Stonegate Capital Partners Updates Coverage On Surf Air Mobility Inc. (SRFM) 1Q26
Rhea-AI Summary
Surf Air Mobility (NYSE: SRFM) reported 1Q26 revenue of $25.6M, at the high end of guidance and up 9% year over year. Adjusted EBITDA loss was $12.3M, better than guidance for a $15.5M–$13.5M loss.
Surf On Demand revenue rose 77% y/y to $10.1M, with revenue per flight up 38% and gross margin expanding about 340 bps. Management maintained FY26 revenue guidance of $128M–$138M and improved FY26 adjusted EBITDA loss guidance by about 40%. Stonegate notes traction in SurfOS and a FY27 EV/revenue multiple of 1.3x versus peer average 2.4x.
AI-generated analysis. Not financial advice.
Positive
- 1Q26 revenue $25.6M, at high end of guidance and +9% y/y
- 1Q26 adjusted EBITDA loss $12.3M, better than guided $15.5M–$13.5M loss
- Surf On Demand revenue $10.1M, up 77% year over year
- On Demand revenue per flight +38% and gross margin up ~340 bps
- FY26 revenue guidance maintained at $128M–$138M
- FY26 adjusted EBITDA loss guidance improved by approximately 40%
- FY27 EV/Revenue multiple 1.3x versus peer group at 2.4x
Negative
- Company still reported an adjusted EBITDA loss of $12.3M in 1Q26
News Market Reaction – SRFM
On the day this news was published, SRFM declined 0.80%, reflecting a mild negative market reaction. Argus tracked a trough of -9.2% from its starting point during tracking. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $1M from the company's valuation, bringing the market cap to $124.37M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
SRFM fell 7.41% while peers were mixed: MESA up 1.45%, FLYX down 6.49%, SNCY down 0.98%, ULCC down 4.45%, VLRS down 2.4%. Moves do not show a unified sector direction.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 11 | Q1 2026 earnings | Positive | -7.4% | Revenue at high end of guidance and Adjusted EBITDA loss beat outlook. |
| May 06 | SurfOS launch plan | Positive | +24.6% | Outlined SurfOS commercial launch targeting large charter and MRO market. |
| Apr 28 | Earnings date notice | Neutral | -4.5% | Announced timing and webcast details for Q1 2026 results release. |
| Apr 27 | SurfOS modules launch | Positive | -1.8% | Introduced new SurfOS modules for fuel and crew reserve optimization. |
| Apr 22 | Insider participation raise | Positive | +15.9% | Insiders participated in capital raise tied to 2026 plan and SurfOS. |
Stock reactions to recent positive operational and earnings updates have been mixed, with several instances of negative or muted moves after seemingly constructive news.
Over the last month, SRFM has focused on its 2026 plan and SurfOS strategy. On Apr 22, insiders and directors participated in a $30M capital raise, with the stock rising 15.91%. Subsequent SurfOS feature launches on Apr 27 and the earnings-date announcement on Apr 28 drew small declines. A detailed SurfOS commercial launch update on May 6 saw a 24.55% gain, but the strong Q1 2026 earnings on May 11 coincided with a 7.41% drop, showing inconsistent reactions to execution milestones.
Regulatory & Risk Context
An effective S-3 shelf filed on 2026-03-13 registers the resale of up to 6,131,995 already-outstanding shares by selling stockholders. The company receives no proceeds from these resales, which may occur through various public or private transaction types.
Market Pulse Summary
This announcement reinforces earlier Q1 2026 results, highlighting $25.6M in revenue at the high end of guidance and an adjusted EBITDA loss of $12.3M, better than forecast. Strong Surf On Demand growth, margin improvement, and maintained FY26 revenue guidance of $128M–$138M underscore the transformation plan. Investors may monitor execution on SurfOS commercialization, ongoing cost controls, capital-raising activity, and how the stock’s discount to cited EV/Revenue peers evolves over time.
Key Terms
adjusted EBITDA financial
gross margin financial
ev/revenue financial
AI-generated analysis. Not financial advice.
Dallas, Texas--(Newsfile Corp. - May 13, 2026) - Surf Air Mobility Inc. (NYSE: SRFM): Stonegate Capital Partners Updates Coverage on Surf Air Mobility Inc. (NYSE: SRFM). SRFM's 1Q26 results showed continued execution under the transformation plan, with revenue of
To view the full announcement, including downloadable images, bios, and more, click here.
Key Takeaways:
- Transformation plan is beginning to show operating leverage. 1Q26 revenue of
$25.6M came in at the high end of guidance, while adjusted EBITDA loss of$(12.3)M beat guidance, supported by route rationalization, On Demand margin expansion, and tighter cost controls. - On Demand and SurfOS are becoming the core growth/margin drivers. Surf On Demand revenue increased
77% y/y to$10.1M , with revenue per flight up38% and gross margin up ~340 bps, while BrokerOS and OperatorOS traction suggest SurfOS is moving toward a commercial software platform. - FY26 setup improved as guidance de-risked and valuation remains discounted. Management maintained FY26 revenue guidance of
$128M -$138M and improved adjusted EBITDA loss guidance by ~40% , while SRFM trades at 1.3x FY27 EV/Revenue versus comps at 2.4x, supporting potential multiple re-rating if execution continues.
Click image above to view full announcement.
About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.
Contacts:
Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com
Source: Stonegate, Inc.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297315