SURF AIR MOBILITY INC. SRFM
Surf Air Mobility Inc. (the "Company"), a Delaware corporation, is a regional air mobility platform that aims to transform regional flying. The Company currently operates one of the largest commuter airlines in the United States by scheduled departures as well as an expanding on-demand charter marketplace for passengers in the U.S. and globally. The Company's operations provide scale, distribution and real-world operating data to validate and, eventually, deploy the software and technology offerings it is currently developing to support the modernization of air operations and the adoption of next-generation aircraft.
The Air Mobility business is an established regional air mobility platform providing scheduled service and an on-demand charter marketplace to passengers in the U.S. and globally. Current initiatives surrounding the Air Technology business seek to develop proprietary aviation software, aircraft electrification powertrain technology and services to enable electrification across the regional air mobility sector.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $106.6M | $119.4M | $60.5M | $20.3M | — |
| SG&A | $53.3M | $29.9M | $100.7M | $36.8M | — |
| Total operating expenses | $183.4M | $179.7M | $257.3M | $71.2M | — |
| Operating income | -$76.9M | -$60.3M | -$196.8M | -$50.9M | — |
| Interest expense | $13.2M | $8.6M | $3.0M | $596.0K | — |
| Pre-tax income | -$110.9M | -$75.2M | -$254.0M | -$74.4M | — |
| Income tax | $380.0K | $287.0K | $3.3M | — | — |
| Net income | -$110.6M | -$74.9M | -$250.7M | -$74.4M | — |
| EPS, basic | -3.15 | -5.80 | -44.46 | -5.51 | — |
| EPS, diluted | -3.15 | -5.80 | -44.46 | -5.51 | — |
| Shares, diluted (wtd. avg.) | $35.1M | $12.9M | $5.6M | $13.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $12.7M | $21.1M | $2.4M | $912.0K | $1.6M |
| Receivables | $3.9M | $4.3M | $5.0M | $161.0K | — |
| Total current assets | $30.9M | $33.9M | $17.7M | $7.9M | — |
| Property, plant and equipment | $45.6M | $42.2M | $46.0M | $624.0K | — |
| Goodwill | — | $0 | $0 | $0 | — |
| Other intangibles | $20.1M | $23.1M | $26.7M | $1.3M | — |
| Total assets | $131.7M | $124.1M | $111.0M | $13.7M | — |
| Accounts payable | $18.4M | $18.0M | $18.9M | $12.9M | — |
| Short-term debt | $2.7M | $2.5M | $5.2M | — | — |
| Total current liabilities | $133.6M | $89.6M | $140.1M | $57.4M | — |
| Long-term debt | $14.4M | $59.9M | $20.6M | — | — |
| Total liabilities | $186.5M | $244.1M | $188.5M | $105.1M | — |
| Retained earnings | -$788.0M | -$677.4M | -$602.5M | -$351.8M | — |
| Total equity | -$54.9M | -$120.0M | -$77.5M | -$222.1M | -$173.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$64.2M | -$54.3M | -$64.4M | -$28.0M | — |
| Capital expenditure | $5.9M | $11.8M | $7.6M | $99.0K | — |
| Investing cash flow | -$5.7M | -$3.6M | -$7.1M | -$298.0K | — |
| Financing cash flow | $71.0M | $77.2M | $73.0M | $27.7M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-197314.
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