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.”
Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.
Chart any reported metric, KPI or segment over time — the full statement history lives here
| Line Item | FY2026 (G) | TTM | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| $128M – $138M | $110.74M | $106.56MG | $119.43MG | $60.51M | $20.27M | |
| — | $10.13M | $8.18M | $7.51M | $10.03M | $5.21M | |
| — | $47.32M | $53.29M | $29.85M | $100.67M | $36.82M | |
| — | $3.1M | $3.1M | $3.5M | $1.8M | $600K | |
| — | $9.71M | $9.29M | $8.34M | $3.76M | $1.03M | |
| — | $185.27M | $183.43M | $179.68M | $257.27M | $71.18M | |
| — | -$74.53M | -$76.87M | -$60.26M | -$196.77M | -$50.9M | |
| — | — | -72.14% | -50.46% | -325.21% | -251.08% | |
| — | -$64.82M | -$67.58M | -$51.92M | -$193.01M | -$49.88M | |
| — | $8.01M | $13.21M | $8.62M | $2.97M | $596K | |
| — | -$38.31M | -$34.06M | -$14.94M | -$57.23M | -$23.46M | |
| — | -$112.84M | -$110.94M | -$75.2M | -$254M | -$74.36M | |
| — | -$355K | -$380K | -$287K | -$3.3M | — | |
| — | -$112.49M | -$110.56M | -$74.91M | -$250.7M | -$74.36M | |
| — | — | -103.75% | -62.72% | -414.34% | -366.79% | |
| USD/shares | — | -$1.27 | -$3.15 | -$5.80 | -$44.46 | -$38.57 |
| USD/shares | — | -$1.27 | -$3.15 | -$5.80 | -$44.46 | -$38.57 |
| shares | — | — | 35.1M | 12.91M | 5.64M | 1.93M |
| shares | — | — | 35.1M | 12.91M | 5.64M | 1.93M |
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
| Component | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Air Mobility Segment | $106,557,000 | $119,425,000 | $60,505,000 |
By Product & Service (USD)
| Component | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Scheduled | $76,989,000 | $90,735,000 | $39,397,000 | $4,324,000 |
| On Demand | $29,568,000 | $28,690,000 | $21,108,000 | $15,950,000 |
Segment Operating Income
Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.
By Segment (USD)
| Component | FY2024 | FY2023 |
|---|---|---|
| Air Mobility Segment | -$60,256,000 | -$196,767,000 |
Operating Margin by Segment (%)
| Component | FY2024 | FY2023 |
|---|---|---|
| Air Mobility Segment | -50.5% | -325.2% |