Surf Air Mobility (SRFM) Q4 2025 earnings summary

Executive summary

• Achieved full-year profitability in airline operations (positive Adjusted EBITDA) for 2025, driven by operational improvements, cost efficiencies, and strategic investments in operations, software, and capital structure.

• Recalibrated on-demand charter business, improving flight margins and expanding revenue, especially in the second half of 2025.

• Transitioning from stabilization to growth, with 2026 revenue guidance raised by 20%-30% year-over-year, integrating operational expertise, SurfOS infrastructure, and strategic partnerships.

• Strategic focus on platform development, electrification, and digital infrastructure, including partnerships with BETA Technologies and Palantir.

Financial highlights

• Q4 2025 revenue: $26.4 million, down 6% year-over-year and 9% sequentially; full-year 2025 revenue: $106.6 million, down 10.8% from 2024, with scheduled service revenue down 15% and on-demand charter revenue up 3%.

• Adjusted EBITDA loss for Q4 2025: just under $8 million; full-year Adjusted EBITDA loss: $41.7 million, a 5% improvement over 2024.

• Q4 net loss was $36.9 million versus net income of $1.3 million in Q4 2024; full-year net loss increased to $110.5 million from $74.9 million.

• Net debt reduced 47% to $74 million at year-end 2025, aided by $100 million equity raise and $48 million convertible note conversion.

Outlook and guidance

• 2026 revenue guidance: $128 million-$138 million, representing 20%-30% year-over-year growth, with growth weighted to the second half.

• 2026 Adjusted EBITDA loss expected between $40 million-$50 million, reflecting continued investment in SurfOS and strategic initiatives.

• Q1 2026 revenue guidance: $24 million-$26 million; Adjusted EBITDA loss: $15.5 million-$13.5 million.

• Commercialization of SurfOS expected to drive revenue in the second half of 2026.