SURF AIR MOBILITY INC.
Business
Surf Air Mobility Inc. operates a regional air mobility platform providing scheduled commuter airline service and an on-demand charter marketplace across the United States and globally. The company operates approximately 41 aircraft, primarily Cessna Caravans, generating revenue from per-seat scheduled flights, membership subscriptions, Essential Air Service (EAS) contracts, and on-demand charter bookings. The Air Mobility business consists of scheduled service operated by subsidiaries Southern Airways and Mokulele Airlines, while the Air Technology business develops proprietary aviation software (SurfOS), aircraft electrification powertrain technology, and related services to modernize regional air operations and enable adoption of electric aircraft.
Summary from 10-K filed 2026-03-12
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Revenue | 107 | 119 | 61 | 20 | |
| Cost of revenue, exclusive of depreciation and amortization | 102 | 110 | 62 | 25 | |
| Technology and development | 10 | 24 | 21 | 3 | |
| Sales and marketing | 8 | 8 | 10 | 5 | |
| General and administrative | 53 | 30 | 101 | 37 | |
| Depreciation and amortization | 9 | 8 | 4 | 1 | |
| Total operating expenses | 183 | 180 | 257 | 71 | |
| Operating loss | −77 | −60 | −197 | −51 | |
| Changes in fair value of financial instruments carried at fair value, net | −9 | −12 | −50 | −28 | |
| Interest expense | −13 | −9 | −3 | — | |
| Gain (loss) on extinguishment of debt | −4 | 5 | −326,000 | 6 | |
| Other income (expense), net | −8 | 12,000 | −4 | −1 | |
| Total other income (expense), net | −34 | −15 | −57 | −23 | |
| Loss before income taxes | −111 | −75 | −254 | −74 | |
| Income tax benefit | 380,000 | 287,000 | 3 | — | |
| Net loss | −111 | −75 | −251 | −74 | |
| Net loss per share applicable to common shareholders, basic | −3.15 | −5.8 | −44.46 | −5.51 | |
| Net loss per share applicable to common shareholders, diluted | −3.15 | −5.8 | −44.46 | −5.51 | |
| Weighted-average number of common shares used in net loss per share applicable to common shareholders, basic | 35 | 13 | 6 | 13 | |
| Weighted-average number of common shares used in net loss per share applicable to common shareholders, diluted | 35 | 13 | 6 | 13 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash | 13 | 21 | 2 | 6,000 | — | |
| Accounts receivable, net | 4 | 4 | 5 | 161,000 | — | |
| Prepaid expenses and other current assets | 14 | 9 | 11 | 8 | — | |
| Total current assets | 31 | 34 | 18 | 8 | — | |
| Restricted cash | 10 | 568,000 | 711,000 | 906,000 | — | |
| Property and equipment, net | 46 | 42 | 46 | 624,000 | — | |
| Intangible assets, net | 20 | 23 | 27 | 1 | — | |
| Operating lease right-of-use assets | 13 | 17 | 13 | 1 | — | |
| Finance lease right-of-use assets | 809,000 | 1 | 1 | — | — | |
| Other assets | 12 | 6 | 6 | 2 | — | |
| Total assets | 132 | 124 | 111 | 14 | — | |
| Accounts payable | 18 | 18 | 19 | 13 | — | |
| Accrued expenses and other current liabilities | 48 | 45 | 60 | 15 | — | |
| Deferred revenue | 18 | 17 | 19 | 8 | — | |
| Current maturities of long-term debt | 3 | 3 | 5 | — | — | |
| Operating lease liabilities, current | 4 | 4 | 4 | 903,000 | — | |
| Finance lease liabilities, current | 277,000 | 265,000 | 215,000 | — | — | |
| SAFE notes at fair value, current | 5,000 | 13,000 | 25,000 | 149,000 | — | |
| Convertible notes at fair value, current | 42 | 0 | 8 | 16 | — | |
| Total current liabilities | 134 | 90 | 140 | 57 | — | |
| Long-term debt, net of current maturities | 14 | 60 | 21 | — | — | |
| Convertible notes at fair value, long term | 25 | 7 | — | 13 | — | |
| Operating lease liabilities, long term | 9 | 12 | 6 | 246,000 | — | |
| Finance lease liabilities, long term | 670,000 | 948,000 | 1 | — | — | |
| Due to related parties, long term | 100,000 | 50 | 2 | — | — | |
| Other long term liabilities | 4 | 24 | 19 | 10 | — | |
| Total liabilities | 187 | 244 | 188 | 105 | — | |
| Commitments and contingencies (Note 13) | — | — | — | — | — | |
| Preferred Stock, $0.0001 par value; 50,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2025 and December 31, 2024 | — | 0 | — | — | — | |
| Common stock, $0.0001 par value; 800,000,000 shares authorized as of both December 31, 2025 and December 31, 2024; 73,082,025 shares issued and outstanding as of December 31, 2025 and 16,933,692 shares issued and outstanding as of December 31, 2024 | 7,000 | 2,000 | 1,000 | 1,000 | — | |
| Additional paid-in capital | 733 | 557 | 525 | 126 | — | |
| Accumulated deficit | −788 | −677 | −603 | −352 | — | |
| Total shareholders' deficit | −55 | −120 | −77 | −222 | −173 | |
| Total liabilities and shareholders' deficit | 132 | 124 | 111 | 14 | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Loss (gain) on sale of fixed assets | 1 | −700,000 | 0 | — | |
| Non-cash operating lease expense | 5 | 6 | 2 | — | |
| Stock-based compensation expense | 10 | −6 | 48 | 12 | |
| Changes in fair value of financial instruments carried at fair value, net | 9 | 12 | 50 | 28 | |
| Non-cash credit support expense | 265,000 | — | — | — | |
| Non-cash lease termination expense | 5 | — | — | — | |
| Amortization of debt discounts and debt issuance costs | 2 | 252,000 | 97,000 | 46,000 | |
| Deferred income taxes | −380,000 | −287,000 | −3 | — | |
| Accounts receivable, net | 328,000 | 708,000 | −262,000 | −146,000 | |
| Prepaid expenses and other current assets | 191,000 | 977,000 | −959,000 | 173,000 | |
| Other assets | 124,000 | −396,000 | −126,000 | — | |
| Accounts payable | 2 | 10 | 3 | 1 | |
| Due to a related party | −403,000 | −3 | 4 | — | |
| Accrued expenses and other current liabilities | 3 | 9 | 19 | 6 | |
| Deferred revenue | 531,000 | −4 | 3 | 4 | |
| Operating lease liabilities | −5 | −6 | −2 | — | |
| Other liabilities | −9,000 | −21,000 | −33,000 | −9,000 | |
| Cash flows used in operating activities | −64 | −54 | −64 | −28 | |
| Purchase of property and equipment | −6 | −12 | −8 | −99,000 | |
| Proceeds from the sale of fixed assets | 3 | 10 | — | — | |
| Internal-use software development costs | −2 | −2 | −190,000 | −199,000 | |
| Net cash used in investing activities | −6 | −4 | −7 | −298,000 | |
| Proceeds from borrowings on convertible notes | 65 | 0 | 8 | 4 | |
| Payments of borrowings on convertible notes | −4 | 0 | −40,000 | −5,000 | |
| Proceeds from borrowings on long-term debt | 3 | 44 | — | — | |
| Principal payments on long-term debt | −53 | −7 | −1 | — | |
| Principal payments on Mandatory Convertible Security | −39 | — | — | — | |
| Proceeds from issuance of common stock | 51 | 0 | 25 | 65,000 | |
| Common shares repurchases for employee tax withholding | −380,000 | 0 | −1 | — | |
| Proceeds from sales and advances under Share Purchase Agreement | 47 | 4 | 10 | — | |
| Proceeds from (payments on) collateralized borrowings, net of repayment | −536,000 | 3 | −33,000 | — | |
| Proceeds from borrowings from related parties | 0 | 35 | 23 | 7 | |
| Payments of debt issuance costs | 0 | −1 | — | — | |
| Payment of finance lease obligations | −266,000 | −234,000 | −113,000 | — | |
| Proceeds from exercise of warrants | 830,000 | 0 | 128,000 | — | |
| Proceeds from exercise of stock options | 255,000 | 20,000 | 191,000 | 7,000 | |
| Net cash provided by financing activities | 71 | 77 | 73 | 28 | |
| Increase in cash, cash equivalents and restricted cash | 1 | 19 | 2 | −662,000 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is SURF AIR MOBILITY INC.'s CIK number?
SURF AIR MOBILITY INC.'s SEC CIK number is 0001936224 (1936224). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find SURF AIR MOBILITY INC.'s SEC filings?
All of SURF AIR MOBILITY INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did SURF AIR MOBILITY INC. last report earnings?
SURF AIR MOBILITY INC. (SRFM) most recently filed an earnings 8-K with the SEC on May 11, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-216802). This is SURF AIR MOBILITY INC.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is SURF AIR MOBILITY INC.'s most recent earnings 8-K?
SURF AIR MOBILITY INC.'s latest earnings 8-K (Item 2.02) was filed May 11, 2026 under accession 0001193125-26-216802. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View SURF AIR MOBILITY INC.'s latest earnings 8-K →
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