What guidance did Surf Air's management provide for the next earnings period?

What is Surf Air's gross profit margin?

What is the revenue and EPS growth rate for Surf Air year over year?

What were the key takeaways from Surf Air's earnings call?

What were the key takeaways from Surf Air’s earnings call?

What is Surf Air's latest dividend and current dividend yield?

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

What does Surf Air do and what are its main business segments?

- **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

You can ask Aime

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

You can ask Aime