DALLAS, TX -- March 16, 2026

DALLAS, TX -- March 16th, 2026 -- Surf Air Mobility Inc. (NYSE.SRFM): Stonegate Capital Partners Updates Coverage on Surf Air Mobility Inc. (NYSE:SRFM). SRFM’s FY25 results suggest the company is emerging from restructuring with a more stable operating base and a clearer path to growth. Full-year revenue of $106.6M met the company’s raised outlook, while adjusted EBITDA loss improved to $41.7M on better airline operations, a stronger charter mix, and continued execution under the transformation plan. Net debt also declined 47% y/y to $74M, supported by capital actions and convertible note conversion. In 4Q25, SRFM reported revenue of $26.4M and an adjusted EBITDA loss of just under $8M, both within guidance despite pressure from exiting unprofitable scheduled routes. Overall, the quarter reinforced continued progress in the transformation heading into 2026.

To view the full announcement, including downloadable images, bios, and more, click here.

• Restructuring is starting to show up in cleaner operating execution and a more credible path to growth: FY25 revenue met the raised outlook, adjusted EBITDA loss improved materially, and net debt fell 47% y/y, suggesting SRFM is moving out of stabilization mode and into a more investable recovery story.
• Airline mix is improving, not just revenue: On Demand grew 36% as SRFM shifted away from unprofitable routes toward better charter mix and execution.
• Software and electrification are the upside levers: SurfOS and the BETA partnership add credible optionality, but FY26 execution and back-half growth matter most.

Click image above to view full announcement.

About StonegateStonegate 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
info@stonegateinc.com

Source: Stonegate, Inc.

Distributed by: Reportable, Inc.

This contant was orignally distributed by Reportable. Blockchain Registration, Verification & Enhancement provided by NewsRamp™. The source URL for this press release is Stonegate Capital Partners Updates Coverage On Surf Air Mobility Inc. (NYSE: SRFM) Q425.