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Red Flags Detected

  • Material Weakness (worsened) — Material weaknesses in internal controls persist for another year with identical deficiencies across control environment, risk response, complex transactions, period-end reporting, IT controls, and account-level controls.
  • Going Concern (worsened) — Going-concern language persists; FY2025 net loss increased to $110.6M from $ 106,557 in FY2024, and working capital deficit worsened from $55.7M to $102.7M.
NYSE: SRFM SURF AIR MOBILITY INC. 10-K

Surf Air revenue falls 11%, net loss widens 48% to $110.6M; slashes aircraft orders 95%

Filed March 12, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 21, 2025 · ~2 min read

Key Changes

  • high

    Revenue declined 11% to $106.6M while net loss widened 48% to $110.6M, driven by higher G&A (up 79%), interest expense (up 53%), and a $3.9M debt extinguishment loss versus a $5.4M gain in the prior year.

    MD&A: Financial Performance verify on EDGAR →
  • high

    Company slashed TAI aircraft purchase commitments from $283.8M (90 aircraft) to $13.2M (4 aircraft), a 95% reduction, while committing over $90M to purchase 25 all-electric BETA aircraft starting in 2028.

    Notes: Aircraft Purchase Agreements verify on EDGAR →
  • high

    Common shares outstanding surged 332% to 73.1M from 16.9M through $99M in equity issuances (GEM draws and direct offerings), $48M in convertible note conversions, and $11.4M in related-party settlements paid in stock.

    Notes: Equity Activity verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Source-verified from EDGAR · Narrative written by AI · Jun 4, 2026 · How we verify