關係將在 2027 年促進收入成長和營運效率。2025年，我們透過股權融資籌集了超過1億美元，大幅降低了我們的整體資本成本，並降低了我們的淨債務。財務狀況的改善使我們有更大的靈活性，可以超越穩定階段，邁向成長階段。如今，我們安全、可靠、高效地經營一家區域航空公司和按需包機業務，並一直在建立一個配備由 Palantir 提供支援的人工智慧軟體工具的數位基礎設施。這些努力為我們實現業務平台目標奠定了基礎，這將推動下一代先進空中交通的發展。簡單來說，航空業正進入一個結構性轉捩點。

Electrified aircraft nearing commercial readiness and AI-enabled software will soon shift both the economics and operating requirements of flying. These converging technologies will stimulate massive new demand, but the industry remains severely fragmented, with operators, brokers, owners, and manufacturers still relying on disconnected technology solutions that are unprepared to manage the greater operational and regulatory complexity, intensifying the challenges further. Success in this next phase of aviation will be shaped not by individual airlines or OEMs as in the past, but by a platform that integrates the ecosystem and increases alignment across it. Like all effective platforms, Surf Air Mobility intends to benefit from dynamics between supply and demand, where improved access, reliability, and economics on one side make participation increasingly attractive on the other.

電動飛機即將實現商業化，人工智慧軟體的出現將很快改變航空業的經濟效益和營運要求。這些融合技術將刺激巨大的新需求，但該行業仍然嚴重分散，營運商、經紀人、所有者和製造商仍然依賴彼此獨立的技術解決方案，這些解決方案無法應對更大的營運和監管複雜性，從而進一步加劇了挑戰。航空業下一階段的成功將不再像過去那樣由單一航空公司或原始設備製造商決定，而是由一個整合整個生態系統並提高其內部協調性的平台決定。與所有有效的平台一樣，Surf Air Mobility 旨在從供需之間的動態中獲益，一方面是便利性、可靠性和經濟性的提高，另一方面是參與的吸引力不斷增強。

Surf Air Mobility's platform, enabled by a digital infrastructure powered by Palantir, makes participation in the next generation of aviation simpler, safer, and more economically attractive over time for everyone. We see a world where OEMs will introduce aircraft through our platform. Operators will run fleets on SurfOS. Pilots will build careers within the network. Passengers will manage their travel with a trusted brand. Regulators will rely on the platform's transparency and controls, and capital will flow through its infrastructure. While assets and operations remain distributed, the coordination standards and market dynamics will be governed centrally through the platform. Our platform strategy is built on our strengths today. A nationwide commuter network of short-haul routes ready to showcase adoption of electric aircraft. A cohort of over 400+ operator relationships developed within our on-demand charter business.

Surf Air Mobility 的平台由 Palantir 提供技術支援的數位基礎設施所驅動，使參與下一代航空活動對每個人來說都更加簡單、安全，並且隨著時間的推移更具經濟吸引力。我們展望未來，屆時原始設備製造商將透過我們的平台推出飛機。營運商將在 SurfOS 上運行車隊。飛行員將在航空公司網絡內發展職業生涯。乘客將透過值得信賴的品牌來管理他們的旅行。監管機構將依賴該平台的透明度和管控措施，資本也將透過其基礎設施流動。雖然資產和營運仍然分散，但協調標準和市場動態將透過平台集中管理。我們的平台策略建立在我們目前的優勢之上。一個覆蓋全國的短途通勤航線網絡已準備就緒，將展示電動飛機的應用。我們在按需包機業務中建立了超過 400 個營運商合作關係。

Proprietary Palantir-powered software built on live operations. Partnerships with leading electric aircraft manufacturers, including BETA Technologies and Electra to bring new electric aircraft into service. We believe this combination of assets is singular in this industry and defines our platform advantage. In our airline operations, 2025 marked a dramatic step change in operational performance. We made meaningful improvements in controllable completion rates and on-time departures and arrival metrics, each reaching all-time highs since becoming a public company.

基於實際運行數據構建的 Palantir 專有軟體。與包括 BETA Technologies 和 Electra 在內的領先電動飛機製造商建立合作關係，將新型電動飛機投入使用。我們相信，這種資產組合在業界是獨一無二的，並定義了我們的平台優勢。在我們的航空公司營運中，2025 年標誌著營運績效的巨大飛躍。我們在可控完成率和準時出發及到達指標方面取得了顯著進步，自上市以來，各項指標均達到了歷史最高水準。

These gains reflect better execution from our incredibly talented team, along with increased digitalization of key processes across the airline. I would like to thank the team for their contribution to this milestone, which would not have been possible without their dedication to operational excellence. As a result, we achieved our guidance of profitability in our airline operations for the full year of 2025, defined as positive Adjusted EBITDA.

這些成果反映了我們才華洋溢的團隊執行力的提升，以及航空公司關鍵流程數位化程度的提升。我要感謝團隊為實現這一里程碑所做的貢獻，如果沒有他們對卓越營運的執著追求，這是不可能實現的。因此，我們實現了 2025 年全年航空公司營運獲利的預期目標，即調整後 EBITDA 為正值。

In our on-demand charter business, we focus not only on growth but also margin expansion. We achieved both. Revenue increased while we saw incremental improvement to flight margins compared to the prior year. The combination of better sourcing discipline, a mix shift to longer haul trips with larger aircraft, and the adoption of our SurfOS technology helped us recalibrate the business. It's within our on-demand charter business that we expect to see the clearest near-term benefits of our platform becoming operationalized. We already saw this business expand meaningfully in 2025, especially in the second half of the year as our SurfOS tools helped us improve aircraft sourcing and broker productivity.

在我們的隨選包機業務中，我們不僅專注於成長，也關注利潤率的提升。我們兩項目標都達成了。與前一年相比，收入有所增長，同時航班利潤率也有所提高。更好的採購管理、向使用大型飛機的長途航線轉變，以及我們 SurfOS 技術的採用，這些因素共同幫助我們重新調整了業務。我們預計，我們的平台投入營運後，將在按需包機業務中帶來最明顯的近期效益。我們已經看到這項業務在 2025 年有了顯著成長，尤其是在下半年，因為我們的 SurfOS 工具幫助我們提高了飛機採購和經紀人效率。

We integrated two charter supply deals into our platform, giving us better economics and more control over aircraft inventory while guaranteeing distribution for our operating partner. In the fourth quarter of 2025, we launched two new strategic initiatives in our on-demand charter business. The first, Powered by Surf On Demand, our tech-enabled program that equips independent third-party brokers with BrokerOS and expands our on-demand charter team sales force.

我們將兩項包機供應協議整合到我們的平台中，這使我們能夠獲得更好的經濟效益和對飛機庫存的更多控制，同時確保我們營運合作夥伴的分銷。2025年第四季度，我們在按需包機業務中推出了兩項新的策略措施。第一個項目由 Surf On Demand 提供支持，這是一個技術賦能的項目，它為獨立的第三方經紀人配備 BrokerOS，並擴大了我們的按需包機團隊銷售隊伍。

The second, Surf On Demand Cargo, which expands our product offering into an additional segment of the aviation market. These programs began generating profitable revenue in 2025 and represent early proof points of our platform strategy in action. SurfOS remains a significant investment priority for us. Throughout 2025, we continued working with Palantir to power the core of SurfOS and integrate it across more parts of our organization. We launched crew and aircraft scheduling tools, integrated our maintenance management system, enhanced mobile applications for pilots, and adopted CRM capabilities for our on-demand charter team.

第二項是按需貨運，它將我們的產品擴展到了航空市場的另一個細分領域。這些項目從 2025 年開始產生獲利收入，代表了我們平台策略付諸實踐的早期證明。SurfOS 仍然是我們重要的投資重點。2025 年全年，我們繼續與 Palantir 合作，為 SurfOS 的核心提供支持，並將其整合到我們組織的更多部門中。我們推出了機組人員和飛機調度工具，整合了維護管理系統，增強了飛行員的行動應用程序，並為我們的按需包機團隊採用了 CRM 功能。

These tools are actively used within our business every day. At the same time, we continued to validate SurfOS with external operators and brokers and secured multiple letters of intent for future adoption of our software products. To this end, we remain on track to begin commercializing SurfOS in 2026. The goal is to provide tools that improve efficiency, transparency, and asset utilization in a fragmented market that connects the ecosystem onto a shared digital infrastructure.

這些工具在我們日常業務中都得到積極應用。同時，我們繼續與外部營運商和經紀商驗證 SurfOS，並獲得了多份意向書，以期未來採用我們的軟體產品。為此，我們仍按計劃於 2026 年開始將 SurfOS 商業化。目標是提供工具，以提高分散市場中的效率、透明度和資產利用率，並將生態系統連接到共享的數位基礎設施。

Our Hawaii operation and strategic partnerships are central to this next phase, and we're placing particular emphasis on that market as a proving ground for our platform in practice. The Inter-Island Network provides a practical environment to introduce electric aircraft technologies responsibly.

我們在夏威夷的營運和策略合作夥伴關係是下一階段的核心，我們將特別重視該市場，將其作為我們平台實踐的試驗場。島際網路為負責任地引入電動飛機技術提供了一個切實可行的環境。

With short flight distances, a concentrated airport geography, strong community engagement, and meaningful passenger volume, Hawaii is our strategic anchor market to demonstrate the impact of the transition to electric aircraft. We've increased our investment in Hawaii, operating under the brand Mokulele Airlines, and have committed to investing over $22 million into our Hawaii infrastructure with new planes entering service in the second quarter of 2026, updated lounges, and improved processes. We've strengthened leadership locally, improved operational reliability, and aligned our fleet and network for long-term operational stability.

夏威夷擁有較短的飛行距離、集中的機場地理位置、強大的社區參與度和可觀的客運量，是我們展示向電動飛機過渡的影響的戰略錨定市場。我們增加了對夏威夷的投資，以 Mokulele Airlines 品牌運營，並承諾投資超過 2200 萬美元用於我們在夏威夷的基礎設施建設，包括 2026 年第二季度投入使用的新飛機、升級的休息室和改進的流程。我們加強了本地領導力，提高了營運可靠性，並調整了我們的機隊和網絡，以實現長期營運穩定性。

This strategic commitment to Hawaii is further shown by the work we're doing in partnership with BETA Technologies. This week, we secured a strategic partnership with BETA Technologies to be the first operator to launch commercial electric aircraft passenger flights in Hawaii.

我們與 BETA Technologies 合作的工作進一步體現了我們對夏威夷的戰略承諾。本週，我們與 BETA Technologies 達成戰略合作夥伴關係，成為夏威夷首家開通商用電動飛機客運航班的營運商。

As part of the strategic partnership, Surf Air Mobility will combine its operating expertise, existing passenger demand, and established airport infrastructure with BETA's market-leading electric aircraft and charging capabilities. We've placed a firm fleet order for 25 BETA electric aircraft with an option for 75 more. The order allows for delivery slots to be satisfied across BETA Technologies' product portfolio, from cargo or passenger CTOL aircraft to VTOL variants, perfect for our existing commuter network and on-demand charter business.

作為戰略合作夥伴關係的一部分，Surf Air Mobility 將結合其營運專業知識、現有乘客需求和已建立的機場基礎設施​​，以及 BETA 市場領先的電動飛機和充電能力。我們已正式訂購 25 架 BETA 電動飛機，並可選擇再訂購 75 架。該訂單允許 BETA Technologies 的產品組合（從貨運或客運 CTOL 飛機到 VTOL 變體）滿足交付時段的需求，非常適合我們現有的通勤網路和按需包機業務。

The order allows aircraft to be operated by us, leased to individual owners that manage their aircraft with Surf Air Mobility, or operated by our on-demand charter partners, all stakeholders within our platform. We anticipate that the improved unit economics of BETA electric aircraft will lead to increased profitability in our scheduled service and on-demand charter businesses over time.

該命令允許飛機由我們運營，租賃給透過 Surf Air Mobility 管理飛機的個人所有者，或由我們的按需包機合作夥伴運營，所有這些利益相關者都是我們平台的一部分。我們預計，BETA 電動飛機的單位經濟效益的提高，將隨著時間的推移，提高我們定期航班服務和按需包機業務的盈利能力。

We entered into another agreement with BETA Technologies that designates our planned maintenance repair and overhaul facility once certified as the exclusive factory-authorized service center for BETA electric aircraft in Hawaii, with the ability to extend to other launch regions. Our ambition to become the leading MRO for electric aircraft will create a new and growing revenue stream for the company.

我們與 BETA Technologies 達成了另一項協議，該協議指定我們計劃的維護、修理和大修設施在獲得認證後，成為夏威夷 BETA 電動飛機的唯一工廠授權服務中心，並有可能擴展到其他發佈區域。我們力爭成為電動飛機領域領先的MRO（維修、修理和大修）服務商，這將為公司創造新的、不斷成長的收入來源。

Moreover, BETA Technologies has selected us as a launch operator for their passenger aircraft. BETA Technologies and Surf Air Mobility will co-market BETA electric aircraft and Surf Air Mobility's operating software capabilities to other third-party BETA aircraft customers. We aim to leverage this agreement to provide BETA Technologies customers with operational and aircraft management services across multiple mission profiles, including high frequency, short-haul scheduled passenger service, regional cargo operations, and on-demand charter flights.

此外，BETA Technologies 選擇我們作為其客運飛機的發射運營商。BETA Technologies 和 Surf Air Mobility 將共同向其他第三方 BETA 飛機客戶推廣 BETA 電動飛機和 Surf Air Mobility 的作業系統功能。我們的目標是利用這項協議，為 BETA Technologies 的客戶提供涵蓋多種任務類型的營運和飛機管理服務，包括高頻短途定期客運服務、區域貨運業務和按需包機航班。

These announcements are concrete examples of the progress we're making toward implementing the industry's platform solution and will directly support the early commercial deployment and broader market adoption of electric aircraft. Our broader electrification strategy has been to work with best-in-class aircraft manufacturers to achieve first-mover advantage.

這些公告是我們朝著實施產業平台解決方案所取得進展的具體例證，並將直接支援電動飛機的早期商業部署和更廣泛的市場應用。我們更廣泛的電氣化策略是與一流的飛機製造商合作，以獲得先發優勢。

Our partnership with BETA Technologies illustrates this approach, and we are working toward introducing BETA's aircraft into commercial service beginning this year. We believe that Hawaii, where we hold an early advantage, will be one of the first meaningful proof points in the United States and believe BETA Technologies has the aircraft to make it happen. These deliberate steps are designed to reduce risk, increase operational readiness, and position us to be the premier operator of electric aircraft. The BETA aircraft order is expected to enable the deployment of electric aircraft in our network before our previously expected timeline of 2027.

我們與 BETA Technologies 的合作體現了這種理念，我們正在努力從今年開始將 BETA 的飛機投入商業運營。我們相信，我們在夏威夷已經取得了早期優勢，夏威夷將成為美國首批有意義的驗證點之一，並且我們相信 BETA Technologies 擁有實現這一目標所需的飛機。這些精心設計的措施旨在降低風險，提高營運準備度，使我們成為電動飛機的領先營運商。BETA飛機訂單有望使我們在先前預期的2027年之前，在我們網路中部署電動飛機。

At the same time, we continue to believe there is a strong use case for an electric Caravan, particularly in markets we fly today, such as Hawaii. We believe the most efficient allocation of capital is to focus on providing software to support the development of electric aircraft. We continue to be in discussions with multiple partners across the value chain to advance the electric Caravan program, utilizing the work we have accomplished and assets we have created. However, to be clear, we no longer intend to invest $50 million to $100 million for the Caravan electrification program.

同時，我們仍然相信電動版 Caravan 有很強的市場前景，尤其是在我們目前營運的市場，例如夏威夷。我們認為最有效的資本配置方式是集中精力提供軟體來支援電動飛機的開發。我們正與價值鏈上的多個合作夥伴進行討論，以推進電動 Caravan 項目，利用我們已完成的工作和已創造的資產。但需要明確的是，我們不再打算為 Caravan 電氣化計畫投資 5,000 萬至 1 億美元。

To summarize, what I've just described is Surf Air Mobility turning back to growth mode in 2026. I've laid out our vision, showing how our strategic initiatives and areas of strength will increasingly work in tandem as a unified platform. The outlook for this next year includes more partnerships, more electric aircraft collaborations, more supply agreements, and more integration and broader rollout of our SurfOS technology across the ecosystem.

總而言之，我剛才描述的是 Surf Air Mobility 在 2026 年重返成長模式。我已經闡述了我們的願景，展示了我們的策略舉措和優勢領域將如何日益協同運作，形成一個統一的平台。明年的展望包括更多的合作夥伴關係、更多的電動飛機合作、更多的供應協議，以及在整個生態系統中更廣泛地整合和推廣我們的 SurfOS 技術。

Over time, we will align the key stakeholders around our platform, coordinating more of the operational financial transactions and capturing an expanding share of the industry's activity. We enter 2026 in a stronger position than at any point in our recent history, seeking to enable an industry at the beginning of structural expansion, and we're intensely focused on turning that position into tangible value for our customers, our partners, and our investors.

隨著時間的推移，我們將使關鍵利益相關者圍繞我們的平台達成一致，協調更多的營運財務交易，並佔據行業活動中越來越大的份額。進入 2026 年，我們處於比近期歷史上任何時期都更加強大的地位，致力於推動一個正處於結構擴張初期的行業發展，我們將全力以赴，把這種地位轉化為對我們的客戶、合作夥伴和投資者的切實價值。

With that, I'll turn the call over to Oliver to discuss our fourth-quarter and full-year 2025 results and our 2026 guidance.

接下來，我將把電話交給奧利佛，讓他討論我們 2025 年第四季和全年業績以及 2026 年的業績展望。

Thank you, Deanna. In my remarks today, I will discuss the results of our fourth quarter and fiscal year ended December 31, 2025, and our outlook for the first quarter and fiscal year ending December 31, 2026. To begin, here are some annual 2025 highlights.

謝謝你，迪安娜。在今天的演講中，我將討論截至 2025 年 12 月 31 日的第四季度和財政年度的業績，以及我們對截至 2026 年 12 月 31 日的第一季和財政年度的展望。首先，以下是 2025 年的一些年度亮點。

First, we achieved full year profitability in our airline operations, defined as positive Adjusted EBITDA. This milestone was reached by driving operational improvements, reducing maintenance complexity, and enhancing overall cost efficiency. We invested in leadership talent at all levels of the organization with aviation expertise that achieved significant results.

首先，我們的航空公司業務實現了全年獲利，即調整後 EBITDA 為正值。透過推動營運改善、降低維護複雜性和提高整體成本效益，實現了這一里程碑。我們投資於公司各個層級的具有航空專業知識的領導人才，並且取得了顯著成果。

Second, we successfully recalibrated our on-demand charter business model, improving flight margins year-over-year. We accomplished these achievements through improved sourcing, the introduction of new charter products, and an increase in long-haul flying with larger aircraft. In 2025, we completed the full internal deployment of BrokerOS, which resulted in improved efficiencies and cost savings. In the fourth quarter, we launched two new programs powered by Surf On Demand, which expands the company's sales force by providing BrokerOS to independent third-party brokers and Surf On Demand Cargo, which expands our product strategy within the aviation market.

其次，我們成功地調整了隨選包機業務模式，逐年提高了航班利潤率。我們透過改進採購、推出新的包機產品以及增加使用大型飛機的長途飛行，實現了這些成就。2025 年，我們完成了 BrokerOS 的全面內部部署，從而提高了效率並節省了成本。第四季度，我們推出了由 Surf On Demand 提供支援的兩項新計劃，一項是透過向獨立的第三方經紀人提供 BrokerOS 來擴大公司的銷售隊伍，另一項是 Surf On Demand Cargo，這項計劃擴展了我們在航空市場的產品戰略。

Third, for our SurfOS initiative, we extended our partnership with Palantir by announcing a five-year exclusive agreement to develop software solutions for Part 135 stakeholders, coupled with a teaming agreement to pursue larger enterprise opportunities.

第三，對於我們的 SurfOS 計劃，我們擴大了與 Palantir 的合作關係，宣布了一項為期五年的獨家協議，為 Part 135 利益相關者開發軟體解決方案，並達成了一項合作協議，以尋求更大的企業機會。

Finally, we optimized our capital structure, raising debt and equity to both invest in our business and strengthen our balance sheet. As a result, net debt decreased 47% from $139 million at December 31, 2024 to $74 million at December 31, 2025. This decrease in net debt also benefited from the conversion of $48 million in convertible notes, inclusive of interest.

最後，我們優化了資本結構，透過舉債和股權融資，既投資於我們的業務，又增強了我們的資產負債表。因此，淨債務從 2024 年 12 月 31 日的 1.39 億美元減少 47% 至 2025 年 12 月 31 日的 7,400 萬美元。淨債務的減少也得益於 4,800 萬美元可轉換票據（含利息）的轉換。

Now let me turn more specifically to the fourth quarter and full year results. Revenue and Adjusted EBITDA for the fourth quarter met our guidance range. This is the eighth consecutive quarter in which the company either met or exceeded guidance, demonstrating continued and deliberate execution against our transformation plan. For the fourth quarter of 2025, revenue of $26.4 million was within our guidance range of $25.5 million to $27.5 million.

現在讓我更具體地談談第四季和全年業績。第四季營收和調整後 EBITDA 均符合我們的預期範圍。這是公司連續第八個季度達到或超過預期，表明我們持續、有計劃地執行轉型計劃。2025 年第四季營收為 2,640 萬美元，在我們先前預測的 2,550 萬美元至 2,750 萬美元的範圍內。

A 9% decrease sequentially from the third quarter, driven by a 16% decrease in scheduled service revenue, resulting from the exit of unprofitable routes, partially offset by an 8% increase in on-demand charter revenue. On a year-over-year basis, fourth quarter revenue decreased 6%, driven by a 19% decrease in scheduled service revenue, partially offset by a 36% increase in on-demand charter revenue.

與第三季度相比，環比下降 9%，主要原因是定期航班收入下降 16%，這是由於退出不盈利航線所致；按需包機收入增長 8% 部分抵消了這一影響。與去年同期相比，第四季營收下降了 6%，主要原因是定期航班收入下降了 19%，但按需包機收入增加了 36%，部分抵消了這一降幅。

Full year 2025 revenue of $106.6 million met our previously raised guidance of revenue exceeding $105 million. An 11% decrease when compared with full year 2024 revenue, driven by a 15% decrease in scheduled service revenue, partially offset by a 3% increase in on-demand charter revenue.

2025 年全年營收為 1.066 億美元，符合我們先前提高的超過 1.05 億美元的營收預期。與 2024 年全年收入相比下降了 11%，主要原因是定期航班收入下降了 15%，但按需包機收入增加了 3%，部分抵消了這一降幅。

The drivers of both the sequential and year-over-year decreases in fourth quarter and full year revenue were the continued exit of unprofitable routes, partially offset by improved operational metrics in our scheduled service operations, with controllable completion factors for Q4 2025 improving to 98% compared to 96% for Q3 2025 and 89% for Q4 2024. An increase in on-demand charter revenue driven by a shift in mix to larger aircraft and international flights and the positive impact of our BrokerOS software and broker productivity.

導致第四季和全年營收季減的主要原因是持續退出不獲利的航線，部分被定期航班營運指標的改善所抵消，2025 年第四季的可控完成率提高到 98%，而 2025 年第三季為 96%，2024 年第四季為 89%。按需包機收入的成長，得益於飛機類型向大型飛機和國際航班的轉變，以及我們的 BrokerOS 軟體和經紀人生產力的正面影響。

Our Adjusted EBITDA loss, just under $8 million for the fourth quarter of 2025, was within our guidance range of $8 million to $6.5 million. Compared with the third quarter of 2025, Adjusted EBITDA loss improved by 19%, the result of our continued focus on cost management. Adjusted EBITDA loss compared to the same quarter of 2024 increased by approximately $1.1 million due to a slightly higher mix of corporate-level costs.

我們 2025 年第四季的調整後 EBITDA 虧損略低於 800 萬美元，在我們 800 萬美元至 650 萬美元的預期範圍內。與 2025 年第三季相比，調整後 EBITDA 虧損減少了 19%，這是我們持續專注於成本管理的結果。由於公司層級成本佔比略高，與 2024 年同期相比，調整後的 EBITDA 虧損增加了約 110 萬美元。

Full year 2025 Adjusted EBITDA loss of $41.7 million was a 5% improvement over the 2024 Adjusted EBITDA loss of $44.1 million. This reduction in Adjusted EBITDA loss year-over-year reflects the exits of unprofitable routes, the benefits of our significant operational improvements, and the positive impact of improved on-demand charter margins. Airline operations were profitable, defined as positive Adjusted EBITDA, in line with our full year guidance. Our controllable completion factor increased to 98% in the fourth quarter of 2025 from 89% in the fourth quarter of 2024.

2025 年全年調整後 EBITDA 虧損 4,170 萬美元，比 2024 年調整後 EBITDA 虧損 4,410 萬美元改善了 5%。調整後 EBITDA 虧損同比減少，反映了不盈利航線的退出、我們重大運營改進帶來的益處以及按需包機利潤率提高的積極影響。航空公司營運實現獲利（調整後 EBITDA 為正），符合我們全年的預期。2025 年第四季度，我們的可控完工率從 2024 年第四季的 89% 提高到 98%。

Over the same period on-time departures improved to 72% from 62% and on-time arrivals improved to 81% from 74%. Improvements in these key operating metrics represent a tangible return on capital deployed to address prior operating challenges.

同期，準點出發率從 62% 提高到 72%，準點到達率從 74% 提高到 81%。這些關鍵營運指標的改善，代表著用於解決先前營運挑戰的資本投入獲得了實際的回報。

Looking forward, we are entering 2026 with strong momentum. Surf Air Mobility is positioned to lead and enable aviation's next structural transformation. 2026 marks our transition from operator to platform and the start of the expansion phase of our transformation plan.

展望未來，我們將以強勁的發展動能邁入2026年。Surf Air Mobility 致力於引領和推動航空業的下一輪結構性轉型。 2026 年，我們將完成從營運商到平台的轉型，並開啟轉型計畫的擴張階段。

Now let me turn to the discussion of our outlook for 2026. 2026 marks the beginning of our return to growth. As Deanna mentioned earlier, the outlook for 2026 includes more partnerships, more electric aircraft collaborations, more supply agreements, and more internal integration and a broader commercial rollout of our SurfOS technology.

現在讓我們來談談我們對 2026 年的展望。 2026 年標誌著我們重返成長軌道的開始。正如迪安娜之前提到的，2026 年的展望包括更多的合作夥伴關係、更多的電動飛機合作、更多的供應協議、更多的內部整合以及我們的 SurfOS 技術更廣泛的商業推廣。

For the full year of 2026, we anticipate revenue to be in the range of $128 million to $138 million and Adjusted EBITDA loss to be within a range of $40 million to $50 million. Our revenue guidance range of 20% to 30% year-over-year revenue growth for fiscal year 2026 contemplates accelerating growth in our on-demand charter business and partial year revenue contribution for SurfOS. Because of these dynamics, revenue growth will be heavily weighted to the back half of 2026.

我們預計 2026 年全年營收將在 1.28 億美元至 1.38 億美元之間，調整後 EBITDA 虧損將在 4,000 萬美元至 5,000 萬美元之間。我們對 2026 財年營收的預期是年增 20% 至 30%，這主要得益於按需包機業務的加速成長以及 SurfOS 的部分年度營收貢獻。由於這些因素，收入成長將主要集中在 2026 年下半年。

Our 2026 Adjusted EBITDA loss guidance reflects significant investments in strategic initiatives, including the continued development and commercial rollout of SurfOS, partially offset by the continued efforts to improve the profitability of our scheduled service and on-demand charter business.

我們 2026 年調整後 EBITDA 虧損預期反映了對策略性舉措的重大投資，包括 SurfOS 的持續開發和商業推廣，但部分被我們為提高定期航班服務和按需包機業務的盈利能力而持續努力所抵消。

Despite these investments, we expect our Adjusted EBITDA loss and margins to improve each quarter on a comparable year-over-year basis, driven by revenue growth and a continued focus on cost management. For the first quarter of 2026, we anticipate revenue to be in the range of $24 million to $26 million and Adjusted EBITDA loss to be within a range of $15.5 million to $13.5 million. Revenue guidance for the first quarter of 2026 does not reflect any revenue contribution for SurfOS. The increase in Adjusted EBITDA loss reflects our investment in strategic initiatives and the continued development and upcoming commercial rollout of SurfOS.

儘管進行了這些投資，但我們預計，在收入成長和持續關注成本管理的推動下，我們的調整後 EBITDA 虧損和利潤率將逐季逐年改善。我們預計 2026 年第一季的營收將在 2,400 萬美元至 2,600 萬美元之間，調整後的 EBITDA 虧損將在 1,550 萬美元至 1,350 萬美元之間。2026 年第一季的營收預期並未反映 SurfOS 的任何營收貢獻。調整後 EBITDA 虧損的增加反映了我們對策略性舉措的投資，以及 SurfOS 的持續開發和即將進行的商業推廣。

Now let me turn the call back to Deanna for some brief closing thoughts.

現在讓我把電話轉回給迪安娜，請她做個簡短的總結發言。

2025 marked a year we transformed our company operationally, financially, and strategically. Today, we're a respected short-haul flight provider serving regional commuters, on-demand charter customers, and cargo services. We are transitioning from an airline-first operating model to a platform-centric business spanning regional, private, and advanced air mobility. We've spent a decade building a commuter airline and on-demand charter business known for safety, reliability, and customer service.

2025年是我們公司在營運、財務和策略方面進行轉型的一年。如今，我們是一家備受尊敬的短程航班服務供應商，服務對象包括區域通勤者、按需包機客戶和貨運服務商。我們正在從以航空公司為主導的營運模式轉型為以平台為中心的業務模式，業務範圍涵蓋區域、私人和先進的空中交通。我們花了十年時間打造了一家以安全、可靠和客戶服務著稱的通勤航空公司和按需包機業務。

Meanwhile, numerous companies have invested billions over the same decade in electric aircraft now reaching final certification stages. The aviation industry is entering an inflection point as electric aircraft mission-built for short-haul flying and AI-enabled software shift operating requirements, efficiencies, and economics. Success won't be shaped by individual airlines or OEMs, but by platforms that integrate the ecosystem. 2026 represents a pivotal year for Surf Air Mobility.

同時，在過去的十年裡，許多公司在電動飛機領域投入了數十億美元，這些飛機目前已進入最終認證階段。航空業正進入一個轉折點，專為短途飛行而設計的電動飛機和人工智慧軟體正在改變營運要求、效率和經濟性。成功並非取決於個別航空公司或原始設備製造商，而是取決於整合整個生態系統的平台。 2026年對Surf Air Mobility而言是至關重要的一年。

Our long-term ambition to become the platform that enables the next generation of flight is at our doorstep. We believe that our SurfOS software represents a sustainable competitive advantage that will anchor our platform and position us at the center of this transforming industry. Having privileged access to a larger and more diverse array of knowledge flows better positions us to shape these flows. When you're in the center of flows, small moves smartly made can set very big things in motion.

我們長期以來致力於成為下一代飛行平台的願景，如今已近在眼前。我們相信，我們的 SurfOS 軟體代表著可持續的競爭優勢，它將鞏固我們的平台，並將我們置於這個變革產業的中心。擁有接觸更廣泛、更多樣化知識流的特權，使我們能夠更好地塑造這些知識流。當你身處潮流中心時，巧妙地做出的小舉動可以引發巨大的改變。

With that, let me turn it over to the operator for the Q&A portion of the call. Operator?

接下來，我將把電話交給接線員，進行問答環節。操作員？

(Operator Instructions) Amit Dayal, H.C. Wainwright.

（操作說明）Amit Dayal，H.C. Wainwright。

Thank you. Good afternoon, everyone. I appreciate you taking my questions. Congrats on all the progress, guys. With respect to the SurfOS spend and commercial rollout, could you clarify, you know, what is being spent on, you know, the software development, product development, and what is being potentially spent on, you know, just building the sales pipeline?

謝謝。大家下午好。感謝您回答我的問題。恭喜各位取得的所有進展！關於 SurfOS 的支出和商業推廣，您能否澄清一下，哪些支出用於軟體開發、產品開發，哪些支出可能用於建立銷售管道？

Sure. Thanks, Amit, and thanks for participating and giving us a question and the interest you have in our company. You know, SurfOS remains a significant investment priority for us. We have an operating model and in which we are now evolving to execute a go-to-market strategy. We first are starting with our BrokerOS product. We spoke about how our on-demand team has launched that through a Powered by SurfOS program in which we equipped independent third-party brokers with the tech-enabled software tool of BrokerOS. We've seen that be very effective.

當然。謝謝 Amit，謝謝你的參與和提問，也謝謝你對我們公司的興趣。你知道，SurfOS 仍然是我們重要的投資重點。我們擁有營運模式，目前正在進行改進，以執行市場推廣策略。我們首先從我們的 BrokerOS 產品開始。我們談到了我們的按需服務團隊如何透過「Powered by SurfOS」計劃啟動了這項計劃，該計劃為獨立的第三方經紀商配備了BrokerOS的技術軟體工具。我們已經看到這種方法非常有效。

We're already seeing that have profitable revenue and when it was launched last year and you know, we're commercializing that further and growing that. It is going to be a big contributor of our on-demand business this year and is supporting why we guided to a higher revenue target for 2026.

我們已經看到它帶來了盈利收入，自從去年推出以來，我們正在進一步將其商業化並發展壯大。它將成為我們今年按需業務的重要貢獻者，也印證了我們為何將 2026 年的營收目標定得更高。

You know, we're also still working on OperatorOS. We've invited 17 operators to a closed BETA, and we're evolving how that go-to-market strategy will work using their feedback, not just on the tool, but how that we could potentially commercialize that.

你知道，我們仍在開發 OperatorOS。我們邀請了 17 位業者參與封閉測試，並根據他們的回饋不斷改進市場推廣策略，不僅是針對該工具，還包括我們如何將其商業化。

Thirdly, we are targeting enterprise clients with enterprise solutions. That leverages the five-year teaming agreement that we have with Palantir to develop solutions for enterprise customers with them within the Part 135 industry. We have exclusivity there. We also intend to monetize the SurfOS tools that we already are using ourselves to enterprise clients and also develop customized tools for them.

第三，我們為企業客戶提供企業級解決方案。這是利用我們與 Palantir 簽訂的五年合作協議，與他們一起為 Part 135 行業的企業客戶開發解決方案。我們擁有那裡的獨家經營權。我們還計劃將我們自己已經在使用的 SurfOS 工具商業化，提供給企業客戶，並為他們開發客製化工具。

We're currently in discussions with various potential clients, including not just operators, but also OEMs within the industry. The bulk of that revenues that we're going to get this year from commercializing SurfOS is gonna occur in the second half of the year. We're deliberately using a very deliberate, thoughtful go-to-market strategy on SurfOS, you know, making sure that our products meet the requirements of the industry and our clients and hope to see in the future years that segment of our business truly take off and grow.

我們目前正在與各種潛在客戶進行洽談，不僅包括營運商，還包括業界的原始設備製造商。今年我們從 SurfOS 商業化中獲得的大部分收入將在今年下半年產生。我們正在對 SurfOS 採取非常謹慎、深思熟慮的市場推廣策略，確保我們的產品滿足行業和客戶的需求，並希望在未來幾年看到我們業務的這一部分真正起飛和成長。

Thank you, Deanna. You know, with respect to the BETA partnership, is any of that going to come through in 2026 or are these, you know, aircraft purchases, et cetera, happening, you know, in periods like 2027 and beyond? Just any clarity on how, you know, these electric aircraft are going to be incorporated into your fleet and, you know, timelines, you know, for these developments?

謝謝你，迪安娜。關於BETA合作關係，這些合作會在2026年有任何成果嗎？還是說，像是飛機採購之類的事情，要等到2027年或更晚才會發生？能否詳細說明一下，這些電動飛機將如何納入你們的機隊，以及這些發展的具體時間表？

Sure. The BETA aircraft order is very unique. We have the opportunity to satisfy the deliveries across their entire product portfolio, which includes cargo, passenger, a CTOL variant, and then a VTOL variant. The CTOL variant is the one that they can certify the soonest. It's the one they're going to be using in the eIPP program. Certification timeline is obviously the biggest hurdle, and the FAA eIPP program that they just announced selections this week is going to expedite the certification process for those who were selected.

當然。BETA飛機的訂單非常獨特。我們有機會滿足他們整個產品組合的交付需求，其中包括貨運、客運、CTOL 型號和 VTOL 型號。CTOL 型號是他們最快能夠獲得認證的型號。這是他們將在 eIPP 專案中使用的版本。認證時間顯然是最大的障礙，而美國聯邦航空管理局 (FAA) 本週剛宣布的 eIPP 計畫將加快入選者的認證過程。

BETA is a great partner. They actually were selected in seven of the eight applications. The benefits of that is they will be able to certify the aircraft a lot quicker, even potentially up to a year sooner. We cannot take deliveries and put them into full commercial service until the aircraft is certified.

BETA 是個很棒的合作夥伴。實際上，他們在八項申請中的七項中都被選中了。這樣做的好處是，他們可以更快地完成飛機認證，甚至有可能提前一年。在飛機獲得認證之前，我們不能接收飛機並將其投入全面商業運作。

We have plans to start with the CTOL, cargo and move to the passenger variant. The CTOL can use existing regional airports. It doesn't require the vertiport infrastructure, and so we'll be able to launch the commercial service sooner. We also intend, even though our company's application in Hawaii with BETA was not selected for the EIPP program, we still intend with BETA in 2026 to do demo flights to start a trial of our of the cargo version of the CTOL to begin doing that in 2026 in anticipation of the certification of that aircraft first. We, on the airline operations side, will actually begin with cargo services that will generate revenue and then move to passenger using the CTOL and then later the VTOL once it's certified.

我們計劃先推出 CTOL 型和貨運型，然後再推出客運型。CTOL 可以使用現有的區域機場。它不需要垂直起降場基礎設施​​，因此我們可以更快地推出商業服務。儘管我們公司在夏威夷與 BETA 的合作申請沒有被選中參加 EIPP 計劃，但我們仍然計劃在 2026 年與 BETA 合作進行演示飛行，開始試飛我們的 CTOL 貨運版本，並預計在 2026 年首先獲得該飛機的認證。在航空公司營運方面，我們將首先進行貨運服務以創造收入，然後使用 CTOL 飛機進行客運服務，之後一旦 VTOL 飛機獲得認證，我們將進行客運服務。

Thank you, Deanna. Just one more on the BETA side. I don't know if you can share this at this point, but any color on sort of the, you know, improvement in economics from the BETA aircraft versus, you know, these legacy aircraft? Could you share any details on, you know, how adopting the BETA electric aircraft can improve economics for Surf Air?

謝謝你，迪安娜。測試版那邊還剩最後一個。我不知道你現在是否可以透露這些信息，但是關於BETA飛機與這些傳統飛機相比，在經濟性方面的改進，你有什麼具體的說法嗎？您能否分享一下，採用 BETA 電動飛機如何能改善 Surf Air 的經濟效益？

Sure. We anticipate that there'll be 30% more improvement in operating costs. Where that will come from is two areas, fuel and also maintenance. You know, right now, considering what's going on in the world with the fuel and the higher fuel prices, these electric aircraft will provide us, you know, mitigating that risk in the future when we have them. Incidentally, we today run our business on the Caravan, which is one of the most fuel efficient, much more fuel efficient than a jet or even a commercial airline operator. You know, our fuel costs are a lot smaller a percentage of our total revenue than a large commercial airline or a jet has.

當然。我們預計營運成本將再降低 30%。這些資金將來自兩個方面：燃料和維護。你知道，就目前全球燃料供應緊張、油價上漲的情況來看，這些電動飛機將有助於我們在未來降低這種風險。順便一提，我們現在用的是一輛道奇Caravan來經營業務，它是最省油的車輛之一，比噴射機甚至商業航空公司都省油得多。你知道，我們的燃油成本佔總收入的比例遠低於大型商業航空公司或噴射機。

We're very fortunate that we are able to have an entire fleet of Caravans that are very fuel efficient. We also will benefit from the maintenance. Interesting enough, on an annual basis, a traditional Caravan has to be taken down for routine inspections 24 days out of a calendar year. The new electric BETA aircraft will only have to be taken out of service for two days for maintenance in a year. That improved productivity to be able to have those planes in the air flying and generating revenue is also a big benefit to us from our future business and our operating profits.

我們非常幸運，能夠擁有一支燃油效率極高的旅行車車隊。我們也會從維護工作中受益。有趣的是，傳統的露營車每年都需要拆卸進行例行檢查，一年中有 24 天需要拆卸。新型電動 BETA 飛機每年只需停飛兩天進行維修。提高生產效率，讓這些飛機能夠上空飛行並創造收入，這對我們未來的業務和營業利潤也是一個巨大的優勢。

Got it. Just maybe one for Oliver. You know, Oliver, maybe at the end of 2026, how will the balance sheet look like? Any sense of where cash and debt levels could be post, you know, your investments in SurfOS and other initiatives?

知道了。或許可以為奧利佛準備一份。你知道嗎，奧利佛，也許到 2026 年底，資產負債表會是什麼樣子？您能否預估一下，在您對 SurfOS 和其他項目進行投資之後，您的現金和債務水平會處於什麼狀態？

Yeah. You know, it's very difficult for me to comment on that. Here's what I will say. Look, as we mentioned in our earnings release and our remarks this afternoon, we are truly pivoting back to growth, and that's why we have guidance within, you know, up 20% to 30% compared to last year. Our guidance of the EBITDA loss of $50 million to $40 million reflects significant investments that we've announced, such as the investment in Hawaii, for example. A very small part of our investments are actually capitalized, so they truly do flow through that number. We believe these investments will generate significant ROI, and it will create shareholder value.

是的。你知道，我很難對此發表評論。我要說的是：正如我們在獲利報告和今天下午的演講中提到的，我們正在真正地重回成長軌道，這就是為什麼我們給出的業績指引是比去年增長 20% 到 30%。我們預計 EBITDA 虧損為 5,000 萬美元至 4,000 萬美元，這反映了我們已宣布的重大投資，例如在夏威夷的投資。只有極小一部分投資真正實現了資本化，因此它們確實會反映在這個數字中。我們相信這些投資將產生可觀的投資報酬率，並為股東創造價值。

With regard to the recent announcement that we made around BETA, we intend to utilize the strong relationships that we have with lessors, something we've been building over time to get those leased. We don't expect a lot of impact from that. Obviously, as Deanna just mentioned, they will significantly improve our profitability. We will continue to opportunistically look to refine our balance sheet over time to address these potential investments that we need to make as market conditions allow and to accelerate our growth plans.

關於我們最近發布的關於 BETA 的公告，我們打算利用我們與租賃公司之間長期建立的牢固關係來出租這些設備。我們預計這不會產生太大影響。正如迪安娜剛才提到的那樣，它們顯然會顯著提高我們的獲利能力。我們將繼續抓住機遇，隨著時間的推移不斷完善資產負債表，以應對市場條件允許時我們需要進行的潛在投資，並加快我們的成長計劃。

David Storms, Stonegate.

大衛·斯托姆斯，斯通蓋特。

Evening, everyone, and thanks for taking my questions. Wanted to start with airline operations. You know, great to see that it was full year positive on an Adjusted EBITDA basis. In order for that to become, you know, maybe operating level positive, what will that take? Is that volume growth? Is there more room here to exit unprofitable routes? Are there cost takeouts? Maybe just how does that look?

各位晚上好，感謝各位回答我的問題。想先從航空公司營運入手。很高興看到全年調整後 EBITDA 為正。要讓它達到，你知道的，或許能達到正向營運水準的程度​​，需要做些什麼？這是銷量成長嗎？這裡是否還有空間退出那些無利可圖的航線？是否有成本削減措施？或許，那樣看起來怎麼樣？

Thanks, Dave. Thank you for your interest in our company. We see the continued adding of technology from our SurfOS platform that will provide additional optimization for our benefits and reducing our costs in that business. We continue to sustain the high levels of operational efficiency that the team developed with all their hard work and their transformation from the prior year. Really technology and the insertion of the technology and the tools that we're making are really going to do a lot in the near term. In the future, the adoption of electric aircraft are gonna be the biggest thing, with 30% operating margins improving in the use of that business.

謝謝你，戴夫。感謝您對我們公司的關注。我們看到 SurfOS 平台不斷添加新技術，這將進一步優化我們的業務效益並降低我們的成本。我們繼續保持著團隊透過辛勤工作和與前一年相比的轉型所建立起來的高營運效率水準。實際上，科技以及我們正在研發的科技和工具的應用，將在短期內發揮巨大的作用。未來，電動飛機的普及將是最大的發展趨勢，隨著這項業務的發展，營運利潤率將提高 30%。

I previously in the original beginning part of the thing, I talked about also in the airlines operations, additional markets that we're gonna be going in. We're gonna go into the cargo market using these BETA aircraft, and we're also going to be the factory-authorized MRO in the electric aircraft space. The BETA aircraft agreement allows for us to first be their exclusive factory-authorized center for them in Hawaii with the opportunity in future launch areas. You know, we have a goal to become and a vision to become a premier MRO for the electric aircraft that are all coming to fruition in the near future. That'll be another opportunity for us to have additional revenue streams and additional profitability in airline operations.

我之前在最初的部分中也談到了航空公司的運營，以及我們將要進入的其他市場。我們將使用這些 BETA 飛機進入貨運市場，我們也將成為電動飛機領域獲得廠商授權的 MRO（維修、修理和大修）服務商。根據 BETA 飛機協議，我們首先成為他們在夏威夷的獨家工廠授權中心，並有機會在未來的發射區域中獲得授權。你知道，我們的目標和願景是成為電動飛機領域首屈一指的MRO（維修、修理和大修）服務商，而這些電動飛機在不久的將來都將實現。這將為我們帶來另一個機會，讓我們在航空運營方面獲得更多收入來源和利潤。

That's great, Deanna. I appreciate that. Maybe sticking with the BETA partnership, you mentioned in your prepared remarks that you know you have the optionality to move with them as they move geographies, et cetera. I know Hawaii is kind of a unique situation and serves as a great testing ground. Thinking beyond Hawaii, what seems like the logical next steps for geographic expansion?

太好了，迪安娜。我很感激。或許可以繼續維持 BETA 合作關係，您在準備好的發言稿中提到，您知道您可以選擇隨著他們拓展地域等而隨之調整。我知道夏威夷的情況比較特殊，是個很好的試驗場。放眼夏威夷以外，地理擴張的下一步合乎邏輯的步驟是什麼？

We don't necessarily wanna share what our geographical expansion targets are, gives a competitive advantage to know what we're doing there. There are a lot of pieces of our current network that we operate, where we can easily adopt the electric aircraft from this order, not just in our scheduled passengers, but also in a cargo service. Obviously, we already have an existing network.

我們可能想透露我們的地域擴張目標，因為知道我們在那裡做什麼能為我們帶來競爭優勢。在我們目前營運的網路中，有很多部分都可以輕鬆地採用此次訂單中的電動飛機，不僅可以用於定期客運，還可以用於貨運服務。顯然，我們已經擁有一個現成的網路。

You can more quickly adopt these aircraft into as opposed to standing up something from scratch in a new targeted market. We do also have new targeted markets that we don't operate in today that we intend to use these aircraft for. You know, an interesting thing, our company has flown for the past decade, millions of passengers, millions of miles.

與在新目標市場從零開始建立某種體系相比，您可以更快地採用這些現有飛機。我們還有一些目前尚未涉足的新目標市場，我們打算使用這些飛機來開拓這些市場。你知道嗎，一件很有趣的事情，我們公司在過去的十年裡，運送了數百萬名乘客，飛行了數百萬英里。

We have done the short-haul routes that all this new technology in electric aircraft needs to have. You can more quickly and efficiently adopt electric aircraft when you already have a network to place the aircraft in. We're really excited about the BETA partnership, the order, and what it means for us to be a leader in adopting electrification within our network and within the industry.

我們已經完成了電動飛機所有新技術所需的短程航線。如果你已經擁有可以部署飛機的網絡，那麼你就可以更快、更有效率地採用電動飛機。我們對與 BETA 的合作、訂單以及它對我們意味著什麼感到非常興奮，這意味著我們將成為我們網路和產業內採用電氣化的領導者。

That's a very fair answer. Please don't let me, you know, ask you to give away your secret sauce there. Turning to maybe the Surf On Demand, would love to get your thoughts about maybe any early signs of adoption there. Are you seeing it take, you know, a similar trajectory as your previous launches? Just maybe anything else you're seeing there early returns-wise. I know it's still early.

這是一個非常合理的回答。請千萬別讓我問你，你知道的，問你要不要把你的秘方透露出來。說到 Surf On Demand，我很想聽聽您對該平台是否有任何早期採用跡象的看法。你覺得它的發展軌跡和之前的發射軌跡相似嗎？或許你還能看到其他一些早期回報的情況。我知道現在還為時過早。

Are you talking about early launch of our Powered by Surf On Demand program? That program, similar to like Compass used in the real estate market, that platform, you know, it allows independent brokers to join that program and get the tech-enabled BrokerOS software that helps them more efficiently and quickly close business transactions in the on-demand market. They can obviously create volume a lot quicker. We've already seen when that was launched in December of last year, already seeing the big uptick.

您指的是我們「Surf On Demand」計畫的提前啟動嗎？該計劃類似於房地產市場中使用的 Compass 平台，它允許獨立經紀人加入該計劃，並獲得技術支援的 BrokerOS 軟體，幫助他們在按需市場中更有效率、更快速地完成業務交易。它們顯然可以更快地產生銷量。我們已經看到，自從去年 12 月推出以來，銷量就大幅成長。

We have a pipeline of independent third-party operators, I'm sorry, brokers that are already in the pipeline to join that program. We have them apply, and then we train them up in that program. We're real excited about all the uptick we've had in that. As I said, we have increased our 2026 guidance significantly 20% to 30% on the revenue line because of what we see as the big potential in that program and the big potential on the on-demand side to grow that business.

我們有一批獨立的第三方營運商，抱歉，是經紀商，他們已經在加入該計劃的計劃之中。我們讓他們申請，然後我們對他們進行該計畫的培訓。我們對此所取得的成長感到非常興奮。正如我所說，由於我們看到了該專案的巨大潛力以及按需業務成長的巨大潛力，我們已將 2026 年的收入預期大幅提高了 20% 至 30%。

That's great. I appreciate all the commentary, and good luck in next quarter.

那太棒了。感謝大家的評論，祝你們下個季度好運。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Hi, good afternoon. When timing-wise, should we think about BrokerOS, SurfOS being able to generate revenues both from newcomer customers and from the demo customers?

您好，下午好。從時間角度來看，我們是否應該考慮讓 BrokerOS 和 SurfOS 能夠同時從新客戶和演示客戶中獲得收入？

Thanks, Austin. Thanks for your interest in our company. We have planned to have that in the first half of 2026. We've you know publicly said we are commercializing SurfOS products in 2026, but we intend to see more of the revenue in the second half. The revenue is going to be coming from BrokerOS. I mean, it's already happening.

謝謝你，奧斯汀。感謝您對我們公司的關注。我們計劃在 2026 年上半年實現這一目標。我們已經公開表示，我們將在 2026 年實現 SurfOS 產品的商業化，但我們計劃在下半年看到更多的收入。收入將來自 BrokerOS。我的意思是，這事已經發生了。

We have BrokerOS live within our Powered by Surf On Demand program in which they are using that tool, and as they signed up for that, the third-party broker signed up for that program, and they're already generating revenue in our Surf On Demand business with that.

我們在「Surf On Demand 動力計畫」中部署了 BrokerOS，他們正在使用該工具。由於他們註冊了該計劃，第三方經紀商也註冊了該計劃，他們已經透過該計劃在我們的 Surf On Demand 業務中創造了收入。

We also plan to use the information, like I said, from the enterprise side of the business with our partnership with Palantir. We are in discussions with various stakeholders in the industry, OEMs and large operators to either have them use the tools we've developed and we use every day in our business or to develop customized tools for them. We see a big opportunity to enter into or close a deal like that this year. We're excited about the partnership we have with Palantir and the ability to do that.

正如我之前所說，我們還計劃利用來自企業方面的信息，透過我們與 Palantir 的合作來實現這一目標。我們正在與業內各利益相關方、OEM廠商和大型營運商進行討論，目的是讓他們使用我們開發並在日常業務中使用的工具，或為他們開發客製化工具。我們認為今年有很大的機會達成或完成這樣的交易。我們對與 Palantir 的合作以及能夠做到這一點感到非常興奮。

Okay. Just on the BETA partnership, given your statement that you no longer plan to invest $50 million to $100 million in Caravan electrification project. I guess the plan here is to continue looking for a JV partner to capitalize that project and otherwise move forward with using the CX 300 and the ALIA 250 to do cargo and passenger transport.

好的。僅就 BETA 合作關係而言，鑑於您已聲明不再計劃向 Caravan 電氣化項目投資 5000 萬至 1 億美元。我猜想，目前的計劃是繼續尋找合資夥伴來為該項目提供資金，並繼續使用 CX 300 和 ALIA 250 進行貨物和乘客運輸。

Sudhin Shahani, Co-founder, is here with us, and I'll have him. He manages everything on those strategic initiatives, so I'll have him answer you.

共同創辦人蘇丁·沙哈尼今天也來到了現場，我這就請他來。他負責管理所有策略舉措，所以我會讓他回答你。

Hi, Austin. Yeah. To answer your question directly, on the Caravan program, we do intend to continue to pursue partnership opportunities. We're in talks with a number of people in the supply chain. As Deanna stated, we do not intend to fund it ourselves, but we do believe we have assets that we've created there of real value, and we do see a place for an electrified Caravan at some point in the future. We are gonna continue to explore that.

你好，奧斯汀。是的。直接回答您的問題，關於巡迴推廣計劃，我們確實打算繼續尋求合作機會。我們正在與供應鏈中的許多人進行洽談。正如迪安娜所說，我們並不打算自己出資，但我們相信我們在那裡創造了一些真正有價值的資產，而且我們確實看到了未來某個時候推出電動版Caravan的用武之地。我們將繼續探索這一領域。

There are no further questions at this time. I will now turn the call back to the Surf Air executive team.

目前沒有其他問題了。現在我將把電話轉回給 Surf Air 的管理團隊。

Thank you. We are now gonna talk -- take some inbound investor questions. They were either submitted via our say application or via email. The first question, we've shifted from our in-house electrification path to partnerships. How should investors think about long-term economic ownership in that model?

謝謝。我們現在要開始討論──回答一些投資人提出的問題。它們要么是透過我們的申請系統提交的，要么是透過電子郵件提交的。第一個問題是，我們已經從內部電氣化轉型為合作轉型。在這種模式下，投資人該如何看待長期經濟所有權？

Sudhin, I'll turn that question over to you.

蘇丁，這個問題交給你來問。

Thanks, Deanna. To clarify, our electrification strategy, as Deanna stated, was really to make money two ways. One from the operating efficiencies generated by electrified aircraft and the other by providing electrification services to other operators, both hardware and software-based. Our recently announced partnership with BETA solves for the first and actually improves upon the first.

謝謝你，迪安娜。澄清一下，正如迪安娜所說，我們的電氣化策略實際上是為了透過兩種方式賺錢。一是電動飛機帶來的營運效率提升，二是向其他業者提供基於硬體和軟體的電氣化服務。我們最近宣布與 BETA 建立合作夥伴關係，不僅解決了第一個問題，而且實際上還改進了第一個問題。

Given the amount of capital that BETA has spent developing a clean sheet design aircraft, we're in a position to realize greater operating efficiencies leveraging that aircraft and can maintain a first-mover advantage. From the services side, we've made a conscious decision to allocate capital towards the SurfOS initiative, where we intend to continue to provide the type of software services that we originally intended to under the electrification program, but benefit on the hardware side from partners like BETA. Also to recap, you know, we do still continue to believe we have assets of value in the Caravan program and are continuing to explore ways to monetize those.

鑑於 BETA 已投入大量資金開發全新設計的飛機，我們得以利用該飛機實現更高的營運效率，並保持先發優勢。在服務方面，我們已做出明確的決定，將資金分配給 SurfOS 計劃，我們打算繼續提供我們最初在電氣化計劃下打算提供的軟體服務，但在硬體方面受益於像 BETA 這樣的合作夥伴。另外，總結一下，我們仍然相信 Caravan 專案擁有有價值的資產，並且正在繼續探索將其貨幣化的方法。

Thanks, Sudhin. The next question is, what are the remaining technical hurdles before the first commercial flight of an electrified aircraft can take place? The speed of certification is the largest hurdle to do that. The FAA saw that and created the eIPP program to help OEMs certify quicker, and that's a great step toward and addresses some of those challenges. I find it super exciting that the FAA this week picked BETA for seven of the eight applications.

謝謝你，蘇丁。下一個問題是，在電動飛機首次商業飛行之前，還有哪些技術障礙需要克服？認證速度是實現這一目標的最大障礙。美國聯邦航空管理局 (FAA) 意識到了這一點，並創建了 eIPP 計劃，以幫助原始設備製造商 (OEM) 更快地獲得認證，這是朝著解決其中一些挑戰邁出的一大步。令我非常興奮的是，美國聯邦航空管理局本週選擇了 BETA 的八項申請中的七項。

We really picked a really good horse to do a partnership and announce that with this year. We just announced that partnership and those planes. The eIPP program will allow an operator who is participating in those trials to certify their aircraft as much as one year sooner.

我們今年挑選了一匹非常優秀的馬匹進行合作，並宣布了這一消息。我們剛剛宣布了這項合作關係和那些飛機。eIPP計劃將允許參與這些試驗的營運商提前一年獲得飛機認證。

Their participation, BETA's participation, will benefit us because we'll be able to take the aircraft that we just ordered earlier than thought since they are gonna be able to participate in the eIPP program. Even though our application with Hawaii and BETA was not one of the ones selected, we plan with the State of Hawaii, other partners, and BETA to launch demonstration flights in 2026 to deploy electric aircraft to prepare our network in Hawaii to accept the first aircraft from that order that are placed. The next question is, what is the expected timeline for Surf Air Mobility to reach sustainable profitability, and which revenue segments, regional air operations, electrification, or software platform, can drive the majority of that profitability?

BETA 的參與將使我們受益，因為他們將能夠參與 eIPP 計劃，我們將能夠比預期更早接收我們剛剛訂購的飛機。儘管我們與夏威夷和 BETA 的合作申請沒有被選中，但我們計劃與夏威夷州、其他合作夥伴以及 BETA 一起，在 2026 年啟動示範飛行，部署電動飛機，為我們在夏威夷的網絡做好準備，以接收該訂單中的首批飛機。下一個問題是，Surf Air Mobility 預計何時才能實現可持續獲利，以及哪些收入部門（區域航空營運、電氣化或軟體平台）可以推動大部分獲利？

Today, our revenue comes primarily from our regional airline operations, and we're happy to say that it is profitable today, and we will continue that profitability in 2026. With the introduction of the new electric aircraft that we'll be getting with BETA, we plan to use those to launch new routes in the future, and that will improve the profitability in this business because of the operating efficiencies of electric aircraft that I spoke about as far as fuel and maintenance.

目前，我們的收入主要來自我們的區域航空公司業務，我們很高興地說，目前這項業務是盈利的，而且我們將在 2026 年繼續保持盈利。隨著我們將從 BETA 獲得新型電動飛機，我們計劃在未來利用這些飛機開闢新航線，這將提高這項業務的盈利能力，因為正如我之前提到的，電動飛機在燃料和維護方面的運作效率更高。

Additionally, that business is going to create additional revenue through an OEM and a cargo business. Those businesses, we plan to launch using the BETA partnership and the BETA aircraft order. In 2026, the majority of our growth in revenue will be coming from our on-demand charter business.

此外，該企業還將透過 OEM 和貨運業務創造額外收入。我們計劃利用 BETA 合作夥伴關係和 BETA 飛機訂單來啟動這些業務。到 2026 年，我們大部分的收入成長將來自我們的按需包機業務。

You know, we'll be growing revenues and margins, and that will happen due to the use of technology we've been talking about in our Powered by Surf On Demand program, and additional supplier contracts and agreements that we have with our wholesale suppliers. On the SurfOS side, we are taking a deliberate approach to how we commercialize that in 2026, with much higher growth coming in a future year as the software makes up a greater portion of our revenue in later years, the profitability of our business will increase due to software's higher margins.

你知道，我們的收入和利潤率將會成長，這得益於我們在「Surf On Demand」計畫中一直在討論的技術的應用，以及我們與批發供應商簽訂的其他供應商合約和協議。在 SurfOS 方面，我們正在採取審慎的態度，計劃在 2026 年將其商業化。隨著軟體在未來幾年占我們收入的更大比例，未來幾年將實現更高的成長，軟體更高的利潤率也將提高我們業務的獲利能力。

Next question is, are there active discussions with OEMs and eVTOL manufacturers to integrate SurfOS as a native aircraft operating platform? The answer to that is yes. We are actively in discussions with stakeholders within the aviation community.

下一個問題是，目前是否正在與 OEM 和 eVTOL 製造商積極討論將 SurfOS 整合到飛機原生作業系統中？答案是肯定的。我們正在積極與航空界的利害關係人進行討論。

Particularly, for enterprise customers, we're using the Palantir teaming agreement that we have for exclusivity in the Part 135 world to develop software solutions for these large enterprise customers, like an OEM, like a large operator, or like a large broker. As we progress through those discussions, we will provide updates on our progress and make any announcements when final agreements are closed.

特別是對於企業客戶，我們正在利用我們與 Palantir 達成的獨家合作協議，在 Part 135 領域為這些大型企業客戶（如 OEM、大型營運商或大型經紀商）開發軟體解決方案。隨著討論的深入，我們將及時更新進展情況，並在最終協議達成時發佈公告。

Lastly, the question is, how quickly is the on-demand charter segment growing, and what percent of revenue could it represent over the next two years? Our on-demand charter business is our fastest-growing part of our business. It's the primary contributor to our raised revenue guidance. We're achieving that through the deployment of our software technology and our new programs like our BrokerOS, powered by Surf On Demand program.

最後，問題是，按需包機業務的成長速度有多快？未來兩年內，它能占到總收入的百分之多少？我們的按需包機業務是我們業務中成長最快的部分。這是促使我們提高營收預期的主要原因。我們正在透過部署我們的軟體技術和新程式（例如由 Surf On Demand 程式提供支援的 BrokerOS）來實現這一目標。

We see real opportunities also in the future to deploy the electric aircraft, not only in our scheduled service, but in our on-demand platform. The BETA aircraft agreement allows us to take the deliveries either on our certificate and operate them in either a scheduled service or on demand. We can also lease them to an individual owner as long as they're managed by us on our platform and on our certificate, and we can also provide them to other operators. You know, we have relationships with over 400 plus operators currently in our on-demand business, and we can also use that. We will be able to expand our revenue and our market over time.

我們看到未來也有很多機會部署電動飛機，不僅在我們的定期航班服務中，而且在我們的按需服務平台上。BETA飛機協定允許我們憑我們的證書接收飛機，並以定期航班或按需航班的方式運作。我們也可以將它們租賃給個人所有者，只要它們由我們透過我們的平台和證書進行管理，我們也可以將它們提供給其他營運商。你知道，我們目前在按需服務業務方面與 400 多家營運商建立了合作關係，我們也可以利用這一點。隨著時間的推移，我們將能夠擴大收入和市場份額。

The on-demand business is going to be our clearest, near-term, benefit of operationalizing our SurfOS top technologies, and we're real excited about what that's gonna do to us this year. Before we close the call, I would like to mention that we are participating in the Roth 38th Annual Growth Stock Conference on March 23 and 24 We look forward to meeting with institutional investors there, so please contact your Roth sales representative to schedule a meeting with us.

按需業務將是我們 SurfOS 頂級技術投入營運後最明顯的近期收益，我們對它今年將為我們帶來的改變感到非常興奮。在結束本次電話會議之前，我想提一下，我們將參加 3 月 23 日至 24 日舉行的 Roth 第 38 屆年度成長型股票大會。我們期待在那裡與機構投資者會面，所以請聯絡您的 Roth 銷售代表安排與我們會面。

To end this call, I'd like to thank all of you for joining, and we look forward to reporting our Q1 results in early May. Thank you.

最後，感謝各位的參與，我們期待在五月初公佈第一季業績。謝謝。

Ladies and gentlemen, this concludes today's call. We thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。