Stonegate Capital Partners Updates Coverage On Surf Air Mobility Inc. (SRFM) 2Q26
Rhea-AI Summary
Surf Air Mobility (NYSE: SRFM) reported 2Q26 revenue of $29.5M, up 8% year over year and 15% sequentially, reaching the high end of its $27M–$30M guidance despite elevated fuel costs and Hawaii weather disruption. Adjusted EBITDA loss was $10.5M, narrower than $12.3M in 1Q26 but wider than $9.5M in 2Q25.
Surf On Demand revenue grew 101% y/y to $12.1M, with departures up about 67% and revenue per flight up 25%. SurfOS advanced with Wheels Up as the first Enterprise BrokerOS customer under a contract worth up to $12M. Management reaffirmed FY26 revenue and adjusted EBITDA guidance, while post‑quarter financing reduced convertible principal by 64% and monthly cash amortization by up to 50%.
Positive
- 2Q26 revenue $29.5M, up 8% y/y and 15% q/q, at high end of guidance
- Adjusted EBITDA loss $10.5M, improved from $12.3M in 1Q26
- Surf On Demand revenue $12.1M, up 101% y/y; departures +~67%, revenue per flight +25%
- SurfOS contract with Wheels Up worth up to $12M, creating initial software revenue stream
- FY26 revenue and adjusted EBITDA guidance reaffirmed by management
- Convertible principal reduced 64% and monthly cash amortization cut by up to 50% post‑quarter
Negative
- Adjusted EBITDA loss $10.5M, wider than $9.5M loss in 2Q25
- Ongoing losses despite revenue growth and efficiency efforts
- Operational headwinds from elevated fuel costs, Hawaii weather disruption, and route exits impacting scheduled service
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 05 | Investor conference attendance | Neutral | -0.1% | Management scheduled investor meetings at the Needham industrial technology conference. |
| Aug 04 | Investor presentation update | Neutral | +5.5% | Company published an updated investor presentation on its investor relations website. |
| Aug 03 | Shareholder letter | Positive | +2.7% | Chairman outlined reduced debt, improved profitability, and a SurfOS contract worth up to $12 million. |
| Jul 24 | NYSE listing notice | Negative | +0.5% | NYSE notified the company of noncompliance with the $1.00 minimum average closing price. |
| Jul 24 | Earnings date announcement | Neutral | +0.3% | Company scheduled release of second-quarter 2026 financial results for August 10. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent general-news events produced positive price reactions in four of five cases, including the largest move after an updated investor presentation.
Key Terms
adjusted ebitda financial
free cash flow conversion financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Dallas, Texas--(Newsfile Corp. - August 11, 2026) - Surf Air Mobility Inc. (NYSE: SRFM): Stonegate Capital Partners Updates Coverage on Surf Air Mobility Inc. (NYSE: SRFM). SRFM's 2Q26 results improved the forward setup, with revenue at the high end of guidance despite elevated fuel costs and Hawaii weather disruption, while the first SurfOS enterprise contract advanced commercialization. Revenue increased
To view the full announcement, including downloadable images, bios, and more, click here.
Key Takeaways:
- Revenue increased
8% y/y and15% q/q to$29.5M , reaching the high end of guidance despite elevated fuel costs and weather disruption, while the adjusted EBITDA loss narrowed sequentially to$10.5M from$12.3M . We believe the quarter supports the view that SRFM is moving beyond restructuring, with route-exit headwinds beginning to moderate and structural operating efficiencies providing a stronger foundation for earnings improvement in 2H26. - Surf On Demand remains the primary growth engine, with revenue increasing
101% y/y to$12.1M , departures up approximately67% , and revenue per flight increasing25% as mix shifted toward larger aircraft and longer flights. At the same time, SurfOS reached an important commercialization milestone with Wheels Up becoming the first Enterprise BrokerOS customer under a contract worth up to$12M , creating an initial software revenue stream and validating the broader third-party opportunity. - Management reaffirmed FY26 revenue and adjusted EBITDA guidance while 3Q26 guidance implies a meaningful sequential earnings improvement, supported by On Demand growth, improving airline economics, and initial SurfOS revenue. Post-quarter financing also reduced convertible principal by
64% and monthly cash amortization by up to50% , which we believe lowers financing pressure and gives SRFM greater flexibility to deploy working capital into charter supply and improve On Demand margins as free cash flow conversion strengthens.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/309256