Surf Air Mobility, Inc. (SRFM) AI Stock Analysis

• Market Cap: $140.84M
• Dividend Yield: N/A
• Average Volume (3M): 2.84M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.50
• Revenue Growth: -8.51%
• EPS Growth: 82.15%
• Country: US
• Employees: 556
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): -0.64
• Shares Outstanding: 62,593,430
• 10 Day Avg. Volume: 3,161,157
• 30 Day Avg. Volume: 2,844,686
• PEG Ratio: -0.01
• Price to Book (P/B): -0.58
• Price to Sales (P/S): 0.58
• P/FCF Ratio: -1.05
• Enterprise Value/Market Cap: 1.99
• Enterprise Value/Revenue: 2.60
• Enterprise Value/Gross Profit: 84.28
• Enterprise Value/Ebitda: -5.65
• 1Y Price Target: $7.75
• Price Target Upside: 194.68% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $2.00 ▼(-23.95% Downside)

Surf Air Mobility, Inc. demonstrates strong revenue growth potential but faces significant financial challenges, including negative equity and high leverage. The technical indicators suggest a bearish trend, and the valuation reflects ongoing losses. Positive strategic moves, such as regaining NYSE compliance and securing financing, provide some optimism for future growth.

Positive Factors

Strategic Financing

The $100 million financing strengthens the balance sheet, supports Surf OS development, and positions the company for long-term growth.

Partnership with Palantir

The partnership with Palantir enhances software capabilities, potentially improving operational efficiency and market positioning.

On-Demand Business Growth

Significant growth in the on-demand segment indicates strong demand and effective market penetration, supporting future revenue streams.

Negative Factors

Negative Equity

Negative equity indicates financial instability, limiting the company's ability to leverage financing for growth and posing risks to investors.

Cash Flow Challenges

Persistent negative cash flows hinder operational flexibility and could impact the company's ability to invest in growth initiatives.

Profitability Issues

Ongoing profitability challenges reflect difficulties in cost management and achieving sustainable margins, affecting long-term viability.

Surf Air Mobility, Inc. Business Overview & Revenue Model

Company Description

Surf Air Mobility, Inc. (SRFM) is a transportation company focused on revolutionizing regional air travel through the integration of advanced electric vertical takeoff and landing (eVTOL) aircraft. The company operates within the aerospace sector and aims to provide efficient, sustainable, and affordable air travel options. Surf Air Mobility's core services include on-demand flight services, charter flights, and subscription-based travel memberships that cater to both individual and corporate clients, enhancing connectivity between urban and regional destinations.

How the Company Makes Money

Surf Air Mobility generates revenue through a multi-faceted business model that includes several key streams. Primarily, the company earns money from its subscription-based membership services, where customers pay a recurring fee for access to its flight services, offering convenience and flexibility for frequent travelers. Additionally, the company capitalizes on on-demand charter flights, charging customers based on the distance and duration of travel. Partnerships with other aviation companies, technology providers, and regional airports are also instrumental in expanding its service offerings and customer base. Furthermore, Surf Air Mobility may explore additional revenue through ancillary services, including premium in-flight experiences and partnerships with hospitality providers, thereby diversifying its income sources.

Surf Air Mobility, Inc. Financial Statement Overview

Summary

Surf Air Mobility, Inc. shows strong revenue growth potential but faces significant challenges in profitability and financial stability. The negative equity and high leverage pose substantial risks, while cash flow issues further complicate the financial outlook. The company needs to address cost management and improve its financial structure to enhance its financial health.

Income Statement

Surf Air Mobility, Inc. has shown significant revenue growth over the years, with a TTM revenue growth rate of 73.2%. However, the company struggles with profitability, as evidenced by negative net profit margins and EBIT margins. The gross profit margin is low at 2.53% for TTM, indicating challenges in cost management. Overall, the income statement reflects growth potential but significant profitability issues.

Balance Sheet

The balance sheet reveals a concerning financial structure with negative stockholders' equity and a negative debt-to-equity ratio, indicating high leverage and financial instability. The return on equity is misleadingly positive due to negative equity, and the equity ratio is also negative. These factors suggest a high-risk financial position.

Cash Flow

The cash flow statement shows consistent negative operating and free cash flows, although there is a slight improvement in free cash flow growth. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is above 1, suggesting that free cash flow is less negative than net income, but overall cash flow health remains weak.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	108.16M	119.42M	60.51M	20.27M	11.80M	7.50M
Gross Profit	3.33M	9.49M	-5.17M	-5.58M	-3.75M	-3.53M
EBITDA	-49.73M	-58.24M	-247.27M	-72.74M	-32.59M	-19.04M
Net Income	-72.41M	-74.91M	-250.70M	-74.36M	-35.78M	-23.44M
Balance Sheet
Total Assets	106.79M	124.06M	110.99M	13.70M	7.56M	11.71M
Cash, Cash Equivalents and Short-Term Investments	7.06M	21.11M	1.72M	6.00K	719.00K	7.40M
Total Debt	23.63M	92.49M	47.45M	30.25M	23.47M	20.39M
Total Liabilities	199.34M	244.06M	188.47M	235.79M	180.58M	153.25M
Stockholders Equity	-92.56M	-120.00M	-77.48M	-222.09M	-173.03M	-141.54M
Cash Flow
Free Cash Flow	-83.89M	-68.43M	-72.15M	-28.14M	-24.19M	-9.03M
Operating Cash Flow	-69.37M	-54.32M	-64.37M	-28.04M	-23.93M	-8.73M
Investing Cash Flow	-2.44M	-3.61M	-7.10M	-298.00K	-261.00K	302.00K
Financing Cash Flow	77.81M	77.17M	72.99M	27.67M	18.25M	14.18M

Surf Air Mobility, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.63
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SRFM, the sentiment is Negative. The current price of 2.63 is above the 20-day moving average (MA) of 2.22, below the 50-day MA of 3.44, and below the 200-day MA of 3.58, indicating a bearish trend. The MACD of -0.30 indicates Negative momentum. The RSI at 34.83 is Neutral, neither overbought nor oversold. The STOCH value of 40.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SRFM.

Surf Air Mobility, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SNCY	74 Outperform	$781.76M	14.13	9.99%	―	4.27%	28.47%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ALGT	58 Neutral	$1.57B	―	-25.37%	―	3.29%	-983.31%
ULCC	50 Neutral	$1.33B	―	-27.87%	―	1.77%	-1964.48%
FLYX	47 Neutral	$332.43M	―	―	―	―	―
SRFM	47 Neutral	$140.84M	―	―	―	-8.51%	82.15%
MESA	38 Underperform	$55.26M	-0.31	-509.71%	―	-15.06%	-119.79%

Surf Air Mobility, Inc. Corporate Events

Surf Air Mobility Regains NYSE Compliance

On November 20, 2025, Surf Air Mobility Inc. announced that it had regained compliance with the New York Stock Exchange’s listing standards, resolving a previous non-compliance issue from May 2024. The company reported strong financial results for the third quarter of 2025, with revenue exceeding expectations and achieving a second consecutive quarter of profitability in airline operations. A significant $100 million strategic transaction was closed to fund the development of SurfOS and strengthen the company’s balance sheet, positioning Surf Air Mobility for long-term growth. Additionally, a five-year agreement with Palantir was established, enhancing the company’s software capabilities and market positioning.

Surf Air Mobility Raises $85M Through Securities Sale

On November 10, 2025, Surf Air Mobility, Inc. entered into securities purchase agreements with institutional investors, resulting in the sale of common stock and warrants, and the issuance of senior secured convertible notes, raising approximately $85 million. The proceeds are intended for funding subsidiaries and repaying existing debt. The company also issued shares to Palantir Technologies as prepayment for services. Additionally, the company faces potential funding uncertainties for its EAS routes due to a federal government shutdown, which could impact operations and liquidity.

Surf Air Mobility Appoints Shawn Pelsinger to Board

On October 8, 2025, Surf Air Mobility announced the appointment of Shawn Pelsinger to its Board of Directors. Mr. Pelsinger, who has extensive experience in strategic partnerships and legal issues in technology sectors, is expected to bring valuable insights as the company markets its SurfOS software, powered by Palantir’s AI and Foundry platforms. His previous collaboration with Surf Air Mobility on its SurfOS software initiatives during his tenure at Palantir highlights his familiarity with the company’s technology. The appointment is seen as a strategic move to support the development and growth of SurfOS, which aims to impact the air mobility industry significantly.