SRFM

MKT CAP:$41M

Surf Air Mobility Inc.

Market Cap

$41M

Industrials·Airlines, Airports & Air Services·🇺🇸 United States·NYSE

Industrials·Airlines,·🇺🇸·NYSE

Stock Price

$1.22-$1.17 (-48.95%)

Apr 22, 2026

Company Details

Surf Air Mobility Inc. operates as an electric aviation and air travel company in the United States. It offers an air mobility platform with scheduled routes and on demand charter flights operated by third parties; and air cargo services. T...

CEO

Deanna White

IPO Date

Jul 28, 2023

Website

www.surfair.com

Key Metrics TTM

Revenue

$107M

-10.8% YoY

Net Income

-$111M

EPS (Diluted)

-$5.49

Free Cash Flow

$0

Revenue / Share

$5.10

Gross Margin

3.9%

Operating Margin

-72.1%

Net Margin

-103.8%

FCF Margin

0.0%

P/S

0.4x

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Mar 12, 2026

$107M-10.8%EPS -$5.29

Q4 2025

Mar 12, 2026

$26M-5.7%EPS -$1.76

Q3 2025

Nov 12, 2025

$29M+2.8%EPS -$1.30

Q2 2025

Aug 12, 2025

$27M-15.2%EPS -$1.34

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$5M	-$759.0K	-$11M
Q2 22	$4M	-$2M	-$13M
Q3 22	$5M	-$1M	-$11M
Q1 23	$6M	-$1M	-$12M
Q2 23	$6M	-$1M	-$13M
Q3 23	$22M	$1.0K	-$63M
Q4 23	$27M	-$773.0K	-$109M
Q1 24	$31M	$157.0K	-$34M
Q2 24	$32M	$3M	-$25M
Q3 24	$28M	$890.0K	-$9M
Q4 24	$28M	-$351.0K	$8M
Q1 25	$24M	-$1M	-$19M
Q2 25	$27M	$3M	-$16M
Q3 25	$29M	$2M	-$17M
Q4 25	$26M	$498.0K	-$26M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q1 23	2.0x	—
Q2 23	1.9x	—
Q3 23	1.0x	—
Q4 23	0.7x	—
Q1 24	0.5x	—
Q2 24	0.4x	—
Q3 24	0.3x	—
Q4 24	0.3x	—
Q1 25	0.4x	—
Q2 25	0.4x	—
Q3 25	0.4x	—
Q4 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$6M	-$6M
Q2 22	-$10M	-$10M
Q3 22	-$7M	-$7M
Q1 23	-$9M	-$9M
Q2 23	-$12M	-$12M
Q3 23	-$24M	-$36M
Q4 23	-$19M	-$15M
Q1 24	-$13M	-$14M
Q2 24	-$6M	-$8M
Q3 24	-$12M	-$14M
Q4 24	-$24M	-$33M
Q1 25	-$16M	-$18M
Q2 25	-$11M	-$12M
Q3 25	-$19M	-$21M
Q4 25	$46M	$51M

Capital Expenditures

Quarter	CapEx
Q1 22	$57.0K
Q2 22	$12.0K
Q3 22	$191.0K
Q1 23	$132.0K
Q2 23	$71.0K
Q3 23	$12M
Q4 23	$4M
Q1 24	$743.0K
Q2 24	$2M
Q3 24	$2M
Q4 24	$9M
Q1 25	$2M
Q2 25	$2M
Q3 25	$2M
Q4 25	$5M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 23	+28.6%	+20.6%
Q3 23	+390.6%	+384.7%
Q4 23	+428.1%	+736.2%
Q1 24	+456.1%	+270.8%
Q2 24	+422.5%	+197.8%
Q3 24	+29.2%	-56.4%
Q4 24	+4.5%	-85.3%
Q1 25	-23.2%	-35.4%
Q2 25	-15.2%	-24.7%
Q3 25	+2.8%	+23.4%
Q4 25	-5.7%	+162.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$5M	98.2%
Q2 22	$5M	117.5%
Q3 22	$458.0K	9.0%
Q1 23	$1M	20.8%
Q2 23	$2M	26.7%
Q3 23	$33M	148.4%
Q4 23	$13M	47.9%
Q1 24	$13M	41.3%
Q2 24	$7M	22.7%
Q3 24	-$5M	-18.9%
Q4 24	$0	0.0%
Q1 25	$2M	8.0%
Q2 25	$4M	13.9%
Q3 25	$2M	7.8%
Q4 25	$2M	8.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$743.0K	$9M	$1M
Q2 22	$716.0K	$9M	$1M
Q3 22	$730.0K	$8M	$1M
Q1 23	$812.0K	$8M	$1M
Q2 23	$816.0K	$9M	$2M
Q3 23	$3M	$56M	$5M
Q4 23	$16M	$27M	$2M
Q1 24	$7M	$25M	$3M
Q2 24	$6M	$20M	$3M
Q3 24	$6M	$415.0K	$1M
Q4 24	$6M	—	$645.0K
Q1 25	$3M	$11M	$2M
Q2 25	$3M	$13M	$2M
Q3 25	$2M	$11M	$2M
Q4 25	$3M	$19M	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$719.0K	$0	$719.0K
Q2 22	$99M	$0	$99M
Q4 22	$6.0K	$0	$6.0K
Q1 23	$96M	$0	$96M
Q2 23	$2M	$0	$2M
Q3 23	$6M	$0	$6M
Q4 23	$2M	$0	$2M
Q1 24	$1M	$0	$1M
Q2 24	$1M	$0	$1M
Q3 24	$506.0K	$0	$506.0K
Q4 24	$21M	$0	$21M
Q1 25	$7M	$0	$7M
Q2 25	$23M	$0	$23M
Q3 25	$7M	$0	$7M
Q4 25	$13M	$0	$13M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	10M	—	—
Q2 22	10M	0.0%	—
Q3 22	10M	0.0%	—
Q1 23	10M	0.0%	—
Q2 23	10M	0.0%	0.0%
Q3 23	10M	+5.2%	+5.2%
Q4 23	11M	+3.6%	+9.0%
Q1 24	11M	+1.5%	+10.6%
Q2 24	12M	+5.9%	+17.2%
Q3 24	13M	+10.9%	+23.6%
Q4 24	17M	+30.6%	+55.7%
Q1 25	17M	-0.2%	+53.1%
Q2 25	21M	+23.6%	+78.7%
Q3 25	21M	0.0%	+61.2%
Q4 25	21M	0.0%	+23.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$32.2K	833
Q1 24	$36.8K	833
Q2 24	$38.9K	833
Q3 24	$34.1K	833
Q4 24	$39.9K	703
Q1 25	$33.4K	703
Q2 25	$39.0K	703
Q3 25	$41.5K	703
Q4 25	$46.2K	573

Revenue / Employee