SURF AIR MOBILITY (SRFM) Company Report

Surf Air Mobility is investing approximately $22.4 million by the end of 2026 in its Mokulele Airlines' Hawaii operations to upgrade infrastructure and aircraft, and to establish a foundation for Advanced Air Mobility (AAM) aircraft deployment.
Mokulele Airlines operates the largest airline network in Hawaii by airports served and had 36K departures and 224K passengers in 2025.
Starting in Q1 2026, Mokulele will expand its Molokai schedule by adding seven new daily roundtrips, including five to Honolulu and two to Kahului.
The company has also added 2 new Cessna Caravan aircraft with plans for 2 additional new aircraft in 2026 and launched a new loyalty program called "Elevate".

Jan 22, 2026, 11:30 AM

Press Release

Surf Air Mobility Updates SurfOS Development and Commercial Rollout Plan

SRFM

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

Surf Air Mobility is advancing its AI-enabled SurfOS software, targeting a commercial rollout in 2026.
The company directed $26 million from a recent $100 million strategic transaction to fund SurfOS development and commercialization.
SurfOS, powered by Palantir Technologies, has demonstrated significant internal operational improvements, including a 36% reduction of On Demand team expenses and a 197% increase in bookings per broker when comparing Q3 2024 with Q3 2025.

Dec 30, 2025, 11:30 AM

Press Release

Surf Air Mobility Details $100 Million Financing and Surf OS Commercial Launch

SRFM

Debt Issuance

New Projects/Investments

Product Launch

Surf Air Mobility recently completed a $100 million financing transaction, with proceeds designated for debt reduction, working capital, balance sheet strengthening, and advancing technology initiatives.
The company is developing Surf OS, a digital infrastructure platform in partnership with Palantir, with a commercial launch scheduled for 2026 and revenue generation anticipated to start in Q1 2026 from Broker OS customers.
Surf Air Mobility is currently in Phase Two of its four-phase transformation plan (2025-2026) aimed at building a business platform for the future air mobility ecosystem.
The company holds an exclusive partnership with Textron for the sales and marketing of a hybrid-electric powertrain for Caravan aircraft, supporting its powertrain electrification initiative.
On-demand revenue experienced 42% sequential growth from Q2 2025, reflecting a strategic shift towards higher-margin services, while scheduled services revenue decreased.

Dec 10, 2025, 5:00 PM

Transcript

Surf Air Mobility Discusses $100 Million Financing and SurfOS Launch

SRFM

Debt Issuance

New Projects/Investments

Product Launch

Surf Air Mobility recently secured $100 million in financing from investors including Palantir and large institutional investors, with proceeds allocated to debt reduction, working capital, balance sheet strengthening, and advancing technology initiatives.
The company is developing SurfOS, a digital infrastructure platform in partnership with Palantir, which is slated for a commercial launch in 2026 and aims to manage interactions within the future air mobility ecosystem.
Surf Air Mobility is currently in Phase 2 of its four-phase transformation plan, focusing on evolving its existing businesses and building a digital infrastructure.
The company views its Hawaii network as a key testbed for new electric aircraft technology and is also involved in a powertrain electrification initiative for Caravan aircraft with Textron.

Dec 10, 2025, 5:00 PM

Transcript

Surf Air Mobility Details Business Strategy, $100M Financing, and Surf OS Development

SRFM

New Projects/Investments

Product Launch

Surf Air Mobility (SRFM) is focused on creating a business platform for the future air mobility ecosystem, evolving its existing airline operations (charter and scheduled services) into a technology-driven model. The company is currently in Phase 2 of its four-phase transformation plan, which spans 2025-2026.
The company recently completed a $100 million financing transaction, with Palantir and institutional investors participating, to be used for debt reduction, working capital, balance sheet strengthening, and advancing technology initiatives.
SRFM is developing Surf OS, a digital infrastructure product in partnership with Palantir, with a commercial launch planned for Q1 2026 to serve various stakeholders in the air mobility ecosystem.
Surf Air Mobility has a five-year exclusive partnership with Palantir, who is also their largest shareholder, leveraging Palantir's data management and AI tools alongside Surf Air's operational expertise.

Dec 10, 2025, 5:00 PM

Transcript

Surf Air Mobility Inc. Reports Q3 2025 Financial Results, Exceeds Revenue Guidance, and Regains NYSE Compliance

SRFM

Earnings

Guidance Update

Delisting/Listing Issues

Surf Air Mobility Inc. reported Q3 2025 revenue of $29.2 million, exceeding its guidance range of $27 million to $28.5 million, and an Adjusted EBITDA loss of $9.9 million, meeting its guidance range of $10 million to $8.5 million loss.
The company achieved its second consecutive quarter of profitability in airline operations, defined as positive Adjusted EBITDA.
In November, Surf Air Mobility Inc. closed a $100 million strategic transaction to fund SurfOS development and strengthen its balance sheet, which included $26 million from new equity issuances and a $74 million senior secured convertible note.
The company raised its full year 2025 revenue guidance to at least $105 million and continues to expect full year profitability in airline operations.
As of November 20, 2025, Surf Air Mobility Inc. regained compliance with the NYSE's quantitative continued listing standard.

Nov 21, 2025, 10:05 PM

8-K

Serv Air Mobility Reports Q3 2025 Results and Announces Strategic Financing

SRFM

Earnings

Debt Issuance

New Projects/Investments

Serv Air Mobility reported Q3 2025 revenue of $29,200,000, exceeding its guidance, and an adjusted EBITDA loss of $9,900,000. The company raised its 2025 revenue guidance to at least $105,000,000 and achieved its second consecutive quarter of profitability in airline operations.
Subsequent to Q3 2025, the company secured a $100,000,000 strategic financing, comprising $26,000,000 in new equity for Surf OS development and a $74,000,000 zero-coupon convertible note to refinance debt. This transaction, alongside other debt conversions and paydowns, has significantly strengthened the balance sheet and reduced annualized cash interest expense.
The company plans to commercialize its AI-driven software platform, Surf OS, in 2026, with the recent financing providing a runway of 18 to 24 months for its development and commercialization.
Serv Air Mobility is targeting 2027 for securing a supplemental type certificate for its electrified powertrain and holds an exclusive agreement with Textron Aviation for electric and hybrid electric powertrains.

Nov 12, 2025, 10:00 PM

Transcript

Surf Air Mobility Inc. Reports Q3 2025 Financial Results, Updates Guidance, and Announces Strategic Developments

SRFM

Earnings

Guidance Update

New Projects/Investments

Surf Air Mobility Inc. reported Q3 2025 revenue of $29.2 million, exceeding its guidance range of $27 million - $28.5 million, and an Adjusted EBITDA loss of $9.9 million, meeting its guidance range of a $10 million - $8.5 million loss. The company also achieved its second consecutive quarter of profitability in airline operations.
In November 2025, the company closed a $100 million strategic transaction to fund SurfOS development and strengthen its balance sheet. This transaction included a $26 million equity issuance and the sale of a $74 million senior secured convertible note.
Surf Air Mobility Inc. entered into a five-year agreement with Palantir, securing exclusivity for the Part 135 Regional Air Mobility Market.
The company raised its full-year 2025 revenue guidance to at least $105 million and continues to expect full-year profitability in airline operations. For Q4 2025, revenue is projected to be between $25.5 million and $27.5 million, with an Adjusted EBITDA loss between $8 million and $6.5 million.

Nov 12, 2025, 9:38 PM

8-K

Surf Air Mobility Inc. Announces Securities Offering, Convertible Note Issuance, and Updated Indebtedness

SRFM

Debt Issuance

On November 10, 2025, Surf Air Mobility Inc. entered into securities purchase agreements for a registered direct offering of 3,975,901 shares of common stock and accompanying warrants at an offering price of $3.32 per share, and a private placement of 2,048,195 shares and accompanying warrants at the same price.
The company also completed a private placement of $74 million aggregate principal amount of senior secured convertible notes due October 31, 2028, which were sold at 87.8% of their principal amount, generating $65 million in proceeds before expenses.
As of November 7, 2025, the company's consolidated indebtedness was $96.9 million, which would increase to $119.1 million on a pro forma basis after giving effect to these offerings.
The outstanding principal amount of the LamVen Note was reduced by $35 million through conversion, and the GEM Mandatory was reduced from $38.6 million on December 31, 2024, to $8.3 million as of November 7, 2025.
The company is monitoring potential interruptions in federal funding for the Essential Air Service (EAS) program, with temporary funding extended through November 18, 2025.

Nov 12, 2025, 9:08 PM

8-K

Surf Air Mobility Reports Q3 2025 Results, Exceeds Revenue Guidance, and Raises Full-Year Outlook

SRFM

Earnings

Guidance Update

New Projects/Investments

Surf Air Mobility reported Q3 2025 revenue of $29.2 million, exceeding its guidance range of $27 million - $28.5 million, and an Adjusted EBITDA loss of $9.9 million, meeting its guidance range of $10 million - $8.5 million loss.
The company achieved its second consecutive quarter of profitability in airline operations, defined as positive Adjusted EBITDA.
In November, Surf Air Mobility closed a $100 million strategic transaction to fund SurfOS development and strengthen its balance sheet, which included $26 million from new equity issuances and a $74 million senior secured convertible note.
The company raised its full-year 2025 revenue guidance to at least $105 million and continues to expect full-year profitability in airline operations.