SRFM

Interested in Surf Air Mobility Inc.? Here are five stocks we like better. Q2 revenue reached $29.5 million, up 8% year over year and 15% sequentially, despite higher fuel costs, weather disruptions and route reductions. Surf Air reaffirmed its full-year revenue outlook of $128 million to $138 million and expects adjusted EBITDA losses to narrow. SurfOS secured its first multiyear enterprise contract with Wheels Up, potentially worth up to $12 million over three years. The company is targeting another enterprise agreement before year-end and plans to commercially launch additional software products in Q4. Charter growth offset declines in scheduled service: Surf On Demand departures rose 67% year over year, while scheduled-service revenue fell 20% as unprofitable routes were eliminated. Surf Air also reduced convertible debt principal by 64% through refinancing and secured a $21.6 million asset-backed loan to fund charter aircraft supply. Surf Air Mobility (NYSE:SRFM) reported second-quarter revenue at the high end of its guidance range as growth in private charter operations and early software commercialization helped offset pressure from fuel costs, weather disruptions and deliberate route reductions. Revenue for the second quarter of 2026 totaled $29.5 million, up 8% from the prior-year period and 15% from the first quarter, Chief Financial Officer Oliver Reeves said. The company recorded an adjusted EBITDA loss of $10.5 million, within its previously issued guidance range. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat Chief Executive Officer Deanna White said the company achieved its targets despite elevated fuel prices and heavy thunderstorms and flash flooding in Hawaii that affected Mokulele operations. She said the company’s cost controls and technology initiatives have created what management considers permanent operational improvements. Surf Air reaffirmed its full-year outlook for revenue of $128 million to $138 million, representing growth of 20% to 30% over 2025. It also maintained guidance for an adjusted EBITDA loss of $25 million to $30 million, which management said reflects a roughly 40% improvement from its earlier outlook. For the third quarter, the company projected revenue of $35.5 million to $37.5 million and an adjusted EBITDA loss of $4 million to $7 million. → 3 Dividend Champion Utilities for a Market That Can't Sit Still A key second-quarter development was the company’s first multiyear enterprise software agreement for SurfOS, its aviation operating software platform. Co-Founder Liam Fayed said Wheels Up will serve as the launch customer for Enterprise BrokerOS under an initial two-year agreement with an option for a third year. The contract could generate up to $12 million over its term. Fayed said Surf Air expects to collect about $2 million during 2026 and approximately $4 million in 2027, as Wheels Up is integrated onto the platform. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War Chairman Shawn Pelsinger said securing a multiyear, multimillion-dollar agreement with Wheels Up as SurfOS’ first enterprise customer supports management’s view that the software is ready for commercial use. He noted that Surf Air is pursuing a platform strategy spanning private aviation, software and electrification. Fayed said the company has an enterprise pipeline involving operators, brokerages and aircraft manufacturers that it believes could be worth tens of millions of dollars in annual revenue. Management is targeting at least one additional enterprise contract before year-end, though it did not identify which SurfOS product might be involved. The company expanded its partnership with Palantir during the quarter, adding engineering, business development and go-to-market resources. Fayed said Palantir personnel are involved in Surf Air’s enterprise sales discussions. During the quarter, Surf Air also deployed SurfOS features including crew reserve optimization, fuel tracking, AI-assisted charter pricing recommendations and AI charter supply sourcing. Management said OperatorOS and OwnerOS are planned for commercial launch in the fourth quarter. OEM OS remains in development, according to Fayed. Surf On Demand, the company’s private charter business, generated second-quarter revenue of $12.1 million, with departures increasing about 67% from a year earlier. Revenue per departure rose approximately 25%, which President of Surf On Demand Joshua Lowton attributed to a growing mix of larger aircraft and longer flights. Lowton said private charter revenue nearly doubled in the first half compared with the same period in 2025. Cargo, wholesale and the company’s Powered by Surf On Demand independent broker program accounted for about 14% of first-half revenue and were gross-margin positive. The Powered by Surf On Demand program has received more than 500 applications globally and has generated more than $2.5 million in revenue since launch, Lowton said. The company had onboarded 50 independent brokers by the end of the second quarter, halfway toward its target of 100 brokers by year-end. Management said it intends to improve charter margins by using additional working capital to secure aircraft inventory in advance at negotiated wholesale rates, rather than sourcing flights in the open market. It also expects increased use of BrokerOS, additional supply partnerships and further broker onboarding to support growth and profitability. Scheduled Service revenue totaled $17.4 million, down about 20% year over year. President of Airline Operations Louis Saint-Cyr said the decline was intentional, reflecting the company’s exit from routes that did not contribute to profitability. Mokulele Airlines revenue increased about 7% from the second quarter of 2025 and 15% sequentially. The Hawaii operation flew more than 10,000 departures during the quarter, a 3% increase from a year earlier, while Surf Air added two Cessna Caravans as part of its fleet-renewal program. Controllable completion factor was 98%. On-time arrivals were 88%. On-time departures were 83%. Saint-Cyr said fuel expense was approximately $500,000 above plan during the quarter, but savings from OperatorOS helped offset the increase. He said those technology-driven savings are structural rather than temporary. The company also completed deployment of its safety management system one year ahead of the Federal Aviation Administration’s mandate, according to management. Reeves said Surf Air refinanced its senior secured convertible note by splitting it into a new $17 million convertible note due in 2027 and a $30 million non-convertible senior secured term note due in 2028. The transaction reduced existing convertible-note principal by 64% and lowered monthly cash amortization payments by up to 50%, he said. The company also secured a $21.6 million asset-backed loan supported by new and existing aircraft. Proceeds are intended to provide working capital for charter supply agreements. Reeves said the loan is funded in two tranches, with a second $14 million funding expected during the month of the call. According to Reeves, Surf Air has reduced total debt by 50% over the past year while extending its maturity profile. Management expects adjusted EBITDA losses to continue narrowing in the fourth quarter and said the airline business should be a profitability bright spot in the second half of 2026. Surf Air Mobility Inc operates as an electric aviation and air travel company in the United States. The company offers an air mobility platform with scheduled routes and on demand charter flights operated by third parties. Surf Air Mobility Inc is headquartered in Hawthorne, California. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Surf Air Mobility Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Revenue: $29.5 million, at the high end of guidance, up 8% year-over-year and up 15% from Q1 2026. Adjusted EBITDA Loss: $10.5 million, within guidance range. Scheduled Service Revenue: $17.4 million, down about 20% year-over-year due to deliberate route exits. Mokulele Airlines Revenue: Up about 7% year-over-year and up 15% from Q1 2026. Surf On Demand Revenue: $12.1 million in Q2, with departures up approximately 67% year-over-year. Revenue per Departure (Surf On Demand): Increased approximately 25% year-over-year. Fuel Costs: Approximately $0.5 million above plan, offset by operational savings from OperatorOS. Full-Year 2026 Guidance: Revenue of $128 million to $138 million (20% to 30% growth) and adjusted EBITDA loss of $30 million to $25 million. Q3 2026 Guidance: Revenue between $35.5 million and $37.5 million and adjusted EBITDA loss between $7 million and $4 million. Warning! GuruFocus has detected 8 Warning Signs with SRFM. List of 52-Week Lows List of 3-Year Lows List of 5-Year Lows Is SRFM fairly valued? Test your thesis with our free DCF calculator. Release Date: August 10, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Revenue for Q2 2026 came in at the high end of guidance at $29.5 million, up 8% year-over-year and 15% sequentially. Secured first multi-year SurfOS enterprise contract with Wheels Up, valued up to $12 million, validating the product and market readiness. Surf On Demand private charter revenue nearly doubled in the first half of 2026, with Q2 revenue of $12.1 million and departures up 67% year-over-year. Reduced existing convertible note principal by 64% and lowered monthly cash amortization payments by up to 50%, strengthening the balance sheet. Expanded partnership with Palantir, adding engineering and go-to-market resources to accelerate SurfOS commercialization and enterprise sales. Deployed safety management system a year ahead of FAA schedule, enhancing operational reliability and compliance. Improved full-year 2026 adjusted EBITDA loss guidance by 40% while maintaining revenue growth target of 20-30%. Mokulele Airlines revenue grew 7% year-over-year and 15% sequentially, with over 10,000 departures in Q2. Launched BETA Technologies electric aircraft demonstration flights in Hawaii, positioning the company for future electrification. SurfOS features like AI charter price recommendations and crew reserve optimization went live, driving operational savings and product enhancements. Consolidated adjusted EBITDA loss was $10.5 million in Q2, still negative and within guidance range. Scheduled service revenue declined 20% year-over-year due to deliberate route exits, impacting top-line growth. Fuel prices were elevated and unexpected weather in Hawaii caused unplanned cancellations, pressuring margins. Legacy commitments in Surf On Demand continue to drag gross margins, though decreasing quarterly. Company is not yet profitable and faces ongoing cash burn, with free cash flow conversion expected to improve only sequentially. NYSE listing compliance at risk due to minimum share price deficiency, with potential reverse stock split as a mitigant. Dependence on Palantir partnership for go-to-market resources may create execution risk if partnership dynamics change. SurfOS enterprise pipeline conversion is uncertain, with only one contract signed and target of at least one more by year-end. High maintenance and CapEx cycle has pressured cash flow, though expected to ease in second half. Revenue guidance for Q3 implies a significant sequential jump, which may be challenging to achieve given macro headwinds. Q: Can you break down the second-half revenue guidance by segment and what the gross margin profile looks like as you exit the year?A: Oliver Reeves (CFO) explained that scheduled service revenue declines will slow as route exits taper off, On Demand will continue its current growth trajectory, and SurfOS will begin contributing initial revenue in Q3 and Q4. He expects the scheduled airline to be a "bright spot" for profitability in the second half, driven by structural cost savings from OperatorOS. SurfOS revenue will carry significantly higher margins, flowing through in Q4, while corporate costs should decline due to ongoing cost controls. Q: When does the Wheels Up contract start, and how has the enterprise pipeline evolved since announcing that deal?A: Liam Fayed (Co-Founder) stated the company is in the advanced stages of integrating Wheels Up onto BrokerOS, expecting to collect approximately $2 million in revenue this year and $4 million annually starting January 1, 2027. Since the announcement, the pipeline has expanded significantly across brokers, operators, and OEM manufacturers, with the Wheels Up win providing credibility and market validation that is accelerating conversations. Q: How close are we to major partnerships, and can you provide more detail on the enterprise pipeline?A: Liam Fayed (Co-Founder) noted the company has an active enterprise pipeline across brokers, Part 135 operators, fleet management companies, and both legacy and next-gen electric OEMs, which he believes could be worth tens of millions of dollars annually. The company is targeting at least one additional enterprise contract before year-end, leveraging existing relationships and Palantir's go-to-market resources. He also mentioned active work converting LOIs into paying contracts. Q: What is the strategy to regain NYSE compliance, and how does the recent debt financing affect future shareholder dilution?A: Oliver Reeves (CFO) explained the company received a deficiency notice on July 24, 2026, and has six months to cure the minimum share price deficiency. Management intends to cure it organically through execution of the transformation plan, but has also received shareholder approval for a reverse stock split as a risk mitigant, which is not yet implemented. The recent financing reduced dilution by bifurcating the convertible note, reducing convertible principal by 64%, lowering cash amortization by up to 50%, and securing a non-convertible term note that doesn't amortize or accrue interest until January 2027. Q: Will Palantir and Surf Air team up to use SurfOS for air traffic management?A: Liam Fayed (Co-Founder) said the technology is revealing broader use cases beyond the announced product set. SurfOS brings together data across the Part 135 aviation ecosystem, and when properly connected, has broad applications across many segments. While there is nothing to announce today, the company is actively pursuing opportunities and exploring other ways to leverage SurfOS technology. Q: Will OwnerOS or OEMOS secure a signed paying external customer by December 31, 2026?A: Liam Fayed (Co-Founder) reaffirmed the timeline: BrokerOS is commercially launched, OperatorOS and OwnerOS are scheduled for commercial launch in Q4, and OEMOS is in development. The BETA demonstration flights in Hawaii are serving as the test case for OEMOS, with data being collected from the aircraft. The company is targeting at least one additional enterprise contract by year-end and is in active conversations with aircraft management companies, fleet operators, lease cos, and OEMs. Q: Is the second quarter OpEx a good run rate for the third quarter, or will it grow with the Palantir expansion?A: Oliver Reeves (CFO) indicated Q2 OpEx is a good run rate, noting the company is coming out of a major investment push for SurfOS development. Despite launching three products, costs are not expected to increase commensurately with the number of products, so the current base should be a good starting point for modeling operating expenses. Q: Can you provide more detail on the strategy to improve margins in the charter business, particularly regarding broker onboarding and wholesale relationships?A: Joshua Lowton (President, Surf On Demand) confirmed the company intends to continue scaling the Powered by Surf On Demand program, balancing quality with growth. Wholesale and supply relationships remain equally important, as ensuring brokers have excellent supply is critical for continued growth. The company is expanding preferred wholesale partnerships and using additional working capital to secure aircraft inventory in advance at negotiated rates, producing direct margin improvements. Q: Is the fuel situation easing, or is the expected airline profitability improvement driven by SurfOS efficiencies?A: Louis Saint-Cyr (President, Airline Operations) attributed the improvement primarily to permanent, structural efficiencies from SurfOS that are embedded in the operation. These changes allow the airline to better absorb fuel price volatility. He noted the team will continue pushing digitization and expanding SurfOS implementation to make the airline more efficient and resilient. Q: How are you thinking about the potential scale of cargo, wholesale, and other new revenue streams?A: Joshua Lowton (President, Surf On Demand) expects wholesale to grow as more supply partnerships are delivered, and cargo to continue growing despite being a relatively new division (less than a year old). The Powered by Surf On Demand program is also expected to scale. These three newer business lines contributed approximately 14% of revenue in the first half of 2026, all gross margin positive, and are expected to continue growing. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management transitioned the company into the 'expansion phase' of its transformation plan after completing foundational work in cost control, fleet modernization, and balance sheet restructuring. The second quarter results were achieved despite a volatile fuel environment and extreme weather disruptions in Hawaii, which management cites as proof of the durability of their technology-driven operations. The airline's revenue decrease of 20% year-over-year was a deliberate strategic choice to exit unprofitable routes and prioritize the bottom line over top-line volume. Management attributes operational savings that offset $0.5 million in fuel headwinds directly to the structural efficiencies generated by the deployment of OperatorOS. The partnership with Palantir was significantly expanded to include business development and commercial go-to-market resources, directly integrating their expertise into the enterprise sales process. Surf On Demand's record revenue was driven by a strategic shift toward larger aircraft categories and longer flights, increasing the average revenue per departure by approximately 25%. The company successfully reduced its convertible note principal by 64% to lower cash amortization payments and improve the overall liquidity position. Management reaffirmed full-year 2026 guidance, expecting adjusted EBITDA loss to narrow further in the fourth quarter as the airline becomes a primary driver of profitability. The company targets signing at least one additional enterprise software contract before year-end, leveraging a pipeline management estimates could be worth tens of millions in annual revenue. Strategic priorities for the second half of 2026 include commercializing the full flagship product suite, with OperatorOS and OwnerOS planned for launch in the fourth quarter. Margin expansion in the charter business is expected to be driven by leveraging new working capital to secure wholesale aircraft inventory in advance rather than sourcing on the open market. Free cash flow conversion is expected to improve sequentially and eventually converge with adjusted EBITDA as the company exits a heavy maintenance and CapEx cycle. The Wheels Up contract represents a landmark $12 million enterprise deal that validates the BrokerOS product for large-scale industry players. The company completed its safety management system (SMS) deployment one year ahead of the FAA mandate, positioning it as one of only nine Part 135 commuter operators with an operational SMS. A new $21.6 million asset-backed loan was secured to fund incremental working capital specifically for expanding wholesale supply relationships. Management acknowledged a 'minimum share price deficiency' from the NYSE and has authorized a potential reverse stock split as a risk mitigant to maintain listing compliance. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management intends to continue scaling the 'Powered by Surf On Demand' program while balancing quality, having already onboarded 50 of the 100 targeted independent brokers. Expanding wholesale supply relationships is considered equally critical to ensure brokers have competitive pricing to pass on to customers. The Wheels Up integration is currently underway, with $2 million in revenue expected this year and the full $4 million annual run rate starting January 1, 2027. The announcement has acted as a catalyst, driving incremental interest from aircraft management companies, leasecos, and OEMs. Management expects second-quarter OpEx to be a stable run rate for the third quarter, as they are coming out of a heavy investment cycle for SurfOS development. Operating leverage is expected to improve as the company launches three products without a commensurate increase in development costs. The airline segment is expected to be a 'bright spot' for profitability in H2 due to cost actions and route rationalization. SurfOS revenue is expected to start trickling in during Q3 and Q4 at significantly higher margins, contributing to the narrowing of EBITDA losses.

Second Quarter Revenue of $29.5 Million, Driven By Over 100% Year-Over-Year Increase In Surf On Demand Private Charter Revenue, At the High End of the Guidance Range of $27 Million to $30 Million Second Quarter Adjusted EBITDA Loss of $10.5 Million, Within the Guidance Range of $10.5 Million to $8.5 Million Signed First SurfOS Enterprise Software Contract with Wheels Up and Expanded Partnership with Palantir Technologies Reduced Existing Convertible Note Principal by 64% and Lowered Monthly Cash Amortization Payments by Up to 50% Company Reaffirms Full Year 2026 Guidance and Issues Third Quarter 2026 Guidance LOS ANGELES, August 10, 2026--(BUSINESS WIRE)--Surf Air Mobility Inc. (NYSE: SRFM) ("Surf Air Mobility" or the "Company"), a leading air mobility platform, today reported financial results for the second quarter ended June 30, 2026, and provided a progress update for the Company's airline operations, Surf On Demand private charter, and SurfOS software businesses. Deanna White, Chief Executive Officer of Surf Air Mobility, said: "The second quarter was strong. We delivered revenue at the high end of our guidance range and Adjusted EBITDA within our range, and we did so during one of the most volatile fuel cost environments the industry has experienced. Over the last year and a half, our Transformation Plan has focused on foundational work: building SurfOS, lowering our cost structure, rationalizing our route network, modernizing our fleet, and restructuring our balance sheet. As we shift our focus to the Expansion Phase of the plan, we believe the Company is now positioned to pursue revenue growth and improved profitability simultaneously." Q2 2026 Financial Results Revenue Total revenue of $29.5 million was at the high end of the Company's guidance range of $27 million to $30 million, an 8% year-over-year increase and a 15% increase compared to the first quarter of 2026. Scheduled service revenue of $17.4 million, a 19% year-over-year decrease reflecting the continued rationalization of the Company's route network. Surf On Demand private charter revenue of $12.1 million, a 101% increase compared to the same period of the prior year, with departures increasing approximately 67% compared to the second quarter of 2025. Net Loss Net loss was $28.1 million for the second quarter of 2026 compared to net loss of $28 million in the prior year period. Net loss for both periods included investment in R&D for technology initiatives, stock-based compensation, transaction costs and other non-recurring items. Adjusted EBITDA Adjusted EBITDA loss of $10.5 million, within the Company's guidance range of a $10.5 million to $8.5 million. Results reflect elevated fuel costs and weather-related cancellations in Hawaii, offset by cost controls across airline operations and the more cost-efficient development of SurfOS. Q2 2026 Business Highlights SurfOS Software Announced Wheels Up as the launch customer for Enterprise BrokerOS, Surf Air Mobility’s first SurfOS enterprise software contract, worth up to $12 million over the initial three-year contract term. Expanded the Company's partnership with Palantir Technologies Inc., increasing engineering resources and adding business development and commercial go-to-market resources with experience in aviation, transportation, and logistics. These resources participate directly in the SurfOS enterprise sales process. Deployed new SurfOS features during the quarter, including crew reserve optimization, fuel tracking, AI-enabled charter price recommendations, and AI-enabled charter supply sourcing. Showcased BrokerOS at Palantir's AIPCon 10 in June, highlighting the intelligence features and AIP-powered tools embedded within the software. Finalized plans to commercially launch OperatorOS and OwnerOS in the fourth quarter of 2026. Airline Operations Ended the quarter at a controllable completion factor of 98%, on-time arrivals of 88%, and on-time departures of 83%. Mokulele Airlines revenue increased approximately 7% year-over-year and approximately 15% compared to the first quarter of 2026, with more than 10,000 departures in the quarter, a 3% year-over-year increase. Took delivery of two new Cessna Caravan aircraft, positioning the Company's newest aircraft on high value routes. Productivity gains from OperatorOS offset much of the revenue impact of route rationalization and the cost impact of increased fuel prices. The fuel optimization module now reconciles fuel records against vendor invoicing and tracks actual burn against plan, while the crew reserve module calculates demand-adjusted reserve requirements by base, and the Company expects these improvements to persist into the future. Completed implementation of the Company's Safety Management System ("SMS") one year ahead of the FAA's mandate. Southern Airways Express is one of only nine Part 135 commuter operators in the country with an operational SMS. Surf On Demand Private Charter Second quarter of 2026 was the highest revenue and highest flight volume quarter since inception for the Surf On Demand private charter business. Private charter revenue increased 101% in the second quarter of 2026 compared to the same period in 2025, and nearly doubled in the first half of 2026 compared to the same period in 2025. Revenue per flight increased 25% in the second quarter of 2026 compared to the same period in 2025, reflecting continued mix shift toward larger aircraft categories and longer flights. Powered by Surf On Demand, the Company's independent broker program, has attracted more than 500 applications from around the world since launch and continues to onboard experienced charter professionals each month. The program has generated more than $2.5 million in revenue since launch and is gross margin positive. New revenue lines, including Cargo, Wholesale, and Powered by Surf On Demand, contributed approximately 14% of On Demand private charter revenue in the first half of 2026, all of which is gross margin positive. Added an additional preferred wholesale partner with capacity utilization at 100%. Electrification In June 2026, BETA Technologies began landmark electric aircraft cargo demonstration flights across the Hawaiian Islands using the ALIA CTOL aircraft, with Hawaiian Airlines’ support. Surf Air Mobility intends to be the first Part 135 operator to commercialize electric passenger flights for scheduled service and plans to establish a factory-authorized service center for BETA aircraft in Hawaii. Corporate Announced the election of Shawn Pelsinger as Chairman of the Board of Directors, effective July 24, 2026, following Carl Albert's transition to Chairman Emeritus. Financing Transactions In July 2026, the Company announced two financing transactions designed to strengthen its balance sheet and reduce future shareholder dilution. The Company refinanced its existing senior secured convertible note, bifurcating the principal into a new $17 million convertible note due 2027 and a new $30 million non-convertible senior secured term note due 2028. The Company reduced its existing convertible note principal by 64% and lowered monthly cash amortization payments by up to 50%. The new $30 million term note is non-convertible and does not amortize or accrue interest until January 2027. The Company entered into a new $21.6 million asset-backed loan secured against new and existing aircraft. The loan funded in two tranches, and the Company expects a second funding of $14 million to occur in August 2026. The Company has reduced total debt by approximately 50% over the last year and extended its debt maturities. Oliver Reeves, Chief Financial Officer of Surf Air Mobility, said: "The combination of our operating improvements and reduced amortization allows us to approach our go-forward capital needs from a position of strength. As we exit a heavier capital expenditure cycle, we expect free cash flow conversion to improve." Financial Outlook Surf Air Mobility is providing the following financial guidance for the third quarter and reaffirming its guidance for the full year 2026: Third Quarter 2026 Revenue in the range of $35.5 million to $37.5 million. These expectations reflect continued growth in On Demand private charter revenue and the seasonal strength of scheduled service operations. Adjusted EBITDA loss in the range of $7 million to $4 million, which excludes the impact of stock-based compensation, changes in fair value of financial instruments, and transaction and restructuring expenses. Full Year 2026 Revenue in the range of $128 million to $138 million, representing a 20% to 30% increase compared to 2025. Adjusted EBITDA loss in the range of $30 million to $25 million, an approximate 40% improvement from prior guidance of a $50 million to 40 million loss. The Company expects Adjusted EBITDA loss to narrow further in the fourth quarter of 2026. For the second half of 2026, the Company expects its airline operations to be the most profitable area of its business, reflecting the investments made in fleet modernization and the operational efficiencies enabled by OperatorOS. Conference Call Surf Air Mobility will host a conference call today at 5:00pm ET. Interested parties can register in advance to listen to the webcast here or can find a link on the 'Events & Presentations' section of our investor relations website. Alternatively, listeners may dial into the call as follows:United States (Local): +1 585 542 9983United States (Toll-Free): +1 833 461 5787International Dial-Ins Meeting ID: 151 047 924 About Surf Air Mobility Surf Air Mobility is a Los Angeles-based air mobility platform. With its AI-enabled SurfOS software and electrification programs, Surf Air Mobility provides technology designed to support the modernization of air operations and the adoption of next-generation aircraft. The Company currently operates one of the largest commuter airlines in the United States by scheduled departures, which provides operational scale and real-world operating data to validate and deploy its software. Together, these capabilities position Surf Air Mobility as a leader shaping a more efficient, connected, and accessible future for aviation. Forward-Looking Statements This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Surf Air Mobility’s profitability and future financial results and its ability to achieve its business objectives. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company and reflect the Company’s current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air Mobility’s ability to anticipate the future needs of the air mobility market; Surf Air Mobility’s future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air Mobility’s development of its advanced air mobility software platform, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air Mobility’s growth; the inability of Surf Air Mobility’s customers to pay for Surf Air Mobility’s services; the inability of Surf Air Mobility to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air Mobility, the risks associated with Surf Air Mobility’s obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that the Company files with the SEC, and investors are urged to review those periodic reports and the Company’s other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, before making an investment decision. The Company assumes no obligation to update its forward-looking statements except as required by law. Footnotes Use of Non-GAAP Financial Measures: Surf Air Mobility uses Adjusted EBITDA to identify and target operational results which is beneficial to management and investors in evaluating operational effectiveness. Adjusted EBITDA is a supplemental measure of Surf Air Mobility’s performance that is not required by, or presented in accordance with, U.S. GAAP. Adjusted EBITDA is not a measurement of Surf Air Mobility’s financial performance under U.S. GAAP and should not be considered as an alternative to net income (loss) or any other performance measure derived in accordance with U.S. GAAP. Surf Air Mobility’s calculation of this non-GAAP financial measure may differ from similarly titled non-GAAP measures, if any, reported by other companies. This non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP. Non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. Surf Air Mobility presents Adjusted EBITDA because it considers this measure to be an important supplemental measure of its performance and believes it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in its industry. Management believes that investors’ understanding of Surf Air Mobility’s performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing its ongoing results of operations. Unaudited Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025: Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025: (in thousands, except share and per share data): Unaudited Non-GAAP Financial Measures; Reconciliation of Net Loss to Adjusted EBITDA for the Three and Six Months Ended June 30, 2026 and 2025 (in thousands): View source version on businesswire.com: https://www.businesswire.com/news/home/20260810118039/en/ Contacts Surf Air Mobility Media Contacts Press: [email protected] Investors: [email protected]

Allegiant Travel (ALGT) came out with quarterly earnings of $2.19 per share, beating the Zacks Consensus Estimate of $1.27 per share. This compares to earnings of $1.23 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +72.44%. A quarter ago, it was expected that this travel services company would post earnings of $3.4 per share when it actually produced earnings of $3.77, delivering a surprise of +10.88%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Allegiant Travel, which belongs to the Zacks Transportation - Airline industry, posted revenues of $943.49 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 8.38%. This compares to year-ago revenues of $689.38 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Allegiant Travel shares have added about 21.4% since the beginning of the year versus the S&P 500's gain of 11%. While Allegiant Travel has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Allegiant Travel was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.08 on $950.15 million in revenues for the coming quarter and $7.50 on $3.73 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Airline is currently in the bottom 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Surf Air Mobility Inc. (SRFM), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10. This company is expected to post quarterly loss of $0.18 per share in its upcoming report, which represents a year-over-year change of +80.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Surf Air Mobility Inc.'s revenues are expected to be $28.45 million, up 3.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Allegiant Travel Company (ALGT) : Free Stock Analysis Report Surf Air Mobility Inc. (SRFM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

United Airlines (UAL) came out with quarterly earnings of $1.99 per share, beating the Zacks Consensus Estimate of $1.92 per share. This compares to earnings of $3.87 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +3.65%. A quarter ago, it was expected that this airline would post earnings of $1.08 per share when it actually produced earnings of $1.19, delivering a surprise of +10.19%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. United, which belongs to the Zacks Transportation - Airline industry, posted revenues of $17.67 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.05%. This compares to year-ago revenues of $15.24 billion. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. United shares have added about 7.6% since the beginning of the year versus the S&P 500's gain of 10.2%. While United has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for United was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.59 on $17.6 billion in revenues for the coming quarter and $10.50 on $67.03 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Airline is currently in the top 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Surf Air Mobility Inc. (SRFM), another stock in the same industry, has yet to report results for the quarter ended June 2026. This company is expected to post quarterly loss of $0.18 per share in its upcoming report, which represents a year-over-year change of +80.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Surf Air Mobility Inc.'s revenues are expected to be $28.45 million, up 3.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report United Airlines Holdings Inc (UAL) : Free Stock Analysis Report Surf Air Mobility Inc. (SRFM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Surf Air Mobility Inc.? Here are five stocks we like better. Surf Air Mobility beat Q1 expectations, reporting $25.6 million in revenue at the high end of guidance and an Adjusted EBITDA loss of $12.3 million, better than planned. Management also raised full-year 2026 Adjusted EBITDA loss guidance to $25 million–$30 million from $40 million–$50 million. The company’s Surf On Demand charter business had a record quarter, with revenue up 77% year over year to $10.1 million and margins improving. Growth was driven by more higher-value flights and better booking efficiency through BrokerOS. SurfOS and the BETA partnership are central to Surf Air Mobility’s long-term strategy. SurfOS is expected to drive cost savings and future software revenue, while the BETA deal could eliminate up to $100 million in planned capex and support electric aircraft operations starting later this decade. Surf Air Mobility (NYSE:SRFM) reported first-quarter 2026 results that came in at the high end of its revenue outlook and ahead of its Adjusted EBITDA guidance, while management raised its full-year profitability forecast and emphasized cost savings from its SurfOS technology platform. Chief Executive Officer Deanna White said revenue for the quarter was $25.6 million, at the high end of the company’s $24 million to $26 million guidance range, while Adjusted EBITDA loss was $12.3 million, better than the company’s prior outlook. Chief Financial Officer Oliver Reeves said total revenue rose 9% year over year. → Micron Investors Face a High-Stakes Moment After the Latest Rally Surf Air Mobility maintained its full-year 2026 revenue guidance of $128 million to $138 million, representing 20% to 30% growth over 2025. The company improved its 2026 Adjusted EBITDA loss guidance to a range of $25 million to $30 million, compared with prior guidance for a loss of $40 million to $50 million. White said the revised Adjusted EBITDA outlook reflects four factors: expected cost reductions from SurfOS in the airline and charter businesses, corporate automation and procurement discipline, revenue growth in the company’s charter business through Powered by Surf On Demand, and lower SurfOS development costs through AI-assisted build cycles. → How Bad Could Tesla’s Cybertruck Recall Be for Shares? “The bigger picture is that SurfOS is now visibly moving our financial results,” White said. Louis Saint-Cyr, President of Airline Operations, said Surf Air Mobility’s two airline brands, Southern Airways Express and Mokulele Airlines, carried about 65,000 passengers on nearly 13,000 departures during the quarter. Scheduled service revenue was $15.5 million, down 13% year over year, which management said reflected the planned exit of unprofitable routes. → Reading the Stripes: Is The Industrial Recession Over? Saint-Cyr said the company maintained a controllable completion factor of 96%, with on-time departures of 72% and on-time arrivals of 78%, all improved from the prior-year period. He said SurfOS tools for crew scheduling, aircraft dispatch and maintenance digitization helped reduce costs and improve reliability. In Hawaii, Saint-Cyr said Surf Air Mobility renovated its Honolulu airport hub terminal and took delivery of two new Cessna Caravans in April. He also said the company completed implementation of its safety management system, or SMS, in April, one year ahead of the FAA’s May 2027 mandate. According to Saint-Cyr, Surf Air Mobility is one of nine Part 135 commuter operators in the U.S. to complete an operational SMS. Joshua Loden, President of Surf On Demand, said the private charter business generated $10.1 million in first-quarter revenue, up 77% year over year and its highest quarterly revenue since inception. He said March was the business’s highest revenue month ever, while gross margins improved 340 basis points from the same quarter last year. Loden attributed the growth to a shift toward higher-value flights and efficiency gains from BrokerOS. He said revenue per flight rose 38% in the quarter, long-haul flights of more than 1,000 miles increased 149%, international departures rose 87%, and flights on aircraft with more than nine seats were up 49%. BrokerOS contributed to top brokers closing 32% more bookings, quote-to-close time improving 57%, and payments processed on platform increasing 40%, Loden said, comparing first-quarter 2026 with the prior-year period. The company ended the first quarter with six active independent brokers enrolled in the Powered by Surf On Demand program, a figure that has since grown to 29. Loden said the company has hundreds of additional applications in the queue and is targeting 100 independent brokers by year-end. In March, Surf On Demand received ARGUS Certified Charter Broker accreditation, which Loden said makes it one of 16 ARGUS-certified brokerages globally. The business also joined the Air Charter Safety Foundation. Co-Founder Liam Fayed said SurfOS is being developed using operational and commercial data from Surf Air Mobility’s airline and charter businesses before products are offered externally. He described the broader market opportunity across charter aviation, private aircraft sales and maintenance, repair and overhaul aftermarket as an estimated $156 billion global opportunity. Fayed said BrokerOS launched commercially in December 2025 and is being monetized through a take rate across on-demand private charter bookings. OperatorOS, designed for small and mid-sized Part 135 operators, is targeted for commercial launch in the second half of 2026. The company has 17 letters of intent and software agreements signed for OperatorOS, with 2026 targets of 10 additional LOIs and five operators live by year-end. Fayed also said SurfOS Enterprise Solutions targets large operators, charter brokerages and aircraft manufacturers. He said Palantir’s forward-deployed engineering team is participating in enterprise sales conversations under an exclusive teaming agreement, and the company is seeking to close multi-year, multi-million-dollar contracts in 2026. During the Q&A, Sudhin Shahani, Co-Founder of Surf Air Mobility, said the Palantir partnership provides access to Foundry and AIP infrastructure, development and deployment resources, business development support and tools to launch AI agents more quickly. He said Surf Air Mobility has an exclusive arrangement with Palantir in the charter broker and operator category. White said Surf Air Mobility’s partnership with BETA Technologies remains central to its electric aircraft ambitions. In March, the company announced a firm order for 25 BETA all-electric aircraft, with options for 75 more, and said it was designated as BETA’s launch operator for commercial passenger electric service. White said the agreement also made Surf Air Mobility BETA’s exclusive maintenance, repair and overhaul facility in its launch market of Hawaii, with the ability to expand into additional regions. She said the partnership allowed Surf Air Mobility to eliminate up to $100 million in planned capital expenditures on its Cessna Caravan powertrain electrification program. Saint-Cyr said BETA cargo demonstration flights in Hawaii are expected to begin at the end of June and run for about two months. He said the flights will allow Surf Air Mobility and BETA teams to exchange operational knowledge and data while validating aircraft performance between Honolulu, Molokai and Lanai. In response to an investor question, Saint-Cyr said the BETA aircraft is expected to cost about 30% less to operate per aircraft compared with the Cessna Caravan, driven by fuel and maintenance savings. He said the first aircraft arrival is expected in about 24 months, referring to the end of the fourth quarter of 2028. For the second quarter of 2026, Reeves said Surf Air Mobility expects revenue of $27 million to $30 million and an Adjusted EBITDA loss of $8.5 million to $10.5 million. He said the outlook reflects continued growth in On Demand private charter and the effect of prior-year exits from unprofitable scheduled-service routes. Reeves said second-quarter guidance also reflects two external headwinds: higher global fuel prices and April weather in Hawaii, which drove elevated cancellations on the inter-island network. He said the company responded to fuel pressure with targeted fare actions in markets where demand supports them. The company also raised $30 million in April, including $15 million through a non-dilutive aircraft-backed credit facility and $15 million in common equity. Reeves said proceeds are primarily intended to accelerate SurfOS implementation and fund electrification initiatives. He added that co-founders, the chairman, CEO, CFO and other directors collectively purchased about $5.3 million of Surf Air Mobility common stock in the offering. Surf Air Mobility Inc operates as an electric aviation and air travel company in the United States. The company offers an air mobility platform with scheduled routes and on demand charter flights operated by third parties. Surf Air Mobility Inc is headquartered in Hawthorne, California. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Surf Air Mobility Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

This article first appeared on GuruFocus. Release Date: May 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Surf Air Mobility Inc (NYSE:SRFM) reported Q1 2026 revenue of $25.6 million, at the high end of their guidance range. The company improved its 2026 adjusted EBITDA guidance by approximately 40%, reflecting better cost management and operational efficiencies. Surf on Demand private charter revenue grew 77% year-over-year, marking the strongest quarter since inception. The strategic partnership with Beta Technologies includes a firm order for 25 all-electric aircraft, positioning SRFM as a leader in electric aviation. The implementation of SurfOS has led to significant operational efficiencies, including a 32% reduction in staffing requirements and a 17% reduction in professional services spend. Scheduled service revenue decreased by 13% year-over-year due to the intentional exit of unprofitable routes. Net loss for Q1 2026 was $20.3 million, an increase from the prior-year period, reflecting continued strategic investments. Global fuel market volatility and adverse weather in Hawaii negatively impacted Q2 guidance expectations. The company faces challenges in scaling its BrokerOS and OperatorOS platforms, with longer conversion cycles for larger enterprise customers. Despite improvements, the company still anticipates adjusted EBITDA loss for the second quarter of 2026. Warning! GuruFocus has detected 9 Warning Signs with SRFM. Is SRFM fairly valued? Test your thesis with our free DCF calculator. Q: As Surf Air Mobility aims to increase the number of brokers from 29 to 100 by year-end, what is the visibility into achieving this goal, and how does the onboarding process work? A: Josh Lowton, President of Surf On Demand, explained that they have already onboarded nearly 30 brokers and received over 200 applications. The goal of reaching 100 brokers is feasible, focusing on quality brokers with strong industry relationships. The onboarding process is automated, allowing brokers to start selling within days. Q: Regarding airline operations, what impact do the current SurfOS modules have, and what future modules could further enhance efficiency? A: Louis Sancier, President of Airline Operations, highlighted that SurfOS has already improved efficiency by reducing redundancy and simplifying operations. Future modules aim to create a seamless digital experience from scheduling to payroll, enhancing operational efficiency. Q: How does the BrokerOS platform plan to scale its take rate and revenue as it expands externally? A: Josh Lowton stated that scaling the take rate will involve increasing the number of brokers and developing additional modules. BrokerOS will offer competitive aircraft sourcing and access to new markets, enhancing revenue per broker and expanding market share. Q: What are the key milestones for OperatorOS to convert LOIs into live operators, and what drives its adoption? A: Sudan Shahani, Co-Founder, mentioned that OperatorOS aims to bring supply into the market and offer efficiencies to operators. As beta customers realize these efficiencies, strong conversion from LOIs to contracts is expected. Q: With rising fuel prices, how does Surf Air Mobility manage costs within the Essential Air Service Program? A: Louis Sancier explained that while fuel is a challenge, the efficient Cessna Caravan aircraft provides a cost advantage. SurfOS modules help manage fuel programs, and recent bids have been adjusted for fuel costs, positioning the company well. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

First Quarter Revenue of $25.6 Million, At the High End of the Guidance Range of $24 Million to $26 Million First Quarter Adjusted EBITDA Loss of $12.3 Million vs. Guidance Range of $15.5 Million to $13.5 Million Loss Improved Annual 2026 Adjusted EBITDA Guidance by Approximately 40% While Maintaining 2026 Revenue Guidance Surf On Demand Private Charter Business Achieved Highest Revenue and Highest Gross Margin Quarter Since Inception Company Issues Second Quarter 2026 Guidance Airline Operations Completed Safety Management System One Year Ahead of FAA Mandate and Surf On Demand Private Charter Achieved ARGUS Certification LOS ANGELES, May 11, 2026--(BUSINESS WIRE)--Surf Air Mobility Inc. (NYSE: SRFM) ("Surf Air Mobility" or the "Company"), a leading air mobility platform, today reported financial results for the first quarter ended March 31, 2026, and provided an update on operational progress across the Company’s airline, On Demand private charter, and technology businesses. Deanna White, Chief Executive Officer of Surf Air Mobility, said: "We are pleased with our first quarter Adjusted EBITDA results, which exceeded our expectations. The progress we’ve made across our business has positioned us to improve our annual 2026 Adjusted EBITDA guidance by 40% while maintaining our full year revenue guidance. The efficiencies gained within our core businesses in the first quarter are a clear indication of the value that SurfOS and our partnership with Palantir delivers." Q1 2026 Financial Results Revenue Total revenue of $25.6 million was at the high end of the Company’s guidance range of $24 million to $26 million, a 9% year-over-year increase Scheduled service revenue of $15.5 million, a 13% year-over-year decrease reflecting the exiting of unprofitable routes Surf On Demand private charter revenue of $10.1 million, a 77% year-over-year increase reflecting the success of the Powered by Surf On Demand program and efficiency gains from BrokerOS Net Loss Net loss was $20.3 million for the first quarter of 2026 compared to Net loss of $18.5 million in the prior year period. Net loss for both periods included investment in R&D for technology initiatives, stock-based compensation, transaction costs and other non-recurring items. The year-over-year increase in net loss principally reflects continued strategic investment in SurfOS development and a larger non-cash change in fair value of financial instruments expense, partially offset by revenue growth. Adjusted EBITDA Adjusted EBITDA loss of $12.3 million, exceeding guidance of $15.5 million to $13.5 million loss. Adjusted EBITDA exceeded expectations driven by improved On Demand private charter margins, effective cost controls across our airline operations and the more rapid and cost-efficient development and deployment of SurfOS. Improvement in Adjusted EBITDA loss over same period prior year resulted from increased revenue and the broader internal adoption of SurfOS within airline operations Q1 2026 Business Highlights Airline Operations Flew 65,376 passengers on 12,503 departures via Southern Airways and Mokulele Airlines sub-brands Maintained operational performance including 96% controllable completion factor, 72% on-time departures, and 78% on-time arrivals, all significantly improved from same period prior year Announced investment in Mokulele Airlines' Hawaii operations, including new aircraft, expanded routes, and infrastructure upgrades, positioning the network as the launch market for electric aircraft Surf On Demand Private Charter Q1 2026 was the highest revenue quarter since inception for the Surf On Demand private charter business, a 77% year-over-year increase, with March the highest revenue month since inception Revenue per flight increased 38% driven by longer flights, defined as flights greater than 1,000 miles, increasing 149%, international departures increasing 87%, and flights on larger-cabin aircraft, defined as greater than 9 seat, increasing 49%, comparing Q1 2026 vs. Q1 2025 Surf On Demand private charter gross margin improved approximately 340 basis points year-over-year for the comparable period BrokerOS drove increased broker productivity in Q1 2026 versus Q1 2025, including: 32% more bookings for top brokers 57% faster quote-to-close 40% more payments processed on-platform Powered by Surf On Demand program, which equips independent brokers with BrokerOS to sell under the Surf On Demand brand, ended Q1 2026 with six active independent brokers, growing the Company’s sales force without a proportionate increase in fixed costs. ARGUS Certified Charter Broker accreditation was achieved in March 2026. Surf On Demand private charter is now one of only 16 ARGUS-certified brokerages globally, reinforcing the Company's safety and compliance standards. SurfOS Software BrokerOS generated revenue in Q1 2026 via a take rate across On Demand private charter bookings AI-assisted development and Palantir's Foundry and AIP are reducing SurfOS development cycles and have accelerated deployment within the Company Crew scheduling, aircraft dispatch, and maintenance digitalization supported improvements in productivity and reliability of airline operations Proprietary mobile crew app and maintenance management system contributed to reductions in cost of irregular operations Continued development of OperatorOS in preparation for commercial launch in second half of 2026 Launched new SurfOS tools, including: ‘Aircraft Intelligence’ tool to monitor fleet utilization and movement patterns of third-party aircraft to better inform charter sourcing AIP-enabled charter price rating to determine market rates and identify margin opportunities Charter aircraft sourcing comparison tool to improve broker visibility into aircraft options when building a quote Expanded CRM capabilities of BrokerOS Electrification In March 2026, Surf Air Mobility announced a strategic partnership with BETA Technologies ("BETA") that includes: A firm order for 25 all-electric BETA ALIA aircraft, with options for up to 75 more Designation as BETA's launch operator for commercial passenger electric passenger service Surf Air Mobility plans to establish BETA factory-authorized service centers, with exclusivity in launch regions The Company eliminated up to $100 million in planned capital expenditure from its Cessna Caravan powertrain electrification program, while maintaining the Company's position as a first mover in commercial electric aviation through the BETA partnership Subsequent Events: Q2 2026 Developments 2026 Adjusted EBITDA Guidance Improved by Approximately 40% While Maintaining 2026 Revenue Guidance In April 2026, the Company revised its 2026 Adjusted EBITDA loss guidance to $30 million to $25 million, an improvement of approximately 40% from prior guidance of $50 million to $40 million Revenue guidance remains $128 million to $138 million, representing 20% to 30% growth over full-year 2025 Four operational drivers are responsible for the improvement over previous guidance: SurfOS digitalizing core airline and charter workflows, reducing costs by 6% and 15%, respectively Corporate automation and procurement discipline, 32% reduction in staffing need, 17% in professional services Increased profitable charter revenue through the capital-efficient Powered by Surf On Demand program Reduced SurfOS development costs and accelerated deployment via AI and Palantir's platform Airline Operations In April, the Company completed the implementation of its Safety Management System ("SMS") under 14 CFR Part 5 through its Southern Airways Express operating certificate, which governs vetting of all third-party operator partners used by Surf On Demand Southern Airways Express is one of only nine Part 135 commuter operators to have completed an operational SMS, doing so a year ahead of the FAA's May 2027 mandate The Company continues to invest in Mokulele Airlines with the opening of renovated lounges at Honolulu and Lanai airports and the delivery of two new Cessna Caravan aircraft The Company intends to begin demonstration flights with BETA cargo aircraft in Hawaii beginning in June of this year Surf On Demand Private Charter As of April 2026, 29 independent brokers are enrolled in the Powered by Surf On Demand program, with hundreds of additional applicants in the queue Additional exclusive wholesale agreement signed that expands exclusive aircraft supply by 67% and adds a new aircraft category The Company anticipates that Surf On Demand will be the largest contributor to revenue growth in full-year 2026 with expanding gross margins SurfOS Software Since the quarter ended, the SurfOS team deployed new Palantir-powered tools, including: A fuel optimization module that reconciles fuel uplift against vendor invoicing and provides flight-level visibility into fuel performance and cost across routes, aircraft, and crew A crew reserve optimization module that automates reserve crew assignments for the Company’s airline operations, replacing a manual process that could result in overstaffing and coverage inefficiencies Last week, the Company released additional go-to-market details for SurfOS, which can be found here Capital Structure In April 2026, the Company raised $30 million in new capital: $15 million through a non-dilutive, aircraft-backed credit facility and $15 million in a common equity offering Co-Founders, Chairman of the Board, Chief Executive Officer, Chief Financial Officer, and other directors backed the 2026 plan through the collective purchase of approximately $5.3 million of SRFM common stock in the offering Proceeds are primarily intended to accelerate SurfOS implementation and fund electrification initiatives. Second Quarter Financial Guidance Second quarter revenue in the range of $27 million to $30 million. These expectations reflect both continued growth in On Demand private charter revenue and the impact of the prior year’s exit of unprofitable routes. Adjusted EBITDA loss in the range of $10.5 million to $8.5 million, which excludes the impact of stock-based compensation, changes in fair value of financial instruments, and transaction and restructuring expenses. Adjusted EBITDA loss guidance for the second quarter reflects the impact of significantly increased fuel costs, compounding weather-related cancellations in Hawaii, and the continued strategic investment in SurfOS development in advance of its broader commercial launch. The Company is accelerating its path to profitability and anticipates Adjusted EBITDA loss to further narrow through the second half of 2026 absent unexpected macro or geopolitical headwinds. Conference Call: Surf Air Mobility will host a conference call today at 5:00 pm ET. Interested parties can register in advance to listen to the webcast here or can find a link on the ‘Events & Presentations’ section of our investor relations website. Alternatively, listeners may dial into the call as follows: United States (Local): +1 585 542 9983 United States (Toll-Free): +1 833 461 5787 International Dial-Ins Meeting ID: 150772381 About Surf Air Mobility Surf Air Mobility is a Los Angeles-based air mobility platform. With its AI-enabled SurfOS software, Surf Air Mobility provides technology designed to support the modernization of air operations and the adoption of next-generation aircraft. The Company currently operates one of the largest commuter airlines in the United States by scheduled departures and provides private charter services. Together, these businesses provide the operational scale and real-world operating data to validate and deploy its software. These capabilities position Surf Air Mobility as a leader shaping a more efficient, connected, and accessible future for aviation. Forward-Looking Statements This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Surf Air Mobility’s profitability and future financial results and its ability to achieve its business objectives. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company and reflect the Company’s current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air Mobility’s ability to anticipate the future needs of the air mobility market; Surf Air Mobility’s future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air Mobility’s development of its advanced air mobility software platform, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air Mobility’s growth; the inability of Surf Air Mobility’s customers to pay for Surf Air Mobility’s services; the inability of Surf Air Mobility to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air Mobility, the risks associated with Surf Air Mobility’s obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that the Company files with the SEC, and investors are urged to review those periodic reports and the Company’s other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, before making an investment decision. The Company assumes no obligation to update its forward-looking statements except as required by law. Footnotes Use of Non-GAAP Financial Measures: Surf Air Mobility uses Adjusted EBITDA to identify and target operational results which is beneficial to management and investors in evaluating operational effectiveness. Adjusted EBITDA is a supplemental measure of Surf Air Mobility’s performance that is not required by, or presented in accordance with, U.S. GAAP. Adjusted EBITDA is not a measurement of Surf Air Mobility’s financial performance under U.S. GAAP and should not be considered as an alternative to net income (loss) or any other performance measure derived in accordance with U.S. GAAP. Surf Air Mobility’s calculation of this non-GAAP financial measure may differ from similarly titled non-GAAP measures, if any, reported by other companies. This non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP. Non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. Surf Air Mobility presents Adjusted EBITDA because it considers this measure to be an important supplemental measure of its performance and believes it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in its industry. Management believes that investors’ understanding of Surf Air Mobility’s performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing its ongoing results of operations. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511482704/en/ Contacts Surf Air Mobility Media Contacts Press: [email protected] Investors: [email protected]