SURF AIR MOBILITY INC.

Listed Company

SRFMCIK 0001936224NYSEEmerging GrowthAir Transportation, NonscheduledDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-110.56M

Total Assets

$131.68M

Equity

$-54.86M

Shares Out

99.50M

Op. Cash Flow

$-64.16M

Business

SURF AIR MOBILITY INC. is a regional air mobility platform that operates scheduled commuter air services and an on-demand charter marketplace and develops aviation technology. The company offers scheduled seat-based service, membership subscriptions, on-demand charters, Essential Air Service contract operations, and aviation software and electrified powertrain development. Its principal business segments include Air Mobility (scheduled and on-demand operations) and Air Technology (proprietary software and aircraft electrification powertrains). Surf Air Mobility serves U.S. regional markets, Hawaii and global charter customers through digital platforms, interline partnerships and third-party operator relationships.

Summary from filing dated 2025-03-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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

As of · In millions, except per-share amounts

Concept	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

Year Ended · In millions, except per-share amounts

Concept	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

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