NYSE : SRFM
Surf Air Mobility Inc. — Financial statements
Industrials · Airlines · United States
Last price 0.7905 USD (Oct 30, 2026, 9:09 AM EDT) · Market cap 97.74M
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Financial statements
Surf Air Mobility Inc. (SRFM) reported revenue of 110.74M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 110.74M | 106.56M | 119.42M | 60.51M | 20.27M | 11.80M |
| Cost of Revenue | 109.00M | 102.38M | 109.93M | 61.92M | 24.82M | 14.49M |
| Gross Profit | 1.74M | 4.18M | 9.49M | -1.41M | -4.55M | -2.70M |
| Selling, General & Admin | 57.44M | 61.46M | 37.37M | 110.70M | 42.04M | 26.64M |
| Research & Development | 9.11M | 10.30M | 24.04M | 20.85M | 3.29M | 2.96M |
| Operating Expenses | 76.27M | 81.06M | 69.75M | 135.31M | 46.35M | 30.65M |
| Operating Income | -74.53M | -76.87M | -60.26M | -136.72M | -50.90M | -33.35M |
| Interest Expense | -8.01M | -13.21M | -8.62M | -2.97M | -596.00K | -2.14M |
| Other Non Operating Income (Expenses) | -26.36M | -16.95M | -11.72M | -53.94M | -28.81M | -985.00K |
| EBT Excluding Unusual Items | -108.90M | -107.03M | -80.59M | -193.63M | -80.31M | -36.48M |
| Impairment of Goodwill | -60.05M | |||||
| Other Unusual Items | -3.94M | -3.90M | 5.40M | -326.00K | 5.95M | 691.00K |
| Pretax Income | -112.84M | -110.94M | -75.19M | -254.00M | -74.36M | -35.78M |
| Income Tax Expense | -355.00K | -380.00K | -287.00K | -3.30M | ||
| Net Income | -112.49M | -110.56M | -74.91M | -250.70M | -74.36M | -35.78M |
| Net Income to Common | -112.49M | -110.56M | -74.91M | -250.70M | -74.36M | -35.78M |
| Shares Outstanding (Basic) | 69.48M | 35.10M | 12.91M | 5.64M | 1.93M | 27.48M |
| Shares Outstanding (Diluted) | 69.48M | 35.10M | 12.91M | 5.64M | 1.93M | 27.48M |
| EPS (Basic) | -1.62 | -3.15 | -5.80 | -44.46 | -38.58 | -1.30 |
| EPS (Diluted) | -1.62 | -3.15 | -5.80 | -44.46 | -38.58 | -1.30 |
| Free Cash Flow | -64.22M | -70.10M | -66.08M | -71.96M | -28.14M | -24.07M |
| Free Cash Flow Per Share | -0.92 | -2.00 | -5.12 | -12.76 | -14.60 | -0.88 |
| Gross Margin | 1.57% | 3.92% | 7.95% | -2.33% | -22.44% | -22.86% |
| Operating Margin | -67.30% | -72.14% | -50.46% | -225.97% | -251.08% | -282.68% |
| Profit Margin | -101.58% | -103.75% | -62.72% | -414.34% | -366.79% | -303.31% |
| Free Cash Flow Margin | -57.99% | -65.78% | -55.33% | -118.93% | -138.78% | -203.99% |
| EBITDA | -64.82M | -67.58M | -51.91M | -132.96M | -49.88M | -32.30M |
| EBITDA Margin | -58.53% | -63.42% | -43.47% | -219.75% | -246.01% | -273.76% |
| D&A For EBITDA | 9.71M | 9.29M | 8.34M | 3.76M | 1.03M | 1.05M |
| EBIT | -74.53M | -76.87M | -60.26M | -136.72M | -50.90M | -33.35M |
| EBIT Margin | -67.30% | -72.14% | -50.46% | -225.97% | -251.08% | -282.68% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 18.43M | 12.67M | 21.11M | 1.72M | 6.00K | 719.00K |
| Cash & Short-Term Investments | 18.43M | 12.67M | 21.11M | 1.72M | 6.00K | 719.00K |
| Receivables | 4.78M | 3.93M | 4.26M | 4.96M | 161.00K | 15.00K |
| Inventory | 301.00K | |||||
| Prepaid Expenses | 5.02M | 5.00M | 3.20M | 4.71M | 7.75M | 1.20M |
| Other Current Assets | 13.11M | 9.32M | 5.31M | 6.04M | ||
| Total Current Assets | 41.34M | 30.92M | 33.88M | 17.74M | 7.92M | 1.94M |
| Property, Plant & Equipment | 67.54M | 58.91M | 60.37M | 60.15M | 1.77M | 703.00K |
| Other Intangible Assets | 18.60M | 20.07M | 23.12M | 26.66M | 1.29M | 1.94M |
| Other Long-Term Assets | 13.25M | 21.78M | 6.69M | 6.44M | 2.72M | 2.98M |
| Total Assets | 140.73M | 131.68M | 124.06M | 110.99M | 13.70M | 7.56M |
| Accounts Payable | 22.15M | 18.44M | 17.98M | 18.85M | 12.89M | 14.04M |
| Accrued Expenses | 28.70M | 34.58M | 28.39M | 52.77M | 13.43M | 13.20M |
| Short-Term Debt | 2.42M | 2.27M | 5.86M | 3.00M | 149.00K | 109.00K |
| Current Portion of Long-Term Debt | 57.24M | 44.99M | 2.54M | 12.89M | 15.95M | 23.06M |
| Current Portion of Leases | 4.55M | 4.37M | 5.60M | 6.00M | 903.00K | |
| Current Unearned Revenue | 30.16M | 17.92M | 17.39M | 19.01M | 7.82M | 5.16M |
| Other Current Liabilities | 12.57M | 11.05M | 11.86M | 27.58M | 6.26M | |
| Total Current Liabilities | 157.78M | 133.61M | 89.61M | 140.11M | 57.40M | 55.58M |
| Long-Term Debt | 11.05M | 39.57M | 67.23M | 20.62M | 37.71M | 408.00K |
| Long-Term Leases | 10.97M | 9.38M | 12.95M | 8.32M | 246.00K | |
| Long-Term Unearned Revenue | 2.70M | |||||
| Other Long-Term Liabilities | 3.39M | 3.97M | 74.27M | 16.73M | 9.76M | 5.91M |
| Total Liabilities | 183.19M | 186.54M | 244.06M | 188.47M | 105.12M | 61.89M |
| Common Stock | 12.00K | 7.00K | 2.00K | 1.00K | 1.00K | 186.00K |
| Additional Paid-In Capital | 793.92M | 733.13M | 557.44M | 525.05M | 126.33M | 100.97M |
| Retained Earnings | -836.39M | -788.00M | -677.44M | -602.53M | -351.84M | -277.48M |
| Total Common Equity | -42.46M | -54.86M | -120.00M | -77.48M | -225.50M | -176.32M |
| Shareholders' Equity | -42.46M | -54.86M | -120.00M | -77.48M | -91.42M | -54.33M |
| Total Liabilities & Equity | 140.73M | 131.68M | 124.06M | 110.99M | 13.70M | 7.56M |
| Total Debt | 86.22M | 100.58M | 94.17M | 50.83M | 54.96M | 23.58M |
| Net Cash (Debt) | -67.79M | -87.91M | -73.07M | -49.11M | -54.95M | -22.86M |
| Net Cash Per Share | -0.98 | -2.50 | -5.66 | -8.71 | -28.51 | -0.83 |
| Filing Date Shares Outstanding | 123.64M | 76.99M | 16.95M | 11.54M | 39.96M | 26.57M |
| Total Common Shares Outstanding | 119.14M | 73.08M | 16.93M | 10.88M | 39.96M | 26.57M |
| Working Capital | -116.45M | -102.69M | -55.73M | -122.38M | -49.48M | -53.64M |
| Book Value Per Share | -0.36 | -0.75 | -7.09 | -7.12 | -5.64 | -6.64 |
| Tangible Book Value | -61.06M | -74.92M | -143.12M | -104.15M | -226.79M | -178.26M |
| Tangible Book Value Per Share | -0.51 | -1.03 | -8.45 | -9.57 | -5.68 | -6.71 |
| Machinery | 55.53M | 48.76M | 43.45M | 45.38M | 256.00K | 244.00K |
| Leasehold Improvements | 4.91M | 2.19M | 2.30M | 2.48M | 656.00K | 622.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -112.49M | -110.56M | -74.91M | -250.70M | -74.36M | -35.78M |
| Depreciation & Amortization | 9.71M | 9.29M | 8.34M | 3.76M | 1.03M | 1.05M |
| Other Amortization | 738.00K | 1.73M | 252.00K | 97.00K | 46.00K | |
| Loss (Gain) From Sale of Assets | 1.23M | 954.00K | -743.00K | 117.00K | ||
| Asset Writedown & Restructuring Costs | 60.05M | |||||
| Stock-Based Compensation | 8.50M | 10.06M | -5.98M | 48.25M | 12.45M | 3.19M |
| Other Operating Activities | 32.08M | 22.79M | 11.74M | 49.38M | 21.76M | -614.00K |
| Change in Accounts Receivable | 531.00K | 328.00K | 708.00K | -262.00K | -146.00K | 287.00K |
| Change in Accounts Payable | 3.45M | 2.49M | 9.53M | 2.66M | 1.34M | 2.95M |
| Change in Unearned Revenue | 12.31M | 531.00K | -4.33M | 2.88M | 3.95M | 2.08M |
| Change in Other Net Operating Assets | -7.19M | -1.78M | 1.07M | 19.51M | 5.90M | 2.79M |
| Operating Cash Flow | -51.12M | -64.16M | -54.32M | -64.37M | -28.04M | -23.93M |
| Capital Expenditures | -13.10M | -5.94M | -11.76M | -7.59M | -99.00K | -137.00K |
| Sale of Property, Plant & Equipment | 1.18M | 2.68M | 10.49M | |||
| Divestitures | 678.00K | |||||
| Sale (Purchase) of Intangibles | -4.03M | -2.46M | -2.35M | -190.00K | -199.00K | -124.00K |
| Investing Cash Flow | -15.96M | -5.71M | -3.61M | -7.10M | -298.00K | -261.00K |
| Long-Term Debt Issued | 68.06M | 81.55M | 34.22M | 26.21M | 3.50M | |
| Long-Term Debt Repaid | -96.37M | -6.80M | -1.65M | -5.00K | ||
| Total Debt Repaid | -119.36M | -96.37M | -6.80M | -1.65M | -5.00K | |
| Net Debt Issued (Repaid) | -44.33M | -28.32M | 74.75M | 32.57M | 26.20M | 3.50M |
| Issuance of Common Stock | 35.39M | 52.47M | 20.00K | 25.32M | 72.00K | 1.00K |
| Repurchase of Common Stock | -380.00K | -380.00K | -1.27M | |||
| Other Financing Activities | 67.33M | 47.18M | 2.41M | 13.38M | ||
| Financing Cash Flow | 58.01M | 70.96M | 77.17M | 72.99M | 27.67M | 18.25M |
| Net Cash Flow | -9.06M | 1.09M | 19.24M | 1.52M | -662.00K | -5.94M |
| Free Cash Flow | -64.22M | -70.10M | -66.08M | -71.96M | -28.14M | -24.07M |
| Free Cash Flow Margin | -57.99% | -65.78% | -55.33% | -118.93% | -138.78% | -203.99% |
| Free Cash Flow Per Share | -0.92 | -2.00 | -5.12 | -12.76 | -14.60 | -0.88 |
| Levered Free Cash Flow | -47.27M | -42.72M | -93.89M | 26.74M | -17.67M | -9.46M |
| Unlevered Free Cash Flow | -43.00M | -36.19M | -88.75M | 28.50M | -17.34M | -8.12M |
| Cash Interest Paid | 5.91M | 9.12M | 3.41M | 577.00K | ||
| Change in Working Capital | 9.11M | 1.57M | 6.97M | 24.79M | 11.04M | 8.11M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 87.66M | 122.65M | 86.00M | 114.12M | ||
| Enterprise Value | 155.45M | 204.88M | 179.46M | 169.52M | ||
| Last Close Price | 0.76 | 1.94 | 5.39 | 10.85 | ||
| PS Ratio | 0.79 | 1.15 | 0.72 | 1.89 | ||
| PB Ratio | -2.24 | -0.72 | -1.47 | |||
| EV/Sales Ratio | 1.41 | 1.92 | 1.50 | 2.80 | ||
| Debt / Equity Ratio | -2.03 | -1.83 | -0.79 | -0.66 | -0.60 | -0.43 |
| Net Debt / Equity Ratio | -1.60 | -1.60 | -0.61 | -0.63 | -0.60 | -0.42 |
| Net Debt / EBITDA Ratio | -1.05 | -1.30 | -1.41 | -0.37 | -1.10 | -0.71 |
| Net Debt / FCF Ratio | -1.06 | -1.25 | -1.11 | -0.68 | -1.95 | -0.95 |
| Asset Turnover | 0.82 | 0.83 | 1.02 | 0.97 | 1.91 | 1.23 |
| Quick Ratio | 0.15 | 0.12 | 0.28 | 0.05 | 0.00 | 0.01 |
| Current Ratio | 0.26 | 0.23 | 0.38 | 0.13 | 0.14 | 0.04 |
| Return on Assets (ROA) | -34.54% | -37.57% | -32.05% | -137.07% | -299.37% | -216.39% |
| Return on Capital Employed (ROCE) | 437.10% | 3,985.20% | -174.90% | 469.40% | 116.50% | 69.50% |
| Earnings Yield | -228.36% | -90.14% | -87.10% | -219.67% | ||
| FCF Yield | -73.07% | -57.15% | -76.84% | -63.06% | ||
| Buyback Yield / Dilution | -316.34% | -171.89% | -128.98% | -192.50% | 92.99% | -84.58% |