Surf Air Mobility Stock Earnings Reports

Q1 2026 results beat expectations: revenue was $25.6M (top end of guidance) and adjusted EBITDA loss was $12.3M (better than guided). Management raised full-year adjusted EBITDA outlook by ~40% to a loss of $25M–$30M while keeping revenue guidance at $128M–$138M (20%–30% YoY growth). Drivers of the improvement include SurfOS-driven efficiencies across airline and charter operations, corporate automation/procurement savings, scalable Powered by Surf On Demand growth, and AI-assisted reductions in development costs. Surf On Demand had a breakout quarter: $10.1M revenue (+77% YoY), record margins, and rapid BrokerOS impact (higher bookings, faster quote-to-close). SurfOS commercialization is accelerating: BrokerOS live with a target of 100 brokers by year-end, OperatorOS targeted for H2 2026 (goal: 10 additional LOIs and 5 live operators by year-end), and enterprise deals being pursued with Palantir teaming. Strategic partnership with BETA Technologies: firm order for 25 electric aircraft (options for 75), BETA launch operator designation in Hawaii, exclusivity for MRO in the launch market, and cargo demonstration flights beginning this summer. Company raised $30M in April ($15M nondilutive aircraft-backed facility; $15M equity led by a co-founder and insider participation), signaling founder/management confidence and funding prioritized to accelerate SurfOS and electrification initiatives. Operational metrics improved (96% controllable completion factor; 72% on-time departures; 78% on-time arrivals) and safety milestones achieved early (SMS implemented a year ahead of FAA mandate; Argus certification for Surf On Demand). Management expects adjusted EBITDA loss to continue narrowing in H2 2026, absent major macro/geopolitical shocks.