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What is Surf Air's gross profit margin?

Did Surf Air beat or miss consensus estimates last quarter?

What factors drove the changes in Surf Air's revenue and profit?

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- **2026 Growth Ambition**: 20-30% revenue growth (vs 2025) driven by on-demand charter expansion and SurfOS commercialization.
- **BETA Electric Aircraft**: 25-unit order with 30%+ operating cost savings, first demo flights in 2026.
- **Hawaii Investment**: $22M expansion to position as electric aviation hub, including new MRO facility.
- **Financial Health**: 2025 adjusted EBITDA loss reduced 5% to $41.7M; net debt cut 47% to $74M.
- **Platform Play**: SurfOS software monetization begins in 2026, targeting 30%+ margin enterprise deals.

**【CEO Summary Section】**
- Achieved 8 consecutive quarters of meeting/beat guidance, with 2025 Airline Operations reaching full-year profitability (positive adjusted EBITDA). 
- 2026 revenue guidance raised 20-30% YoY, driven by on-demand charter growth and partial SurfOS contributions.
- Secured 25 BETA electric aircraft order (cargo/passenger CTOL/VTOL variants), with first deliveries expected in 2026.
- Committed $22M to Hawaii infrastructure expansion, including new planes, lounges, and MRO facility.
- Announced exclusive MRO partnership with BETA for electric aircraft servicing in Hawaii.
- Terminated $50-100M Caravan Electrification program, refocusing on BETA partnership and software monetization.

**【CFO Financial Commentary】**
- 2025 full-year revenue: $106.6M (down 11% YoY) with adjusted EBITDA loss of $41.7M (5% improvement vs 2024).
- Q4 2025 revenue: $26.4M (down 6% YoY), with adjusted EBITDA loss of $8M (19% sequential improvement).
- 2026 guidance: Revenue $128-138M (20-30% YoY growth), adjusted EBITDA loss $40-50M.
- Net debt reduced 47% to $74M in 2025 via equity raises and convertible note conversions.

**【Q&A Key Highlights】**
- **BETA Aircraft Economics**: 30%+ operating cost improvement vs legacy Caravans (30x fewer maintenance days/year).
- **SurfOS Rollout**: BrokerOS already generating 2025 revenue; OperatorOS in closed beta with 17 operators.
- **Electric Aircraft Timeline**: CTOL cargo demo flights in 2026, passenger service pending certification.
- **Balance Sheet Outlook**: 2026 capex focused on Hawaii expansion and SurfOS commercialization, with no material debt impact.
- **On-Demand Growth**: Powered by Surf On Demand program adding independent brokers, driving 36% YoY on-demand revenue growth.


Surf Air Mobility Inc. (SRFM) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 2025 revenue of $29.2 million exceeded guidance, driven by 40% on-demand revenue increase and 36% cost reduction.
- **SurfOS Commercialization**: Exited beta phase with $26 million capital allocation; 7 LOIs secured, targeting 2026 product launches.
- **Electrification Progress**: 2027 Supplemental Type Certificate pursuit with Textron Aviation, 4 new hybrid-electric aircraft deliveries in 2026.
- **Balance Sheet Strength**: $52 million debt reduction in 2025; $100 million strategic financing in Q3 2025 reduces annualized interest expense by $5.5 million.
- **Q4 Outlook**: Revenue guidance of $25.5-$27.5 million reflects strategic route exits, with full-year guidance raised to $105 million.

**【CEO Summary Section】**
- **Revenue Growth and Operational Efficiency**: Q3 2025 revenue of $29.2 million exceeded guidance, driven by a 40% increase in on-demand revenue. Sequential growth of 6% and year-over-year improvement of 3% reflect operational efficiency gains, including a 36% reduction in on-demand expenses.
- **SurfOS Commercialization Progress**: Secured $26 million of new capital for SurfOS development, with 7 Letters of Intent (LOIs) from brokers and operators. Q3 2025 marked the end of beta testing, with plans to launch 3 flagship products (BrokerOS, OperatorOS, OwnerOS) in 2026.
- **Electrification and Network Expansion**: Targeting a Supplemental Type Certificate for electrified powertrains by 2027. Exclusive agreement with Textron Aviation for hybrid-electric aircraft distribution, with 4 new Caravan deliveries planned for 2026.
- **Balance Sheet Strengthening**: Reduced debt by $52 million in 2025, including $35 million liability elimination through convertible note conversions. Secured $100 million strategic financing in November 2025, reducing annualized cash interest expense by $5.5 million.

**【CFO Financial Commentary】**
- **Q3 2025 Financials**: Adjusted EBITDA loss of $9.9 million within guidance range, driven by improved operational metrics (on-time departure, controllable completion factor). Airline operations achieved second consecutive quarter of profitability.
- **Strategic Financing Breakdown**: $26 million allocated to SurfOS development; $74 million convertible note used to refinance debt, reducing interest expense. $35 million liability elimination through note conversions.
- **2025 Guidance Update**: Raised full-year revenue guidance to at least $105 million, reaffirming airline operations profitability. Q4 2025 revenue outlook of $25.5-$27.5 million reflects exit of unprofitable routes.

**【Q&A Highlights】**
- **SurfOS Commercialization Timeline**: Expected to generate revenue in 2026, with commercialization plan and pricing model details to be announced in coming months.
- **Debt-Free Path**: CFO Oliver Reeves stated the company sees a path to becoming debt-free through gradual debt reduction and convertible note conversions.
- **Government Shutdown Impact**: No operational disruptions; EAS subsidies remain intact despite DOT suspension notices.
- **AI Strategy Clarity**: Co-Founder Sudhin Shahani emphasized focus on vertical AI applications with Palantir, avoiding foundational model investments.

Surf Air Mobility Inc. (SRFM) Q3 2025 Earnings Call Transcript

- **Revenue Growth & Profitability**: Q2 revenue $27.4M (+17% sequential), EBITDA loss $9.5M (vs. $10M-$13M guidance). Airline operations profitable, controllable completion factor 95%.
- **SurfOS Momentum**: 6 LOI clients for 2026 commercial launch; beta testing with Palantir integration. Monetization strategy to be disclosed post-beta.
- **Capital Strength**: $45M raised in Q2, reducing interest costs by $2.9M annually. 2026 expansion plans include new aircraft, routes, and electrification.
- **Strategic Partnerships**: Exclusivity with Palantir for Part 135 software sales; 90 Electra aircraft deliveries planned with 2027-2028 certification.

**【CEO Summary Section】**
- Q2 2025 revenue of $27.4 million exceeded guidance, growing 17% sequentially (20% in scheduled services, 5% in on-demand). Adjusted EBITDA loss of $9.5 million improved $4.8 million vs. Q1.
- Achieved profitability in airline operations, with controllable completion factor rising to 95% (from 82% in Q1). Signed Japan Airlines interline agreement and renewed $14M Essential Air Service contracts.
- On-demand business saw June margins turn positive, July sales highest since launch. SurfOS platform features like BrokerOS and OperatorOS rolled out, with full network deployment by year-end.
- Raised $45M in Q2, reducing debt and enabling operational acceleration. 2026 plans include new Cessna aircraft deliveries and commercial SurfOS rollout with 6 LOI clients.

**【CFO Financial Commentary】**
- Q2 GAAP revenue $27.4M, beating $23.5M-$26.5M guidance. Sequential growth driven by 20% scheduled service expansion (controllable completion factor 95%) and 5% on-demand margin improvement.
- Capital raise of $44.7M (including $27M registered direct offering) reduced shares outstanding to 43M, saving $2.9M annually in interest. Q3 guidance: $27M-$28.5M revenue, EBITDA loss $8.5M-$10M.
- Full-year 2025 outlook reaffirmed: >$100M revenue, airline operations profitability. 2026 expansion includes new routes, aircraft, and SurfOS commercialization.

**【Q&A Key Highlights】**
- **SurfOS Go-to-Market**: Beta phase focusing on use cases; monetization strategy to be determined post-beta. Target 2026 rollout with take-rate model tied to efficiency gains. Market potential $75B-$115B globally by 2035.
- **Electrification Progress**: 90 Electra aircraft deliveries planned, with first flight demo in June. Certification timeline 2027-2028, pending strategic partner announcements.
- **EAS Contribution**: 46% of scheduled service revenue tied to Essential Air Service. Jet Cards sold but not yet redeemed, minimal Q2 impact.
- **Palantir Partnership**: Exclusive rights to sell Palantir-powered software to Part 135 operators, with potential joint bids for larger projects.
- **Operational Upside**: Middle innings of optimization; full OperatorOS deployment by year-end expected to drive further profitability improvements.

Surf Air Mobility Inc. (SRFM) Q2 2025 Earnings Call Transcript

- **Q1 Strong Execution**: Revenue $23.5M (high end of guidance), Adjusted EBITDA loss $14.4M, with $5M post-Q1 funding to support transformation.
- **EAS Resilience**: 40% revenue from EAS; $7.6M annual subsidies secured despite potential $308M budget cut risk.
- **SurfOS Innovation**: ATC modernization partnership with DOT/FAA; 4 software modules nearing commercialization in 2026.
- **Operational Efficiency**: Flight completion factor >92% in Q2, targeting 96% pre-expansion; 50% cost reduction potential with electric powertrains.
- **2025 Growth Path**: Full-year >$100M revenue; airline operations profitability target for FY2025.

**【CEO Opening Remarks】**
- **Economic & Regulatory Environment**: Discussed impacts of new administration policies on regional air mobility, emphasizing minimal tariff exposure due to domestic operations and aircraft sourcing (Textron Aviation).
- **EAS Program Update**: EAS represents ~40% of revenue; 2025 FAA Reauthorization Act's cost-based bidding advantage secured $7.6M annual subsidies for PA & HI routes. Monitoring potential $308M EAS budget cut closely.
- **SurfOS Expansion**: Demonstrated SurfOS to DOT/FAA for ATC modernization, highlighting 4 modules (Tower OS, Resource Planning, Safety Hub, Crew App) with potential fee-based commercialization.
- **Q1 Financials**: Revenue $23.5M (high end of $21-24M guidance), Adjusted EBITDA loss $14.4M. Raised $5M post-Q1 to support transformation plan.
- **Operational Progress**: 
  - Fleet optimization: Returned 5 older aircraft, targeting Cessna Grand Caravan efficiency.
  - Maintenance backlog cleared, flight completion factor >92% in Q2 vs 96% pre-expansion target.
  - Customer satisfaction improvement: Southern Airways CSAT scores up vs H2 2024.
  - New interline agreement with Japan Airlines for Hawaii connectivity, joining 4 other carriers (143M+ combined customers).
  - Jet Card launch & volume purchase agreements to recalibrate on-demand business profitability.

**【CFO Financial Review】**
- **Q1 Results**: 
  - Revenue $23.5M (-23% YoY scheduled, -25% YoY on-demand due to unprofitable route exits).
  - Adjusted EBITDA loss $14.4M (vs $10-13M Q2 guidance).
  - Fuel costs benefiting from lower hydrocarbon prices; expects 50% cost reduction with electric powertrains.
- **Capital Management**: 
  - Extended debt maturities to FY28, raised $5M via registered direct offering.
  - Investing in maintenance, software, & electrification initiatives.
- **2025 Outlook**: 
  - Full-year revenue >$100M.
  - Airline operations profitability target for FY2025.
  - Q2 revenue $23.5-26.5M, EBITDA loss $10-13M.

**【Q&A Highlights】**
1. **EAS Budget Cuts**: Low-cost positioning gives competitive edge; exploring alternatives if subsidies reduced. Hawaii routes deemed core due to commuter dependency.
2. **Route Strategy**: No new Tier 1 routes until 2026; focusing on profitable recalibration of on-demand business via pre-buy agreements.
3. **SurfOS Commercialization**: Beta testing with operator partners; plans for 2026 commercial rollout of modular software solutions.
4. **Japan Airlines Partnership**: First international interline agreement; targeting global expansion beyond Pacific region.


Surf Air Mobility Inc. (SRFM) Q1 2025 Earnings Call Transcript

- **Revenue Milestones**: Q4 2024 revenue of $28.05M exceeded guidance, with full-year growth of 6% to $119.4M.
- **Profitability Target**: 2025 airline operations to achieve positive adjusted EBITDA through route optimization and cost control.
- **SurfOS Impact**: Beta users report 50% reduction in on-demand sales team and 20% drop in call center traffic; commercial rollout in 2026.
- **Electrification Progress**: Cessna Caravan STC on track for 2027, with 7 customer MOUs for 100 aircraft upgrades.
- **Cost Efficiency**: $42M liability reduction in 2024; Q1 2025 term loan lowers cost of capital for transformation execution.

**【CEO Summary Section】**
- **Revenue Growth**: Q4 2024 revenue reached $28.05 million, exceeding the upper end of guidance. Full-year revenue rose 6% to $119.4 million.
- **Profitability Progress**: Adjusted EBITDA loss improved by 63% in Q4 to $6.9 million, and full-year loss decreased by 13% to $44.1 million.
- **Transformation Plan**: Phase 1 (transformation) completed; Phase 2 (optimization) focuses on achieving airline profitability in 2025 through route rationalization, fleet modernization, and cost control.
- **Fleet Modernization**: 4 new Cessna Caravan aircraft added in Q4, with 5 older models returned to lessors in Q1 2025. Fleet life cycle management program reduces operating costs.
- **SurfOS Platform**: Rolled out to 6 beta users in Q1 2025, with features like dynamic pricing, crew scheduling, and maintenance tools. On-demand sales team reduced by 50%, call center traffic down 20%.
- **Electrification Initiative**: Cessna Caravan STC on track for 2027 certification. Signed MOUs with 7 customers for 100 aircraft upgrades, and partnership with Electra Aero for eSTOL technology.

**【CFO Financial Commentary】**
- **Q4 2024 Financials**: GAAP net loss of $11.9 million, with non-GAAP EPS of $0.18. On-demand revenue surged 58% due to higher sales and flight completions.
- **Cost Management**: $42 million in liability reductions in 2024, exceeding 50% reduction target. $50 million term loan secured in November 2024 lowered cost of capital.
- **2025 Outlook**: Guided for full-year revenue of $100+ million and airline operations profitability. Q1 2025 revenue expected between $21-24 million, with adjusted EBITDA loss of $12-15 million.

**【Q&A Key Highlights】**
- **EAS Contract Timing**: DOT delays in awarding new EAS contracts could extend current routes with higher subsidies, benefiting 2025 revenue.
- **SurfOS Monetization**: Beta customers testing broker and operator platforms; commercial rollout planned for 2026. Early feedback highlights direct-to-consumer tools and efficiency gains.
- **Cost Reductions**: 50% reduction in on-demand sales team and 20% drop in call center traffic via SurfOS tools. Maintenance backlog resolution in Q1 2025 supports profitability goals.
- **Liquidity Confidence**: Strategic capital raises will focus on high-return opportunities, with 2025 execution of transformation plan supported by strengthened balance sheet.

Actual	-21.98	-9.52	-10.36	-3.36	-2.31	-0.94	0.81	-1.09	-1.34	-0.64	-0.08
Forecast	-4.62	-1.26	-1.995	-1.33	-2.24	-1.05	-0.67	-1.075	-1.09	-0.72	-0.35
Surprise	-375.76%	-655.56%	-419.30%	-152.63%	-3.13%	+10.48%	+220.90%	-1.40%	-22.94%	+11.11%	+77.14%

Actual	6.20M	28.88M	27.40M	30.62M	32.37M	28.39M	28.05M	23.51M	27.43M	29.17M	26.40M
Forecast	28.60M	29.03M	25.68M	29.14M	29.41M	26.32M	26.78M	23.87M	25.25M	27.87M	26.22M
Surprise	-78.34%	-0.51%	+6.68%	+5.09%	+10.03%	+7.86%	+4.72%	-1.52%	+8.64%	+4.68%	+0.70%

SRFM

SRFM fundamentals

SRFM Q4 2025 Earnings

Earnings Call

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SRFM

SRFM fundamentals

SRFM Q4 2025 Earnings

Earnings Call

SRFM Earnings Call Summary for Q4/20255:00 PM on Mar 12, 2026

SRFM Earnings Call Summary for Q3/20255:00 PM on Nov 12, 2025

SRFM Earnings Call Summary for Q2/20255:00 PM on Aug 12, 2025

SRFM Earnings Call Summary for Q1/20255:00 PM on May 13, 2025

SRFM Earnings Call Summary for Q4/20245:00 PM on Mar 18, 2025

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