Every 10-Q that Surf Air Mobility Inc. (SRFM) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow SRFM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SRFM filings page.
Surf Air Mobility Inc. reports continued operating losses and liquidity pressure for the quarter and six months ended June 30, 2026. Total assets were $140.7 million, versus liabilities of $183.2 million, leaving a shareholders’ deficit of $42.5 million, an improvement from a $54.9 million deficit at December 31, 2025.
Revenue was $29.5 million for the quarter and $55.1 million for the first half of 2026. The company recorded a quarterly net loss of $28.1 million and a six‑month net loss of $48.4 million, with operating cash outflow of $13.4 million. Cash and restricted cash totaled $18.5 million at June 30, 2026.
Management discloses substantial doubt about the ability to continue as a going concern, citing recurring losses, negative operating cash flows, a working capital deficit and multiple defaults. Federal excise tax liabilities were $11.1 million and property taxes about $0.9 million, both in default status.
To support liquidity, the company raised $14.3 million from direct stock offerings, received $25.0 million in advances under its GEM Share Purchase Agreement and closed an initial $7.0 million tranche of senior secured debentures tied to aircraft financing, alongside complex convertible note structures and significant ongoing financing commitments.
Surf Air Mobility Inc. reported first-quarter 2026 revenue of $25.6 million, up from $23.5 million a year earlier, as on-demand charter growth offset lower scheduled revenue. The company still posted a net loss of $20.3 million, slightly larger than the $18.5 million loss in 2025, and an operating loss of $13.4 million.
Cash fell to $4.2 million from $12.7 million at year-end, with total assets of $120.8 million against $177.4 million of liabilities and a shareholders’ deficit of $63.2 million. Management discloses substantial doubt about the company’s ability to continue as a going concern, citing working capital deficits, negative operating cash flow and defaults on certain tax and debt obligations.
The company carries a $9.9 million federal excise tax liability and $0.9 million in unpaid property taxes, and is in default on a SAFE-T note. Convertible notes measured at fair value total $58.9 million. To fund operations, Surf Air raised $12 million through draws on a share purchase agreement with GEM, issuing 4.35 million shares, and converted $1.9 million of convertible debt into equity. It also issued 3.51 million shares to the holder of its High Trail Convertible Note in lieu of $6 million in cash payments, with related make-whole and put features.
Strategically, the company amended its aircraft purchase agreement with Textron Aviation, reducing firm Cessna Caravan commitments to four aircraft in 2026, and entered a new agreement with BETA Technologies to buy 25 all-electric CX300 ALIA aircraft, with options for up to 75 more through 2030, representing more than $90 million in future purchase commitments. Management is pursuing cost controls, technology investments and additional financing options but notes that failure to secure capital or meet strategic plans could materially affect its ability to operate.
Surf Air Mobility Inc. (SRFM) reported Q3 2025 results and raised substantial doubt about its ability to continue as a going concern. Revenue was $29.2 million for the quarter and $80.1 million year-to-date, while the company posted a Q3 net loss of $27.2 million and a nine‑month net loss of $73.7 million. Cash was $7.1 million at September 30, 2025, against total liabilities of $199.3 million and a shareholders’ deficit of $92.6 million.
Management disclosed defaults on certain taxes and debt obligations, including federal excise taxes of $8.9 million and property taxes of approximately $0.8 million, while noting release of prior Los Angeles County aircraft tax liens after payments of $1.0 million. To fund operations, the company received $31.4 million through issuances of common stock (or pre‑funded warrants) and drew $19.0 million under its Share Purchase Agreement with GEM, issuing 5,692,349 shares. Long‑term borrowings include $47.7 million under the Comvest Credit Agreement at SOFR + 5% due in 2028. Shares outstanding were 52,266,051 as of November 7, 2025.
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.