SRFM · Surf Air Mobility Inc.
Substantial doubt about the company's ability to continue as a going concern.
“These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.”View the 10-Q filed Aug 10, 2026
One customer — 38% of revenue (the years ended December 31, 2025)
“For the years ended December 31, 2025 and 2024, the United States Department of Transportation (“U.S. DOT”) accounted for 38% and 39%, respectively, of the Company's consolidated revenues.”
One customer — 39% of revenue (the years ended December 31, 2024)
“For the years ended December 31, 2025 and 2024, the United States Department of Transportation (“U.S. DOT”) accounted for 38% and 39%, respectively, of the Company's consolidated revenues.”
Price & Indicators
Raw chart and full-history price indicators begin at the captured split on Aug 19, 2024; bars on opposite sides are not compared.
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AI Brief
TL;DR.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
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| controllable completion factor | 98% | Q2 2026 | — |
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| on-time arrivals | 88% | Q2 2026 | — |
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| on-time departures | 83% | Q2 2026 | — |
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| Adjusted EBITDA non-GAAP | -$12.34M | Three Months Ended March 31, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net Loss -20.26M
+2.55M Depreciation and amortization
+1.22M Interest expense
-39K Income tax expense (benefit)
+1.39M Stock-based compensation expense (1)
+3.61M Changes in fair value of financial instruments (2)
+0K Gain on extinguishment of debt
+1.61M Transaction costs (3)
-2.93M Incentive plan accruals (4)
+501K Restructuring costs and other (5)
= Adjusted EBITDA -12.34M
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| Adjusted EBITDA loss non-GAAP | $12.3M | Q1 2026 | — |
| BETA Technologies electric aircraft options | 75 | Q1 2026 | — |
| Departures | 12,503 | Q1 2026 | — |
| Passengers | 65,376 | Q1 2026 | — |
| net debt | $74M | December 31, 2025 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Airlines — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
SRFM
this stock
Surf Air Mobility Inc.
|
$69.98M | -63.0% | -10.8% | — | 12.9% |
|
DAL
Delta Air Lines, Inc.
|
$52.66B | +15.4% | +4.0% | 13.3 | 3.4% |
|
UAL
United Airlines Holdings, Inc.
|
$35.90B | -1.1% | +3.2% | 10.4 | 6.4% |
|
RYAAY
Ryanair Holdings PLC
|
$29.08B | -22.2% | — | — | 0.5% |
|
LUV
Southwest Airlines Co
|
$19.39B | -4.1% | +3.7% | 25.1 | 5.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
Raw-price comparisons begin at the captured split on Aug 19, 2024; windows that need an earlier baseline remain unavailable.
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| SRFM | -0.3% | -6.1% | -61.8% | -6.1% | -63.0% |
| SPY | +0.5% | +3.0% | +13.4% | +3.0% | +12.8% |
| vs SPY | -0.8% | -9.1% | -75.3% | -9.1% | -75.8% |