Stonegate Capital Partners Updates Coverage On Surf Air Mobility Inc. (NYSE: SRFM) 2Q26

DALLAS, TX -- AUGUST 11, 2026

DALLAS, TX -- August 11, 2026 -- Surf Air Mobility Inc. (NYSE: SRFM): Stonegate Capital Partners Updates Coverage on Surf Air Mobility Inc. (NYSE: SRFM). SRFM’s 2Q26 results improved the forward setup, with revenue at the high end of guidance despite elevated fuel costs and Hawaii weather disruption, while the first SurfOS enterprise contract advanced commercialization. Revenue increased 8% y/y and 15% q/q to $29.5M, versus guidance of $27M-$30M, while adjusted EBITDA loss narrowed to $10.5M from $12.3M q/q, though widened from $9.5M in 2Q25. SRFM is moving beyond restructuring, with earnings supported by On Demand growth, structural airline efficiencies, initial SurfOS revenue expected in 2H26, lower financing pressure, and what we believe is a trough in scheduled service as route-exit headwinds begin to moderate.

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• Revenue increased 8% y/y and 15% q/q to $29.5M, reaching the high end of guidance despite elevated fuel costs and weather disruption, while the adjusted EBITDA loss narrowed sequentially to $10.5M from $12.3M. We believe the quarter supports the view that SRFM is moving beyond restructuring, with route-exit headwinds beginning to moderate and structural operating efficiencies providing a stronger foundation for earnings improvement in 2H26.
• Surf On Demand remains the primary growth engine, with revenue increasing 101% y/y to $12.1M, departures up approximately 67%, and revenue per flight increasing 25% as mix shifted toward larger aircraft and longer flights. At the same time, SurfOS reached an important commercialization milestone with Wheels Up becoming the first Enterprise BrokerOS customer under a contract worth up to $12M, creating an initial software revenue stream and validating the broader third-party opportunity.
• Management reaffirmed FY26 revenue and adjusted EBITDA guidance while 3Q26 guidance implies a meaningful sequential earnings improvement, supported by On Demand growth, improving airline economics, and initial SurfOS revenue. Post-quarter financing also reduced convertible principal by 64% and monthly cash amortization by up to 50%, which we believe lowers financing pressure and gives SRFM greater flexibility to deploy working capital into charter supply and improve On Demand margins as free cash flow conversion strengthens.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Stonegate Capital Partners
(214) 987-4121
[email protected]

Source: Stonegate, Inc.

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