Dallas, Texas--(Newsfile Corp. - March 13, 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.

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Key Takeaways:

• 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.

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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.

Contacts:

Source: Stonegate, Inc.

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