SRFM

Company Overview — What Does SURF AIR MOBILITY INC. Do?

Surf Air Mobility is building a regional air mobility ecosystem that will aim to sustainably connect the world’s communities. Leveraging the combined operations of Surf Air and Southern, we intend to accelerate the adoption of green flying by developing, together with our commercial partners, hybrid-electric and fully-electric powertrain technology to upgrade existing fleets, and by creating a financing and services infrastructure to enable this transition on an industry-wide level. We believe bringing electrified aircraft to market at scale will substantially reduce the cost and environmental impact of regional flying, and that such reductions are achievable by the end of the decade. Additionally, we believe operating as a publicly traded company and having efficient access to growth capital will allow us to accelerate the implementation of our strategic plan. Surf Air Inc. was incorporated under the laws of Delaware in 2011, and Surf Air Global Limited (formerly incorporated as Surf Airlines Inc.) was formed under the laws of the British Virgin Islands and became the parent company of the Surf Air group in 2016. Surf Air Mobility Inc. was incorporated in 2021. Surf Air is expanding the category of regional air travel, connecting underutilized regional airports and private terminals to create a “shared private” customer experience and a high frequency “commercial-like” air service, using small turboprop aircraft. Surf Air currently provides a regional air mobility platform with scheduled routes and on-demand charter flights operated by third parties that operate under Part 135 of Title 14 of the U.S. Code of Federal Regulations (“Part 135”) and intends to develop powertrain technology with its commercial partners to electrify existing fleets, which it believes will reduce operating costs and emissions, starting with a hybrid-electric and a fully-electric variant of the Cessna Grand Caravan EX, which is one of the most prolific family of aircraft in the single engine turboprop category with approximately 3,000 aircraft in use worldwide. Founded in 2013 as a Delaware corporation, as of March 31, 2023, Southern is the largest commuter airline in the United States and the largest passenger operator of Cessna Caravans in the United States by scheduled departures. As of March 31, 2023, Southern served 40 U.S. cities across six U.S. time zones and in the Mariana Islands. Southern ceased serving the Mariana Islands as of April 1, 2023. Southern has multi-year contracts with the U.S. federal government to operate Essential Air Service (“EAS”) routes, which ensures small communities in the United States can maintain a minimum level of scheduled air services. The Southern Acquisition will result in a combined regional airline network servicing U.S. cities across the Mid-Atlantic, Gulf South, Midwest, Rocky Mountains, West Coast, New England and Hawaii. Surf Air and Southern together served over 99,000 passengers across 44 cities with over 18,000 departures for the three months ended March 31, 2023. For the three months ended March 31, 2023, Surf Air generated $5.5 million in revenue and Southern generated $22.7 million in revenue, an increase of 14.3% and an increase of 35.6%, respectively, compared to the three months ended March 31, 2022. Surf Air and Southern together served over 450,000 passengers across 48 cities with over 75,000 departures in 2022. Surf Air and Southern together served over 330,000 passengers in 2021, and over 150,000 passengers in 2020. For the year ended December 31, 2022, Surf Air generated $20.3 million in revenue and Southern generated $80.7 million in revenue, compared to $11.8 million in revenue and $57.7 million in revenue, respectively, for the year ended December 31, 2021 and $7.5 million in revenue and $38.2 million in revenue, respectively, for the year ended December 31, 2020. We expect the combination of Surf Air and Southern will provide the basis for SAM’s expanded, nationwide regional air mobility platform. SAM intends to electrify its existing fleet utilizing hybrid-electric and fully-electric powertrain technology once it is fully designed and developed, and certified by the Federal Aviation Administration (“FAA”) as part of the issuance of the Supplemental Type Certificate (“STC”). We are planning for FAA approval of our hybrid-electric and fully-electric Cessna Grand Caravan EX STCs to occur by the end of 2025, followed by the commercialization of the technology. SAM has relationships with leading players across the value chain, which SAM believes provides significant competitive advantages as it pursues the scaling of its point-to-point regional air mobility ecosystem and the implementation of its aircraft electrification plans. SAM intends to be the exclusive supplier of hybrid-electric and battery electric propulsion systems for the Cessna Grand Caravan EX to Textron Aviation Inc. (“TAI”), one of the largest general aviation OEMs in the world by units sold. The effectiveness of SAM’s agreements with TAI are contingent upon SAM’s shares being publicly traded on a U.S. national securities exchange. SAM’s electrification and certification partner, AeroTEC, a leading aerospace engineering firm with experience in fully-electrified aircraft, has agreed to work exclusively with SAM to develop and obtain STCs for modified Cessna Caravans, and magniX, developer of one of the most powerful electric motors currently being certified, has agreed to exclusively sell certain electrified propulsion systems to SAM, subject to completion of conceptual design review and the execution of definitive agreements. Upon completion of conceptual design review SAM, AeroTEC and magniX have agreed to enter into further definitive agreements in relation to the remaining development steps for the STC. SAM and Jetstream Aviation Capital have entered into a Master Agreement to finance up to $450 million to fund the planned growth of SAM’s fleet of turboprop aircraft. In addition, Southern and SkyWest Airlines are partnered to provide a pilot hiring and training pathway, SAM has entered into a Memorandum of Understanding with Signature Flight Support for Fixed Base Operator (“FBO”) services and the support of SAM’s existing and future network and SAM has contracted with Palantir to leverage Palantir’s Foundry platform to support SAM’s planned growth across a range of business applications. Surf Air, Inc. was incorporated under the laws of Delaware in 2011, and Surf Air Global Ltd. was formed under the laws of the British Virgin Islands and became the parent company of the Surf Air group in 2016. SAM was incorporated under the laws of Delaware on January 5, 2021. SAM is a wholly-owned subsidiary of Surf Air formed for the purpose of holding all of the equity securities, assets, business and operations of Surf Air and Southern. The mailing address of SAM’s principal executive office is 12111 S. Crenshaw Boulevard, Hawthorne, California. SURF AIR MOBILITY INC. (SRFM) is classified as a micro-cap stock in the Industrials sector, specifically within the Transportation industry. The company is led by CEO Sudhin Shahani. With a market capitalization of $90M, SRFM is one of the notable companies in the Industrials sector.

SURF AIR MOBILITY INC. (SRFM) Stock Rating — Avoid (April 2026)

As of April 2026, SURF AIR MOBILITY INC. receives a Avoid rating with a composite score of 21.2/100 and 1 out of 5 stars from the Blank Capital Research quantitative model.SRFM ranks #4,334 out of 4,446 stocks in our coverage universe. Within the Industrials sector, SURF AIR MOBILITY INC. ranks #739 of 752 stocks, placing it in the lower half of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

SRFM Stock Price and 52-Week Range

SURF AIR MOBILITY INC. (SRFM) currently trades at $1.18. The stock gained $0.02 (1.6%) in the most recent trading session. The 52-week high for SRFM is $9.91, which means the stock is currently trading -88.1% from its annual peak. The 52-week low is $1.36, putting the stock -13.3% above its annual trough. Recent trading volume was 1.7M shares, reflecting moderate market activity.

Is SRFM Overvalued or Undervalued? — Valuation Analysis

SURF AIR MOBILITY INC. (SRFM) carries a value factor score of 12/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-sales ratio is 0.82x, compared to 0.50x for the average Industrials stock.

At current multiples, SURF AIR MOBILITY INC. trades at a premium to most Industrials peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

SURF AIR MOBILITY INC. Profitability — ROE, Margins, and Quality Score

SURF AIR MOBILITY INC. (SRFM) earns a quality factor score of 28/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 63.5%, compared to the Industrials sector average of 8.9%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at -65.2% versus the sector average of 3.3%.

On a margin basis, SURF AIR MOBILITY INC. reports gross margins of 5.0%, compared to 35.8% for the sector. The operating margin is -56.0% (sector: 6.2%). Net profit margin stands at -79.2%, versus 3.9% for the average Industrials stock. Revenue growth is running at -9.9% on a trailing basis, compared to 6.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

SRFM Debt, Balance Sheet, and Financial Health

SURF AIR MOBILITY INC. has a debt-to-equity ratio of -70.0%, compared to the Industrials sector average of 70.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 0.23x, which may signal near-term liquidity tightness. Total debt on the balance sheet is $17M. Cash and equivalents stand at $7M.

SRFM has a beta of 2.29, meaning it is more volatile than the broader market — a $10,000 investment in SRFM would be expected to move 129.1% more than the S&P 500 on any given day. The stability factor score for SURF AIR MOBILITY INC. is 10/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

SURF AIR MOBILITY INC. Revenue and Earnings History — Quarterly Trend

In TTM 2026, SURF AIR MOBILITY INC. reported revenue of $108M and earnings per share (EPS) of $-3.15. Net income for the quarter was $-86M. Gross margin was 5.0%. Operating income came in at $-60M.

In FY 2025, SURF AIR MOBILITY INC. reported revenue of $107M and earnings per share (EPS) of $-3.15. Net income for the quarter was $-111M. Revenue grew -10.8% year-over-year compared to FY 2024. Operating income came in at $-77M.

In Q3 2025, SURF AIR MOBILITY INC. reported revenue of $29M and earnings per share (EPS) of $-0.64. Net income for the quarter was $-27M. Revenue grew 2.8% year-over-year compared to Q3 2024. Operating income came in at $-17M.

In Q2 2025, SURF AIR MOBILITY INC. reported revenue of $27M and earnings per share (EPS) of $-1.34. Net income for the quarter was $-28M. Revenue grew -15.2% year-over-year compared to Q2 2024. Operating income came in at $-16M.

Over the past 8 quarters, SURF AIR MOBILITY INC. has demonstrated a growth trajectory, with revenue expanding from $32M to $108M. Investors analyzing SRFM stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

SRFM Dividend Yield and Income Analysis

SURF AIR MOBILITY INC. (SRFM) does not currently pay a dividend. This is common among smaller companies in the Transportation industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.

SRFM Momentum and Technical Analysis Profile

SURF AIR MOBILITY INC. (SRFM) has a momentum factor score of 12/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 36/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 37/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.

SRFM vs Competitors — Industrials Sector Ranking and Peer Comparison

Within the Industrials sector, SURF AIR MOBILITY INC. (SRFM) ranks #739 out of 752 stocks based on the Blank Capital composite score. This places SRFM in the lower half of all Industrials stocks in our coverage universe. Key competitors and sector peers include South Bow Corp (SOBO) with a score of 56.5/100, TSAKOS ENERGY NAVIGATION LTD (TEN) with a score of 61.4/100, Great Lakes Dredge & Dock CORP (GLDD) with a score of 56.7/100, Tri Pointe Homes, Inc. (TPH) with a score of 57.3/100, and Clear Channel Outdoor Holdings, Inc. (CCO) with a score of 52.2/100.

Comparing SRFM against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full SRFM vs S&P 500 (SPY) comparison to assess how SURF AIR MOBILITY INC. stacks up against the broader market across all factor dimensions.

SRFM Next Earnings Date

No upcoming earnings date has been announced for SURF AIR MOBILITY INC. (SRFM) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy SRFM? — Investment Thesis Summary

The quantitative profile for SURF AIR MOBILITY INC. suggests caution. The quality score of 28/100 flags below-average profitability. The value score of 12/100 indicates premium valuation. Momentum is weak at 12/100, a headwind for near-term performance. High volatility (stability score 10/100) increases portfolio risk.

In summary, SURF AIR MOBILITY INC. (SRFM) earns a Avoid rating with a composite score of 21.2/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on SRFM stock.

Related Resources for SRFM Investors

Explore more research and tools: SRFM vs S&P 500 comparison, top Industrials stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare SRFM head-to-head with peers: SRFM vs SOBO, SRFM vs TEN, SRFM vs GLDD.