Detailed financial statements for Surf Air Mobility Inc. (SRFM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Surf Air Mobility Inc. is a U.S.-based company specializing in electric aviation and broader air travel services. The firm provides an air mobility platform that includes both regular, scheduled flight routes and customized, on-demand charter services, with the latter being operated by partner carriers. Additionally, Surf Air Mobility offers aerial logistics and cargo transportation. Its corporate headquarters are situated in Hawthorne, California.
Analysis Summary
Surf Air Mobility Inc. reported revenue of $106.6M in the most recent fiscal year, growing at a 5-year CAGR of 70.0%.
Balance sheet quality for SRFM: current ratio of 0.3, net debt of $70.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $7.5M | $11.8M | $20.3M | $60.5M | $119.4M | $106.6M |
| Cost of Revenue | $11.0M | $15.5M | $25.9M | $65.7M | $109.9M | $102.4M |
| Gross Profit | -$3.5M | -$3.7M | -$5.6M | -$5.2M | $9.5M | $4.2M |
| Research & Development | $2.2M | $3.0M | $3.3M | $20.9M | $24.0M | $10.3M |
| Selling, General & Admin | $15.1M | $26.6M | $42.0M | $110.7M | $37.4M | $61.5M |
| Operating Expenses | $17.2M | $29.6M | $45.3M | $191.6M | $69.7M | $81.1M |
| Operating Income | -$20.8M | -$33.4M | -$50.9M | -$196.8M | -$60.3M | -$76.9M |
| EBITDA | -$19.0M | -$32.6M | -$72.7M | -$247.3M | -$58.2M | -$88.4M |
| Interest Expense | $1.6M | $2.1M | $596000 | $3.0M | $8.6M | $13.2M |
| Pre-tax Income | -$23.4M | -$35.8M | -$74.4M | -$254.0M | -$75.2M | -$110.9M |
| Income Tax | 0 | 0 | 0 | -$3.3M | -$287000 | -$380000 |
| Net Income | -$23.4M | -$35.8M | -$74.4M | -$250.7M | -$74.9M | -$110.6M |
| EPS | $-2.35 | $-3.58 | $-7.45 | $-23.04 | $-5.80 | $-3.15 |
| EPS (Diluted) | $-2.35 | $-3.58 | $-7.45 | $-23.04 | $-5.80 | $-3.15 |
| Shares Outstanding (Diluted) | $10.0M | $10.0M | $10.0M | $10.9M | $12.9M | $35.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $29.2M | $26.4M | $25.6M | $29.5M |
| Gross Profit | $1.5M | $498000 | -$2.9M | $62000 |
| Operating Income | -$16.5M | -$25.9M | -$13.4M | -$18.8M |
| EBITDA | -$21.6M | -$11.7M | -$16.5M | -$24.5M |
| Net Income | -$27.2M | -$36.9M | -$20.3M | -$28.1M |
| EPS | $-0.64 | $-0.95 | $-0.26 | $-0.29 |
| EPS (Diluted) | $-0.64 | $-0.95 | $-0.26 | $-0.29 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $7.4M | $719000 | $6000 | $1.7M | $21.1M | $12.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $161000 | $15000 | $161000 | $5.0M | $4.3M | $3.9M |
| Inventory | 0 | 0 | 0 | 0 | $39000 | 0 |
| Total Current Assets | $8.4M | $1.9M | $7.9M | $17.7M | $33.9M | $30.9M |
| Property, Plant & Equipment | $600000 | $703000 | $1.8M | $61.2M | $60.4M | $58.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $2.5M | $1.9M | $3.0M | $28.5M | $23.1M | $20.1M |
| Total Assets | $11.7M | $7.6M | $13.7M | $111.0M | $124.1M | $131.7M |
| Accounts Payable | $8.8M | $14.0M | $12.9M | $18.9M | $18.0M | $18.4M |
| Short-term Debt | $20.0M | $23.1M | $15.9M | $15.9M | $8.4M | $10.6M |
| Total Current Liabilities | $43.6M | $55.6M | $57.4M | $140.1M | $89.6M | $95.3M |
| Long-term Debt | $397000 | $408000 | $13.1M | $20.6M | $67.2M | $72.9M |
| Total Liabilities | $153.2M | $180.6M | $235.8M | $188.5M | $244.1M | $186.5M |
| Retained Earnings | -$241.7M | -$277.5M | -$351.8M | -$602.5M | -$677.4M | -$788.0M |
| Total Equity | -$141.5M | -$173.0M | -$222.1M | -$77.5M | -$120.0M | -$54.9M |
| Total Debt | $20.4M | $23.5M | $30.2M | $47.4M | $92.5M | $83.5M |
| Net Debt | $13.0M | $22.8M | $30.2M | $45.7M | $71.4M | $70.8M |
| Working Capital | -$35.2M | -$53.6M | -$49.5M | -$122.4M | -$55.7M | -$64.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $7.1M | $12.7M | $4.2M | $18.4M |
| Total Assets | $106.8M | $131.7M | $120.8M | $140.7M |
| Total Liabilities | $199.3M | $186.5M | $177.4M | $183.2M |
| Total Equity | -$92.6M | -$54.9M | -$56.6M | -$42.5M |
| Total Debt | $23.6M | $83.5M | $90.5M | $90.0M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$23.4M | -$35.8M | -$74.4M | -$250.7M | -$74.9M | -$110.6M |
| Depreciation & Amortization | $2.8M | $1.1M | $1.1M | $3.8M | $8.3M | $9.3M |
| Stock-based Compensation | $6.2M | $3.2M | $12.5M | $48.3M | -$6.0M | $10.1M |
| Change in Working Capital | $4.8M | $8.2M | $5.8M | $24.8M | $7.0M | $1.6M |
| Operating Cash Flow | -$8.7M | -$23.9M | -$28.0M | -$64.4M | -$54.3M | -$64.2M |
| Capital Expenditure | -$297000 | -$261000 | -$99000 | -$7.8M | -$14.1M | -$8.4M |
| Acquisitions | $599000 | 0 | 0 | $678000 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$1.3M | 0 | -$380000 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$9.0M | -$24.2M | -$28.1M | -$72.1M | -$68.4M | -$72.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$19.3M | -$18.4M | -$12.3M | -$1.2M |
| Capital Expenditure | -$2.3M | -$2.4M | -$3.5M | -$6.9M |
| Free Cash Flow | -$21.6M | -$20.8M | -$15.8M | -$8.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.3M | $2.1M | $1.4M | $2.7M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +57.3% | +71.8% | +198.4% | +97.4% | -10.8% |
| Net Income Growth (YoY) | | -52.7% | -107.8% | -237.1% | +70.1% | -47.6% |
| EPS Growth (YoY) | | -52.3% | -108.1% | -209.3% | +74.8% | +45.7% |
| Shares Change (YoY) | | +0.0% | +0.0% | +9.0% | +18.7% | +171.9% |
| FCF Growth (YoY) | | -167.9% | -16.3% | -156.4% | +5.2% | -6.0% |
| Gross Margin | -47.0% | -31.8% | -27.5% | -8.6% | 7.9% | 3.9% |
| Operating Margin | -276.8% | -282.7% | -251.1% | -325.2% | -50.5% | -72.1% |
| EBITDA Margin | -253.9% | -276.3% | -358.8% | -408.7% | -48.8% | -83.0% |
| Net Margin | -312.5% | -303.3% | -366.8% | -414.3% | -62.7% | -103.8% |
| FCF Margin | -120.4% | -205.0% | -138.8% | -119.2% | -57.3% | -68.1% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | 1.3% | 0.4% | 0.3% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.90 | $-2.42 | $-2.82 | $-6.63 | $-5.30 | $-2.07 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $10.0M | $10.0M | $10.0M | $10.9M | $12.9M | $35.1M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Financial Health
| Piotroski F-Score | 1 |
| Altman Z-Score | -9.95 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -9.38 | -6.16 | -2.96 | -0.47 | -0.93 | -0.62 |
| P/B | -1.56 | -1.27 | -0.99 | -1.52 | -0.58 | -1.24 |
| P/S | 29.35 | 18.66 | 10.86 | 1.95 | 0.58 | 0.64 |
| Gross Margin | -47.0% | -31.8% | -27.5% | -8.6% | 7.9% | 3.9% |
| Operating Margin | -276.8% | -282.7% | -251.1% | -325.2% | -50.5% | -72.1% |
| Net Margin | -312.5% | -303.3% | -366.8% | -414.3% | -62.7% | -103.8% |