NYSE: SRFM
SURF AIR MOBILITY INC.CIK 0001936224 · SIC 4522 · Air Transportation, Nonscheduled
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Surf Air Mobility Chairman Carl Albert to step down, transition to paid advisor role
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revenue $25.6M, net income -$20.3M. Surf Air pivots to BETA electric aircraft, cuts up to Caravan spending amid 9% revenue growth
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Surf Air Mobility reports Q1 2026 earnings via press release
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Surf Air Mobility secures up to $15M aircraft-backed debt facility at 12.5% interest
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Surf Air Mobility raises $15M through sale of 13.6M shares at steep discount to insiders
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Surf Air revenue falls 11%, net loss widens 48% to -$110.6M; slashes aircraft orders 95%
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Latest financial statements
From 10-Q filed Aug 10, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | 29,509 | 27,431 | 55,122 | 50,937 |
| Operating expenses: | ||||
| Cost of revenue, exclusive of depreciation and amortization | 29,447 | 24,058 | 55,393 | 48,764 |
| Technology and development | 1,781 | 2,734 | 4,226 | 5,414 |
| Sales and marketing | 3,136 | 1,501 | 5,102 | 3,154 |
| General and administrative | 11,488 | 12,628 | 17,547 | 23,514 |
| Depreciation and amortization | 2,455 | 2,441 | 5,007 | 4,589 |
| Total operating expenses | 48,307 | 43,362 | 87,275 | 85,435 |
| Operating loss | (18,798) | (15,931) | (32,153) | (34,498) |
| Other income (expense): | ||||
| Changes in fair value of financial instruments carried at fair value, net | (6,794) | (7,753) | (10,407) | (2,357) |
| Interest expense | (1,239) | (3,766) | (2,463) | (7,661) |
| Gain on extinguishment of debt | — | — | — | 39 |
| Other expense, net | (1,355) | (612) | (3,464) | (2,104) |
| Total other expense, net | (9,388) | (12,131) | (16,334) | (12,083) |
| Loss before income taxes | (28,186) | (28,062) | (48,487) | (46,581) |
| Income tax benefit | 53 | 64 | 92 | 117 |
| Net loss | (28,133) | (27,998) | (48,395) | (46,464) |
| Net loss per share applicable to common shareholders, basic and diluted | (0.29) | (1.34) | (0.55) | (2.46) |
| Weighted-average number of common shares used in net loss per share applicable to common shareholders, basic and diluted | 98,388,335 | 20,902,901 | 87,673,959 | 18,925,445 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets: | ||
| Current assets: | ||
| Cash | 18,429 | 12,672 |
| Accounts receivable, net | 4,777 | 3,929 |
| Prepaid expenses and other current assets | 18,130 | 14,320 |
| Total current assets | 41,336 | 30,921 |
| Restricted cash | 55 | 10,091 |
| Property and equipment, net | 52,382 | 45,595 |
| Intangible assets, net | 18,600 | 20,067 |
| Operating lease right-of-use assets | 14,500 | 12,510 |
| Finance lease right-of-use assets | 661 | 809 |
| Other assets | 13,197 | 11,688 |
| Total assets | 140,731 | 131,681 |
| Liabilities and Shareholders’ Deficit: | ||
| Current liabilities: | ||
| Accounts payable | 22,148 | 18,437 |
| Accrued expenses and other current liabilities | 41,961 | 47,702 |
| Deferred revenue | 30,163 | 17,924 |
| Current maturities of long-term debt | 12,585 | 2,712 |
| Operating lease liabilities, current | 4,271 | 3,636 |
| Finance lease liabilities, current | 281 | 277 |
| SAFE notes at fair value, current | 3 | 5 |
| Convertible notes at fair value, current | 44,651 | 42,274 |
| Due to related parties, current | 1,719 | 643 |
| Total current liabilities | 157,782 | 133,610 |
| Long-term liabilities: | ||
| Long-term debt, net of current maturities | 10,007 | 14,389 |
| Convertible notes at fair value, long term | 1,042 | 25,183 |
| Operating lease liabilities, long term | 10,434 | 8,714 |
| Finance lease liabilities, long term | 532 | 670 |
| Due to related parties, long term | 2,100 | 100 |
| Other long-term liabilities | 1,291 | 3,872 |
| Total liabilities | 183,188 | 186,538 |
| Commitments and contingencies (Note 10): | ||
| Shareholders’ deficit: | ||
| Preferred Stock, $0.0001 par value; 50,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2026 and December 31, 2025 | — | — |
| Common stock, $0.0001 par value; 800,000,000 shares authorized as of both June 30, 2026 and December 31, 2025; 119,137,993 shares issued and outstanding as of June 30, 2026 and 73,082,025 shares issued and outstanding as of December 31, 2025 | 12 | 7 |
| Additional paid-in capital | 793,925 | 733,135 |
| Accumulated deficit | (836,394) | (787,999) |
| Total shareholders’ deficit | (42,457) | (54,857) |
| Total liabilities and shareholders’ deficit | 140,731 | 131,681 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (48,395) | (46,464) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 5,007 | 4,589 |
| Loss on sale of fixed assets | 1,089 | 818 |
| Non-cash operating lease expense | 2,331 | 2,765 |
| Gain on extinguishment of debt | — | (39) |
| Stock-based compensation expense | 4,131 | 5,689 |
| Changes in fair value of financial instruments carried at fair value, net | 10,407 | 2,357 |
| Non-cash transaction costs for issuance of HT Shares | 1,608 | — |
| Amortization of debt discounts and debt issuance costs | 221 | 1,210 |
| Deferred income taxes | (92) | (117) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (848) | (1,051) |
| Prepaid expenses and other current assets | 1,113 | (2,325) |
| Other assets | 174 | 319 |
| Accounts payable | 3,711 | 2,745 |
| Due to related parties | 1,076 | — |
| Accrued expenses and other current liabilities | (5,213) | 5,455 |
| Deferred revenue | 12,239 | 460 |
| Operating lease liabilities | (1,966) | (2,849) |
| Other liabilities | — | (9) |
| Cash flows used in operating activities | (13,407) | (26,447) |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (9,645) | (2,483) |
| Proceeds from the sale of fixed assets | 1,175 | 2,681 |
| Internal-use software development costs | (2,798) | (1,222) |
| Net cash used in investing activities | (11,268) | (1,024) |
| Cash flows from financing activities: | ||
| Payments of borrowings on convertible notes | (23,000) | — |
| Proceeds from borrowings on long-term debt | 7,000 | 1,833 |
| Principal payments on long-term debt | (1,306) | (1,318) |
| Principal payments on Mandatory Convertible Security | — | (9,503) |
| Proceeds from issuance of common stock in direct offerings, net of transaction expenses | 14,303 | 31,386 |
| Proceeds from sales and advances under Share Purchase Agreement | 25,000 | 10,744 |
| Proceeds from (payments on) collateralized borrowings, net of repayment | 149 | 340 |
| Proceeds from borrowings from related parties | 2,000 | — |
| Payments under HT Side-Letter Agreement | (2,363) | — |
| Payments of debt issuance costs | (1,253) | — |
| Payment of finance lease obligations | (134) | (137) |
| Net cash provided by financing activities | 20,396 | 33,345 |
| Decrease (increase) in cash, cash equivalents and restricted cash | (4,279) | 5,874 |
| Cash, cash equivalents and restricted cash at beginning of period | 22,763 | 21,675 |
| Cash, cash equivalents and restricted cash at end of period | 18,484 | 27,549 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except share and per share data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗