SURF AIR MOBILITY INC. Revenue Disclosure
Note 14. Disaggregated Revenue
The disaggregated revenue for the years ended December 31, 2025 and 2024 were as follows (in thousands):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Scheduled |
|
$ |
76,989 |
|
|
$ |
90,735 |
|
On-Demand |
|
$ |
29,568 |
|
|
|
28,690 |
|
Total revenue |
|
$ |
106,557 |
|
|
$ |
119,425 |
|
The revenue deferred and recognized for the years ended December 31, 2025 and 2024 were as follows (in thousands):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Deferred revenue, beginning of period |
|
$ |
17,393 |
|
|
$ |
21,725 |
|
Revenue deferred |
|
|
60,515 |
|
|
|
62,546 |
|
Revenue recognized |
|
|
(59,984 |
) |
|
|
(66,878 |
) |
Deferred revenue, end of period |
|
$ |
17,924 |
|
|
$ |
17,393 |
|
Deferred revenue principally represents tickets sold for future travel on the Company’s flights. The balance fluctuates with seasonal travel patterns. The contract duration of passenger tickets is generally to two years. Accordingly, any revenue associated with tickets sold for future travel will be recognized within 12-24 months, when the tickets are either used by passengers or expired pursuant to their terms. For the year ended December 31, 2025, $11.1 million of revenue was recognized in passenger revenue that was
included in our deferred revenue liability at December 31, 2024. For the year ended December 31, 2024, $15.5 million of revenue was recognized in passenger revenue that was included in our deferred revenue liability at December 31, 2023.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 21, 2025 | |
| 2023 | Mar 29, 2024 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.