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SRFM

Surf Air Mobility Inc.

SRFM

Surf Air Mobility Inc. • NYSE
$2.05 ▼ -4.21% (-0.09)
Market Cap $69.11 M
52w High $9.91
52w Low $1.77
Dividend Yield 0%
P/E -0.96
Volume 2.35M
Outstanding Shares 33.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $29.172M ▲ $18.01M ▼ $-27.213M ▲ -93.285% ▲ $-1.3 ▲ $-21.597M ▲
Q2-2025 $27.431M ▲ $19.304M ▲ $-27.998M ▼ -102.067% ▼ $-1.339 ▼ $-21.855M ▼
Q1-2025 $23.506M ▼ $17.367M ▲ $-18.466M ▼ -78.559% ▼ $-1.092 ▼ $-12.476M ▼
Q4-2024 $28.049M ▼ $-8.46M ▼ $1.265M ▲ 4.51% ▲ $0.075 ▲ $6.201M ▲
Q3-2024 $28.386M $9.528M $-12.225M -43.067% $-0.943 $-8.031M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7.062M ▼ $106.786M ▼ $199.343M ▼ $-92.557M ▲
Q2-2025 $22.571M ▲ $128.983M ▲ $244.466M ▲ $-115.483M ▲
Q1-2025 $6.625M ▼ $105.273M ▼ $240.91M ▼ $-135.637M ▼
Q4-2024 $21.107M ▲ $124.058M ▲ $244.055M ▲ $-119.997M ▲
Q3-2024 $506K $97.879M $233.489M $-135.61M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-27.213M ▲ $-19.341M ▼ $-2.277M ▼ $1.186M ▼ $-15.509M ▼ $-21.076M ▼
Q2-2025 $-27.998M ▼ $-10.643M ▲ $-1.806M ▼ $32.803M ▲ $20.354M ▲ $-12.449M ▲
Q1-2025 $-18.466M ▼ $-15.804M ▲ $782K ▼ $542K ▼ $-14.48M ▼ $-17.703M ▲
Q4-2024 $1.265M ▲ $-23.58M ▼ $856K ▲ $43.277M ▲ $20.601M ▲ $-32.665M ▼
Q3-2024 $-12.225M $-12.31M $-1.844M $13.202M $-952K $-14.154M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Passenger
Passenger
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Surf Air Mobility is still very much in the “build” phase financially. Revenue has been growing off a very small base, but the business remains deeply unprofitable. The cost of running the operation and building out the platform and technology is far higher than what it currently brings in, so operating losses and net losses are large relative to sales. There are some early signs of improvement in gross profit more recently, but not yet at a scale that changes the overall picture: this is a company investing heavily ahead of revenue, with losses that may stay significant until its technology and network are more fully commercialized.

Balance Sheet

Balance Sheet The balance sheet is thin and highly stressed. Total assets are small and mainly tied up in a modest cash position and operating assets, while debt has grown over time. Shareholders’ equity is negative, which reflects accumulated losses and a capital structure that is already stretched. This means the company depends on ongoing access to lenders or new equity capital to fund its plans, and it does not have a strong buffer to absorb setbacks. The reverse stock split also hints at past pressure on the share price and the need to maintain listing standards.

Cash Flow

Cash Flow Cash flow from the core business has been consistently negative, showing that the company is burning cash to fund operations. Free cash flow is also negative, even though spending on physical assets has been relatively modest so far. In practice, this means the company is not yet self-funding and relies on outside capital to keep executing its strategy. Unless operating performance improves meaningfully, funding risk and dilution or refinancing needs are ongoing considerations.

Competitive Edge

Competitive Edge Strategically, Surf Air Mobility is trying to occupy a unique corner of regional aviation rather than compete head‑on with major airlines. It combines commuter airline operations with a plan to retrofit existing aircraft with hybrid‑electric powertrains and to sell software that helps operators run more efficiently. Its network in regional and underserved markets, plus acquisitions like Southern Airways Express and Mokulele, give it real-world operating scale that many aviation startups lack. Exclusive and high-profile partnerships with Textron (for aircraft), Palantir (for data and AI), and emerging aircraft developers provide differentiation and some barriers to entry. The flip side is that it still competes indirectly with traditional regional airlines, charter operators, and other advanced-air-mobility players, all while starting from a weaker financial base, which heightens execution and funding risk.

Innovation and R&D

Innovation and R&D Innovation is clearly the centerpiece of the story. The company is pursuing hybrid-electric and eventually fully electric powertrains for widely used regional aircraft, aiming to cut emissions and operating costs by a meaningful margin. At the same time, it is building SurfOS, an AI-driven operating system to manage sales, scheduling, and operations for regional aviation, which could become a high-margin, software-like revenue stream if broadly adopted. Long-dated partnerships for next-generation aircraft (like eSTOL planes and seagliders) suggest an ambition to reshape how short-haul and coastal travel work. All of this is promising but technically, commercially, and regulatorily complex, with long lead times and significant uncertainty around certification, adoption, and profitability of these new products.

Summary

Surf Air Mobility is best understood as an early-stage, high-concept regional aviation and technology platform rather than a mature airline. Financially, it is small, loss-making, and reliant on external capital, with a weak balance sheet and ongoing cash burn. Strategically, it has an interesting niche: combining existing commuter airline operations, electrification of proven aircraft types, and an AI-driven software layer for the broader industry. Its partnerships and first-mover approach in retrofits and regional mobility give it potential strategic advantages, but the company faces substantial execution, regulatory, technology, and funding risks. Future results will likely hinge on its ability to stabilize airline profitability, bring its hybrid-electric systems to market, and prove that SurfOS and its broader ecosystem can scale into meaningful, higher-margin revenue streams before financial constraints become too tight.

NEWS

November 13, 2025 · 4:11 PM UTC

Stonegate Capital Partners Updates Coverage On Surf Air Mobility Inc. (SRFM) 2025 Q3

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November 12, 2025 · 4:05 PM UTC

Surf Air Mobility Reports Third Quarter 2025 Financial Results, Exceeding Revenue and Meeting Adjusted EBITDA Guidance

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November 10, 2025 · 8:35 AM UTC

Surf Air Mobility Announces $100 Million Strategic Transaction to Accelerate Growth and Strengthen Balance Sheet

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October 8, 2025 · 6:30 AM UTC

Surf Air Mobility Appoints Shawn Pelsinger to Board of Directors

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September 8, 2025 · 4:05 PM UTC

Surf Air Mobility to Present at the H.C. Wainwright 27th Annual Global Investment Conference

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