Surf Air Mobility Inc. (SRFM) 2026 Q1 法說會逐字稿

Good evening. My name is Christine Linn, and I will be your conference operator today. At this time, I would like to welcome everyone to the Surf Air Mobility first-quarter 2026 earnings call. (Operator Instructions)

各位晚安。我是 Christine Linn，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Surf Air Mobility 2026 年第一季財報電話會議。（接線員指示）

Thank you. I will now pass the call over to Sam Levenson. Please go ahead.

謝謝。現在我將把電話轉交給 Sam Levenson。請開始。

Thank you, operator, and good afternoon, everyone. Welcome to Surf Air Mobility's first-quarter 2026 earnings call. I'm joined today by Deanna White, our Chief Executive Officer; Louis Saint-Cyr President of Airline Operations; Joshua Lowton President of Surf On Demand; Liam Fayed Co-Founder of Surf Air Mobility; and Oliver Reeves, our Chief Financial Officer. Our earnings release can be found on the SEC EDGAR website and on our Investor Relations page at investors.surfair.com.

謝謝，接線員，各位下午好。歡迎參加 Surf Air Mobility 2026 年第一季財報電話會議。今天與我一同出席的有：我們的執行長 Deanna White；航空營運總裁 Louis Saint-Cyr；Surf On Demand 總裁 Joshua Lowton；Surf Air Mobility 共同創辦人 Liam Fayed；以及我們的財務長 Oliver Reeves。我們的財報新聞稿可在 SEC EDGAR 網站以及投資人關係網站 investors.surfair.com 上查閱。

Before we begin, I want to remind everyone that during today's 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, or we anticipate. These statements are subject to risks and uncertainties, and actual results could differ materially from the views expressed today. Some of these risks are set forth in our earnings release and in our periodic reports filed with the SEC.

在開始之前，我想提醒各位，在今天的電話會議中，我們將討論對未來表現的展望與預期。這些前瞻性陳述可能會以「我們預期」、「我們相信」或「我們預估」等字眼作為開頭。此類陳述受風險與不確定性影響，實際結果可能與今日所表達的觀點有重大差異。部分風險已載明於我們的財報新聞稿以及向 SEC 提交的定期報告中。

We will also present both GAAP and non-GAAP financial measures. Additional disclosures regarding non-GAAP measures, including a reconciliation of GAAP to non-GAAP are included in our earnings release posted on our Investor Relations website and in our SEC filings.

我們也將同時呈現 GAAP 與非 GAAP 財務衡量指標。關於非 GAAP 指標的補充揭露（包含 GAAP 與非 GAAP 的調節表）已收錄於發布在投資人關係網站上的財報新聞稿以及我們向 SEC 提交的文件中。

With that, I'll now turn the call over to Deanna. Deanna?

接下來，我把電話交給 Deanna。Deanna？

Thank you, Sam, and thank you all for joining us this afternoon. Our Q1 2026 results came in better than we expected. Revenue landed at $25.6 million at the high end of our guidance range and adjusted EBITDA loss of $12.3 million outperformed our guidance. These results reflect a business that is executing with more discipline and efficiency than a year ago despite the macroenvironment and higher fuel prices.

謝謝你，Sam，也謝謝各位今天下午加入我們。我們 2026 年第一季的結果優於預期。營收為 2,560 萬美元，落在我們指引區間的高端；調整後 EBITDA 虧損為 1,230 萬美元，也優於我們的指引。這些結果反映出，儘管面臨總體環境與較高燃油價格，我們的業務相較一年前以更高的紀律與效率在執行。

We have improved our 2026 adjusted EBITDA guidance by approximately 40% to a loss of $30 million to $25 million, while maintaining our annual revenue guidance at $128 million to $138 million, 20% to 30% growth year over year. This revised adjusted EBITDA guidance represents a significant improvement from our previous guidance and is a result of factors.

我們將 2026 年調整後 EBITDA 指引上修約 40%，至虧損 3,000 萬至 2,500 萬美元，同時維持全年營收指引 1.28 億至 1.38 億美元，年增 20% 至 30%。這項修訂後的調整後 EBITDA 指引相較先前指引有顯著改善，並且是多項因素所致。

First, we anticipate Circle West to continue to reduce costs across the airline and charter businesses, 6% for the airline, 15% for on demand private charter. Second, corporate automation and procurement discipline will reduce our staffing requirements by 32% and our professional services spend by 17%. Third, our charter business is growing revenue through the Powered by Surf On Demand program without a proportionate increase in fixed cost.

第一，我們預期 Circle West 將持續在航空與包機業務中降低成本：航空業務降低 6%，隨選私人包機降低 15%。第二，企業自動化與採購紀律將使我們的人力需求降低 32%，專業服務支出降低 17%。第三，我們的包機業務透過 Powered by Surf On Demand 計畫帶動營收成長，而固定成本並未按比例增加。

Fourth, AI-assisted development has compressed SurfOS build cycles and reduced development spend. Together, these factors are expected to generate an incremental $15 million to $20 million in adjusted EBITDA improvement from our previous guidance. The bigger picture is that SurfOS is now visibly moving our financial results.

第四，AI 輔助開發縮短了 SurfOS 的建置週期並降低開發支出。綜合而言，這些因素預期將在先前指引基礎上，額外帶來 1,500 萬至 2,000 萬美元的調整後 EBITDA 改善。更重要的是，SurfOS 現在已明顯開始推動我們的財務結果。

Last week, we released go-to-market details of the SurfOS platform with a presentation available on our Investor Relations site. In just a few minutes, our Co-Founder, Liam Fayed will share more on our go-to-market strategy.

上週，我們發布了 SurfOS 平台的上市策略（go-to-market）細節，相關簡報可在我們的投資人關係網站上取得。再過幾分鐘，我們的共同創辦人 Liam Fayed 將分享更多關於我們的上市策略。

Lastly, our strategic partnership with BETA Technologies remains central to our ambitions to adopt electric aircraft within our operations. In March, we announced a firm order for 25 BETA all-electric aircraft with options for 75 more and the designation as BETA's launch operator for commercial passenger electric service.

最後，我們與 BETA Technologies 的策略合作夥伴關係，仍是我們在營運中導入電動飛機雄心的核心。3 月，我們宣布確定訂購 25 架 BETA 全電動飛機，並擁有額外 75 架的選擇權，同時被指定為 BETA 商業載客電動航班服務的首發營運商。

Under the agreement, Surf Air Mobility will become BETA Technologies' exclusive maintenance, repair and overhaul facility in our launch market of Hawaii with the ability to expand into future geographic areas. Importantly, this partnership allowed us to eliminate up to $100 million in planned capital expenditure on our Cessna Caravan powertrain electrification program. We still believe in a long-term case for an electric caravan and are exploring partner paths forward that would complete the initiative without further deployment of our capital.

依據協議，Surf Air Mobility 將在我們的首發市場夏威夷，成為 BETA Technologies 的獨家維修、修理與大修（MRO）設施，並可擴展至未來其他地理區域。重要的是，這項合作使我們得以取消原先規劃在 Cessna Caravan 動力系統電動化計畫上最高達 1 億美元的資本支出。我們仍相信電動 Caravan 具備長期可行性，並正探索合作夥伴推進路徑，以在不再投入我們資本的情況下完成該項計畫。

I'll now turn it over to the business leaders of our company to discuss their specific areas, beginning with Louis Saint-Cyr, President of our Airline Operations.

接下來我將把時間交給公司各業務負責人，討論其各自領域的進展。首先是我們航空營運總裁 Louis Saint-Cyr。

Thank you, Deanna. Q1 2026 was a solid quarter for our Airline Operations, both in terms of operational performance and how we're using technology to improve efficiency across the network. For the quarter, we maintained a controllable completion factor of 96% with on-time departures of 72% and on-time arrivals of 78%.

謝謝你，Deanna。2026 年第一季對我們的航空營運而言是穩健的一季，無論在營運表現，或是我們如何運用科技提升整體航網效率方面皆是如此。本季我們維持 96% 的可控完成率（controllable completion factor），準點起飛率為 72%，準點抵達率為 78%。

All three metrics improved relative to the same period last year. Within our peer group of regional airlines, we're consistently operating as a leader on these metrics. And that consistency is a direct result of better tools, better processes, and a focus on safety and reliability.

這三項指標相較去年同期皆有所改善。在同業的區域航空公司中，我們在這些指標上持續維持領先表現。而這樣的一致性，直接來自更好的工具、更好的流程，以及對安全與可靠性的專注。

Our two airline brands, Southern Airways Express and Mokulele Airlines flew approximately 65,000 passengers on nearly 13,000 departures in the quarter. Scheduled service revenue of $15.5 million reflects a 13% year-over-year decrease, which was planned. We have continued to exit routes that do not contribute positively to the business. That trade-off is the right one. We're building a more profitable scheduled service network, not one optimized for revenue at the expense of margins.

本季我們旗下兩個航空品牌 Southern Airways Express 與 Mokulele Airlines，約載運 65,000 名旅客，執飛近 13,000 架次。定期航班服務營收為 1,550 萬美元，年減 13%，這是我們原先規劃之內。我們持續退出對業務無法帶來正向貢獻的航線。這樣的取捨是正確的。我們正在打造更具獲利能力的定期航班航網，而不是為了營收而犧牲毛利率的航網。

We also had a solid quarter managing our cost base. The airline came in better than planned for Q1, driven by tighter cost discipline and operational efficiencies. That kind of cost performance is what makes the network rationalization sustainable. The efficiency gains reflected in our financial results are largely driven by what SurfOS is doing inside the airline.

在成本結構管理方面，我們本季也有穩健表現。航空業務第一季的表現優於原先規劃，主要受惠於更嚴格的成本紀律與營運效率提升。這樣的成本表現，正是讓航網合理化（network rationalization）得以長期維持的關鍵。反映在我們財務結果中的效率提升，很大程度來自 SurfOS 在航空業務內部所發揮的作用。

In Q1 2026, SurfOS powered crew scheduling, aircraft dispatch and maintenance digitization drove measurable improvements in both productivity and reliability. Our proprietary mobile crew app and maintenance management system reduced both the cost and frequency of regular operation. These cost efficiencies are the result of better data, better planning and faster decision-making, all integrated through SurfOS.

在 2026 年第一季，SurfOS 驅動的機組排班、航機派遣與維修數位化，為生產力與可靠性帶來可衡量的改善。我們自有的機組行動 App 與維修管理系統，降低了日常營運的成本與發生頻率。這些成本效率來自更好的數據、更好的規劃與更快速的決策，而這一切都透過 SurfOS 整合。

As we automate more workflows and feed more operational data into the system, the returns compound. We expect these results to be indicative of the efficiencies we can drive for our SurfOS customers.

隨著我們自動化更多工作流程，並將更多營運數據導入系統，回報將呈現複利式累積。我們預期這些成果可作為我們為 SurfOS 客戶帶來效率提升的指標。

In Hawaii, we continue to execute on our investment commitments. We renovated our terminal, which has significantly improved our passenger experience at our Honolulu Airport hub, and we took delivery of two new Cessna Caravans in April. These are tangible improvements that enhance the experience for Hawaii's inter-island travelers and reinforce our position as the largest inter-island airline network by departure in airports served.

在夏威夷，我們持續履行投資承諾。我們翻新了航廈，顯著提升了檀香山機場樞紐的旅客體驗；並於 4 月接收兩架新的 Cessna Caravan。這些都是具體改善，能提升夏威夷島際旅客的體驗，並鞏固我們作為最大島際航空航網的地位（以服務機場的起飛班次計）。

Hawaii is also the market where our electrification roadmap will come to life. The ultra short-haul route network, the airport access and the community relationships that Mokulele has built over many years provide the operating foundation for BETA cargo demonstration flights, which will begin this summer and ultimately, for passenger service on electric aircraft. That transition will happen because we've already established the operational footprint and credibility in that market.

夏威夷同時也是我們電動化路線圖將落地的市場。超短程航線網、機場進出條件，以及 Mokulele 多年來建立的社區關係，為 BETA 貨運示範飛行提供了營運基礎；該示範飛行將於今年夏天開始，並最終推進至電動飛機的載客服務。這項轉型之所以能發生，是因為我們已在該市場建立了營運足跡與可信度。

Safety, reliability and profitability in that order are the priorities of our airline. In April, we completed the implementation of our Safety Management System known as SMS. We are 1 of 9 Part 135 commuter operators in the country that have completed an operational SMS, and we did this a full year ahead of the FAA's May 2027 mandate.

我們航空業務的優先順序依序為：安全、可靠性、獲利能力。4 月，我們完成了安全管理系統（Safety Management System，SMS）的導入。我們是全國 9 家已完成營運型 SMS 的 Part 135 通勤營運商之一，而且我們比 FAA 2027 年 5 月的強制要求提前整整一年完成。

SMS is a key differentiator in how we manage risk and how we demonstrate safety leadership to regulators, partners and passengers. It also governs the vetting of all third-party operator partners used by Surf On Demand private charters.

SMS 是我們管理風險、並向監管機關、合作夥伴與旅客展現安全領導力的關鍵差異化要素。它也規範 Surf On Demand 私人包機所使用之所有第三方營運合作夥伴的審核流程。

With that, I'll hand it over to Joshua Lowton, President of Surf On Demand, to cover our Private Charter business.

接下來，我把時間交給 Surf On Demand 總裁 Joshua Lowton，為各位說明我們的私人包機業務。

Thanks, Louis. Q1 2026 was a breakout quarter for Surf On Demand. We set records across revenue and margin and have a stronger momentum than at any point in the history of this business. Surf On Demand Private Charter of $10.1 million represented a 77% year-over-year increase and our highest revenue quarter since inception.

謝謝你，Louis。2026 年第一季對 Surf On Demand 來說是突破性的一季。我們在營收與利潤率方面都創下紀錄，動能也比這項業務歷史上任何時點都更強。Surf On Demand 私人包機營收為 1,010 萬美元，年增 77%，並創下成立以來最高單季營收。

March was our highest revenue month ever and gross margins improved 340 basis points from the same quarter year over year. Margin improvement reflects our deliberate shift in how we're building the business.

3 月是我們史上營收最高的月份，且毛利率較去年同期提升 340 個基點。利潤率改善反映出我們在打造業務方式上的刻意轉型。

Some stats that support this: Revenue per flight increased 38% in the first quarter, driven by a number of factors, including long-haul flights over 1,000 miles grew 149% year over year and international departures increased 87%. Flights on larger cabin aircraft defined as greater than nine seats were up 49%. We're flying farther with larger aircraft and to more destinations domestically and internationally.

一些支持上述趨勢的數據如下：第一季每航班營收提升 38%，受多項因素帶動，包括 1,000 英里以上的長程航班年增 149%，國際起飛架次增加 87%。使用更大客艙機型（定義為座位數大於 9 座）的航班增加 49%。我們飛得更遠、使用更大的飛機，並飛往更多國內與國際目的地。

Supporting this performance were efficiency gains from BrokerOS. Comparing Q1 2026 to Q1 2025, BrokerOS contributed to top brokers closing 32% more bookings, quote to close time improving 57% and payments processed on platform increasing 40%.

支撐此表現的是來自 BrokerOS 的效率提升。將 2026 年第一季與 2025 年第一季相比，BrokerOS 促使頂尖經紀人完成的訂單量增加 32%，從報價到成交的時間縮短 57%，且在平台上處理的付款增加 40%。

What these improvements mean is that our On Demand Private Charter business is more productive than at any point in our history. We're booking more, we're closing faster, and we're keeping more of the transactions on platform.

這些改善意味著，我們的隨需私人包機業務比公司歷史上任何時點都更具生產力。我們訂單更多、成交更快，並且將更多交易留在平台上完成。

One of the contributors to growth in our Private Charter business is Powered by Surf On Demand. Powered by Surf On Demand equips independent brokers with BrokerOS to sell under the Surf On Demand brand, and it enables us to continue to scale globally. At the end of Q1 2026, we had six active independent brokers enrolled on the program. That number has grown to 29, and we have hundreds of additional applications in the queue.

推動我們私人包機業務成長的因素之一，是 Powered by Surf On Demand。Powered by Surf On Demand 為獨立經紀人提供 BrokerOS，使其能以 Surf On Demand 品牌進行銷售，並讓我們得以持續在全球擴張。於 2026 年第一季末，我們有 6 位已加入該計畫且正在運作的獨立經紀人。該數量已成長至 29 位，且還有數百件額外申請正在排隊等候。

Independent brokers are looking for a branded platform that offers a full suite of tools, including 24/7 customer service, safety accreditation, real-time aircraft access, and complementary aircraft recovery and the economics are attractive. We generate incremental revenue without a proportional increase in fixed costs, and we anticipate that margin will continue to expand as we scale.

獨立經紀人正在尋找一個具品牌的平台，能提供完整工具組合，包括 24/7 客戶服務、安全認證、即時航機存取，以及互補性的航機救援服務，而其經濟效益也相當具吸引力。我們能在固定成本不按比例增加的情況下創造增量營收，並預期隨著規模擴大，利潤率將持續擴張。

In April, we signed another exclusive wholesale agreement to expand our aircraft supply by 67% and added a new aircraft category. Those supply agreements directly support our ability to serve the growing demand coming through Powered by Surf On Demand.

4 月，我們簽署了另一項獨家批發協議，將我們的航機供給擴增 67%，並新增一個航機類別。這些供給協議直接支持我們服務 Powered by Surf On Demand 所帶來的成長需求。

Looking at the full year, we expect Surf On Demand to be the largest single contributor to revenue growth in 2026 with expanding gross margins as the mix continues to shift towards higher-value flights as the Powered by Surf On Demand program gains traction.

就全年而言，我們預期 Surf On Demand 將成為 2026 年營收成長的最大單一貢獻來源；隨著組合持續轉向更高價值航班，且 Powered by Surf On Demand 計畫逐步獲得市場動能，毛利率也將擴大。

One final milestone worth noting, in March, Surf On Demand achieved the Argus Certified Charter broker accreditation, making us one of only 16 Argus certified brokerages globally. This accreditation is not easy to obtain, and it matters to our clients and reinforces that we operate at the safety and compliance standards that they require.

最後一個值得一提的里程碑是：3 月，Surf On Demand 取得 Argus Certified Charter 經紀人認證，使我們成為全球僅 16 家獲 Argus 認證的經紀公司之一。此認證不易取得，且對客戶很重要，也強化了我們在其所要求的安全與合規標準下營運。

We also joined the Air Charter Safety Foundation, a nonprofit organization dedicated to advocating for safety, professionalism and operational best practices throughout the charter aviation industry.

我們也加入了 Air Charter Safety Foundation，這是一個非營利組織，致力於在整個包機航空產業推動安全、專業與營運最佳實務。

With that, I'll hand over to Liam Fayed, Co-Founder of Surf Air Mobility, to discuss our SurfOS initiative.

接下來，我將交給 Surf Air Mobility 共同創辦人 Liam Fayed，來談談我們的 SurfOS 計畫。

Thank you, Josh. To briefly introduce myself, I'm Liam, the Co-Founder of Surf Air Mobility, and I run the Surf Technologies team developing SurfOS. Most software companies enter a market from the outside, then try to learn as they build and iterate from there. We took a different approach.

謝謝你，Josh。簡單自我介紹一下，我是 Liam，Surf Air Mobility 的共同創辦人，我負責開發 SurfOS 的 Surf Technologies 團隊。多數軟體公司是從市場外部切入，然後在建置與迭代過程中再嘗試學習。我們採取了不同的方法。

Every SurfOS product is built and validated on the operational and commercial data from our airline and charter business before we offer it to external customers which means we've worked through our own pain points and found solutions within our own business first.

每一項 SurfOS 產品在提供給外部客戶之前，都會先以我們航空與包機業務的營運與商業數據進行建置與驗證；這代表我們先在自身業務中處理痛點並找到解決方案。

Looking to the broader opportunity, SurfOS is targeting a large and growing market spanning charter aviation, private aircraft sales and MRO aftermarket. Taken together, these three interdependent market segments share the same operators, brokers, and aircrafts and represent an estimated $156 billion global opportunity, yet each still largely runs on legacy software manual processes.

放眼更廣泛的機會，SurfOS 鎖定一個龐大且成長中的市場，涵蓋包機航空、私人飛機銷售以及 MRO 售後市場。綜合而言，這三個相互依存的市場區隔共享相同的營運商、經紀人與飛機，代表估計 1,560 億美元的全球機會；然而，各領域仍多半依賴傳統軟體與人工流程運作。

SurfOS is designed to bring the data and workflows across all three onto one connected operating system. Our software development is moving at record speed. To highlight just a few of the new tools we built in the first quarter of 2026, we developed an aircraft intelligence tool to monitor fleet utilization and movement patterns of third-party aircraft to better inform charter and sourcing decisions.

SurfOS 的設計目標，是將這三個領域的數據與工作流程整合到同一個互聯的作業系統上。我們的軟體開發正以創紀錄的速度推進。僅舉 2026 年第一季我們打造的幾項新工具為例：我們開發了一套航機智慧工具，用於監控機隊使用率與第三方航機的移動模式，以更好地支援包機與供給採購決策。

We integrated Palantir's AIP-enabled price rating directly into BrokerOS, allowing brokers to determine the market rates and identify margin opportunities in every quote. And we continued expanding BrokerOS CRM capabilities, moving closer to a true end-to-end solution for an independent brokers operating under the Surf On Demand brand.

我們將 Palantir 的 AIP 啟用價格評級（price rating）直接整合進 BrokerOS，使經紀人能在每一份報價中判斷市場價格並辨識利潤空間機會。我們也持續擴充 BrokerOS 的 CRM 能力，朝向為在 Surf On Demand 品牌下運作的獨立經紀人提供真正端到端解決方案更進一步。

After the end of the first quarter, we launched a fuel optimization module and a crew reserve optimization module for our Airline Operations. These are both AI-supported workflows built on Palantir's Foundry and AIP infrastructure.

在第一季結束後，我們為航空營運推出了燃油最佳化模組與機組人員備援（reserve）最佳化模組。這兩者皆為由 AI 支援的工作流程，建構於 Palantir 的 Foundry 與 AIP 基礎設施之上。

Last week, we released the details of our SurfOS commercial go-to-market strategy. I want to walk through that here and to reiterate our approach to the software business in 2026 and beyond. In 2025, we focused on building our data infrastructure on Palantir's Foundry platform, digitizing our processes, capturing data and deploying tools within our own business. And now with the infrastructure in place, we're focused on bringing three SurfOS products to market this year.

上週，我們公布了 SurfOS 商業化上市（go-to-market）策略的細節。我想在此說明，並重申我們在 2026 年及未來對軟體業務的做法。2025 年，我們專注於在 Palantir 的 Foundry 平台上建立數據基礎設施、將流程數位化、蒐集數據，並在自身業務內部部署工具。如今基礎設施已就緒，我們今年的重點是將三項 SurfOS 產品推向市場。

BrokerOS launched commercially in December of 2025. Independent brokers joined our Powered by Surf On Demand program and use BrokerOS to manage sourcing, quoting, pricing and bookings end-to-end. Before external launch, BrokerOS was developed inside Surf On Demand's own sales team. The results speak for themselves, a 32% increase in bookings for top-performing brokers, 57% faster quote-to-close cycles, and 40% more payments processed on platform comparing Q1 2026 with Q1 of 2025.

BrokerOS 已於 2025 年 12 月正式商業化推出。獨立經紀人加入我們的 Powered by Surf On Demand 計畫，並使用 BrokerOS 端到端管理供給採購、報價、定價與訂單。對外推出前，BrokerOS 是在 Surf On Demand 自有銷售團隊內部開發完成。成果不言自明：以 2026 年第一季對比 2025 年第一季，頂尖表現的經紀人訂單量提升 32%，從報價到成交的週期加快 57%，且在平台上處理的付款增加 40%。

BrokerOS generates revenue via take rate across on-demand private charter bookings. The early results are encouraging. And as Josh mentioned, we are accelerating the Powered by Surf On Demand program as the primary commercialization channel for BrokerOS. Our 2026 target is 100 independent brokers onboarded by year-end.

BrokerOS 透過隨需私人包機訂單的抽成（take rate）來創造營收。初期成果令人鼓舞。正如 Josh 所提到的，我們正加速推進 Powered by Surf On Demand 計畫，作為 BrokerOS 的主要商業化通路。我們 2026 年的目標是在年底前導入 100 位獨立經紀人。

OperatorOS is targeted for commercial launch in the second half of 2026. It is designed for small and midsized Part 135 operators, both scheduled and charter, and provides core modules for crew and aircraft scheduling while integrating supply directly into BrokerOS distribution.

OperatorOS 預計於 2026 年下半年商業化推出。其設計面向小型與中型 Part 135 營運商（包含定期與包機），提供機組人員與航機排程等核心模組，並將供給直接整合至 BrokerOS 的分銷體系。

The better OperatorOS works for operators, the more real-time aircraft supply is available to our brokers. The products are designed to reinforce one another. We have worked with over 440 operators over the past several years who supply our charter operations. These operators form our prospective software sales pipeline for OperatorOS, and we currently have 17 LOIs and software agreements signed.

OperatorOS 對營運商越好用，我們的經紀人就能取得越多即時航機供給。這些產品的設計是相互強化的。過去數年，我們與超過 440 家為我們包機業務提供供給的營運商合作。這些營運商構成 OperatorOS 的潛在軟體銷售管線，目前我們已簽署 17 份意向書（LOI）與軟體協議。

OperatorOS will be monetized through a modular subscription fee and based on operator size with additional revenue generated through ancillary services upsells. Our highest strategic priority for OperatorOS is aggregating as much supply onto the platform as possible. Our 2026 targets are 10 additional LOIs signed and five operators live on the platform by year-end.

OperatorOS 將透過模組化訂閱費用變現，並依營運商規模定價，另可透過附加服務加購（upsell）創造額外收入。對 OperatorOS 而言，我們最高的策略優先事項是盡可能將更多供給聚合到平台上。我們 2026 年的目標是在年底前再簽署 10 份 LOI，並讓 5 家營運商在平台上正式上線。

SurfOS Enterprise Solutions targets large operators, charter brokerages, and aircraft manufacturers that need fully customized SurfOS deployment. Under our exclusive teaming agreement, Palantir forward deployed engineering team participates directly in enterprise sales conversations alongside us and provides us business development resources for go-to-market and commercialization.

SurfOS 企業解決方案（SurfOS Enterprise Solutions）鎖定需要完全客製化 SurfOS 部署的大型營運商、包機經紀公司與飛機製造商。在我們的獨家合作協議下，Palantir 的前線部署工程團隊（forward deployed engineering team）會與我們一同直接參與企業銷售對話，並為我們的上市策略與商業化提供業務開發資源。

The combination of Palantir's infrastructure, credibility, and forward deployed engineers paired with our real-world software operational use case opens up doors and shortened sales cycles in ways that pure SaaS competitors have trouble replicating.

Palantir 的基礎設施、可信度與前線部署工程師，再加上我們真實世界的軟體營運使用案例，能以純 SaaS 競爭者難以複製的方式打開更多機會並縮短銷售週期。

Our 2026 target for enterprise software is to close multiyear, multimillion-dollar contracts, and we are currently in several active conversations. I also want to briefly address SurfOS approach to Agentic AI because it's where the next phase of our software gets particularly interesting. The data from our own airlines and charter business is already unified on Palantir's Foundry, which means the foundation is in place to maximize the impact from deploying AI agents to autonomously optimize workflows like crew scheduling, aircraft sourcing, maintenance, prediction, and aircraft recovery.

我們 2026 年企業軟體的目標，是簽下多年期、數百萬美元等級的合約，目前我們正與多方積極洽談。我也想簡要說明 SurfOS 對 Agentic AI 的做法，因為這將使我們軟體的下一階段變得特別有趣。我們自有航空與包機業務的數據已在 Palantir 的 Foundry 上完成整合，這代表基礎已到位，可最大化部署 AI 代理（AI agents）以自主最佳化工作流程的效益，例如機組排程、航機採購、維修預測與航機救援。

With Palantir's AIP, we're embedding agents quickly into the highest impact opportunities. Our SurfOS products, as they launch and grow within the market will enable something that does not exist today. A distributed charter network where brokers and operators, aircraft owners and passengers all benefit from the coordinated supply and demand on a single AI-enabled operating system.

透過 Palantir 的 AIP，我們正快速將代理嵌入到影響力最高的機會中。我們的 SurfOS 產品在市場上推出並成長後，將促成一個目前不存在的模式：一個分散式包機網路，讓經紀人與營運商、航機所有人與乘客，都能在單一 AI 啟用作業系統上透過協調的供給與需求而共同受益。

Operators reduce costs and improve fleet utilization; owners maximize asset returns. Brokers close more deals with better aircraft sourcing; passengers access more inventory at a transparent competitive prices. None of that is possible today because the ecosystem is so fragmented, causing stakeholders to operate with incomplete information.

營運商降低成本並提升機隊使用率；所有人最大化資產報酬。經紀人透過更佳的航機採購促成更多成交；乘客以透明且具競爭力的價格取得更多庫存。由於生態系過於分散，導致利害關係人只能在資訊不完整的情況下運作，因此上述情境在今天都無法實現。

SurfOS will change that. The more participants on the platform, the more valuable it becomes for everyone. That's the big opportunity we see ahead of us. For additional details on our go-to-market strategy and our product roadmap, the full presentation is available on our Investor Relations website.

SurfOS 將改變這一點。平台參與者越多，對所有人而言就越有價值。這就是我們所看到的重大前景。若要了解我們上市策略與產品路線圖的更多細節，完整簡報已發布於我們的投資人關係網站。

I'll now turn it over to Oliver Reeves, our Chief Financial Officer.

接下來我將交給我們的財務長 Oliver Reeves。

Thank you, Liam. I'd like to begin by covering our Q1 2026 financial results, and I will then walk through guidance for the second quarter and full year 2026. Total revenue of $25.6 million came in at the high end of our guidance range of $24 million to $26 million, representing a 9% increase year over year.

謝謝你，Liam。我想先說明我們 2026 年第一季的財務結果，接著將說明第二季與 2026 全年的財測指引。總營收 2,560 萬美元落在我們 2,400 萬至 2,600 萬美元指引區間的高端，年增 9%。

Scheduled service revenue was $15.5 million, a 13% decrease compared to the prior year period. As Liam mentioned, scheduled service revenue reflects the intentional exit of unprofitable routes. We are trading short-term revenue for long-term margin, which is the correct outcome to drive long-term value.

定期航班服務營收為 1,550 萬美元，較去年同期下降 13%。如 Liam 所提到，定期航班服務營收反映了我們有意退出無利可圖航線的策略。我們以短期營收換取長期毛利率，這是推動長期價值的正確結果。

Surf On Demand Private Charter revenue of $10.1 million grew 77% year over year. That is the strongest quarter the charter business has had since inception, and it reflects both the demand growth Josh has described and the productivity gains flowing through BrokerOS.

Surf On Demand 私人包機營收為 1,010 萬美元，年增 77%。這是包機業務自成立以來最強勁的一季，反映了 Josh 所描述的需求成長，以及透過 BrokerOS 帶來的生產力提升。

Net loss for Q1 2026 was $20.3 million compared to a net loss of $18.5 million in the prior year period. Both periods include investments in R&D for technology initiatives, stock-based compensation, transaction costs, and other nonrecurring items. The year-over-year increase in net loss reflects our continued strategic investment in SurfOS development and the commercial rollouts we are building towards.

2026 年第一季淨損為 2,030 萬美元，去年同期淨損為 1,850 萬美元。兩個期間皆包含對技術計畫的研發投資、以股份為基礎的薪酬、交易成本及其他非經常性項目。淨損年增主要反映我們持續對 SurfOS 開發進行策略性投資，以及我們正為商業化推出所做的建置。

Adjusted EBITDA loss for the quarter was $12.3 million, outperforming our adjusted EBITDA loss guidance range of $15.5 million to $13.5 million. Adjusted EBITDA results were driven by improving on-demand charter margins, effective cost controls across our Airline Operations and the more rapid and cost-efficient development and deployment of SurfOS.

本季調整後 EBITDA 虧損為 1,230 萬美元，優於我們調整後 EBITDA 虧損指引區間 1,550 萬至 1,350 萬美元。調整後 EBITDA 表現主要受惠於隨需包機毛利率改善、我們在航空營運端的有效成本控管，以及 SurfOS 更快速且更具成本效率的開發與部署。

Additionally, adjusted EBITDA loss improved by $1.1 million compared to the prior year, driven primarily by the broader internal adoption of SurfOS within our Airline Operations. This is the ninth consecutive quarter in which we have met or exceeded our revenue and/or adjusted EBITDA guidance. We do not take that record for granted. It reflects a management team that sets guidance it can stand behind and then execute against it.

此外，調整後 EBITDA 虧損較去年改善 110 萬美元，主要由於 SurfOS 在我們航空營運內部更廣泛的採用。這是我們連續第九季達成或超越營收及／或調整後 EBITDA 指引。我們不會把這項紀錄視為理所當然。這反映出管理團隊提出其能夠承諾的指引，並據此落實執行。

In April, we revised our full year 2026 adjusted EBITDA loss guidance to a range of $25 million to $30 million, an improvement of approximately 40% from our prior adjusted EBITDA loss guidance of $40 million to $50 million. Revenue guidance is unchanged at $128 million to $138 million, representing 20% to 30% growth over full year 2025 revenue.

在 4 月，我們將 2026 全年調整後 EBITDA 虧損指引修正為 2,500 萬至 3,000 萬美元，較先前 4,000 萬至 5,000 萬美元的調整後 EBITDA 虧損指引改善約 40%。營收指引維持不變，為 1.28 億至 1.38 億美元，代表相較 2025 全年營收成長 20% 至 30%。

The guidance improvement is not driven by a single factor. As covered by Deanna and the team, there are several drivers behind the upward revision, including SurfOS-driven cost reductions in the Airline and Charter businesses, corporate automation and procurement discipline, profitable revenue growth through the Powered by Surf On Demand program and lower SurfOS development costs through AI-assisted build cycles.

指引改善並非由單一因素所致。如 Deanna 與團隊所說明，上修背後有多項驅動因素，包括 SurfOS 帶動航空與包機業務的成本降低、公司層級自動化與採購紀律、透過 Powered by Surf On Demand 計畫帶來的獲利性營收成長，以及藉由 AI 輔助建置週期降低 SurfOS 開發成本。

For the second quarter of 2026, we expect revenue in the range of $27 million to $30 million. These expectations reflect both continued growth in on-demand private charter and the impact for scheduled service over the prior year's exit of unprofitable routes.

對於 2026 年第二季，我們預期營收介於 2,700 萬至 3,000 萬美元。此預期同時反映隨需私人包機的持續成長，以及定期航班服務因去年退出無利可圖航線所帶來的影響。

We expect adjusted EBITDA loss in the range of $10.5 million to $8.5 million. Adjusted EBITDA excludes the impact of stock-based compensation, changes in the fair value of financial instruments, and other noncash and nonrecurring items.

我們預期調整後 EBITDA 虧損介於 1,050 萬至 850 萬美元。調整後 EBITDA 排除以股份為基礎的薪酬、金融工具公允價值變動，以及其他非現金與非經常性項目的影響。

Adjusted EBITDA loss guidance for the second quarter reflects two external headwinds. First, global fuel markets moved against the industry, and April weather in Hawaii drove an elevated cancellation rate on our interisland network with both revenue and unit cost consequences. We responded to the fuel pressure with targeted fare actions in markets where demand supports them.

第二季調整後 EBITDA 虧損指引反映兩項外部逆風。第一，全球燃油市場走勢不利於產業；此外，4 月夏威夷天候導致我們島際航網取消率上升，對營收與單位成本皆造成影響。我們針對需求可支撐的市場採取有針對性的票價調整，以回應燃油壓力。

The operational improvement we've talked about in recent quarters, including SurfOS productivity gains and maintenance and scheduling efficiencies provided a meaningful offset. And absent these two events, our Q2 guidance expectations would have demonstrated the underlying margin trajectories more clearly.

我們在近幾季所談到的營運改善，包括 SurfOS 生產力提升，以及維修與排班效率，提供了顯著的抵銷效果。若非這兩起事件，我們對第二季指引的預期將能更清楚呈現基本面的毛利率走勢。

In summary, in line with our recently announced 40% improvement to full year 2026 adjusted EBITDA guidance, our company is focused on accelerating its path to profitability and anticipate adjusted EBITDA loss to further narrow through the second half of 2026, absent unexpected macro or geopolitical headwinds.

總結而言，配合我們近期宣布 2026 全年調整後 EBITDA 指引改善 40%，公司正專注於加速邁向獲利，並預期在 2026 年下半年調整後 EBITDA 虧損將進一步收斂，除非出現未預期的總體或地緣政治逆風。

One additional item worth noting, in April, we raised $30 million in new capital, $15 million through a nondilutive aircraft-backed credit facility and $15 million in common equity led by a co-founder with participations from officers, directors, and existing institutional investors.

另外值得一提的是，4 月我們募集了 3,000 萬美元新資金，其中 1,500 萬美元來自不具稀釋性的飛機擔保信貸額度，另 1,500 萬美元為普通股增資，由共同創辦人領投，並有高階主管、董事及既有機構投資人參與。

The proceeds are primarily intended to accelerate SurfOS implementation and fund our electrification initiatives. The fact that co-founders, our Chairman, CEO, CFO and other directors collectively purchased approximately $5.3 million of Surf Air Mobility common stock in the offering translates as follows: The people running this company are buying the stock. We believe in our plan.

資金用途主要是加速 SurfOS 導入並支應我們的電動化計畫。共同創辦人、董事長、執行長、財務長及其他董事在本次發行中合計買入約 530 萬美元的 Surf Air Mobility 普通股，這代表：經營這家公司的人正在買進股票。我們相信我們的計畫。

I'll hand it back to Deanna for some closing remarks before we open for questions.

在開放提問之前，我先把時間交回給 Deanna 做一些結語。

The operational and financial results of the first quarter clearly demonstrate that the work we did in 2025, building SurfOS, tightening operations, and recalibrating the private charter business is starting to bear fruit. We exceeded adjusted EBITDA guidance, improved full year guidance by nearly 40%, and closed the first quarter with a series of milestones that matter.

第一季的營運與財務成果清楚顯示，我們在 2025 年所做的工作——打造 SurfOS、強化營運、以及重新校準私人包機業務——開始開花結果。我們超越調整後 EBITDA 指引、將全年指引改善近 40%，並以一系列重要里程碑為第一季畫下句點。

SMS completion ahead of schedule, Argus certification and a capital raise backed by the leadership team's own capital. The plan we have laid out for 2026 is clear. We are executing against it. We appreciate your time today and interest in Surf Air Mobility.

SMS 提前完成、取得 Argus 認證，以及由領導團隊自有資金支持的募資。我們為 2026 年擬定的計畫很清楚，我們正據此執行。感謝各位今天撥冗並關注 Surf Air Mobility。

I will now turn it back over to the operator.

我現在把時間交回給電話會議主持人。

(Operator Instructions) Mike Latimore, Northland.

（主持人指示）Mike Latimore，Northland。

Nice to see the accelerating growth On Demand and the overall efficiency benefits from SurfOS. Great results here. As we think about moving from, I think, about 29 brokers to 100 by year-end, can you talk a little bit about your visibility into that? And what's the process for onboarding? Is this going to be a linear process throughout the year?

很高興看到 On Demand 的成長正在加速，以及 SurfOS 帶來的整體效率效益。這裡的成果很不錯。當我們思考從目前大約 29 位經紀人到年底 100 位時，你能談談你們對此的能見度嗎？以及導入（onboarding）的流程是什麼？這會是全年線性推進的過程嗎？

Mike, it's Deanna. Thanks for your interest in the company. I'm going to turn that question over to Josh lowton, who's the President of the On Demand business.

Mike，我是 Deanna。謝謝你對公司的關注。我把這個問題交給 Josh lowton，他是 On Demand 業務的總裁。

Yes. Mike, since we launched the program, as I mentioned, we brought on board just shy of 30 brokers in the first couple of months, and we've had over 200 brokers applied during the program. So hitting the 100 brokers is something that we know we can do, but we really want to focus on quality.

好的。Mike，如我提到的，自從我們推出這個計畫以來，前幾個月我們已經導入了將近 30 位經紀人，而且在計畫期間有超過 200 位經紀人提出申請。因此，達到 100 位經紀人是我們知道可以做到的，但我們更希望聚焦在品質。

The reason we believe in this program is because it can be scaled globally, and we want to make sure we focus on brokers that have the industry relationships and the customer relationships to bring to the table. But we are confident we can hit our goal of 100 brokers.

我們之所以看好這個計畫，是因為它可以在全球規模化，我們也希望確保聚焦在具備產業關係與客戶關係、能帶來資源的經紀人。不過，我們有信心達成 100 位經紀人的目標。

In terms of onboarding the brokers, it is a fully automated process through the software that we built together with Palantir. So the process of getting on board and getting selling to some brokers can happen in just a couple of days.

至於經紀人的導入流程，這是一個透過我們與 Palantir 共同打造的軟體所完成的全自動化流程。因此，對某些經紀人而言，從加入到開始銷售，可能只需要短短幾天。

Okay. Excellent. And then just with regard to the Airline Operations, it looks like you're already getting some of the efficiencies from using SurfOS, I guess, you mentioned some of the modules you currently use internally, and they're having a good impact here, obviously. As you think about the next sort of tranche of modules you could use, how impactful could they be kind of relative to what you've implemented so far?

好的，很棒。接著關於航空營運端，看起來你們已經因使用 SurfOS 而取得一些效率提升；我想你們提到目前內部使用的一些模組，顯然已帶來不錯的影響。當你們思考下一批可能導入的模組時，相較於目前已實施的部分，它們可能帶來多大的影響？

I'm going to turn that over to Louis Saint-Cyr, the President of Airline Operations.

我把這個問題交給航空營運總裁 Louis Saint-Cyr。

Mike, thanks for the question. I think our vision, what we want to do is really have a completely from end-to-end digital experience for our operation, for our employees and for our customers. And when you do that, you get rid of a lot of the redundancy, a lot of the -- you end up having and managing an airline that's a lot less complicated. You end up having savings from processes from being more efficient. We're seeing that now, and we're really excited about where we're going.

Mike，謝謝你的問題。我想我們的願景、我們想做的，是為我們的營運、員工與客戶打造一個真正端到端的全數位體驗。當你做到這一點，就能消除大量重複作業，並且——最終你會擁有並管理一個複雜度低得多的航空公司。流程更有效率會帶來節省。我們現在已經看到這些成果，也對未來的方向感到非常興奮。

Just to give you an example of what that looks like, our pilots, as an example, when they're going to be interacting with us through their iPads, they already have a robust set of modules right now. But the next step is really from the time they bid their schedules to the time that they get paid the following month, it's all going to be virtual. And we're really excited about that. It's all going to be seamless.

舉例來說，我們的飛行員在透過 iPad 與我們互動時，目前已經有一套很完整的模組。但下一步真正要做的是，從他們投標排班開始，到隔月領薪為止，整個流程都將虛擬化。我們對此非常期待，整體會非常順暢、無縫。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

This is Kevin for Brian. On the BrokerOS side, as you start to scale external adoption, how should we think about those progressions from internal efficiencies to meaningful take rate revenue with customers of the platform? And what are some of the early indicators that give you confidence in that monetization path?

我是 Kevin，代 Brian 提問。關於 BrokerOS 端，當你們開始擴大外部採用時，我們應該如何看待從內部效率提升，逐步走向對平台客戶收取具意義的抽成（take rate）收入的進程？有哪些早期指標讓你們對這條變現路徑有信心？

Yes. Thanks, Kevin. I'm going to turn that over to Josh lowton, President of On Demand, who's actively been using BrokerOS and is managing the Powered by Surf On Demand program.

是的。謝謝你，Kevin。我把這個問題交給 On Demand 總裁 Josh Lowton，他一直在積極使用 BrokerOS，並且正在管理 Powered by Surf On Demand 計畫。

Yes. Kevin, thanks for your question. So we'll continue to scale that take rate on BrokerOS naturally by increasing the number of brokers that we have on the platform and also through some of the additional modules that we'll be developing. Without getting too much into the weeds, we have a tool that can help brokers source aircraft from our aircraft partnerships. So one of the things that I mentioned was our supply deals, and that's a great way for us to be really competitive in what we're offering brokers.

是的。Kevin，謝謝你的提問。所以我們會透過增加平台上的經紀人數量，以及開發一些額外模組，來自然地持續擴大 BrokerOS 的抽成率（take rate）。不深入細節地說，我們有一個工具可以協助經紀人透過我們的飛機合作夥伴來尋找機源。所以我提到的其中一點是我們的供應協議，而這讓我們在提供給經紀人的方案上能夠非常有競爭力。

And therefore, increasing revenue per broker, we can also increase our take rate per broker.

因此，透過提高每位經紀人的營收，我們也能提高每位經紀人的抽成率。

We can also give brokers access to markets that they wouldn't usually be able to access to our global brands, so enabling brokers in North America to sell in Europe and so on and so forth. So it's really about increasing that take rate through increasing the market share that each of our brokers can get and acquiring and working with brokers around the world.

我們也可以讓經紀人接觸到他們通常無法透過我們的全球品牌觸及的市場，例如讓北美的經紀人能在歐洲銷售，等等。因此，重點在於透過提升每位經紀人可取得的市占率，並在全球範圍內招募並與經紀人合作，來提高抽成率。

Got it. And then for the OperatorOS side, what are some key milestones you think that will determine successful conversion from those LOIs to live operators once you launch? And what do you view as the primary driver of adoption as you start to kind of roll this out?

了解。那在 OperatorOS 方面，你認為在正式上線後，哪些關鍵里程碑會決定這些 LOI（意向書）能否成功轉換為實際上線的營運商？以及在你們開始逐步推行時，你認為採用的主要驅動因素是什麼？

Thanks, Kevin. I'm going to turn that over to Sudhin Shahani, our Co-Founder, to talk about that.

謝謝，Kevin。我把這個問題交給我們的共同創辦人 Sudhin Shahani 來談。

Kevin, nice to meet you. As we mentioned, we have a -- we're pursuing a number of enterprise kind of relationships and have LOIs in place at the moment also on the OperatorOS side. We see OperatorOS as being a way to bring both supply into the market to enable BrokerOS and be complementary to that as well as to bring these operators real efficiencies within their own business.

Kevin，很高興認識你。如同我們提到的，我們正在推進多項企業級合作關係，目前在 OperatorOS 方面也已簽有 LOI。我們將 OperatorOS 視為一種把供給帶入市場、以支援 BrokerOS 並與其互補的方式，同時也能為這些營運商在其自身業務中帶來真正的效率提升。

We've seen significant efficiencies ourselves in our business, which is the reason we kind of developed this product and bringing it out to market. And as our beta customers think start to realize these efficiencies in the early tests, we expect to see strong conversion from LOIs into contract.

我們自己在業務中已經看到顯著的效率提升，這也是我們開發這個產品並將其推向市場的原因。隨著我們的 Beta 客戶在早期測試中開始實現這些效率，我們預期 LOI 轉換為合約的比例會很強勁。

Austin Moeller, Canaccord.

Canaccord 的 Austin Moeller。

So just my first question here. If we think about the -- what you discussed in Hawaii and the higher fuel prices, are you able to pass on those -- the higher fuel costs within the Essential air service program through inflation cost escalators? Or what are the dynamics there?

我先問第一個問題。若我們回想你們在夏威夷提到的情況以及較高的燃油價格，你們是否能透過通膨成本調整條款，把較高的燃油成本轉嫁到「基本航空服務」（Essential Air Service）計畫中？或是那裡的運作動態是怎樣？

Thanks, Austin. I'll turn that question over to Louis Saint-Cyr, the President of the Airline Operations.

謝謝，Austin。我把這個問題交給航空營運總裁 Louis Saint-Cyr。

Thanks, Austin. Yes, obviously, fuel is a problem in the industry for everybody. I mean, from the get-go, we basically feel that with the Caravan, we're really well positioned because it's such an efficient aircraft. It's really a leader in its class. So from a cost to revenue perspective, I think we've got an advantage over the industry.

謝謝，Austin。是的，顯然燃油對整個產業、對所有人都是問題。從一開始我們就認為，使用 Caravan 讓我們的定位非常有利，因為它是一款非常高效率的飛機，在同級中是領先者。因此從成本對營收的角度來看，我認為我們相較於產業有優勢。

Having said that, we've already put some modules through SurfOS to help us better manage our fuel program, which is great. When we look at the EAS program, we're -- the EAS program is really not built to kind of reset the rates. But we're comfortable with what we've done in the past 6 months, 12 months with the bids that we've put in place. We've got a few this year as well that we'll be adjusting for fuel. So all those things combined, the technology, the rebidding of routes, what we did in the past year, I think, puts us in a good position.

話雖如此，我們已經透過 SurfOS 上線了一些模組，幫助我們更好地管理燃油計畫，這很棒。就 EAS 計畫而言，EAS 計畫本身並不是為了重新調整費率而設計的。但我們對過去 6 個月、12 個月所提交並落地的投標內容感到放心。今年我們也有幾個案子會針對燃油進行調整。把這些因素加總起來——技術、航線重新投標、以及我們過去一年的作為——我認為讓我們處於良好位置。

So just my second question, how should we be thinking about the revenue mix for SurfOS, BrokerOS, OperatorOS relative to the core airline business as that's rolled out to customers over time?

那我的第二個問題是，隨著 SurfOS、BrokerOS、OperatorOS 逐步向客戶推出，長期來看，這些業務相對於核心航空業務的營收組合，我們應該如何思考？

Thanks, Austin. I'm going to turn that over to Oliver.

謝謝，Austin。我把這個問題交給 Oliver。

Austin, good to talk to you again. So I think as we said, Austin, if you look at least at the short to medium term, we expect BrokerOS, its impact on the Surf On Demand business to be the largest part of the growth that we are looking to experience through the expansion phase of our transformation plan. I think that as you start getting further out and you see us convert on some of these opportunities that Sudhin mentioned on the enterprise side, you'll start seeing the customized versions of SurfOS become a more meaningful percentage of our revenue going forward.

Austin，很高興再次和你交流。我想如同我們所說，Austin，至少在短到中期來看，我們預期 BrokerOS 對 Surf On Demand 業務的影響，將會是我們在轉型計畫擴張階段所期待成長的最大部分。我認為當你把時間拉得更長一些，並看到我們在 Sudhin 提到的企業端機會上完成轉換後，你會開始看到客製化版本的 SurfOS 在未來營收中占比變得更有意義。

But as you know, there's sometimes longer conversion cycles for the larger enterprise customers. And so you would expect to see them a little bit further off, notwithstanding the fact that we still anticipate seeing our first multiyear, multimillion dollar contracts on SurfOS this year.

但如你所知，較大型的企業客戶有時轉換週期較長。因此你會預期這部分會在更後面一些才顯現，儘管如此，我們仍預期今年會看到 SurfOS 的第一批多年期、數百萬美元等級的合約。

Dave Storms, Stonegate.

Stonegate 的 Dave Storms。

Wanted to start with some of the upcoming stuff you have with BETA in Hawaii beginning in June. With those cargo aircraft flights, I guess, what would you consider early success there? Can you help us understood maybe how the margin profile is different between cargo flights versus passenger flights with that? Maybe any additional color there as we start to look forward to that.

我想先從你們 6 月在夏威夷與 BETA 即將開始的一些事項談起。關於那些貨運飛機的航班，我想問你們會把什麼視為早期成功？能否幫我們理解一下，貨運航班相較於客運航班的毛利結構有何不同？在我們展望這件事時，能否再多提供一些說明？

Thanks, Dave. I'll turn that over to Louis to answer.

謝謝，Dave。我把這個問題交給 Louis 回答。

Thanks, Dave. We're really excited about the trials. They're going to start at the end of June. The plan is going to be there for probably two months. And essentially, what we're doing during those trials, and we're doing cargo flights, as you mentioned.

謝謝，Dave。我們對這些試驗非常興奮。它們將在 6 月底開始。計畫會在那裡進行大約兩個月。基本上，在試驗期間，我們會如你所說執行貨運航班。

We're teaming up our flight ops team, our maintenance team, ground team is teaming up with the beta team. And it's really going to be an exchange of operational knowledge with the beta folks. It's going to be an exchange of data, a lot of data coming back to us from the aircraft. And as we are basically operationalizing between Honolulu and Molokai and Lanai, it's to do several things.

我們的飛行營運團隊、維修團隊、地勤團隊會與 BETA 團隊合作。這將會是與 BETA 團隊之間的營運知識交流，也會是資料的交流——會有大量資料從飛機回傳給我們。當我們在檀香山與莫洛凱（Molokai）以及拉奈（Lanai）之間進行營運化時，目的是要做幾件事。

The first one is to validate the assumptions and to see the aircraft and the performance of the aircraft in an environment that we think is the best suited in the United States for this airplane. When you look at the stage lengths, when you look at the population there, when you look at kind of the remote -- some of the remote areas in Hawaii, this plane is perfect to service the communities. And with our staff working side-by-side with the beta staff, we have already flown this aircraft over 130,000 miles, that's where the kind of the transfer of knowledge is really going to start. And that's where we're going to start building our programs, our training programs, our manuals, et cetera, and really get us ahead of the curve because from certification in terms of when these planes are going to be coming into our fleet in 20 to 24 months. So very excited about what's going to happen this summer.

第一是驗證各項假設，並在我們認為最適合這款飛機的美國環境中，觀察飛機及其性能表現。當你看航段距離、人口分布，以及夏威夷一些偏遠地區時，這架飛機非常適合服務社區。而且我們的員工會與 BETA 員工並肩工作；我們已經讓這架飛機飛行超過 130,000 英里，知識移轉正是從這裡真正開始。也正是在這裡，我們會開始建立我們的計畫、訓練計畫、手冊等等，讓我們能夠超前部署，因為從認證到這些飛機在 20 到 24 個月後加入我們機隊之間，還有一段時間。所以我們對今年夏天將發生的事情非常期待。

Understood. That's great color. And then just maybe circling back to the brokers that are in the Surf On Demand platform. I guess what are you seeing -- are there any differences in the sophistication between the brokers? Are there some that are using it more or less than others?

了解。這些說明很有幫助。那再回到 Surf On Demand 平台上的經紀人，我想問你們觀察到——經紀人之間在成熟度上是否有差異？是否有些人使用得更多或更少？

Is it a pretty homogenous group? And is that informing any of the additional rollouts to other brokers they have planned?

這是一個相當同質的群體嗎？而這是否正在影響你們對其他經紀人的後續推出計畫？

Yes. Thanks for your question. The program is obviously new for this year. And we certainly want to focus on sophisticated brokers but one of the real benefits of building BrokerOS for ourselves within our own on-demand business first was that we got to build a lot of modules to try and get everybody to a certain standard.

是的，謝謝你的提問。這個計畫顯然是今年才推出的新計畫。我們當然希望聚焦在成熟度較高的經紀人，但我們先在自家按需業務中打造 BrokerOS 的一個重要好處是，我們得以建立許多模組，嘗試把所有人提升到某個標準。

As I mentioned, we recently accomplished our Argus certification, and that's really enabled us to have and obtain a standard that we can train our brokers to, which many sophisticated brokers thought might not have worked for an Argus accredited brokerage. So we really leveraged that to build out modules and training within the platform that bring everybody to a standard.

如我提到的，我們最近完成了 Argus 認證，這確實讓我們能夠建立並取得一套標準，並以此來訓練我們的經紀人；而許多成熟的經紀人原本認為，對於一家獲 Argus 認可的經紀公司而言，這可能行不通。因此我們充分利用這點，在平台內建置模組與訓練，讓所有人都能達到一致標準。

But you're completely right that there is brokers that have different levels of sophistication and understanding of different markets something that we definitely see as a broker might be really experienced in regional charter, for example, and have less experience when you get into midsized jets and up. And our platform has all been built to guide brokers through how to manage that relationship and how to get those customers flying on larger planes with you versus going somewhere else. So I'm confident that with the platform that we've built, we can get all of our brokers to a very high standard. And I don't think that the goal of getting 100 brokers means that we have to compromise on quality.

但你完全說得對，確實有些經紀人的成熟度不同，對不同市場的理解程度也不同。我們確實看到，例如某位經紀人可能在區域包機方面非常有經驗，但當進入中型噴射機及以上機型時經驗較少。而我們的平台就是為了引導經紀人如何管理這段關係，以及如何讓這些客戶跟你一起搭乘更大型的飛機，而不是轉向其他地方。因此我有信心，憑藉我們打造的平台，我們可以把所有經紀人提升到非常高的標準。我也不認為要達到 100 位經紀人的目標就必須在品質上妥協。

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。我現在把電話交回給 Surf Air 的管理團隊。

So now we'd like to take some questions to the team from our SA Media platform and some other inbound sources. We appreciate all the investors and shareholders who submitted questions.

接下來我們想從我們的 SA Media 平台以及其他外部來源，向團隊收集一些問題。我們感謝所有提交問題的投資人與股東。

The first question is net income keeps going down. What is being done to fix that? I'll turn that question over to our CFO, Oliver.

第一個問題是：淨利一直在下降。公司正在做什麼來改善？我把這個問題交給我們的財務長 Oliver。

Thanks, Deanna. So as you know, net income includes a lot of things. It includes some nonoperating expenses, some onetime items, noncash items, and each of those affect net income comparability. So the reason that we use adjusted EBITDA as a measure of profitability is because it excludes those, and it really gives you the ability to compare without having some of this volatility within the numbers.

謝謝你，Deanna。如各位所知，淨利包含很多項目，包括一些非營業費用、一次性項目、非現金項目，而每一項都會影響淨利的可比性。因此，我們使用調整後 EBITDA 作為獲利能力衡量指標，是因為它排除了這些項目，能讓你在不受數字中部分波動影響的情況下進行比較。

As we've mentioned, the company is accelerating its path to profitability. We anticipate net loss to narrow in the second half of 2026, absent unexpected macro or geopolitical headwinds. And on top of that, we expect SurfOS to improve the scale and margin of both our scheduled and on-demand businesses. So when you put all of these things together, we anticipate that net loss is going to transition into net income, and that's to the benefit of our shareholders.

如我們先前提到的，公司正在加速邁向獲利。我們預期在 2026 年下半年，若無意外的總體經濟或地緣政治逆風，淨損將會收斂。此外，我們預期 SurfOS 將提升我們定期航班與隨選業務的規模與毛利率。綜合以上因素，我們預期淨損將轉為淨利，這將有利於我們的股東。

Thanks, Oliver. Lots of interest from shareholders in our technology. The next question is, how is the partnership with Palantir allowing you to gain an advantage in this space? I'll turn that over to Sudhin Shahani to answer.

謝謝你，Oliver。股東對我們的技術非常感興趣。下一個問題是：與 Palantir 的合作如何讓你們在這個領域取得優勢？我把這題交給 Sudhin Shahani 回答。

Thank you, Deanna. So our Palantir advantage gives us -- Palantir partnership gives us a number of advantages. Let me just break them out. One, we use the enterprise-grade foundry and AIB data infrastructure platform to develop our proprietary applications on. This infrastructure is used by some of the world's largest government and commercial organizations.

謝謝你，Deanna。我們的 Palantir 優勢——也就是與 Palantir 的合作——帶來多項優勢。我簡單拆解一下。第一，我們使用其企業級 Foundry 與 AIB 資料基礎設施平台來開發我們的專有應用。這套基礎設施被全球一些最大的政府與商業組織所採用。

We use their development and deployment resources to accelerate the pace of our development as well as their business development resources to build out our enterprise sales platform. Their platform also allows us to develop and launch AI agents much faster on top of the data foundation we've already built. Additionally, we have exclusive with them as the charter broker and operator category, and our data advantage compounds significantly as more brokers, operators and flights transact through SurfOS.

我們運用他們的開發與部署資源來加速我們的研發進度，也運用他們的業務開發資源來建立我們的企業銷售平台。他們的平台也讓我們能在既有資料基礎之上，更快地開發並推出 AI 代理（AI agents）。此外，在包機經紀與營運商類別上，我們與他們有獨家合作；而隨著更多經紀商、營運商與航班透過 SurfOS 進行交易，我們的資料優勢將顯著累積並放大。

Thanks, Sudhin. Our next question has two parts. What kind of specific qualifiable milestones and time lines can you share for SurfOS commercialization and the BETA electric aircraft program in '26 to '27 that would drive revenue acceleration and contribute to positive adjusted EBITDA and support free positive cash flow. So I'll turn it back to Sudhin first to comment on how SurfOS will do that.

謝謝你，Sudhin。下一個問題有兩個部分：你們能分享哪些可量化的具體里程碑與時間表，關於 2026 到 2027 年 SurfOS 商業化以及 BETA 電動飛機計畫，這些將如何推動營收加速、促成調整後 EBITDA 轉正並支持自由現金流轉正？我先把問題交回給 Sudhin，請他評論 SurfOS 將如何做到這些。

Great. Thank you, Deanna. And I'll recap some of this because I know we've covered some of it, but we expect SurfOS to begin contributing meaningfully in the second half of 2026. SurfOS is both products and services. For the products, BrokerOS has been live since December of '25.

很好，謝謝你，Deanna。我也會簡要重述部分內容，因為我知道我們已經談過一些。我們預期 SurfOS 將在 2026 年下半年開始做出有意義的貢獻。SurfOS 同時包含產品與服務。在產品方面，BrokerOS 自 2025 年 12 月起已上線。

We have a target of 100 active brokers enrolled by the end of '26, up from the 29 currently enrolled and with hundreds of applicants already in the queue. For OperatorOS, we're targeting second half of '26 commercial launch. Our target KPIs are 10 signed LOIs and five operators live on the platform by year-end. For our enterprise solutions, we have an active pipeline and discussions with large operators, brokers and aircraft manufacturers. Our target there is signed multiyear, multimillion dollar contracts in 2026.

我們的目標是在 2026 年底前讓 100 位活躍經紀商加入，較目前已加入的 29 位增加；而且目前已有數百位申請者在排隊等候。至於 OperatorOS，我們目標是在 2026 年下半年商業化上線。我們的目標 KPI 是：年底前簽下 10 份 LOI（合作意向書），並讓 5 家營運商在平台上線運行。至於企業解決方案，我們正與大型營運商、經紀商與飛機製造商進行積極洽談並建立管線；我們在這部分的目標是在 2026 年簽下多年期、數百萬美元規模的合約。

This is where our teaming agreement with Palantir and their go-to-market team are supporting this pipeline directly.

這也是我們與 Palantir 的團隊合作協議，以及他們的市場推進（go-to-market）團隊，正在直接支持這條管線的地方。

I'm now going to pass it over to Louis to talk about data.

我現在把時間交給 Louis，請他談談資料。

Thanks, Sudhin. I think also the question asked part of the issue with the BETA aircraft. We're doing the demonstration flights this summer. We're very excited about that and all the data that we're going to get. When we sign the agreement with BETA, it's an aircraft that we've got the ability to have different variants in terms of certification for the plane.

謝謝你，Sudhin。我想問題也提到 BETA 飛機的一部分。我們今年夏天會進行示範飛行。我們對此非常興奮，也期待取得所有將產生的資料。當我們與 BETA 簽署協議時，這款飛機在認證方面具備不同機型版本的可能性。

So cargo passenger service. We also have with BETA, factory authorized service maintenance agreement with them where we are going to have exclusivity rights in Hawaii, and we really want to build on that. But when we look at the program itself in terms of its real advantage is that -- it's really going to cost us about 30% less to operate per aircraft compared to the Cessna Caravans, and that's the real competitive edge. We're very excited about that. And that's driven by, obviously, fuel.

例如貨運、載客服務。此外，我們也與 BETA 簽有原廠授權的維修保養服務協議，我們將在夏威夷擁有獨家權利，並希望在此基礎上持續擴展。但就這個計畫本身而言，其真正優勢在於——相較於 Cessna Caravan，每架飛機的營運成本大約可降低 30%，這就是核心競爭優勢。我們對此非常振奮。而這當然主要來自燃料成本。

It's driven by maintenance. When we look at the reliability of this aircraft in terms of days that it's down for heavy maintenance, it's considerably less than the traditional aircraft that we have seen and also the caravans. So those are the real opportunities.

也來自維修保養。從可靠性來看，這款飛機因重大維修而停飛的天數，明顯少於我們所見的傳統飛機，也少於 Caravan。因此，這些就是主要的機會。

Thanks, Louis. Next question is, how close are you to certification? And what are some hurdles and important dates ahead of that? So I'll turn this over to Louis.

謝謝你，Louis。下一個問題是：距離取得認證還有多近？在此之前有哪些障礙與重要日期？我把這題交給 Louis。

Yes. So just picking up on that with the BETA aircraft. We initially had a focus on the electric powertrain with the Cessna Caravan. And we've moved away from that. And the advantage of doing that is, instead, we're going to focus on the OEMs that are bringing new technology to the marketplace.

好的。延續 BETA 飛機的話題，我們最初是聚焦於為 Cessna Caravan 配置電動動力系統。但我們已經不再走這條路。這樣做的好處是，我們將改為聚焦那些把新技術帶入市場的原廠（OEM）。

And what that's doing is it's really allowing us to really not spend up to $100 million of capital on this electrification with the Caravans and reallocate our spend where we plan to have a higher ROI like things like SurfOS and what we have talked about. So that's going to be a real advantage for us.

這讓我們能避免在 Caravan 電動化上投入高達 1 億美元的資本支出，並把資金重新配置到我們預期能帶來更高投資報酬率（ROI）的項目上，例如 SurfOS 以及我們所討論的其他事項。這將成為我們的一項重要優勢。

When we look at the BETA aircraft itself in terms of the progress that BETA has been doing with the [Alla], they're part of the EIPT program that's going to be starting in the summer. They basically were awarded seven of the eight programs in the United States, which is significant. And that is really going to allow them to expedite the certification process. And so even if we're talking about 24 months at the end of Q4 2028 for the arrival of our first aircraft, we're optimistic with everything that BETA is doing and what they've got laid out, and they've got -- they clearly have a direct path to certification.

就 BETA 飛機本身而言，關於 BETA 在 [Alla] 上的進展，他們是 EIPT 計畫的一部分，該計畫將於夏季啟動。他們基本上在美國八個計畫中獲得了其中七個，這非常重要。這將使他們能加速認證流程。因此，即便我們談的是 24 個月、也就是 2028 年第四季末我們第一架飛機到位，我們仍對 BETA 正在做的事情以及他們的規劃感到樂觀——他們顯然有一條直接通往認證的路徑。

And again, as I mentioned earlier, they've already flown this aircraft 130,000 miles. And so they have a lot of experience here. And again, Hawaii really is going to be a showcase for this aircraft, and we're excited about what we're doing this summer and what will happen in the next couple of months.

另外，如我先前提到的，他們已經讓這架飛機飛行了 130,000 英里，因此累積了大量經驗。再者，夏威夷將會是這款飛機的展示舞台；我們對今年夏天的安排以及未來幾個月將發生的事情都感到非常期待。

Thanks, Louis. Last question is, in the Q1 call, you said that Surf and BETA would co-market SurfOS with BETA Aircraft. With the cargo flights approaching, can you confirm if SurfOS is being designed with native electronic capabilities like battery state monitoring or cycle charging optimization? Turning this one over to Sudhin again.

謝謝你，Louis。最後一個問題是：在第一季電話會議中，你們提到 Surf 與 BETA 會以 BETA 飛機共同推廣 SurfOS。隨著貨運航班即將開始，你能否確認 SurfOS 是否正以原生電子能力來設計，例如電池狀態監測或充電循環最佳化？這題再交給 Sudhin。

Thank you, Deanna. So as we discussed, we're building SurfOS to support operational requirements of fleets at scale. The benefit of next-gen aircraft is you can actually design them from the ground up with enhanced data capabilities. The capabilities we intend to have include battery health monitoring, charge cycle tracking and predictive maintenance, amongst other things, all of which will, of course, be weighted by the commercial and operational realities of flying electric aircraft. These are all areas where the Palantir Foundry IP platform has proven to be very effective in its deployment across the larger commercial aircraft manufacturers and airlines, and we're bringing this to Depart 135 space.

謝謝你，Deanna。如我們所討論的，我們正在打造 SurfOS，以支援大規模機隊的營運需求。下一代飛機的好處在於，你可以從零開始設計並強化資料能力。我們計畫具備的能力包括：電池健康度監測、充電循環追蹤、預測性維護等；當然，所有功能都會依電動飛機飛行在商業與營運層面的現實條件來加權取捨。這些領域正是 Palantir Foundry IP 平台在大型商用飛機製造商與航空公司部署中已被證明非常有效的地方，而我們正把這些能力帶入 Part 135 領域。

Thanks, Sudhin. So that ends our Q&A session. I appreciate everybody's interest and time today. And hopefully, you all call in and meet us next time on the next quarter. Thank you very much.

謝謝你，Sudhin。以上就是我們的問答環節。感謝各位今天的關注與時間。也希望各位下次在下一季的電話會議再度撥入與我們見面。非常感謝。

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

今天的電話會議到此結束。您現在可以掛線。