Surf Air Mobility's revenue for a unit jumped nearly 72 per cent in 2022, showed the electric aviation and regional air travel company's regulatory filing on Monday with the U.S. Securities and Exchange Commission to list its shares in New York.
The listing comes at a challenging time for the U.S. public markets as dealmaking has been at a near standstill since last year, with investors grappling with heightened volatility in a rising interest rate environment. Electric vehicle maker Rivian Automotive Inc in its November 2021 Nasdaq debut fetched a valuation of more than $100 billion, amid upbeat investor sentiment and a booming IPO market, even as its revenue generation at the time was negligible.
For the three months ended March 31, Southern Airways Corporation generated revenue of $22.67 million, compared with $16.72 million a year earlier.