Why did SRFM's Q2 2024 earnings exceed forecasts significantly?

Surf Air Mobility (SRFM) reported actual EPS of -$2.31 and revenue of $32.37 million for Q2 2024, while the forecasted EPS was -$2.24 and revenue was $29.42 million. The earnings surprise was -$0.07. Surf Air Mobility's Q2 2024 earnings exceeded forecasts significantly due to a 9.5% year-over-year increase in revenue to $30.6 million, which beat guidance when considering a pro forma basis. This growth was driven by a strategic focus on profitability and efficiency improvements in flight operations, as well as effective capital structure management that included securing a $50 million term loan to optimize liquidity. Despite these positive developments, the company's financial challenges, including a negative EBITDA and high cash burn rate, suggest that maintaining profitability and cash flow stability remains a priority for Surf Air Mobility.