Good evening. My name is Dara, and I will be your conference operator today for the Surf Air Mobility Second Quarter 2026 Earnings Call. At this time, I would like to welcome everyone to the earnings call, and all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. I will now pass the call over to Hudson Andrews for opening remarks. Go ahead. Thank you, operator, and good afternoon, everyone. Welcome to Surf Air Mobility's Second Quarter 2026 Earnings Call. I am joined today by Deanna White, our Chief Executive Officer, Shawn Pelsinger, our newly appointed Chairman of the Board, Liam Fayed, our Co-Founder, Louis Saint-Cyr, our President of Airline Operations, Joshua Lowton, our President of Surf On Demand, 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. 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. 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. I will now turn the call over to Deanna White. Good afternoon, everyone. The second quarter of 2026 was strong. Revenue came in at the high end of our guidance range at $29.5 million, and our adjusted EBITDA loss was within our range at $10.5 million. In April, we announced an improvement to our full year 2026 adjusted EBITDA loss guidance of approximately 40% compared to what we had previously announced while maintaining our revenue growth target of 20%-30% over the prior year. To achieve this, we put specific cost controls and strategies in place across our businesses, and we believe these changes have resulted in permanent improvements. What makes me most confident about our results is the environment we delivered them in. Over the last several months, the aviation industry experienced one of the most volatile periods of fuel prices. In our case, we also managed through a month of unexpected heavy thunderstorms and flash flooding, uncommon in Hawaii, affecting our Mokulele operations. Achieving both our revenue and adjusted EBITDA targets under those conditions speaks to the durability of our operations and the technology we have built. Beyond the financial results, the second quarter produced a series of milestones. We won our first multi-year SurfOS enterprise contract. We doubled on-demand private charter revenue in the second quarter compared to the prior year period. We reduced our existing convertible note principal by 64% and lowered monthly cash amortization payments by up to 50%. We significantly expanded our partnership with Palantir, adding both engineering and business development resources to accelerate the commercialization of SurfOS. We partnered with BETA Technologies on landmark demonstration flights of electric aircraft in Hawaii with support from Hawaiian Airlines. We deployed our safety management system a year ahead of the FAA schedule. For the last year and a half, the first phases of our transformation plan focused on completing foundational work, building SurfOS, lowering our cost structure, rationalizing the route network, modernizing the fleet, and restructuring our balance sheet. Though there will always be more to do, the work is now largely behind us. We believe the company is in a place for us to pursue revenue growth and profitability at the same time. This comes with a major shift in our strategic priorities as we now move into the expansion phase of our transformation plan, which runs now through 2027. Each of our leaders will take you through their second quarter results and key achievements and then explain in more detail their second half of 2026 priorities. Before that, I will turn it over to our newly appointed Chairman of the Board, Shawn Pelsinger. Hi, all. For those who I haven't met, I'm Shawn Pelsinger. I've served on Surf Air Mobility's Board since October 2025, and last month I was honored to be elected Chairman. Firstly, many thanks to Carl Albert for his leadership over the years and for his continued partnership as Chairman Emeritus. During my decade at Palantir, where I served as Global Head of Corporate Development, I've seen firsthand what the right software can do to accelerate an industry in transition. Air mobility is at that moment right now, and I believe Surf Air Mobility is perfectly positioned for the opportunity. Very few companies sit at the intersection of so many converging growth sectors, private aviation, AI-enabled software, and electrification. As I said in my shareholder letter last week, our transformation plan was designed to get our house in order first, so we could then go after the big opportunity of creating a platform business that would capture value across the industry. The team has been successful in the first two phases of that plan. We have reduced debt significantly, improved profitability in our Air Mobility business, and secured our first multi-million dollar SurfOS software contract. Winning Wheels Up as our first enterprise software customer, worth up to $12 million over the contract term, is not a typical first deal. Early enterprise contracts are usually short-term and modest in value. Landing a multi-year, multi-million dollar contract with one of the largest, most recognized names in private aviation as our first customer tells us the product is working and the market is ready. We have barely scratched the surface. With that, I will turn it over to Liam to talk about our SurfOS business. Thanks, Shawn. In the second quarter, SurfOS achieved a major milestone. As Shawn mentioned, we announced Wheels Up as the launch customer for Enterprise BrokerOS. It is an initial two-year term, plus an option for a third, and we expect to receive up to $12 million over that period. As we saw with our own business, BrokerOS will allow Wheels Up to replace multiple legacy software systems and improve their sales team's efficiency. Wheels Up is our launch customer for our first commercial product. We still have OperatorOS and OwnerOS to commercialize this year and continue to explore more ways to apply our SurfOS technology even more broadly. We have a current active enterprise pipeline of large operators, brokerages, and aircraft manufacturers that we believe could be worth tens of millions of dollars annually in revenue. The second point to emphasize from the second quarter is our expanded partnership with Palantir that we announced in June. Following the success of Wheels Up enterprise contract, we substantially increased the size of our engineering team to move even faster. In addition, Palantir added business development and commercial go-to-market resources with deep experience in aviation, transportation, and logistics who are directly involved in our enterprise sales process. Through our exclusive agreement, their team is in every enterprise conversation, and when we are in meetings with prospective customers, we bring the support, credibility, and technology to close large deals. These commercial resources are what will turn our active pipeline into more signed agreements. We deployed SurfOS features at record pace. Crew reserve optimization, fuel tracking, AI charter price recommendations, and AI charter supply sourcing all went live in the second quarter. The common theme across these features is that each is designed to find permanent efficiency gains inside our own organization that strengthens the product for external customers. We also had the honor of showcasing BrokerOS at Palantir's AIPCon in June, where we highlighted the intelligence features and AIP-powered tools embedded in our software. The second quarter proved that the software is needed, the market is ready, and it's evolving quickly. The next phase for SurfOS is building on the early success and turning SurfOS into a high-growth, profitable business. Here is what we are focused on for the second half of this year. First, we're working to convert our enterprise pipeline of large operators, brokerages, and aircraft manufacturers. Sales cycles for enterprise clients are typically longer, and we are targeting at least one additional enterprise contract before year-end. Our pipeline is seeded by relationships we already have, including operators who fly for us, manufacturers we interface with on our aircraft, and brokers already transacting on our platform. This is yet another advantage of our having an operating business alongside our software. Second, we are leveraging Palantir's go-to-market resources, which bring enterprise sales and business development expertise we could not build internally on any reasonable timeline. Third, we are onboarding SMB customers whose sales cycles are considerably shorter and will add additional recurring revenue. In addition, every operator we add expands our three-sided marketplace because their aircraft supply connects into BrokerOS for our brokers to sell. Fourth, we are commercializing our flagship product suite this year. OperatorOS and OwnerOS are both planned to launch commercially in the fourth quarter, taking us from one product in-market today to three. Fifth, we will continue deploying high ROI features faster, proving them in our own airline and charter business before selling them externally. AI-assisted development and the speed of Palantir's platform have compressed our deployment cycle significantly. The result of these efforts will be high margin, recurring revenue across a diversified software suite built by an engineering team deploying features at an accelerated pace. With a healthy customer pipeline, our partnership with Palantir, and the right team in place, we're excited to share more wins and updates as we commercialize SurfOS. I will now pass it to Louis, our President of Airline Operations. Thank you, Liam. The Airline performed well this quarter, even with some macro trends working against us. Fuel prices were elevated, and Hawaii weather drove unplanned cancellations. Delivering the results we did under those conditions is evidence that the improvements we've made are permanent, and they make us more resilient to these sorts of changes in the future. Total Scheduled Service revenue was $17.4 million. That's down about 20% year-over-year. This revenue decrease was deliberate as we exited routes that don't contribute to our bottom line. Mokulele Airlines revenue was up about 7% compared to the same quarter in 2025, and up 15% over the first quarter of 2026. We flew more in Hawaii this quarter with over 10,000 departures, an increase of 3% compared to the second quarter of 2025. Hawaii is the largest inter-island network by departures and airports served, and it is growing while the mainland is right-sizing. We also introduced two additional c aravans into the fleet this quarter as part of our fleet renewal program. We are emphasizing our Hawaii operations because Hawaii will be the showcase and launchpad for electric flight. In June, BETA's ALIA aircraft began flying daily cargo demonstration routes across the islands. The infrastructure we have established and the community relationships we fostered in Hawaii over the years are exactly what makes it the right place to bring electric aircraft into commercial service. Turning to operational performance of our entire Scheduled Service, we continue to run a very reliable operation. Controllable completion factor ended the quarter at 98%. Our on-time arrivals ended the quarter at 88%, and on-time departures ended the quarter at 83%. That sustained performance is showing up in our customer satisfaction. The reason our performance improved and has maintained is in part from the impact of OperatorOS. Let me put a number on that. Fuel came in approximately half a million dollars above plan this quarter. We offset this with operational savings generated directly by OperatorOS. This is not a one-quarter benefit. Those savings are structural. They are already embedded in how we run the operation, and they carry forward. The team executed exceptionally well to deliver this, and they deserve credit for it. Finally, on safety, we completed our safety management system one year ahead of the FAA's mandate. Southern is one of only nine Part 135 commuter operators in the country with an operational SMS. I will turn it over to Josh, President of Surf On Demand. Thanks, Louis. Surf On Demand private charter delivered another exceptional quarter, achieving record revenue and record flight volume. We nearly doubled our private charter revenue through the first half of 2026 compared to the same period last year. In the second quarter alone, we generated $12.1 million in revenue, with departures increasing approximately 67% compared to the second quarter of 2025. Revenue per departure also increased approximately 25% compared to the second quarter of 2025, reflecting our continued expansion beyond a primarily turboprop-focused provider into a full-spectrum private charter solution, with larger aircraft becoming a greater mix of revenue. A few highlights. Our new revenue lines, cargo, wholesale, and Powered by Surf On Demand, contributed approximately 14% of revenue in the first half of 2026, all of which are gross margin positive. The revenue we have added this year, particularly in the second quarter, is profitable and growing quickly. There is still some drag on our overall gross margins, and it is important to note that this comes from legacy commitments. This cohort of suboptimal margin products and memberships continues to decrease every quarter, and we are confident it does not represent a long-term margin issue. Our independent broker program, Powered by Surf On Demand, continues to gain momentum and remains a key driver of our growth. We have attracted more than 500 applications from around the world since launch and continue to onboard high-quality charter professionals each month who are committed to building long-term business on the platform. Since launch, the program has generated more than $2.5 million in revenue and is gross margin positive, showing that we can scale the platform profitably. Several of our top-performing independent brokers have each generated hundreds of thousands of dollars in revenue this year, demonstrating how BrokerOS enables experienced charter professionals to build meaningful business with us. As Surf On Demand scales, we are strengthening our supply partnerships so that margin expands in parallel with growth. We have added another preferred wholesale partner in the second quarter, which is already at 100% utilization. We have demonstrated that we can grow rapidly. Our next phase is converting that growth into sustainable profitability, and we have five primary levers that give us the confidence in that path. First, we are improving margin by better leveraging working capital. With more capital now available, we can secure aircraft inventory in advance at negotiated wholesale rates rather than sourcing trips on the open market. This produces a direct margin improvement on every flight. We have proven that we can maximize our preferred wholesale partner inventory, and our additional working capital will allow us to pursue this more. Second, BrokerOS is making us more efficient. Real-time pricing, sourcing, and distribution tools help our brokers quote faster and serve more customers. The software helped us drive revenue growth in the first half of this year, and in the second half, it will help us improve margins. Third, we are increasing average revenue per flight through continued mix shift towards larger aircraft categories and longer flights. Customers are choosing Surf On Demand for more of their private aviation needs, which raises revenue per flight whilst we leverage the same platform and infrastructure. Revenue per departure has increased each quarter, and we expect that trend to continue. Fourth, we are adding independent charter brokers to the platform. Every experienced broker we add grows more revenue with minimal incremental overhead, and the program is already gross margin positive. Fifth, we are expanding platform participation more broadly by partnering with additional operators and brokers. More operators mean more supply for our brokers to sell, and more brokers mean more demand for our operators to fill. Together, these five factors deliver revenue growth and margin expansion at the same time, a combination this business is now positioned to achieve after the recalibrations we have made as part of the transformation plan. I will now hand it over to Oliver to walk through our second quarter financials. Thank you, Josh. For the second quarter of 2026, consolidated revenue was $29.5 million, at the high end of our guidance range of $27 million- $30 million. Up 8% compared to the second quarter 2025, and up 15% compared to the first quarter 2026. Consolidated adjusted EBITDA loss was $10.5 million, within our guidance range. Recently, we announced two financing transactions designed to strengthen our balance sheet and reduce future dilution. First, we refinanced our existing senior secured convertible note. The refinancing resulted in the bifurcation of the note's principal into two new instruments. A new $17 million convertible note due 2027, and a new $30 million non-convertible senior secured term note due 2028. As a result of this action, the company successfully reduced its existing convertible note principal by 64% and lowered monthly cash amortization payments by up to 50%. In addition, the new $30 million term note is non-convertible and does not amortize or accrue interest until January 2027. Concurrently, we also entered into a new $21.6 million asset-backed loan secured against new and existing aircraft. Use of proceeds includes funding the incremental working capital needed to both expand existing wholesale supply relationships and secure additional wholesale supply agreements to improve our private charter margins, as Josh explained earlier. Please note that the asset-backed loan funds in two tranches. We expect a second funding of $14 million to occur this month, further strengthening our liquidity position. In summary, over the last year, we have reduced our total debt levels 50% while pushing out our maturity walls. Going forward, the combination of operating improvements and lower amortizations positions us to approach our go-forward capital needs from a position of strength. Finally, we are reaffirming our full year 2026 guidance. Revenue of $128 million-$138 million, which represents 20%-30% growth over 2025, and an adjusted EBITDA loss of $30 million-$25 million, which represents a 40% improvement from our previously released guidance. For the third quarter, we expect revenue of between $35.5 million and $37.5 million, and adjusted EBITDA loss of between $7 million and $4 million. Consistent with what we have said previously, we expect adjusted EBITDA loss to narrow further in the fourth quarter. Importantly, as we exit a heavy maintenance and CapEx cycle, we expect our free cash flow conversion to improve sequentially, and over time converge towards adjusted EBITDA. To highlight another point, for the second half of this year, we expect our airline to be a bright spot from a profitability perspective. This is a direct result of the investments we have made, the technology we have deployed, and it reflects the cost actions Louis previously discussed. With that, I will hand it back to Deanna. Thank you, Oliver. This quarter, in a genuinely difficult macro environment, we finished building the foundation for the next phases of our transformation plan. We achieved our guidance through cost control and technology efficiencies. We signed our first enterprise software customer. We deepened the partnership with Palantir. We supported the launch of BETA's electric aircraft in Hawaii. And we ended the quarter with a strong balance sheet. When we announced in April we could improve our adjusted EBITDA guidance by 40% while maintaining our revenue growth this year, we meant it, and this quarter was a start of proving it to you. From here, our focus is on revenue growth and profitability. Thank you to everyone for your continued interest in Surf Air Mobility. Operator, let's please open it up for questions. We will now begin the question and answer session for analysts, with a second Q and A session for retail questions to follow. For this session, we ask that analysts please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Your first question comes from the line of Mike Latimore from Northland Capital Markets. Your line is open. Please go ahead. All right, great. Thank you. Yeah, congrats on the charter growth and this large enterprise deal. That was great. I guess on the charter business, in the past you talked about number of brokers you want to onboard by year-end. Has that number changed? Still the same? How important is that broker onboarding versus other factors here to driving charter growth, like the wholesale relationships? Thanks, Mike, for the question. Josh, our Head of On-Demand, I will let you answer that question. Yeah, absolutely. Thank you for your question. We definitely intend to continue to scale our Powered by Surf On Demand program. As I sort of mentioned, we have had overwhelming interest from brokers around the world in wanting to join the program. Obviously, we want to balance quality and make sure that we are bringing on brokers that have a good knowledge and an understanding of the business and can really help us grow it. So we do fully intend to continue to scale and bring on board brokers and continue to see growth in the program. To the second part of your question around wholesale relationships and supply relationships, these remain incredibly important because we need to make sure that our brokers have excellent supply at their fingertips so that that can be passed on to our customers so we continue to grow. Expanding wholesale relationships with operators is equally as important to us in the second half of this year. Got it. You mentioned a goal of having another, I think, enterprise win, software win by end of the year. Would that be also the BrokerOS version of that or something else? Thanks, Mike, for that question. I will kick it to Liam, who is in charge of the SurfOS project. Hey, Mike. Thanks for the question. We are in several active discussions across all the different products right now, across OperatorOS, OEM, as well as larger scale brokers. We have quite a healthy pipeline. I think the announcement of Wheels Up was a really positive one, and we had a pretty healthy pipeline before that, and we continue to develop that pipeline. I think it is not we are in multiple discussions across all the different products, which is really exciting. Yeah. Okay, great. Just last on OpEx. Is the second quarter OpEx a good run rate for third quarter, or do you expect to grow it a little bit with the Palantir expansion? Mike, thanks. Oliver, do you want to take that question? Sure. No, look, Mike, it's a pretty good run rate. I think we have said that we're coming out of some major push on the investment side for the development of SurfOS, for example, and that should leverage. So notwithstanding the fact that we have three products, as Liam mentioned, we don't expect the cost to go up commensurately with the number of products. So, I think it's a good base. Adjusted for certain things like that, you should be on the right track for operating expenses. All right. Sounds good. Congrats on the great results. Your next question comes from Brian Kinstlinger with Alliance Global Partners. Your line is open. Please go ahead. Great. Thanks so much for taking my question. My first one's for Liam, probably related to the Wheels Up deal. When does the contract start? Does anything need to be accomplished before you get the program launched, and how long does it take for product installation? The second part of that is how has the pipeline changed and evolved since you announced that deal? How are you seeing incremental interest now that you have an anchor first customer? I can take that. First part of the question is we're under integration right now. With the partnership with Palantir and a lot of the infrastructure and kind of the development on the back end, it allows us to really stand up instances pretty quickly. So we're fully underway and integrating them. Of that contract, we expect to collect about $2 million, half the revenue, for this year, and then starting Jan 1, that will be full $4 million for next year. So we're at the advanced stages of setting them up and implementing all their workflows and everything onto BrokerOS, which is really exciting. The second part of your question, post Wheels Up, have we been getting some additional What does the pipeline look like? I would answer that with yes. We've been getting a lot of interest, not only across the broker side, but across operations as well as OEM manufacturers, which has been really exciting for us. Great. My second question, maybe you could break down the second half of the year revenue guidance, where the ramp is coming from in your three segments, Scheduled, On-Demand, and Surf. As you exit the year with that mix, what does a gross margin look like as you exit the year? Hi, it's Oliver. I would like to address that in a number of parts. I think that during the call, a lot of detail was given as to the various businesses and how they are going to inflect towards profitability. Let's just break it down by category. On the Scheduled side, if you are really thinking about revenue, as Louis mentioned earlier, we expect the degree of loss of the routes that we are getting out of to start slowing. You should see that start showing up in the numbers in the third and fourth quarter. On-Demand, I think Josh has done a great job of explaining how he is going to continue to grow that business at the rate that we have currently been experiencing. We expect also to see some of the first trickles of revenue for SurfOS start to be recognized in the third and fourth quarter. All in all, we are very comfortable with our revenue guidance for the third quarter, the implied guidance for the fourth quarter, and our guidance for the full year. As it relates to adjusted EBITDA, on the Scheduled side, in my comments, I mentioned that I expect that to be one of the bright spots of profitability in the third and fourth quarter. Louis has done a fantastic job there. SurfOS has provided some real improvements in our cost structure, as Louis mentioned in great detail. I think that is when you are going to start seeing that flow into the numbers. On the Charter side, as Josh mentioned, working capital is particularly important. Our ability to go and pre-buy supply and then sell that at higher margins is going to both catalyze our growth because from a competitive position, that is very important to us. Also from a profitability standpoint, we are going to obviously get some benefit on adjusted EBITDA as we continue to grow that business, notwithstanding the operating leverage from the type of growth that we are seeing there. On the Surf Air side, as we start seeing that revenue, that will obviously be at significantly higher margins, which is where your question is leading to, and that starts flowing through in the fourth quarter. On the corporate side, notwithstanding what I said earlier in terms of some of the leverage against costs such as the investment in SurfOS, we should also see through Deanna's leadership, some reduction in the operating costs through the cost controls that we have and we continue to implement in this business. Great. Thank you so much. Summing it all up, we should say that. Your next question comes from David Storms with Stonegate Capital Partners. Your line is open. Please go ahead. Hey, thanks for taking my questions. You mentioned in the release the drag from fuel prices and some other macro headwinds like the weather, but also that the Scheduled part of your business should be a bright spot. Can we interpret that you see the fuel situation easing, or is that mostly SurfOS driving efficiencies in your business? Thanks for the question. It's Louis. We are seeing SurfOS and the efficiencies that we're putting into place. Those are long-term. Those are permanent changes that we are making to the airline. With that, we're able to really kind of fight off the volatility of fuel as it kind of goes up and down. I'm really proud of the team in terms of what they did in Q2, and we're just going to keep pushing our digitization side. We're not done with the airline. We're going to continue to expand what we've started with SurfOS and we're going to continue to make the airline efficient, and that's just going to position us better for the volatility that we've seen. Got it. Okay. That's really helpful. Thank you. Then, in the earnings release, you specifically called out cargo, wholesale, some sort of other potential revenue streams. How are you thinking about the potential scale there? Is it too soon to tell, or could those become kind of meaningful standalone revenue lines over time? I'll let Josh take that question. Josh? Yeah, absolutely. Great question. Wholesale is an area that as we deliver more supply partnerships, we'll definitely see an increase in the wholesale division within Surf On Demand. I do expect to see wholesale to continue to grow. When we look at cargo, I also expect that to grow. Whilst we have a very large retail charter brokerage that we've grown, the cargo piece is still relatively new. We've had the division for less than a year, and we're already seeing great results from it. I expect both of those segments to continue to grow. Then, as I mentioned earlier, the Powered by Surf On Demand, which we also put in that sort of new big business category, we absolutely expect that to continue to scale. I am confident that when we speak again in the future, that we will have seen growth and continued growth in those three sort of newer business lines for Surf On Demand. Got it. Okay. Hey, thanks, Josh. Congrats, everybody, on the quarter. Thank you. I will now turn the call over to Deanna White to answer any questions pertaining to retail. Your line is open. Please go ahead. Yes. Thank you. The first question, how close are we to major partnerships? I assume that means on the SurfOS side. So I will turn that over to Liam to answer. Thank you, Deanna. As we mentioned in our earnings, we announced Wheels Up as our first contract this quarter. We have an active enterprise pipeline across brokers, Part 135 operators, fleet management companies, large-scale legacy OEMs, as well as next-gen electric OEMs. We really believe that the pipeline could be worth tens of millions annually in revenue. Those are really the partnerships and enterprise and small businesses across all those different groups that we're excited about the pipeline. We can't name any of those contracts until they're obviously signed, but we're in several active discussions. The Wheels Up demonstrates the product and how it works from outside customers, and that market is ready. Targeting at least one additional enterprise contract before year-end is what we're targeting. The pipeline really comes from relationships we already have. Plus, we have Palantir's go-to-market and commercial team and business development resource that's helping us in all these active conversations, which is really helping us in the pipeline and potentially closing more deals. We're also actively working on converting our LOIs into paying contracts, which we're excited to announce more as that comes to fruition, and that's something well underway. As I've mentioned, it's a very active pipeline, and we're really feeling good where we are now with the pipeline, and it's not just across one single BrokerOS, it's across all the products. So we're excited to share more in the future. Next question is, could you provide more detail on our strategy to regain compliance with New York Stock Exchange continued listing standards, and how the recent debt financing affects future shareholder dilution? Yes. I'll take it in two parts, if that's okay. Yeah. Regarding the NYSE continued listing standards, on July 30, 2027, the company informed NYSE of its intent to cure its non-compliance with continued listing standards due to a minimum share price deficiency. Regaining compliance requires that the company's 30-day trading average share price exceeds $1 within six months of the receipt of the NYSE deficiency notification, which we actually received on July 24, 2027. As we stated in our press release, we ambition to cure this minimum price deficiency organically by executing against the next phase of our transformation plan and putting wins on the board. However, as a risk mitigant, we also requested and received shareholder approval to effect a reverse stock split at our annual shareholder meeting on July 25. I think it's important to note that this approval is only an authorization to effect a reverse stock split, and it does not require the company's Board of Directors to implement it. We, going forward, intend to closely monitor our stock price over the near term to ensure that we regain listing compliance within the appropriate time frames. Now to address the second part of your question. The recent financing transactions actually reduced shareholder dilutions in a number of ways. First, we bifurcated our existing convertible note into two new notes. A new $17 million convertible note due in 2027, and a $30 million term note due in 2028. This financing actually reduces the convertible principal by 64% and reduces cash amortizations by up to 50%. In addition, the term loan does not amortize or accrue interest until January 2027. Separately, our new asset-backed loan, which provides incremental working capital into the business, does not start amortizing until June 2027. All these actions combined were specifically structured to reduce shareholder dilution while providing the company with the capital required to execute its plans. Thank you, Oliver. The next question is for Liam again. Will Palantir and Surf Air team up and use SurfOS for air traffic management as well? Thank you, Deanna. The technology that we've built, I think the more we deploy tools across our own airline and our own charter operation, we're starting to see there's other end-use cases, which is really exciting. Overall, SurfOS brings together the data from across Part 135 aviation ecosystem, and we really believe that this data, when properly connected and federated, there's broad applications across many different segments. We're really, really finding more use cases and end markets, which is exciting, and we've been involved in discussions and pursuing opportunities of this matter. Nothing to announce today, but we are actively looking at other ways that we can leverage the SurfOS technology within the product set that we've announced, but also other use cases, which we're excited to share more when we have more news on that front. Thanks, Liam. You're up again. A lot of interest in SurfOS. Management says the pipeline is growing while OwnerOS and OEM OS remain unlaunched. Beyond Wheels Up and OperatorOS, will OwnerOS or OEM OS secure a signed-paying external customer by December 31, 2026? If yes, can you confirm the product and quarter? Okay. By winning our first enterprise client, our pipeline and product development has accelerated, and we remain confident in commercializing all those products this year. We are in active conversations with large-scale aircraft management companies, fleet operators, leasecos, and OEMs. The timeline, just to reiterate here, is BrokerOS was commercially launched, and the scale with Wheels Up this quarter. OperatorOS and OwnerOS are scheduled to launch commercially by Q4, and OEM OS is in development. One thing I will highlight is, we are doing beta demonstration flights in Hawaii, and we're starting to build the foundations for OEM OS with these trial flights. We're getting data off of the aircraft, and we're starting to build what that product will look like and using the trial flights as kind of our beta test case study for OEM OS. That's an important key milestone that we are getting data off of that aircraft and we will be putting into SurfOS and starting building the workflows and agents and everything around the OEM side, which is really exciting. Our target is to convert at least one additional enterprise client contract by end of the year, which we're feeling with our pipeline, really positive about. We can't comment obviously on the specifics of that contract, because it's not closed. But like I've mentioned across some of these other questions, we're feeling Wheels Up was sort of our first enterprise client that we announced, and we had a very healthy business development pipeline before and after. Since we've announced that, we have even a healthier business development pipeline. We are excited to have more updates and update everyone as more contracts, and we get more customers and revenue over the course of the next quarters. Thanks, Deanna. Thanks, Liam. The last question is, what are the top three milestones investors should expect over the next 12 months? The first is the commercialization of SurfOS. Earlier this year, we gave some milestones and targets we were looking for. Obviously, for our first enterprise client, which we have achieved with the Wheels Up contract. We also plan, as Liam just mentioned, that we will be adding at least one more from the pipeline that we have on the enterprise. Secondly, for OperatorOS, we talked about 17 LOIs that we have previously had and adding 10 more to that. That is all in progress. Some of those discussions are having those potential clients skip the LOI stage and go straight to a contract. As soon as we have something to announce as far as that, we will in the future. We also have a milestone to do five operators from our pipeline of LOIs and clients by the end of this year, and we have one in progress currently. Many of the LOIs that we have are very interested in going up next to start the onboarding there. For OwnerOS, like Liam said, we plan to launch that in Q4. Our second big milestone is our Surf On Demand growth and improving those margins. The revenue growth there is the biggest driver for the growth this year, and we are also making sure that our gross margin profile improves as we get working capital, more supplier agreements, we add all the new revenue lines that Josh was mentioning, and do it more efficient using BrokerOS. We are shifting our mix in that business to larger aircraft, and the Powered by Surf On Demand program with independent brokers is bearing a lot of fruit. We had a target of 100 independent brokers to be a part of that program by year-end, and we have currently onboarded 50, so halfway there at the end of the second quarter. The last milestone is profitability. We upped our adjusted EBITDA loss guidance in April, and you will see that narrowing each quarter of 2026, with the airline operations expected to be the most profitable part of the business in the second half. We reaffirmed our full-year guidance both for our revenue and our adjusted EBITDA loss. So that ends our Q2 2026 earnings call. Appreciate everybody for participating and your interest in Surf Air Mobility. Thank you for attending. This concludes today's call. You may now disconnect.