Surf Air Mobility Inc. SEC Filings

Surf Air Mobility Inc. (SRFM) reported lower six-month revenue of $50.9 million versus $63.0 million a year earlier and a net loss of $46.5 million compared with $63.9 million for the same period in 2024, showing narrower but still substantial losses. Operating losses decreased to $34.5 million for the six months ended June 30, 2025 from $59.7 million. Cash, cash equivalents and restricted cash totaled $27.5 million at June 30, 2025, supported by net equity proceeds of $31.4 million during the period. The balance sheet shows total assets of $128.98 million against total liabilities of $244.47 million, producing a shareholders' deficit of $115.48 million. The company disclosed defaults on federal excise taxes ($8.8 million) and property taxes (~$1.8 million), a defaulted SAFE-T note ($0.5 million principal), and a Mandatory Convertible Security outstanding principal of $29.1 million with a fair-value liability of $18.4 million. Management states that these factors raise substantial doubt about the company’s ability to continue as a going concern.

Surf Air Mobility Inc. furnished a press release announcing its financial results for the quarter ended June 30, 2025. The press release is attached to this Form 8-K as Exhibit 99.1, and the filing includes an Inline XBRL cover page as Exhibit 104. The company explicitly states these materials are furnished, not filed, so they are not subject to Section 18 liabilities and are not incorporated by reference into other filings except where expressly specified. This 8-K itself does not present revenue, earnings, cash flow, balance sheet figures, or other operating metrics; it only notifies investors that the results release has been furnished and directs readers to Exhibit 99.1 for the detailed financial information. The filing identifies the registrant as Surf Air Mobility, trading as SRFM on the New York Stock Exchange, and is signed by Chief Financial Officer Oliver Reeves.

Surf Air Mobility Inc. (Ticker: SRFM) has filed a Form S-8 to register an additional 4,575,255 shares of common stock for issuance under its Amended & Restated 2023 Equity Incentive Plan and Employee Stock Purchase Plan (ESPP).

The newly registered shares consist of:

• 3,500,000 shares approved by shareholders at the 2025 annual meeting
• 846,685 shares added via the plan’s 2025 evergreen increase
• 114,285 shares added via the ESPP’s 2025 evergreen increase
• 114,285 shares added via the ESPP’s 2024 evergreen increase

Surf Air Mobility remains a non-accelerated filer, smaller reporting company, and emerging growth company. The filing is largely administrative, incorporating prior S-8 registrations from July 26 2023 and August 14 2024 and adding required exhibits, legal opinions, and consents.

Key investment takeaway: the additional share pool supports employee retention and incentives but also introduces incremental potential dilution to existing shareholders.

Surf Air Mobility director Edward A. Mady received two grants of restricted stock units (RSUs) on June 26, 2025:

• 62,857 RSUs that were fully vested upon grant, converting immediately to common stock
• 33,724 RSUs that vest on the earlier of the first anniversary of grant or the day before the next annual stockholder meeting, subject to continued service

Following these transactions, Mady directly owns 123,314 shares of common stock. The filing notes that a 1-for-7 reverse stock split occurred on August 19, 2024, which is reflected in the reported share counts. All RSUs convert to common stock on a 1-for-1 basis upon vesting, and were granted at $0 exercise price.

Surf Air Mobility Director Tyler Painter received significant stock awards on June 26, 2025, strengthening his equity position in the company. The transactions included:

• 62,857 RSUs granted and fully vested immediately at $0 exercise price
• 33,724 RSUs granted with vesting conditions: full vesting occurs at earlier of first anniversary or day before next annual stockholder meeting

Following these transactions, Painter's total beneficial ownership consists of 111,547 shares held directly and 182 shares held indirectly through the Tyler and Sonia Painter 2020 Trust. The RSU grants suggest continued alignment between director compensation and shareholder interests, with a mix of immediate and time-based vesting structures.

Surf Air Mobility Inc. (SRFM) – Form 4 Insider Transaction

Director Bruce L. Hack reported two equity awards dated 26 June 2025:

• 62,857 fully-vested restricted stock units (RSUs) granted at $0.00 per share. These shares were immediately settled in common stock.
• 33,724 RSUs granted at $0.00 per share; they will vest in full on the earlier of (i) the first anniversary of the grant date or (ii) the day immediately preceding the first annual shareholder meeting following the grant, subject to Mr. Hack’s continued service.

After the two grants, Mr. Hack’s direct beneficial ownership increased from an estimated 77,823 shares to 111,547 shares of SRFM common stock.

The filing references SRFM’s 1-for-7 reverse stock split effected 19 August 2024, which is already reflected in the share counts.

No derivative securities, open-market purchases, or sales were reported. All transactions were coded “A” (acquisition) and carried no cash consideration, indicating routine board compensation rather than a market signal.

Surf Air Mobility director John J. D'Agostino reported two significant restricted stock unit (RSU) acquisitions on June 26, 2025:

• 62,857 RSUs granted and fully vested immediately upon issuance at $0 cost basis
• 33,724 RSUs granted with vesting conditions, exercisable upon either the first anniversary of grant or day before the next annual stockholder meeting

Following these transactions, D'Agostino's total direct beneficial ownership increased to 117,569 shares. The filing notes a previous 1-for-7 reverse stock split executed on August 19, 2024, which is reflected in the reported share counts. The Form 4 was filed through an attorney-in-fact, Douglas Sugimoto, on June 27, 2025.