Surf Air Mobility Inc. Financials
This page shows Surf Air Mobility Inc. (SRFM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing remains the core business mechanic, because operating losses and thin gross profit still prevent self-funding.
From FY2024 to FY2025, gross margin roughly halved to3.9% while revenue still stayed above$100M , indicating the setback was not just about insufficient scale but weaker unit economics on the sales that remained. At the same time, financing inflows of$71.0M nearly covered the year’s total cash outflow, so liquidity was maintained mainly by raising capital rather than by converting sales into cash.
The balance sheet improved in one respect and tightened in another: total liabilities fell and long-term debt came down, yet the current ratio slipped to 0.2x and equity was still
The gap between operating cash flow and free cash flow remained fairly small, which means the cash drain is coming chiefly from the underlying operation rather than from an unusually capital-heavy buildout. Capex was only
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Surf Air Mobility Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Surf Air Mobility Inc. scores -10.13, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($94.3M) relative to total liabilities ($186.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Surf Air Mobility Inc. passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Surf Air Mobility Inc. generates $0.58 in operating cash flow (-$64.2M OCF vs -$110.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Surf Air Mobility Inc. earns $-5.8 in operating income for every $1 of interest expense (-$76.9M vs $13.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Surf Air Mobility Inc. generated $106.6M in revenue in fiscal year 2025. This represents a decrease of 10.8% from the prior year.
Surf Air Mobility Inc.'s EBITDA was -$67.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 30.2% from the prior year.
Surf Air Mobility Inc. reported -$110.6M in net income in fiscal year 2025. This represents a decrease of 47.6% from the prior year.
Surf Air Mobility Inc. earned $-3.15 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
Surf Air Mobility Inc. generated -$70.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 6.1% from the prior year.
Surf Air Mobility Inc. held $12.7M in cash against $14.4M in long-term debt as of fiscal year 2025.
Surf Air Mobility Inc. had 73M shares outstanding in fiscal year 2025.
Margins & Returns
Surf Air Mobility Inc.'s gross margin was 3.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.0 percentage points from the prior year.
Surf Air Mobility Inc.'s operating margin was -72.1% in fiscal year 2025, reflecting core business profitability. This is down 21.7 percentage points from the prior year.
Surf Air Mobility Inc.'s net profit margin was -103.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 41.0 percentage points from the prior year.
Capital Allocation
Surf Air Mobility Inc. invested $5.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 49.5% from the prior year.
SRFM Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $25.6M-3.2% | $26.4M-9.3% | $29.2M+6.3% | $27.4M+16.7% | $23.5M-16.2% | $28.0M-1.2% | $28.4M-12.3% | $32.4M |
| Cost of Revenue | $25.9M0.0% | $25.9M-6.2% | $27.7M+15.0% | $24.1M-2.6% | $24.7M-5.8% | $26.2M-4.6% | $27.5M-0.8% | $27.7M |
| Gross Profit | -$333K-166.9% | $498K-67.0% | $1.5M-55.2% | $3.4M+381.1% | -$1.2M-165.6% | $1.8M+105.5% | $890K-80.8% | $4.6M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $6.1M-67.4% | $18.6M+65.8% | $11.2M-11.3% | $12.6M+16.0% | $10.9M+173.7% | -$14.8M-3658.8% | $415K-97.9% | $19.6M |
| Operating Income | -$13.4M+48.4% | -$25.9M-56.8% | -$16.5M-3.6% | -$15.9M+14.2% | -$18.6M-329.0% | $8.1M+193.9% | -$8.6M+65.8% | -$25.3M |
| Interest Expense | $1.2M-46.5% | $2.3M-29.7% | $3.3M-13.6% | $3.8M-3.3% | $3.9M+32.1% | $2.9M+41.3% | $2.1M+9.2% | $1.9M |
| Income Tax | -$39K+80.6% | -$201K-224.2% | -$62K+3.1% | -$64K-20.8% | -$53K+72.4% | -$192K-1271.4% | -$14K+60.0% | -$35K |
| Net Income | -$20.3M+45.1% | -$36.9M-35.5% | -$27.2M+2.8% | -$28.0M-51.6% | -$18.5M-1559.8% | $1.3M+110.3% | -$12.2M+54.7% | -$27.0M |
| EPS (Diluted) | $-0.26 | N/A | $-0.64+52.2% | $-1.34-22.9% | $-1.09 | N/A | $-0.94 | $-2.31 |
SRFM Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $120.8M-8.2% | $131.7M+23.3% | $106.8M-17.2% | $129.0M+22.5% | $105.3M-15.1% | $124.1M+26.7% | $97.9M-7.3% | $105.5M |
| Current Assets | $21.1M-31.9% | $30.9M+40.5% | $22.0M-43.1% | $38.7M+93.8% | $20.0M-41.0% | $33.9M+139.0% | $14.2M-10.7% | $15.9M |
| Cash & Equivalents | $4.2M-67.1% | $12.7M+79.4% | $7.1M-68.7% | $22.6M+240.7% | $6.6M-68.6% | $21.1M+4071.3% | $506K-65.3% | $1.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $3.7M-5.7% | $3.9M-22.0% | $5.0M-5.1% | $5.3M+12.2% | $4.7M+11.1% | $4.3M-2.4% | $4.4M-2.8% | $4.5M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | $0 | N/A | N/A |
| Total Liabilities | $177.4M-4.9% | $186.5M-6.4% | $199.3M-18.5% | $244.5M+1.5% | $240.9M-1.3% | $244.1M+4.5% | $233.5M-0.1% | $233.6M |
| Current Liabilities | $132.9M-0.5% | $133.6M+51.6% | $88.1M-9.2% | $97.1M+5.4% | $92.1M+2.7% | $89.6M-32.7% | $133.1M-28.8% | $186.8M |
| Long-Term Debt | $13.8M-4.4% | $14.4M-76.5% | $61.1M+0.7% | $60.7M+0.6% | $60.3M+0.8% | $59.9M+238.2% | $17.7M-3.5% | $18.3M |
| Total Equity | -$63.2M-15.2% | -$54.9M+40.7% | -$92.6M+19.9% | -$115.5M+14.9% | -$135.6M-13.0% | -$120.0M+11.5% | -$135.6M-5.9% | -$128.1M |
| Retained Earnings | -$808.3M-2.6% | -$788.0M-4.9% | -$751.1M-3.8% | -$723.9M-4.0% | -$695.9M-2.7% | -$677.4M+0.2% | -$678.7M-1.8% | -$666.5M |
SRFM Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$12.3M+33.3% | -$18.4M+5.0% | -$19.3M-81.7% | -$10.6M+32.7% | -$15.8M+33.0% | -$23.6M-91.6% | -$12.3M-119.0% | -$5.6M |
| Capital Expenditures | $2.8M+60.9% | $1.7M-1.0% | $1.7M+43.2% | $1.2M-4.6% | $1.3M-86.0% | $9.1M+625.1% | $1.3M+77.7% | $705K |
| Free Cash Flow | -$15.0M+25.3% | -$20.1M+4.7% | -$21.1M-77.8% | -$11.9M+30.6% | -$17.1M+47.7% | -$32.7M-140.8% | -$13.6M-114.4% | -$6.3M |
| Investing Cash Flow | -$3.5M-46.8% | -$2.4M-5.8% | -$2.3M-26.1% | -$1.8M-330.9% | $782K-8.6% | $856K+146.4% | -$1.8M+1.8% | -$1.9M |
| Financing Cash Flow | $7.3M-79.8% | $36.4M+2971.5% | $1.2M-96.4% | $32.8M+5952.2% | $542K-98.7% | $43.3M+227.8% | $13.2M+74.1% | $7.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SRFM Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -1.3%-3.2pp | 1.9%-3.3pp | 5.2%-7.1pp | 12.3%+17.4pp | -5.1%-11.6pp | 6.5%+3.4pp | 3.1%-11.2pp | 14.3% |
| Operating Margin | -52.1%+45.7pp | -97.8%-41.3pp | -56.6%+1.5pp | -58.1%+20.9pp | -79.0%-107.9pp | 28.9%+59.3pp | -30.4%+47.6pp | -78.0% |
| Net Margin | -79.1%+60.3pp | -139.4%-46.2pp | -93.3%+8.8pp | -102.1%-23.5pp | -78.6%-83.1pp | 4.5%+47.6pp | -43.1%+40.3pp | -83.4% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -16.8%+11.2pp | -28.0%-2.5pp | -25.5%-3.8pp | -21.7%-4.2pp | -17.5%-18.6pp | 1.0%+13.5pp | -12.5%+13.1pp | -25.6% |
| Current Ratio | 0.16-0.1 | 0.23-0.0 | 0.25-0.1 | 0.40+0.2 | 0.22-0.2 | 0.38+0.3 | 0.11+0.0 | 0.09 |
| Debt-to-Equity | -0.22+0.0 | -0.26+0.4 | -0.66-0.1 | -0.53-0.1 | -0.44+0.1 | -0.50-0.4 | -0.13+0.0 | -0.14 |
| FCF Margin | -58.6%+17.3pp | -76.0%-3.7pp | -72.3%-29.0pp | -43.2%+29.4pp | -72.6%+43.8pp | -116.5%-68.7pp | -47.8%-28.2pp | -19.6% |
Note: Shareholder equity is negative (-$54.9M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.23), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Surf Air Mobility Inc.'s annual revenue?
Surf Air Mobility Inc. (SRFM) reported $106.6M in total revenue for fiscal year 2025. This represents a -10.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Surf Air Mobility Inc.'s revenue growing?
Surf Air Mobility Inc. (SRFM) revenue declined by 10.8% year-over-year, from $119.4M to $106.6M in fiscal year 2025.
Is Surf Air Mobility Inc. profitable?
No, Surf Air Mobility Inc. (SRFM) reported a net income of -$110.6M in fiscal year 2025, with a net profit margin of -103.8%.
What is Surf Air Mobility Inc.'s EBITDA?
Surf Air Mobility Inc. (SRFM) had EBITDA of -$67.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Surf Air Mobility Inc. have?
As of fiscal year 2025, Surf Air Mobility Inc. (SRFM) had $12.7M in cash and equivalents against $14.4M in long-term debt.
What is Surf Air Mobility Inc.'s gross margin?
Surf Air Mobility Inc. (SRFM) had a gross margin of 3.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Surf Air Mobility Inc.'s operating margin?
Surf Air Mobility Inc. (SRFM) had an operating margin of -72.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Surf Air Mobility Inc.'s net profit margin?
Surf Air Mobility Inc. (SRFM) had a net profit margin of -103.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Surf Air Mobility Inc.'s free cash flow?
Surf Air Mobility Inc. (SRFM) generated -$70.1M in free cash flow during fiscal year 2025. This represents a -6.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Surf Air Mobility Inc.'s operating cash flow?
Surf Air Mobility Inc. (SRFM) generated -$64.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Surf Air Mobility Inc.'s total assets?
Surf Air Mobility Inc. (SRFM) had $131.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Surf Air Mobility Inc.'s capital expenditures?
Surf Air Mobility Inc. (SRFM) invested $5.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Surf Air Mobility Inc.'s current ratio?
Surf Air Mobility Inc. (SRFM) had a current ratio of 0.23 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Surf Air Mobility Inc.'s debt-to-equity ratio?
Surf Air Mobility Inc. (SRFM) had a debt-to-equity ratio of -0.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Surf Air Mobility Inc.'s return on assets (ROA)?
Surf Air Mobility Inc. (SRFM) had a return on assets of -84.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Surf Air Mobility Inc.'s cash runway?
Based on fiscal year 2025 data, Surf Air Mobility Inc. (SRFM) had $12.7M in cash against an annual operating cash burn of $64.2M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Surf Air Mobility Inc.'s debt-to-equity ratio negative or unusual?
Surf Air Mobility Inc. (SRFM) has negative shareholder equity of -$54.9M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Surf Air Mobility Inc.'s Altman Z-Score?
Surf Air Mobility Inc. (SRFM) has an Altman Z-Score of -10.13, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Surf Air Mobility Inc.'s Piotroski F-Score?
Surf Air Mobility Inc. (SRFM) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Surf Air Mobility Inc.'s earnings high quality?
Surf Air Mobility Inc. (SRFM) has an earnings quality ratio of 0.58x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Surf Air Mobility Inc. cover its interest payments?
Surf Air Mobility Inc. (SRFM) has an interest coverage ratio of -5.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Surf Air Mobility Inc.?
Surf Air Mobility Inc. (SRFM) scores 28 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.