SURF AIR MOBILITY INC. Earnings Per Share Disclosure
Note 20. Net Loss per Share Applicable to Common Shareholders, Basic and Diluted
The Company calculates basic and diluted net loss per share attributable to common shareholders using the two-class method required for companies with participating securities. The Company considers preferred stock to be participating securities as the holders are entitled to receive dividends on a pari passu basis in the event that a dividend is paid on common shares.
The following table sets forth the computation of net loss per share applicable to common shareholders (in thousands, except share data):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Net loss |
|
$ |
(110,556 |
) |
|
$ |
(74,908 |
) |
Weighted-average number of common shares used in net loss per share applicable to common shareholders, basic and diluted |
|
|
35,101,792 |
|
|
|
12,910,341 |
|
Net loss per share applicable to common shareholders, basic and diluted |
|
$ |
(3.15 |
) |
|
$ |
(5.80 |
) |
The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Excluded securities: |
|
|
|
|
|
|
||
Options to purchase common shares |
|
|
2,332,762 |
|
|
|
2,689,131 |
|
Warrants to purchase common shares |
|
|
11,163,825 |
|
|
|
4,549,958 |
|
Restricted stock units |
|
|
2,432,187 |
|
|
|
745,234 |
|
Unvested RSPAs |
|
|
13,486 |
|
|
|
36,907 |
|
Convertible notes (as converted to common shares) |
|
|
19,322,698 |
|
|
|
9,802,974 |
|
Mandatory Convertible Security |
|
|
— |
|
|
|
9,887,756 |
|
Total common shares equivalents |
|
|
35,264,958 |
|
|
|
27,711,960 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 21, 2025 | |
| 2023 | Mar 29, 2024 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.