SRFM SURF AIR MOBILITY INC.

Overview and Growth

Fiscal 2025 results for SURF AIR MOBILITY INC. combined $106.56M of revenue with net loss of $110.56M and an operating cash outflow of $64.16M. The $106.56M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 10.8% below fiscal 2024 revenue of $119.42M, marking a top-line contraction. Diluted earnings per share were -$3.15, translating the period’s attributable earnings into the amount reported for each diluted share. Total assets stood at $131.68M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.81x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $4.18M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 3.9% of revenue, showing how much of the top line remained after direct costs. Operations produced a $76.87M operating loss before non-operating and tax effects. The operating loss equaled 72.1% of revenue, showing the scale of the operating deficit relative to sales. After all below-operating-line items, the company recorded a net loss of $110.56M for the fiscal year. Net margin was -103.8%, reflecting a loss equal to 103.8% of reported revenue. The company reported a pretax loss of $110.94M, before the effect of income taxes. Pretax margin was -104.1%, reflecting a pre-tax loss equal to 104.1% of revenue. The company recognized an income-tax benefit of $380.00K, increasing after-tax earnings relative to the pretax result. The net loss equaled 84.0% of period-end assets, showing the deficit relative to the asset base. Compared with a $74.91M net loss in fiscal 2024, the current loss increased to $110.56M.

Liquidity and Capital Structure

At period end, the $131.68M asset base was financed through $186.54M of liabilities and -$54.86M of equity. The company reported negative equity of -$54.86M, a capital deficit that reduces its ability to absorb losses through book equity. The near-term balance sheet paired $30.92M of current assets with $133.61M of current liabilities at the reporting date. The current ratio was 0.23x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. Reported cash and equivalents were $12.67M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 9.5% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $17.10M of total debt at period end, which frames its leverage and debt-service burden. Relative to total assets, debt measured 13.0%, showing how much of the asset base was matched by borrowing. The equity-to-assets relationship was -41.7%, placing book capital against the total resource base. The liabilities-to-assets relationship was 141.7%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 9.6%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $124.06M in fiscal 2024, the current asset base moved 6.1% and finished higher. The reported cash balance changed 40.0% from $21.11M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $64.16M, rather than cash generation from operations. The company spent $5.94M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Operating cash flow and capital spending combined to leave a $70.10M cash deficit after capital spending. Relative to revenue, the post-investment cash deficit represented 65.8%. Relative to total assets, the post-investment cash deficit measured 53.2%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.