Four-year contract valued at $19.4 million extends Mokulele Airlines scheduled service to Lanaʻi.

Mokulele’s Hawaiʻi operations support Surf Air Mobility’s broader platform, SurfOS software, and Advanced Air Mobility strategy, and positions Hawaiʻi as a showcase for electric flight.

Surf Air Mobility Inc. (NYSE:SRFM) ("Surf Air Mobility" or the "Company") today announced that its airline subsidiary, Mokulele Airlines ("Mokulele"), has been awarded a new Essential Air Service ("EAS") contract by the U.S. Department of Transportation ("DOT") to continue scheduled air service to Lanaʻi, Hawaiʻi. The contract represents $19.4 million in EAS subsidies, excluding incremental passenger fare revenue, over four years, doubling the term of the prior contract, and provides contracted revenue through August 2030.

Mokulele was selected through a competitive process. In awarding the contract, the DOT highlighted Mokulele’s track record serving the Lanaʻi community, its established infrastructure in Hawaiʻi, and the strength of its interline connectivity. The contract rewards Surf Air Mobility’s significant investment in its Hawaiʻi infrastructure including the upgraded fleet, operational capabilities and local presence needed to serve Lanaʻi reliably. Mokulele holds interline agreements with major airlines at both Honolulu (HNL) and Kahului/Maui (OGG), including Hawaiian Airlines, Alaska Airlines, American Airlines, United Airlines, and Japan Airlines, giving the Lanaʻi community seamless connections across Hawaiʻi, to the continental U.S., and internationally.

Louis Saint-Cyr, President of Airline Operations at Surf Air Mobility, said: "It is an honor to have been selected by the DOT to continue operating the Lanaʻi EAS contract. For many years, the Lanaʻi community has depended on our operations to keep the island connected, and we take our commitment seriously as evidenced by our recent investment in local infrastructure and operating capabilities. This contract also rewards the broader investments we’ve made into our Hawaiʻi operations where we provide safe, reliable, and profitable air service, and where we continue building toward our ambition of operating the first commercial passenger electric flights in the country."

Surf Air Mobility continues to invest in the reliability and capacity of its Hawaiʻi network. Today, Mokulele operates approximately 112 daily departures across five islands and over the past year, Mokulele has upgraded the Hawaiʻi fleet with new Cessna Caravans and updated ground and lounge infrastructure. The Company has also deployed its SurfOS software across the Hawaiʻi operation to modernize scheduling, maintenance, and flight operations as part of the digitalization effort to improve operational reliability and profitability.

The Lanaʻi EAS contract reinforces Mokulele’s position as the largest commuter airline network in Hawaiʻi by airports served. Under the new contract, Mokulele will operate 63 weekly round trips, or 126 weekly flights, connecting Lanaʻi (LNY) to Honolulu (HNL) and Kahului/Maui (OGG). The schedule includes 42 weekly round trips to Honolulu and 21 weekly round trips to Kahului.

As Surf Air Mobility builds its air mobility platform, the Company’s scheduled airline operations provide the operational scale, community relationships, and real-world experience and data that support the Company’s broader strategy, including the deployment of its SurfOS software, and its ambition to launch the first commercial passenger electric flights using BETA Technologies’ ("BETA") ALIA aircraft, once certified. Hawaiʻi’s short average stage length and high-frequency interisland routes make it a model network for the introduction of electric aircraft. In June 2026, Surf Air Mobility participated in a demonstration flight program with BETA’s electric aircraft in Hawaiʻi.

About Surf Air Mobility

Surf Air Mobility is a Los Angeles-based air mobility platform. With its AI-enabled SurfOS software, Surf Air Mobility provides technology designed to support the modernization of air operations and the adoption of next-generation aircraft. The Company currently operates one of the largest commuter airlines in the United States by scheduled departures and provides private charter services. Together, these businesses provide the operational scale and real-world operating data to validate and deploy its software. These capabilities position Surf Air Mobility as a leader shaping a more efficient, connected, and accessible future for aviation.

Forward-Looking Statements

This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Surf Air Mobility’s profitability and future financial results and its ability to achieve its business objectives. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company and reflect the Company’s current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air Mobility’s ability to anticipate the future needs of the air mobility market; Surf Air Mobility’s future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air Mobility’s development of its advanced air mobility software platform, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air Mobility’s growth; the inability of Surf Air Mobility’s customers to pay for Surf Air Mobility’s services; the inability of Surf Air Mobility to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air Mobility, the risks associated with Surf Air Mobility’s obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that the Company files with the SEC, and investors are urged to review those periodic reports and the Company’s other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, before making an investment decision. The Company assumes no obligation to update its forward-looking statements except as required by law.

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