Stonegate Capital Partners Updates Coverage On Surf Air Mobility Inc. (SRFM) 2025 Q3

Rhea-AI Summary

Surf Air Mobility (NYSE: SRFM) reported 3Q25 results and Stonegate Capital Partners updated coverage on November 13, 2025. Key metrics: revenue $29.2M, Adjusted EBITDA ($9.9M), and Adjusted EPS ($0.64). Revenue exceeded guidance with 6% sequential growth and 3% year-over-year, driven by a 42% increase in On Demand. Airline operations delivered a second consecutive quarter of positive Adjusted EBITDA. Subsequent to the quarter SRFM closed a $100M strategic transaction in November 2025 to fund SurfOS and refinance debt, which refinanced higher-cost debt and reduced annual cash interest. Stonegate says these actions position SRFM for Phase 3 of its transformation plan expected to begin in FY26.

Positive

• Revenue of $29.2M in 3Q25
• Revenue +6% sequential and +3% YoY
• On Demand volume +42%
• Closed a $100M strategic transaction in November 2025
• Airline operations: second consecutive quarter of positive Adjusted EBITDA

Negative

• Adjusted EBITDA loss of $9.9M in 3Q25
• Adjusted EPS of ($0.64)

Dallas, Texas--(Newsfile Corp. - November 13, 2025) - Surf Air Mobility Inc. (NYSE: SRFM): Stonegate Capital Partners updates their coverage on Surf Air Mobility Inc. (NYSE: SRFM). SRFM reported revenue, Adj. EBITDA, and Adj. EPS of $29.2M, ($9.9)M, and ($0.64), respectively. This performance reflects continued progress on the Transformation Plan, driven by improved airline operations. Operational reliability continued to improve, supported by a strengthened systems operations center and a more experienced aviation team. Subsequent to the quarter SRFM made significant capital structure improvements, which refinanced higher-cost debt and reduced annual cash interest. Collectively, these capital actions and operating improvements position SRFM with a more sustainable capital structure and a clearer path toward scale. We believe the Company is now better positioned to begin Phase 3 of its transformation plan which we expect will begin in FY26.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• In 3Q25, revenue was $29.2M exceeding guidance with 6% sequential growth and 3% year over year as On Demand rose 42%.
• Adjusted EBITDA loss was $9.9M, in line with guidance while airline operations delivered a second consecutive quarter of positive Adjusted EBITDA.
• SRFM closed a $100M strategic transaction in November of 2025 to fund SurfOS and refinance debt.

Click image above to view full announcement.

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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 services 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/274440

FAQ

What were Surf Air Mobility (SRFM) 3Q25 revenue and EPS reported on November 13, 2025?

SRFM reported $29.2M revenue and Adjusted EPS ($0.64) for 3Q25.

How did Surf Air Mobility (SRFM) On Demand perform in 3Q25?

On Demand rose 42% in 3Q25 versus the prior year quarter.

What was Surf Air Mobility (SRFM) 3Q25 Adjusted EBITDA and guidance status?

Adjusted EBITDA was a $9.9M loss, reported in line with guidance.

What capital action did Surf Air Mobility (SRFM) complete after 3Q25?

SRFM closed a $100M strategic transaction in November 2025 to fund SurfOS and refinance debt.

How did Surf Air Mobility (SRFM) improve operations in 3Q25?

Operational reliability improved via a strengthened systems operations center and a more experienced aviation team.

When does Stonegate expect Surf Air Mobility (SRFM) to begin Phase 3 of its transformation plan?

Stonegate expects Phase 3 to begin in fiscal 2026 (FY26).