Surf Air Mobility Reports First Quarter 2026 Financial Results, Outperforming Adjusted EBITDA Guidance
LOS ANGELES--( BUSINESS WIRE)--Surf Air Mobility Inc. (NYSE: SRFM) ("Surf Air Mobility" or the "Company"), a leading air mobility platform, today reported financial results for the first quarter ended March 31, 2026, and provided an update on operational progress across the Company’s airline, On Demand private charter, and technology businesses.
Deanna White, Chief Executive Officer of Surf Air Mobility, said: "We are pleased with our first quarter Adjusted EBITDA results, which exceeded our expectations. The progress we’ve made across our business has positioned us to improve our annual 2026 Adjusted EBITDA guidance by 40% while maintaining our full year revenue guidance. The efficiencies gained within our core businesses in the first quarter are a clear indication of the value that SurfOS and our partnership with Palantir delivers."
Q1 2026 Financial Results
Revenue
Net Loss
Net loss was $20.3 million for the first quarter of 2026 compared to Net loss of $18.5 million in the prior year period. Net loss for both periods included investment in R&D for technology initiatives, stock-based compensation, transaction costs and other non-recurring items. The year-over-year increase in net loss principally reflects continued strategic investment in SurfOS development and a larger non-cash change in fair value of financial instruments expense, partially offset by revenue growth.
Adjusted EBITDA
Q1 2026 Business Highlights
Airline Operations
Surf On Demand Private Charter
SurfOS Software
Electrification
Subsequent Events: Q2 2026 Developments
2026 Adjusted EBITDA Guidance Improved by Approximately 40% While Maintaining 2026 Revenue Guidance
Airline Operations
Surf On Demand Private Charter
SurfOS Software
Capital Structure
Second Quarter Financial Guidance
The Company is accelerating its path to profitability and anticipates Adjusted EBITDA loss to further narrow through the second half of 2026 absent unexpected macro or geopolitical headwinds.
Conference Call:
Surf Air Mobility will host a conference call today at 5:00 pm ET. Interested parties can register in advance to listen to the webcast here or can find a link on the ‘ Events & Presentations’ section of our investor relations website.
Alternatively, listeners may dial into the call as follows:
United States (Local): +1 585 542 9983
United States (Toll-Free): +1 833 461 5787
International Dial-Ins
Meeting ID: 150772381
About Surf Air Mobility
Surf Air Mobility is a Los Angeles-based air mobility platform. With its AI-enabled SurfOS software, Surf Air Mobility provides technology designed to support the modernization of air operations and the adoption of next-generation aircraft. The Company currently operates one of the largest commuter airlines in the United States by scheduled departures and provides private charter services. Together, these businesses provide the operational scale and real-world operating data to validate and deploy its software. These capabilities position Surf Air Mobility as a leader shaping a more efficient, connected, and accessible future for aviation.
Forward-Looking Statements
This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Surf Air Mobility’s profitability and future financial results and its ability to achieve its business objectives. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company and reflect the Company’s current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air Mobility’s ability to anticipate the future needs of the air mobility market; Surf Air Mobility’s future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air Mobility’s development of its advanced air mobility software platform, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air Mobility’s growth; the inability of Surf Air Mobility’s customers to pay for Surf Air Mobility’s services; the inability of Surf Air Mobility to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air Mobility, the risks associated with Surf Air Mobility’s obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that the Company files with the SEC, and investors are urged to review those periodic reports and the Company’s other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, before making an investment decision. The Company assumes no obligation to update its forward-looking statements except as required by law.
Footnotes
Use of Non-GAAP Financial Measures: Surf Air Mobility uses Adjusted EBITDA to identify and target operational results which is beneficial to management and investors in evaluating operational effectiveness. Adjusted EBITDA is a supplemental measure of Surf Air Mobility’s performance that is not required by, or presented in accordance with, U.S. GAAP. Adjusted EBITDA is not a measurement of Surf Air Mobility’s financial performance under U.S. GAAP and should not be considered as an alternative to net income (loss) or any other performance measure derived in accordance with U.S. GAAP. Surf Air Mobility’s calculation of this non-GAAP financial measure may differ from similarly titled non-GAAP measures, if any, reported by other companies. This non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP.
Non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
Surf Air Mobility presents Adjusted EBITDA because it considers this measure to be an important supplemental measure of its performance and believes it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in its industry. Management believes that investors’ understanding of Surf Air Mobility’s performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing its ongoing results of operations.
Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025:
March 31,
2026
December 31,
2025
$
4,163
$
12,672
3,705
3,929
13,190
14,320
21,058
30,921
10,156
10,091
47,393
45,595
19,330
20,067
11,358
12,510
735
809
10,797
11,688
$
120,827
$
131,681
$
21,143
$
18,437
41,290
47,702
18,590
17,924
2,741
2,712
3,636
3,636
282
277
3
5
44,867
42,274
374
643
132,926
133,610
13,760
14,389
14,029
25,183
7,801
8,714
599
670
100
100
8,207
3,872
$
177,422
$
186,538
6,600
—
—
—
8
7
745,058
733,135
(808,261
)
(787,999
)
$
(63,195
)
$
(54,857
)
$
120,827
$
131,681
Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (in thousands, except share and per share data):
Three Months Ended March 31,
2026
2025
$
25,613
$
23,506
25,946
24,706
2,445
2,680
1,966
1,653
6,059
10,886
2,552
2,148
38,968
42,073
$
(13,355
)
$
(18,567
)
$
(3,613
)
$
5,396
(1,224
)
(3,895
)
—
39
(2,109
)
(1,492
)
$
(6,946
)
$
48
(20,301
)
(18,519
)
39
53
$
(20,262
)
$
(18,466
)
$
(0.26
)
$
(1.09
)
76,872,371
16,905,684
Unaudited Non-GAAP Financial Measures; Reconciliation of Net Loss to Adjusted EBITDA for the Three Months Ended March 31, 2026 and March 31, 2025 (in thousands):
2026
2025
(20,262
)
(18,466
)
2,552
2,148
1,224
3,895
(39
)
(53
)
1,388
1,879
3,613
(5,396
)
-
(39
)
1,608
-
(2,925
)
-
501
1,680
(12,340
)
(14,352
)