Tearsheet

Surf Air Mobility (SRFM)

Market Price (12/4/2025): $2.385 | Market Cap: $49.9 Mil
Sector: Industrials | Industry: Passenger Airlines

Surf Air Mobility (SRFM)

Market Price (12/4/2025): $2.385
Market Cap: $49.9 Mil
Sector: Industrials
Industry: Passenger Airlines

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Megatrend and thematic drivers Megatrends include Advanced Aviation & Space. Themes include Advanced Air Mobility.	Weak multi-year price returns 2Y Excs Rtn is -111%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -33%
1			Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 88%
2			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.0%, Rev Chg QQuarterly Revenue Change % is -15%
3			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -58%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -72%
4			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -79%
5			High stock price volatility Vol 12M is 171%
6			Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 24%

0	Megatrend and thematic drivers Megatrends include Advanced Aviation & Space. Themes include Advanced Air Mobility.
1	Weak multi-year price returns 2Y Excs Rtn is -111%
2	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -33%
3	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 88%
4	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.0%, Rev Chg QQuarterly Revenue Change % is -15%
5	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -58%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -72%
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -79%
7	High stock price volatility Vol 12M is 171%
8	Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 24%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$2.38	$5.39	$10.85
Market Cap CYE ($ Mil)	49.9	85.8	118.0	-	-
Total Debt ($ Mil)	90.7	92.5	47.4	30.2	23.5
Total Cash ($ Mil)	22.6	21.1	1.7	0.0	0.7
Enterprise Value ($ Mil)	117.9	178.3	165.4
Valuation Ratios
P/S TTM	0.7	0.6	1.9	0.0	0.0
P/EBIT TTM	-1.8	-1.1	-0.5	0.0	0.0
P/E TTM	-1.4	-0.9	-0.5	0.0	0.0
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	12.9	11.8	11.5	9.2	12.3
P/E TTM (Sector)	17.6	16.5	15.4	12.2	16.4

	12/4/25	2024	2023
Share Price CYE	$2.38	$5.39	$10.85
Market Cap CYE ($ Mil)	49.9	85.8	118.0
Total Debt ($ Mil)	90.7	92.5	47.4
Total Cash ($ Mil)	22.6	21.1	1.7
Enterprise Value ($ Mil)	117.9	178.3	165.4
Valuation Ratios
P/S TTM	0.7	0.6	1.9
P/EBIT TTM	-1.8	-1.1	-0.5
P/E TTM	-1.4	-0.9	-0.5
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4
P/EBIT TTM (Sector)	12.9	11.8	11.5
P/E TTM (Sector)	17.6	16.5	15.4

	SRFM	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	0.1
Rev Chg Q	-15.2%	7.1%
Rev Chg LTM	-4.0%	6.1%
Rev Chg 3Y Avg	194.5%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.1
Net Inc LTM ($ Bil)	-0.1
Op Mgn LTM	-32.6%	18.8%
CFO/Rev LTM	-58.1%	20.5%
Net Inc Mgn	-53.5%	13.1%
VALUATION	VERY LOW
P/S	0.7	3.2
P/CFO	-1.3	15.8
P/FCF	-1.0	20.5
P/E	-1.4	23.5
STABILITY	FAIR
Debt/Equity	1.13	0.20
Cash/Assets	0.17	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Controllable Completion Factor Improvement	an increase of 10% compared to FY24	6172025	Link
On-Time Departures (D0) Improvement	an increase of 21% compared to FY24	6172025	Link
Arrivals Within 14 Minutes of Schedule (A14) Improvement	an increase of 21% compared to FY24	6172025	Link
Surf On Demand Operators	over 425	6172025	Link
Passengers Served (Annual)	370000	12312024	Link
Scheduled Departures (Annual)	about 72,000	12312024	Link
Commercial Relationships with Charter Operators	over 400	7142025	Link
Number of Employees	703	12312024	Link
Cities Served	44	3312023	Link
Institutional Owners	45	11082025	Link

Recent
11/12/2025	Earnings Release	Rev: $29 Mil (A) vs. $26 Mil (E) EPS: -0.64 (A) vs. $-0.61 (E)
Upcoming
3/17/2026	Earnings Release	Rev: - EPS: -

SRFM Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are five key points highlighting why Surf Air Mobility (SRFM) stock moved by approximately -47% from August 31, 2025, to December 4, 2025: 1. Q2 2025 Revenue Shortfall and Wider Earnings Per Share Loss. At the onset of the period, Surf Air Mobility reported its second-quarter 2025 financial results on August 12, 2025, with revenue of $27.4 million, significantly missing the forecasted $49 million. The company also posted an earnings per share (EPS) loss of -$1.34, indicating greater financial challenges than anticipated by analysts.

2. Significant Miss on Q3 2025 Revenue Forecasts. While Surf Air Mobility's Q3 2025 revenue of $29.2 million, reported on November 12, 2025, exceeded its own guidance and analyst estimates, it notably fell short of a higher forecasted revenue of $53 million by 44.91%. This substantial difference between actual and earlier projections likely created negative sentiment among investors.

3. Widening Net Loss in Q3 2025 Driven by Non-Cash Expenses. The company's net loss for the third quarter of 2025 widened year-over-year to -$27.2 million, compared to -$12.2 million in the previous year. This increase was primarily attributed to a $7.6 million rise in non-cash stock-based compensation expense and a $6.2 million increase in non-cash changes in the fair value of financial instruments.

4. Decline in Cash Position Prior to Strategic Financing. As of September 30, 2025, Surf Air Mobility's cash and cash equivalents had decreased to $7.1 million, down from $21.1 million at the close of 2024. This reduction in liquidity, before a $100 million strategic transaction was announced in November, could have raised investor concerns regarding the company's immediate financial standing.

5. Impact of Strategic Transformation on Scheduled Service Revenue. The company continued its "Transformation Plan," which involved a strategic shift towards larger aircraft, international flights, and exiting unprofitable routes. This led to a 7% year-over-year decrease in Scheduled Service revenue during Q3 2025, contributing to a complex revenue mix that may have caused short-term investor uncertainty despite the long-term strategic goals.

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Stock Movement Drivers

Fundamental Drivers

The -43.5% change in SRFM stock from 9/3/2025 to 12/3/2025 was primarily driven by a -43.5% change in the company's P/S Multiple.

	9032025	12032025	Change
Stock Price ($)	4.07	2.30	-43.49%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	107.37	107.37	0.00%
P/S Multiple	0.79	0.45	-43.49%
Shares Outstanding (Mil)	20.90	20.90	0.00%
Cumulative Contribution			-43.49%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
SRFM	-43.5%
Market (SPY)	6.2%	47.7%
Sector (XLI)	2.9%	48.6%

Fundamental Drivers

The -5.7% change in SRFM stock from 6/4/2025 to 12/3/2025 was primarily driven by a -23.6% change in the company's Shares Outstanding (Mil).

	6042025	12032025	Change
Stock Price ($)	2.44	2.30	-5.74%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	112.31	107.37	-4.39%
P/S Multiple	0.37	0.45	21.91%
Shares Outstanding (Mil)	16.91	20.90	-23.64%
Cumulative Contribution			-11.01%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
SRFM	-5.7%
Market (SPY)	15.1%	25.0%
Sector (XLI)	7.6%	28.8%

Fundamental Drivers

The -52.5% change in SRFM stock from 12/3/2024 to 12/3/2025 was primarily driven by a -61.2% change in the company's Shares Outstanding (Mil).

	12032024	12032025	Change
Stock Price ($)	4.84	2.30	-52.48%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	118.21	107.37	-9.17%
P/S Multiple	0.53	0.45	-15.69%
Shares Outstanding (Mil)	12.97	20.90	-61.15%
Cumulative Contribution			-70.25%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
SRFM	-52.5%
Market (SPY)	14.3%	26.3%
Sector (XLI)	9.8%	27.9%

Fundamental Drivers

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Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
SRFM	-59.8%
Market (SPY)	53.2%	20.2%
Sector (XLI)	45.4%	20.7%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
SRFM Return	-	-	-	-	-50%	-61%	-81%
Peers Return	-14%	-1%	-20%	5%	28%	0%	-9%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
SRFM Win Rate	-	-	-	40%	42%	30%
Peers Win Rate	33%	40%	31%	33%	38%	40%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
SRFM Max Drawdown	-	-	-	-	-91%	-65%
Peers Max Drawdown	-52%	-11%	-29%	-15%	-8%	-28%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: RJET, AL, JBLU, CAKR, DAL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

SRFM has limited trading history. Below is the Industrials sector ETF (XLI) in its place.

Unique Key	Event	XLI	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-22.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	29.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	273 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-42.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	74.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	232 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-24.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	32.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	312 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-63.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	172.8%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1463 days	1480 days

Compare to

In The Past

SPDR Select Sector Fund's stock fell -22.6% during the 2022 Inflation Shock from a high on 1/4/2022. A -22.6% loss requires a 29.2% gain to breakeven.

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About Surf Air Mobility (SRFM)

Surf Air Mobility is building a regional air mobility ecosystem that will aim to sustainably connect the world’s communities. Leveraging the combined operations of Surf Air and Southern, we intend to accelerate the adoption of green flying by developing, together with our commercial partners, hybrid-electric and fully-electric powertrain technology to upgrade existing fleets, and by creating a financing and services infrastructure to enable this transition on an industry-wide level. We believe bringing electrified aircraft to market at scale will substantially reduce the cost and environmental impact of regional flying, and that such reductions are achievable by the end of the decade. Additionally, we believe operating as a publicly traded company and having efficient access to growth capital will allow us to accelerate the implementation of our strategic plan. Surf Air Inc. was incorporated under the laws of Delaware in 2011, and Surf Air Global Limited (formerly incorporated as Surf Airlines Inc.) was formed under the laws of the British Virgin Islands and became the parent company of the Surf Air group in 2016. Surf Air Mobility Inc. was incorporated in 2021. Surf Air is expanding the category of regional air travel, connecting underutilized regional airports and private terminals to create a “shared private” customer experience and a high frequency “commercial-like” air service, using small turboprop aircraft. Surf Air currently provides a regional air mobility platform with scheduled routes and on-demand charter flights operated by third parties that operate under Part 135 of Title 14 of the U.S. Code of Federal Regulations (“Part 135”) and intends to develop powertrain technology with its commercial partners to electrify existing fleets, which it believes will reduce operating costs and emissions, starting with a hybrid-electric and a fully-electric variant of the Cessna Grand Caravan EX, which is one of the most prolific family of aircraft in the single engine turboprop category with approximately 3,000 aircraft in use worldwide. Founded in 2013 as a Delaware corporation, as of March 31, 2023, Southern is the largest commuter airline in the United States and the largest passenger operator of Cessna Caravans in the United States by scheduled departures. As of March 31, 2023, Southern served 40 U.S. cities across six U.S. time zones and in the Mariana Islands. Southern ceased serving the Mariana Islands as of April 1, 2023. Southern has multi-year contracts with the U.S. federal government to operate Essential Air Service (“EAS”) routes, which ensures small communities in the United States can maintain a minimum level of scheduled air services. The Southern Acquisition will result in a combined regional airline network servicing U.S. cities across the Mid-Atlantic, Gulf South, Midwest, Rocky Mountains, West Coast, New England and Hawaii. Surf Air and Southern together served over 99,000 passengers across 44 cities with over 18,000 departures for the three months ended March 31, 2023. For the three months ended March 31, 2023, Surf Air generated $5.5 million in revenue and Southern generated $22.7 million in revenue, an increase of 14.3% and an increase of 35.6%, respectively, compared to the three months ended March 31, 2022. Surf Air and Southern together served over 450,000 passengers across 48 cities with over 75,000 departures in 2022. Surf Air and Southern together served over 330,000 passengers in 2021, and over 150,000 passengers in 2020. For the year ended December 31, 2022, Surf Air generated $20.3 million in revenue and Southern generated $80.7 million in revenue, compared to $11.8 million in revenue and $57.7 million in revenue, respectively, for the year ended December 31, 2021 and $7.5 million in revenue and $38.2 million in revenue, respectively, for the year ended December 31, 2020. We expect the combination of Surf Air and Southern will provide the basis for SAM’s expanded, nationwide regional air mobility platform. SAM intends to electrify its existing fleet utilizing hybrid-electric and fully-electric powertrain technology once it is fully designed and developed, and certified by the Federal Aviation Administration (“FAA”) as part of the issuance of the Supplemental Type Certificate (“STC”). We are planning for FAA approval of our hybrid-electric and fully-electric Cessna Grand Caravan EX STCs to occur by the end of 2025, followed by the commercialization of the technology. SAM has relationships with leading players across the value chain, which SAM believes provides significant competitive advantages as it pursues the scaling of its point-to-point regional air mobility ecosystem and the implementation of its aircraft electrification plans. SAM intends to be the exclusive supplier of hybrid-electric and battery electric propulsion systems for the Cessna Grand Caravan EX to Textron Aviation Inc. (“TAI”), one of the largest general aviation OEMs in the world by units sold. The effectiveness of SAM’s agreements with TAI are contingent upon SAM’s shares being publicly traded on a U.S. national securities exchange. SAM’s electrification and certification partner, AeroTEC, a leading aerospace engineering firm with experience in fully-electrified aircraft, has agreed to work exclusively with SAM to develop and obtain STCs for modified Cessna Caravans, and magniX, developer of one of the most powerful electric motors currently being certified, has agreed to exclusively sell certain electrified propulsion systems to SAM, subject to completion of conceptual design review and the execution of definitive agreements. Upon completion of conceptual design review SAM, AeroTEC and magniX have agreed to enter into further definitive agreements in relation to the remaining development steps for the STC. SAM and Jetstream Aviation Capital have entered into a Master Agreement to finance up to $450 million to fund the planned growth of SAM’s fleet of turboprop aircraft. In addition, Southern and SkyWest Airlines are partnered to provide a pilot hiring and training pathway, SAM has entered into a Memorandum of Understanding with Signature Flight Support for Fixed Base Operator (“FBO”) services and the support of SAM’s existing and future network and SAM has contracted with Palantir to leverage Palantir’s Foundry platform to support SAM’s planned growth across a range of business applications. Surf Air, Inc. was incorporated under the laws of Delaware in 2011, and Surf Air Global Ltd. was formed under the laws of the British Virgin Islands and became the parent company of the Surf Air group in 2016. SAM was incorporated under the laws of Delaware on January 5, 2021. SAM is a wholly-owned subsidiary of Surf Air formed for the purpose of holding all of the equity securities, assets, business and operations of Surf Air and Southern. The mailing address of SAM’s principal executive office is 12111 S. Crenshaw Boulevard, Hawthorne, California.

AI Generated Analysis | Feedback

Here are 1-2 brief analogies for Surf Air Mobility (SRFM):

Tesla for regional aviation: Like Tesla aims to electrify ground transport and build associated services, Surf Air Mobility is focused on bringing electric and hybrid-electric powertrains to regional air travel and operating those routes.
Rivian for regional planes: Similar to how Rivian develops electric vehicles for specific segments (trucks/SUVs) and integrates technology with operations, Surf Air Mobility is developing electric powertrains for regional aircraft and operating a network of flights.

AI Generated Analysis | Feedback

Electric Powertrain Technology: Development and integration of proprietary electric and hybrid-electric powertrains for existing and new turboprop aircraft.
Regional Electric Air Travel Service: Operating a network of electric and hybrid-electric aircraft to provide short-haul, regional air travel, often on a subscription or on-demand basis.

AI Generated Analysis | Feedback

Surf Air Mobility (SRFM) operates a regional air mobility platform, which includes a subscription-based air travel service and the development of electric powertrain technology for aircraft. While they engage in business-to-business (B2B) partnerships for aircraft electrification and sales/leases, their core revenue-generating "mobility" platform primarily sells air travel services directly to individuals (business-to-consumer or B2C).

Therefore, the company sells primarily to individuals, and its major customer categories can be described as:

Business Travelers: Professionals and executives who require efficient and flexible regional air travel for business meetings, site visits, or connecting between locations not well-served by major commercial airlines. These customers value time savings, convenience, and productivity while in transit.
Affluent Leisure Travelers: Individuals and families seeking a premium, hassle-free travel experience for personal trips, vacations, or visiting secondary markets. These customers prioritize comfort, privacy, and avoiding the complexities and delays often associated with traditional commercial air travel.
Premium Commuters/Frequent Regional Travelers: Individuals who regularly travel between specific regional destinations, such as those with second homes, or who commute for work in areas where road travel is extensive or commercial air options are inconvenient. They often seek a reliable, consistent, and time-saving travel solution.

AI Generated Analysis | Feedback

Textron Inc. (NYSE: TXT)
MagniX
Palantir Technologies (NYSE: PLTR)

AI Generated Analysis | Feedback

Deanna White Chief Executive Officer & Chief Operating Officer

Deanna White is a seasoned executive with extensive experience across aviation and technology, having led finance, operations, engineering, and manufacturing functions for both public and growth-stage companies. She previously served as COO of Kitty Hawk/CORA, where she transformed the eVTOL R&D program into a joint venture with Boeing, which was subsequently rebranded as Wisk Aero. She also served as CEO and CFO of Bombardier's Flexjet, where she drove profitability and led the company's sale to private equity, Directional Aviation Capital. Ms. White was appointed as Surf Air Mobility's Chief Executive Officer and Chief Operating Officer in December 2024, after serving as Interim CEO & COO since May 2024, and previously as the company's CFO from May 2022 to December 2023.

Oliver Reeves Chief Financial Officer

Oliver Reeves was appointed as Chief Financial Officer of Surf Air Mobility in January 2024. He brings nearly two decades of experience across investment management, enterprise technology, and insurance industries. Prior to joining Surf Air Mobility, Mr. Reeves served as Chief Strategy Officer at Xinuos, Inc., where he oversaw the development and licensing of UnixWare and OpenServer operating systems. His earlier career included investment management roles as an Investment Analyst at Coliseum Capital Management, Vice President at Gerson Global Advisors, and Senior Vice President at Phoenix Star Capital. He began his career as an Associate in the M&A Group at Aon.

Sudhin Shahani Co-Founder

Sudhin Shahani is a Co-Founder of Surf Air Mobility and has served as a director of the company since July 2023. He was the co-founder and Chief Executive Officer of Surf Air Global Limited from 2013 to July 2023. Before his role at Surf Air, Mr. Shahani was an Entrepreneur in Residence at Anthem Ventures, an early-stage venture capital firm, where he led investments and served on the board of Madefire and Panna, both of which were sold to Discovery Networks. He also co-founded Musicane, a digital music and social shopping network, from 2004 to 2009.

Liam Fayed Co-Founder, Chief Brand & Experience Officer

Liam Fayed is a serial entrepreneur and creative executive, serving as Co-Founder and Chief Brand & Experience Officer of Surf Air Mobility. In this role, he guides the company's trajectory toward becoming a sustainable air travel brand, overseeing brand, marketing, and platform, and has helped redesign the customer experience. Previously, he was the founder, creative director, and CEO of the menswear label BESPOKEN New York. He also serves as a board member of Turnbull & Asser and has been an early investor in fast-growing consumer brands, including Warby Parker, Harry's, and Away Luggage.

AI Generated Analysis | Feedback

One clear emerging threat for Surf Air Mobility (SRFM) is the accelerating development and potential market entry of competing electric regional aircraft from other dedicated aerospace companies. Companies such as Heart Aerospace, with its ES-30 hybrid-electric regional aircraft, and Eviation, with its all-electric Alice, are actively developing, certifying, and securing orders for aircraft designed to serve the same regional air mobility market that SRFM is targeting. Should these or other startups achieve certification, production scale, or market adoption more quickly or efficiently than SRFM's own electrified aircraft or powertrain upgrades, they could capture significant market share and partnerships, directly challenging SRFM's growth strategy in both aircraft development and regional flight operations.

AI Generated Analysis | Feedback

Surf Air Mobility (SRFM) operates in several key markets related to regional air mobility, focusing on electrified aircraft, an AI-enabled operating system, and regional air travel services.

Electrified Aircraft (Hybrid-Electric and Fully Electric Powertrains)

The addressable market for hybrid-electric aircraft, a core offering of Surf Air Mobility, is projected to experience substantial growth. The global hybrid electric aircraft market was valued at approximately $2.80 billion in 2023 and is anticipated to reach an estimated $465.60 billion by 2050. More broadly, the global electric aircraft market, which includes both hybrid and fully electric models, was valued at $10.21 billion in 2024 and is projected to grow to $18.92 billion by 2029.

SurfOS AI-Enabled Operating System

Surf Air Mobility's proprietary SurfOS, an AI-enabled operating system designed to optimize regional air mobility, addresses a significant and growing market. The estimated value of the global regional air mobility market is projected to reach up to $115 billion by 2035.

Regional Air Travel/Commuter Airline Operations

As a regional air mobility platform and one of the largest commuter airlines in the U.S. by scheduled departures, Surf Air Mobility also operates within the broader regional air travel market. The global regional aircraft market was valued at $8.5 billion in 2023 and is anticipated to grow to $12.9 billion by 2032. Specifically for North America, a key region for Surf Air Mobility, the regional aircraft market held over 40% of the global revenue in 2023. Looking at the broader global airlines market, which includes regional operations, it was valued at $570.03 billion in 2024 and is projected to reach $761.49 billion by 2033. The domestic transport segment, highly relevant to Surf Air Mobility's operations, captured 62.8% of this global market share in 2024. North America, where Surf Air Mobility primarily operates, accounted for 32% of the global airlines market in 2024.

AI Generated Analysis | Feedback

Surf Air Mobility (SRFM) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

Expansion and Optimization of Air Mobility Operations: Surf Air Mobility, as the largest commuter airline in the U.S. by scheduled departures and the largest passenger operator of Cessna Caravans, plans to grow its core air mobility business. This includes a strategic focus on profitability over market penetration for its on-demand services and improving operational efficiencies within its scheduled service. The company's "Transformation Plan" aims to rightsize operations and implement new processes to achieve sustained profitability in its regional airline operations.
Commercialization of SurfOS (AI-Powered Airline Software): In partnership with Palantir, Surf Air Mobility is developing and plans to commercialize its AI-powered airline software operating system, SurfOS, starting in 2026. This software is designed to enhance safety, efficiency, and profitability for the regional air mobility industry, and Surf Air Mobility has already secured six Letters of Intent (LOIs) from potential clients.
Electrification of Aircraft and Proprietary Powertrain Technology: Surf Air Mobility is actively developing and pursuing certification for electric powertrain technology, with a specific focus on a Supplemental Type Certificate (STC) for its proprietary technology for the Cessna Grand Caravan. The company targets late 2027 for the market introduction of this electrification initiative, which is expected to reduce operating costs and expand margins.
Strategic Partnerships and Technology Solutions: The company intends to offer its software and electrification solutions to the broader regional air mobility industry. This strategy positions Surf Air Mobility to not only enhance its own operations but also generate revenue by providing its technology solutions to other operators, aiming to improve industry-wide safety, efficiency, and profitability.

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Share Issuance

In November 2025, Surf Air Mobility raised $26 million through new equity issuances as part of a $100 million strategic transaction to fund the development and commercialization of its SurfOS software.
In June 2025, the company completed a registered direct offering, selling 10,800,002 shares of common stock (or pre-funded warrants) at $2.50 per share, generating approximately $27 million in gross proceeds to be used for debt reduction and general corporate purposes.
Surf Air Mobility went public on July 27, 2023, through an initial public offering (IPO) that raised $281 million by issuing 23,700,000 shares at $11.86 per share.

Inbound Investments

In November 2025, Surf Air Mobility secured a $100 million strategic transaction, which included the sale of a $74 million senior secured convertible note to an institutional investor in a private placement, generating gross proceeds of $65 million.
Prior to its IPO in June 2023, the company updated an investment commitment from GEM Global Yield LLC SCS, providing the right to direct GGY to purchase up to $400 million of common stock, including initial advances of up to $100 million.
Palantir Technologies received $6 million in common stock in November 2025 as a prepayment for continued access to its software and services, further strengthening their partnership.

Outbound Investments

As part of its public listing in August 2023, Surf Air Mobility completed the acquisition of Southern Airways Express.
In July 2021, Surf Air Mobility entered an exclusive relationship with Textron Aviation for the development of an electrified Cessna Grand Caravan and agreed to purchase up to 150 Cessna Grand Caravan EX single-engine turboprops.

Capital Expenditures

Surf Air Mobility reported capital expenditures of -$12.82 million over the last 12 months ending approximately November 2025.
For 2025, projected capital expenditures are $6 million, with expectations to increase to $9 million in 2026, $13 million in 2027, $18 million in 2028, and $24 million in 2029, consistently representing about 6% of revenue.
A primary focus of capital allocation includes the development and commercialization of the proprietary SurfOS software, scaling engineering and sales capabilities for a 2026 commercial rollout, and investing in new SurfOS modules.

Better Bets than Surf Air Mobility (SRFM)

	SRFM	Better Performance than SRFM
Metric	Value	INDUSTRY: Passenger Airlines
Rev Chg LTM	-4.0%	LTM (5.5%), DAL (4.3%), UAL (4.2%), AAL (1.3%), LUV (0.6%)
Op Mgn LTM	-32.6%	LTM (14.0%), DAL (9.7%), UAL (8.8%), AAL (4.2%), LUV (1.1%)
CFO/Rev LTM	-58.1%	AL (60.2%), UAL (16.1%), DAL (12.7%), LUV (7.3%), AAL (6.9%)
FCF/Rev LTM	-72.2%	UAL (6.4%), DAL (4.9%), AAL (1.6%), LUV (-0.9%), AL (-68.3%)
Total Yield	-74.4%	DAL (13.2%), LTM (12.0%), UAL (10.5%), AAL (8.1%), LUV (4.7%)
P/S	0.7	AAL (0.1), ALK (0.4), UAL (0.5), DAL (0.6), LUV (0.6)
P/Op Inc	-2.2

	SRFM	Better Performance than SRFM
Metric	Value	SECTOR: Industrials
Rev Chg LTM	-4.0%	UBER (18.2%), GE (17.7%), BA (10.2%), GEV (9.4%), RTX (8.8%)
Op Mgn LTM	-32.6%	GE (20.5%), CAT (18.2%), RTX (10.3%), UBER (9.2%), GEV (3.7%)
CFO/Rev LTM	-58.1%	UBER (18.1%), CAT (18.0%), GE (17.2%), RTX (9.3%), GEV (9.1%)
FCF/Rev LTM	-72.2%	UBER (17.5%), GE (14.7%), CAT (12.3%), GEV (6.6%), RTX (5.5%)
Total Yield	-74.4%	UBER (8.1%), CAT (6.7%), RTX (4.5%), GE (2.5%), GEV (1.1%)
P/S	0.7	WCC (0.4), UAL (0.5), DAL (0.6), FDX (0.6), LUV (0.6)
P/Op Inc	-2.2

	SRFM	Better Performance than SRFM
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-4.0%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Op Mgn LTM	-32.6%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	-58.1%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	-72.2%	NVDA (43.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	-74.4%	GOOGL (4.6%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%), NVDA (2.3%)
P/S	0.7	CVS (0.2), MCK (0.2), CI (0.3), GM (0.3), ELV (0.4)
P/Op Inc	-2.2

		Best Bets In Industrials Sector
	SRFM
What You Pay
P/E	-1.3
P/EBIT	-1.7
What You Get
Rev Chg Q	-15.2%
Rev Chg LTM	-4.0%
Rev Chg 3Y Avg	�
FCF/Rev 3Y Avg	-96.5%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	With Surf Air Mobility Stock Sliding, Have You Assessed The Risk?	Return
2	ARTICLES
3	Surf Air Mobility Stock: The Upside Case		November 17th, 2025
4	What’s Happening With Surf Air Mobility Stock?		August 20th, 2025

	Title
0	DASHBOARDS
1	With Surf Air Mobility Stock Sliding, Have You Assessed The Risk?
2	ARTICLES
3	Surf Air Mobility Stock: The Upside Case
4	What’s Happening With Surf Air Mobility Stock?

Trade Ideas

Select past ideas related to SRFM. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	9.5%	9.5%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.2%	3.2%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.5%	7.5%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.8%	2.8%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	0.0%	0.0%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	9.5%	9.5%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.2%	3.2%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.5%	7.5%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.8%	2.8%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	0.0%	0.0%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Surf Air Mobility

Peers to compare with:

Financials

	SRFM	RJET	AL	JBLU	CAKR	DAL	Median
Name	Surf Air.	Republic.	Air Lease	JetBlue .	Cambodia.	Delta Ai.
Mkt Price	2.30	19.01	63.84	4.71	-	67.49	19.01
Mkt Cap	0.0	-	7.1	1.7	-	43.8	4.4
Rev LTM	107	1,353	2,908	9,095	-	62,920	2,908
Op Inc LTM	-35	258	601	-222	-	6,072	258
FCF LTM	-78	138	-1,985	-1,354	-	3,074	-78
FCF 3Y Avg	-63	-123	-2,513	-1,156	-	1,835	-123
CFO LTM	-62	222	1,751	-160	-	7,976	222
CFO 3Y Avg	-53	245	1,723	153	-	7,253	245

Growth & Margins

	SRFM	RJET	AL	JBLU	CAKR	DAL	Median
Name	Surf Air.	Republic.	Air Lease	JetBlue .	Cambodia.	Delta Ai.
Rev Chg LTM	-4.0%	3.7%	6.2%	-2.5%	-	4.3%	3.7%
Rev Chg 3Y Avg	-	-0.1%	8.0%	2.3%	-	10.8%	5.1%
Rev Chg Q	-15.2%	30.9%	5.1%	-1.8%	-	6.4%	5.1%
QoQ Delta Rev Chg LTM	-4.4%	7.4%	1.2%	-0.5%	-	1.6%	1.2%
Op Mgn LTM	-32.6%	19.1%	20.7%	-2.4%	-	9.7%	9.7%
Op Mgn 3Y Avg	-138.1%	12.2%	23.7%	-1.0%	-	9.5%	9.5%
QoQ Delta Op Mgn LTM	6.9%	2.1%	-0.5%	-0.9%	-	0.3%	0.3%
CFO/Rev LTM	-58.1%	16.4%	60.2%	-1.8%	-	12.7%	12.7%
CFO/Rev 3Y Avg	-86.7%	18.1%	63.0%	1.5%	-	12.1%	12.1%
FCF/Rev LTM	-72.2%	10.2%	-68.3%	-14.9%	-	4.9%	-14.9%
FCF/Rev 3Y Avg	-96.5%	-9.2%	-92.3%	-12.4%	-	3.0%	-12.4%

Valuation

	SRFM	RJET	AL	JBLU	CAKR	DAL	Median
Name	Surf Air.	Republic.	Air Lease	JetBlue .	Cambodia.	Delta Ai.
Mkt Cap	0.0	-	7.1	1.7	-	43.8	4.4
P/S	0.7	-	2.4	0.2	-	0.6	0.7
P/EBIT	-1.7	-	5.3	-28.0	-	5.6	1.8
P/E	-1.3	-	7.0	-3.8	-	8.0	2.8
P/CFO	-1.2	-	4.1	-11.2	-	4.6	1.4
Total Yield	-74.4%	-	15.7%	-26.2%	-	13.2%	-6.5%
Dividend Yield	0.0%	-	1.4%	0.0%	-	0.6%	0.3%
FCF Yield 3Y Avg	-	-	-48.4%	-60.1%	-	5.7%	-48.4%
D/E	1.2	-	2.8	5.3	-	0.6	2.0
Net D/E	0.9	-	2.8	3.8	-	0.5	1.8

Returns

	SRFM	RJET	AL	JBLU	CAKR	DAL	Median
Name	Surf Air.	Republic.	Air Lease	JetBlue .	Cambodia.	Delta Ai.
1M Rtn	-40.3%	-	-0.0%	12.7%	-	15.4%	6.3%
3M Rtn	-43.5%	-	0.1%	-13.6%	-	10.5%	-6.8%
6M Rtn	-5.7%	-	12.9%	-6.4%	-	38.7%	3.6%
12M Rtn	-52.5%	-	28.7%	-22.3%	-	9.2%	-6.6%
3Y Rtn	-	-	72.7%	-40.7%	-	94.3%	72.7%
1M Excs Rtn	-40.2%	-	0.0%	12.7%	-	15.4%	6.4%
3M Excs Rtn	-48.1%	-	-5.0%	-12.8%	-	6.5%	-8.9%
6M Excs Rtn	-20.5%	-	-1.8%	-21.1%	-	24.0%	-11.1%
12M Excs Rtn	-56.2%	-	13.9%	-34.7%	-	-6.5%	-20.6%
3Y Excs Rtn	-	-	7.1%	-111.4%	-	32.0%	7.1%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	8/12/2025	3/21/2025	3/29/2024	7/26/2023	2/9/2023	2/9/2023
Key Financials
Total Revenue	107	119	61	20	12	8
EBITDA	-36	-58	-247	-73	-33	-19
Operating Income	-35	-60	-137	-51	-33	-21
Net Income	-57	-75	-251	-74	-36	-23
EPS	-2.77	-5.80	-23.04	-10.60	-5.10	-3.34
Growth Rates
Total Revenue Growth	-4.0%	97.4%	198.4%	71.8%	57.3%	-
EBITDA Growth	84.9%	76.4%	-239.9%	-123.2%	-71.1%	-
Operating Income Growth	79.5%	55.9%	-168.6%	-52.6%	-60.7%	-
Net Income Growth	77.0%	70.1%	-237.1%	-107.8%	-52.7%	-
Margins
EBITDA Margin	-33.7%	-48.8%	-408.7%	-358.8%	-276.3%	-253.9%
Operating Income Margin	-32.6%	-50.5%	-226.0%	-251.1%	-282.7%	-276.8%
Net Income Margin	-53.5%	-62.7%	-414.3%	-366.8%	-303.3%	-312.5%
Cash & Debt
Total Cash	23	21	2	0	1	7
Total Debt	91	92	47	30	23	20
Net Debt / (Cash)	68	71	46	30	23	13
Cash Flows
Net Cash from Operations	-62	-54	-64	-28	-24	-9
Free Cash from Operations	-78	-68	-72	-28	-24	-9
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	1	-0	-0	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/12/2025	5/13/2025	3/21/2025	11/14/2024	8/14/2024	5/15/2024	3/29/2024	11/14/2023	8/29/2023	7/26/2023	7/26/2023	11/14/2023
Key Financials Quarterly
Total Revenue	27	24	28	28	32	31	27	22	6	6	6	5
Ebitda	-22	-12	6	-8	-23	-33	-108	-76	-44	-20	-23	-21
Operating Income	-16	-19	8	-9	-25	-34	-48	-63	-13	-12	-16	-11
Net Income	-28	-18	1	-12	-27	-37	-111	-75	-45	-21	-24	-21
EPS	-1.34	-1.09	0.60	-0.94	-2.31	-3.35	-10.20	-9.55	-4.47	-2.93	-3.39	-3.01
Key Financials TTM
Total Revenue TTM	107	112	119	118	112	86	61	40	23	21	20	-
Ebitda TTM	-36	-37	-58	-172	-240	-260	-247	-163	-108	-83	-73	-
Operating Income TTM	-35	-44	-60	-117	-171	-159	-137	-104	-52	-52	-51	-
Net Income TTM	-57	-56	-75	-187	-250	-267	-251	-164	-110	-84	-74	-
Growth Rates Quarterly
Total Revenue Growth	-15.2%	-23.2%	4.5%	29.2%	422.5%	456.1%	355.2%	332.3%	38.3%	14.3%	-	-
EBITDA Growth	5.2%	62.6%	105.8%	89.4%	47.3%	-65.6%	-357.5%	-263.5%	-138.6%	-100.8%	-	-
Operating Income Growth	36.9%	46.1%	116.7%	86.3%	-92.0%	-186.1%	-212.6%	-467.4%	-0.8%	-7.3%	-	-
Net Income Growth	-3.8%	50.0%	101.1%	83.6%	39.4%	-79.7%	-365.9%	-252.9%	-137.4%	-93.2%	-	-
Margins Quarterly
EBITDA Margin	-79.7%	-53.1%	22.1%	-28.3%	-71.2%	-108.9%	-400.6%	-345.5%	-706.0%	-365.8%	-398.5%	-410.9%
Operating Income Margin	-58.1%	-79.0%	28.9%	-30.4%	-78.0%	-112.6%	-180.7%	-286.9%	-212.3%	-218.8%	-263.1%	-218.6%
Net Income Margin	-102.1%	-78.6%	4.5%	-43.1%	-83.4%	-120.7%	-413.6%	-339.6%	-718.6%	-373.6%	-404.0%	-416.0%
Cash & Debt
Total Cash	23	7	21	1	1	1	2	6	2	94	0	-
Total Debt	91	91	92	45	43	47	47	49	36	43	30	0
Net Debt / (Cash)	68	85	71	44	41	46	46	43	33	-51	30	-
Cash Flows Quarterly
FCF from Operations	-11	-16	-24	-12	-6	-13	-19	-24	-12	-9	-6	-7
Cash Flows TTM
FCF from Operations TTM	-62	-57	-54	-50	-62	-68	-64	-51	-33	-31	-28	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-9.4%	-11.5%	5.2%	-5.9%	-17.4%	-23.8%	-34.0%	-42.7%	-30.8%	-7.7%	-38.8%	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-5.1%	-6.8%	-9.5%	-19.9%	-29.1%	-27.2%	-23.6%	-18.0%	-30.3%	-8.3%	-31.8%	-

Price Behavior

Price Behavior

Market Price	$2.30
Market Cap ($ Bil)	0.0
First Trading Date	07/27/2023
Distance from 52W High	-73.9%
	50 Days	200 Days
DMA Price	$3.73	$3.64
DMA Trend	down	down
Distance from DMA	-38.3%	-36.8%
	3M	1YR
Volatility	78.7%	171.0%
Downside Capture	596.84	365.61
Upside Capture	171.48	248.41
Correlation (SPY)	46.7%	26.2%

SRFM Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.65	2.92	2.91	4.19	2.26	-0.03
Up Beta	0.03	-0.31	-0.29	6.71	1.76	-0.19
Down Beta	4.03	2.42	3.60	3.07	1.99	1.12
Up Capture	-198%	67%	76%	374%	458%	118%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	6	14	23	48	104	253
Down Capture	526%	464%	411%	303%	161%	111%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	14	28	40	77	141	319

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	5,034,556
Short Interest: % Change Since 10312025	28.1%
Average Daily Volume	2,902,664
Days-to-Cover Short Interest	1.73
Basic Shares Quantity	20,902,901
Short % of Basic Shares	24.1%

Returns Analyses

	Title
0	With Surf Air Mobility Stock Sliding, Have You Assessed The Risk?

SEC Filings

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Report Date	Filing Date	Filing
6302025	8122025	10-Q 6/30/2025
3312025	5132025	10-Q 3/31/2025
12312024	3212025	10-K 12/31/2024
9302024	11142024	10-Q 9/30/2024
6302024	8142024	10-Q 6/30/2024
3312024	5152024	10-Q 3/31/2024
12312023	3292024	10-K 12/31/2023
9302023	11142023	10-Q 9/30/2023
6302023	8292023	10-Q 6/30/2023
12312022	7262023	424B4 12/31/2022
12312021	2092023	DRS/A 12/31/2021

External Quote Links

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1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Surf Air Mobility (SRFM)

Market Price (12/4/2025): $2.385 | Market Cap: $49.9 MilSector: Industrials | Industry: Passenger Airlines

Surf Air Mobility (SRFM)

Market Price (12/4/2025): $2.385Market Cap: $49.9 MilSector: IndustrialsIndustry: Passenger Airlines

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SRFM Stock

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About Surf Air Mobility (SRFM)

Electrified Aircraft (Hybrid-Electric and Fully Electric Powertrains)

SurfOS AI-Enabled Operating System

Regional Air Travel/Commuter Airline Operations

Interactive Breakdown

Better Bets than Surf Air Mobility (SRFM)

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Market Price (12/4/2025): $2.385 | Market Cap: $49.9 Mil
Sector: Industrials | Industry: Passenger Airlines

Market Price (12/4/2025): $2.385
Market Cap: $49.9 Mil
Sector: Industrials
Industry: Passenger Airlines