Company: SRFM
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001193125-25-273369
Chunk: 12

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-10
Form: 424B5
Chunk 12
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 to $350 million in 2022. For the year ended December 31, 2024, EAS revenue was $49.5 million, or approximately 41% of the Company’s total revenue. The total amount of EAS revenue ultimately received by us will be determined by, among other things, the number of subsidized flights flown by Southern, overall funding levels of the EAS program by the U.S. Congress (which could be reduced) and competitive bids for EAS revenue awards by other carriers (which could cause us to lose EAS revenue to competitors). The EAS program was initially intended to last ten years from 1978 but has been modified and extended in the years since. The EAS program may continue to be modified or changed or may be canceled in the future, or we may be unable to continue to participate successfully in the EAS program. Any such developments could materially adversely affect our business. EAS revenue awards generally have a term of two years, during which time, a carrier is paid a subsidy amount in accordance with the maximum allowances stipulated in the EAS revenue award and is paid monthly in arrears on a per-flight-completed basis. The DOT has the right to terminate a route for breach of contract or in exceptional circumstances. The DOT, which administers the EAS program, has the right to cancel EAS revenue rewards if it deems that the communities served by such arrangements are no longer eligible.

In October 2025, the DOT issued public notices regarding the potential lapse in appropriated funding for the EAS program due to a government shutdown. Although the DOT subsequently secured temporary budgetary resources to

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continue payments for a limited period, similar lapses or delays in future appropriations—or the absence of retroactive reimbursement authority—could result in temporary interruptions or delays in subsidy payments, during which time participating carriers would be required to decide whether to continue operating subsidized routes at their own expense.

There can be no assurance that current EAS legislation will remain unchanged, or that Congress will continue to provide funding for the EAS program at any particular level, that appropriations will be made on a timely basis, or that funding will be made retroactively available for service performed during any lapse. A reduction of EAS revenue, a loss of EAS revenue awards (whether due to termination, non-renewal, delayed appropriations or a change to or termination of the EAS program could have a material adverse effect on our business, financial condition and results of