Surf Air Mobility (SRFM) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $25.6 million, up 9% year-over-year and at the high end of guidance, driven by a 77% increase in on-demand charter revenue and offset by a 13% decline in scheduled service revenue due to exiting unprofitable routes.

• Adjusted EBITDA loss improved to $12.3 million, outperforming guidance and prior year period.

• Net loss increased to $20.3 million from $18.5 million year-over-year, reflecting ongoing investment in technology, non-recurring items, and higher non-cash expenses.

• Operational discipline, efficiency improvements, and technology adoption, including SurfOS and BrokerOS, drove improved results.

• Strategic partnership with BETA Technologies includes a firm order for 25 all-electric aircraft and options for 75 more, plus exclusive MRO rights in Hawaii.

Financial highlights

• Total Q1 2026 revenue grew 9% year-over-year to $25.6 million, with scheduled service revenue down 13% and on-demand charter revenue up 77%.

• Net loss for Q1 2026 was $20.3 million, compared to $18.5 million in Q1 2025.

• Adjusted EBITDA loss improved to $12.3 million, better than guidance and $1.1 million better year-over-year.

• Operating loss was $13.4 million, improved from $18.6 million year-over-year.

• Cash used in operations was $12.3 million, an improvement from $15.8 million in Q1 2025.

Outlook and guidance

• Full-year 2026 Adjusted EBITDA loss guidance improved by 40% to $25 million–$30 million.

• Annual revenue guidance maintained at $128 million–$138 million, representing 20%–30% year-over-year growth.

• Q2 2026 revenue expected at $27 million–$30 million; Adjusted EBITDA loss guidance of $10.5 million–$8.5 million.

• Path to profitability expected to accelerate, with net loss anticipated to narrow in the second half of 2026.

• Substantial doubt remains about the ability to continue as a going concern without additional financing.