SRFM · Surf Air Mobility Inc. · Financials
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 year 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 year 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 from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
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 | $119.43M | $60.51MG | $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 |
Debt Profile
Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.
Reported debt balances
Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.
| Reported balance | As of | Amount | Source |
|---|---|---|---|
| Current finance lease liabilities | 2026-06-30 | USD 281,000 | 10-Q filed 2026-08-10 |
| Current operating lease liabilities | 2026-06-30 | USD 4,271,000 | 10-Q filed 2026-08-10 |
| Long-term debt, including current maturities | 2026-06-30 | USD 22,592,000 | 10-Q filed 2026-08-10 |
Related accounting measures — not additional borrowingCarrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year.
| |||
| Noncurrent finance lease liabilities | 2026-06-30 | USD 532,000 | 10-Q filed 2026-08-10 |
| Noncurrent operating lease liabilities | 2026-06-30 | USD 10,434,000 | 10-Q filed 2026-08-10 |
Covenants
Covenant terms have not yet been verified for this profile.
The balance figures do not establish whether covenants apply or whether the company complies with them.
Loans, facilities and notes
The instrument breakdown is not yet verified. Read the debt note in the linked report for borrowing terms and maturity conditions.
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
Peer medians compare against the 4 similar-size Airlines companies (of 16 listed).
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% |