Surf Air Mobility Posts Record Quarterly Revenue of $36.5 Million in Third Quarter
Key Facts
Surf Air Mobility reported third-quarter results on November 5, posting record revenue of $36.5 million, within its guidance range of $35.5 million to $37.5 million, according to a company statement published via Business Wire. Revenue grew 25% from the same period a year earlier and 24% from the second quarter of 2026. Adjusted EBITDA loss was $6.7 million, within the target range of $7 million to $4 million. The company said the loss improved 32% year over year and 36% from the previous quarter. The company reported results after the market close on November 5, showing revenue growth and improvement in adjusted operating loss measures.
Most of the growth came from on-demand activities, with Surf On Demand posting record third-quarter revenue of $19 million. Revenue in this business rose 121% year over year and 57% from the second quarter. The company attributed the increase to higher demand and increased revenue per departing flight. The performance highlights a growing driver within the company’s business, as scheduled service revenue moved lower. The divergence between the two businesses reflects differing trends across the company’s aviation operations during the period.
Scheduled service revenue was $17.5 million, down 15% from the third quarter of the previous year, according to the company statement. Surf Air Mobility attributed the decline primarily to exiting certain essential air service routes. Productivity improvements offset part of the impact of those exits but did not prevent an annual decline in scheduled service revenue. The decrease puts the business’s results in contrast with the rapid expansion of Surf On Demand revenue. Total revenue growth therefore came alongside a shift in the business mix between scheduled services and on-demand activities.
At the net income level, net loss narrowed to $20.4 million in the third quarter, compared with a loss of $27.2 million in the year-earlier period. The company said that represented a 25% improvement. The narrower net loss coincided with an improvement in adjusted EBITDA loss, which was $6.7 million. The results also showed that the company continues to post losses on both measures. Cash stood at $10.7 million on September 30, 2026.
Surf Air Mobility said its cash balance followed the funding of the second tranche of $14 million in August under an asset-backed loan facility totaling $21.6 million. On the software front, the company commercially launched OperatorOS, software designed for aviation operators under Parts 91 and 135 of U.S. regulations. It had signed five contracts for the software as of the statement, including three during the third quarter and two after quarter-end. OperatorOS allows the company to earn a percentage of revenue from each flight managed through the platform. The company also said the Federal Aviation Administration authorized it as an official system for its flight operations records, including electronic signatures, records and manuals.
In trading, the company’s shares, listed under the ticker SRFM, closed at $0.7399 on November 4, before the results announcement. They then closed at $0.6901 on November 5, the day the statement was issued after the market close. The November 4 closing price reflects a session before the announcement, while the November 5 close came on the day the results were published. Available data did not include reliable opening, high or low prices for the November 4 session. These prices provide a timeline for the company’s announcement, with the November 4 close not representing a reaction to it.
The company maintained fourth-quarter 2026 guidance for expected revenue of $36.4 million to $46.4 million and estimated adjusted EBITDA loss of $5.4 million to $2.4 million. It also said OperatorOS revenue could be based on contracts signed during and after the quarter, as it continues marketing the software to aviation operators. Fourth-quarter expectations indicate a higher revenue range at the low end compared with the third-quarter result, while the adjusted loss range remains part of the operating guidance announced by the company. The company positioned its upcoming results within an expansion path combining aviation and software businesses. The statement did not specify another date in the information available here.