Surf Air Mobility Inc.
- Open
- 1.13
- Day high
- 1.16
- Day low
- 1.01
- Prev close
- 1.16
- Volume
- 5.3M
- Mkt cap
- $103M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -1.8
- P/S
- 0.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$212K over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
Surf Air Mobility Inc. (SRFM) is a Industrials company listed on NYSE. The stock is down 66% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4).
Surf Air Mobility Inc. (SRFM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SRFM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $-0.39 | $-0.28 | +28.2% | $26M | +0.3% |
| Mar 12, 2026 | $-0.35 | $-0.16 | +54.3% | $26M | -3.1% |
| Nov 12, 2025 | $-0.61 | $-0.64 | -4.9% | $29M | +11.3% |
| Aug 12, 2025 | $-1.09 | $-0.93 | +14.7% | $27M | +8.0% |
| Mar 18, 2025 | $-1.19 | $0.59 | +149.6% | $28M | +4.7% |
| Nov 14, 2024 | $-1.05 | $-0.94 | +10.5% | $28M | +7.9% |
| Aug 14, 2024 | $-1.40 | $-1.96 | -40.0% | $32M | +10.0% |
| Nov 14, 2023 | $-1.40 | $-6.44 | -360.0% | $22M | -24.3% |
| Aug 29, 2023 | $-4.62 | $-21.97 | -375.5% | $6M | -78.3% |
SRFM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 22, 2026 | Pelsinger Shawn Kirbydirector | Grant | 20,000 | — |
| May 8, 2026 | White Deanna Leighofficer: Chief Executive Officer | Grant | 262,102 | — |
| May 8, 2026 | White Deanna Leighofficer: Chief Executive Officer | Sell | 56,884 | $1.31 |
| May 8, 2026 | Reeves Oliverofficer: Chief Financial Officer | Sell | 76,569 | $1.31 |
| May 8, 2026 | Reeves Oliverofficer: Chief Financial Officer | Grant | 239,439 | — |
| Apr 21, 2026 | Shahani Sudhindirector | Grant | 36,765 | $1.36 |
| Apr 21, 2026 | D'AGOSTINO JOHN J.director | Grant | 18,382 | $1.36 |
| Apr 21, 2026 | ALBERT CARL Adirector | Grant | 73,530 | $1.36 |
| Apr 21, 2026 | White Deanna Leighofficer: Chief Executive Officer | Grant | 18,382 | $1.36 |
| Apr 21, 2026 | Reeves Oliverofficer: Chief Financial Officer | Grant | 18,382 | $1.36 |
| Apr 21, 2026 | Hack Bruce L.director | Grant | 18,382 | $1.36 |
| Apr 17, 2026 | Reeves Oliverofficer: Chief Financial Officer | Sell | 14,437 | $1.31 |
| Apr 17, 2026 | White Deanna Leighofficer: Chief Executive Officer | Sell | 13,860 | $1.31 |
| Apr 14, 2026 | White Deanna Leighofficer: Chief Executive Officer | Grant | 200,000 | — |
| Apr 14, 2026 | Reeves Oliverofficer: Chief Financial Officer | Grant | 150,000 | — |
Source: SRFM SEC Form 4 filings, latest May 22, 2026. For informational purposes only — not investment advice.
See the full SRFM insider & 13F page →Surf Air Mobility Inc. company profile
Overview
Surf Air Mobility Inc. (NYSE:SRFM) is an electric aviation and air travel company founded as a regional airline operator that has evolved into a technology-focused aviation platform. The company went public through a direct listing on the New York Stock Exchange in July 2023, following a merger with Southern Airways that significantly expanded its operations. Based in Hawthorne, California, Surf Air operates as both a regional airline providing scheduled and on-demand charter flights, and as a technology developer working on electric aircraft systems and aviation software platforms.
Business
Surf Air Mobility operates in the regional aviation industry, which serves smaller communities and routes that major airlines typically find unprofitable. The company provides air mobility services through two primary business segments that generate roughly equal revenue shares. The Scheduled Service segment operates regular passenger flights on fixed routes, many of which are subsidized under the federal Essential Air Service (EAS) program. This program, established in the 1970s, provides government subsidies to ensure air service to smaller communities that would otherwise lack commercial aviation access. These routes typically use small turboprop aircraft like the Cessna Grand Caravan, which can carry 9-14 passengers and operate from shorter runways that larger commercial aircraft cannot use. The On-Demand Service segment provides charter flights for private customers, corporations, and other entities requiring flexible air transportation. This includes both individual charter bookings and subscription-based services where customers purchase flight credits or memberships for regular travel. The company also offers cargo services for time-sensitive freight delivery. Beyond traditional airline operations, Surf Air is developing SurfOS, a comprehensive software platform designed for aviation operations management. This technology aims to serve other regional airlines and charter operators with tools for scheduling, compliance, maintenance tracking, and operational optimization. The company has partnered with Palantir Technologies to develop artificial intelligence capabilities within this platform. The company is also pursuing aircraft electrification initiatives, working with Textron Aviation to develop electric powertrains for the Cessna Grand Caravan. This represents a forward-looking bet on sustainable aviation technology, with certification targeted for 2027.
Revenue model
Surf Air generates revenue through multiple complementary business models. The primary revenue streams come from passenger services, with scheduled flights generating income through a combination of passenger fares and government subsidies under the Essential Air Service program. These subsidies can range from minimal amounts to several hundred dollars per passenger, depending on the route's economic viability and community need. The on-demand charter business operates on higher margins, charging premium rates for flexible, private air travel. Customers pay either per-flight rates or purchase subscription packages and jet cards that provide credits for future travel. This segment targets affluent individuals, corporations, and organizations requiring time-sensitive transportation to locations not well-served by commercial airlines. The company's paying customers include individual passengers on scheduled routes, private charter clients, corporations requiring executive transportation, and cargo customers needing expedited freight services. Government agencies also effectively serve as customers through EAS subsidies, which help make otherwise unprofitable routes economically viable. Several factors significantly impact the company's margins and profitability. Fuel costs represent a major variable expense, as aviation fuel price fluctuations directly affect operating costs. Aircraft utilization rates are critical, as fixed costs for aircraft ownership, maintenance, and crew must be spread across flight hours. Load factors on scheduled routes determine revenue per flight, with the company targeting approximately 70% passenger occupancy for breakeven operations. Regulatory changes to EAS funding levels can substantially impact route profitability, as recent legislation increased per-passenger subsidy caps from $200 to $650. Seasonal demand variations affect both scheduled and charter services, with certain routes experiencing significant fluctuations based on tourism, business travel patterns, and weather conditions. Competition from larger carriers on profitable routes can pressure pricing, while pilot and maintenance technician availability affects operational capacity and labor costs in the tight aviation employment market.
Competitive moat
Surf Air Mobility operates in a highly regulated industry with significant barriers to entry, but its competitive moat is relatively narrow and faces multiple challenges. The company's primary defensive position comes from its regulatory certifications and route authorities, particularly its Essential Air Service contracts that provide government-subsidized revenue streams. These contracts, while valuable, are subject to periodic renewal and potential budget pressures, limiting their durability as a moat. The company's operational expertise in small aircraft operations provides some competitive advantage, as regional aviation requires specialized knowledge of smaller airports, weather considerations, and regulatory compliance that differs from major airline operations. However, this expertise is not unique, as numerous other regional carriers possess similar capabilities. Surf Air's developing technology initiatives, particularly the SurfOS software platform and aircraft electrification projects, represent potential future moats but remain largely unproven commercially. The software platform faces competition from established aviation technology providers, while the electrification initiative depends on successful certification and market adoption of electric aircraft technology. The company faces significant competitive threats from multiple directions. Larger regional airlines with superior financial resources can compete for profitable routes and EAS contracts. Private jet operators and fractional ownership companies target the same high-end charter market that provides Surf Air's highest margins. Emerging electric aviation companies with better-funded development programs could potentially leapfrog Surf Air's electrification efforts. Additionally, changes in government policy regarding EAS funding or route allocations could undermine the company's subsidized revenue base. The regional aviation market's fragmented nature means that sustainable competitive advantages are difficult to establish and maintain. While Surf Air has assembled a reasonable operational platform, it lacks the scale, financial resources, or unique technological capabilities that would constitute a strong economic moat against determined competitors.
Risks & safety
The company faces significant financial distress with minimal margin of safety across multiple metrics. • Liquidity Crisis: Cash position of $6.6 million against current liabilities of $92 million creates severe near-term solvency risk • Negative Working Capital: Current ratio of 0.22 indicates inability to meet short-term obligations • High Cash Burn: Free cash flow of -$17 million quarterly with limited cash reserves suggests potential bankruptcy within quarters without additional funding • Excessive Debt Load: Total liabilities of $241 million exceed total assets of $105 million by $136 million • Negative Book Value: Shareholders' equity is deeply negative, indicating technical insolvency • Valuation Concerns: Negative EBITDA makes traditional valuation metrics meaningless; stock trades at significant discount to tangible book value • Going Concern Risk: Company's ability to continue operations depends entirely on securing additional financing or dramatically improving cash flow generation in immediate term
Recent development
Over the past two years, Surf Air has undergone a significant strategic transformation focused on achieving operational profitability and developing new technology capabilities. The company completed a major restructuring in 2024, including a merger with Southern Airways that expanded its route network and operational scale. Management implemented a four-phase transformation plan, with Phase 1 focusing on capital structure improvements and Phase 2 on operational optimization. Key operational changes include relocating the systems operations center from California to Dallas, Texas, to reduce costs and improve efficiency. The company hired experienced aviation executives from major carriers including Sabre, Southwest Airlines, and Amazon to strengthen its operational capabilities. Management also made strategic fleet decisions, returning older, less efficient aircraft to lessors while taking delivery of new Cessna Grand Caravan aircraft that offer better economics and reliability. The company has pursued several technology initiatives that represent potential new revenue streams. The partnership with Palantir Technologies to develop SurfOS, an AI-enhanced software platform for aviation operations, moved from concept to beta testing with select customers. This platform aims to address the broader regional aviation market with tools for scheduling, compliance, and operational management, with commercial rollout planned for 2026. Surf Air's aircraft electrification program represents a longer-term strategic bet on sustainable aviation. Working exclusively with Textron Aviation, the company is developing electric powertrains for Cessna Grand Caravan aircraft, with certification targeted for 2027. The company has also signed agreements for future delivery of Electra eSTOL (electric short takeoff and landing) aircraft, positioning itself for potential future electric aviation markets. Recent route optimization efforts have focused on profitability over growth, with management exiting unprofitable routes while maintaining and expanding subsidized Essential Air Service routes that provide more predictable revenue streams. The company has also expanded its interline partnerships, now including agreements with Japan Airlines, American Airlines, Alaska Airlines, Hawaiian Airlines, and United Airlines to provide connecting service options for passengers.
SRFM company profile · for informational purposes only — not investment advice.
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