Stonegate Capital Partners Updates Coverage On Surf Air Mobility Inc. (SRFM) 1Q26

Dallas, Texas--(Newsfile Corp. - May 13, 2026) - Surf Air Mobility Inc. (NYSE: SRFM): Stonegate Capital Partners Updates Coverage on Surf Air Mobility Inc. (NYSE: SRFM). SRFM's 1Q26 results showed continued execution under the transformation plan, with revenue of $25.6M at the high end of guidance and up 9% y/y, while adjusted EBITDA loss of $12.3M outperformed guidance for a loss of $15.5M to $13.5M. Results were supported by improved On Demand private charter margins, cost controls across airline operations, and faster, more cost-efficient SurfOS development and deployment.

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Key Takeaways:

• Transformation plan is beginning to show operating leverage. 1Q26 revenue of $25.6M came in at the high end of guidance, while adjusted EBITDA loss of $(12.3)M beat guidance, supported by route rationalization, On Demand margin expansion, and tighter cost controls.
• On Demand and SurfOS are becoming the core growth/margin drivers. Surf On Demand revenue increased 77% y/y to $10.1M, with revenue per flight up 38% and gross margin up ~340 bps, while BrokerOS and OperatorOS traction suggest SurfOS is moving toward a commercial software platform.
• FY26 setup improved as guidance de-risked and valuation remains discounted. Management maintained FY26 revenue guidance of $128M-$138M and improved adjusted EBITDA loss guidance by ~40%, while SRFM trades at 1.3x FY27 EV/Revenue versus comps at 2.4x, supporting potential multiple re-rating if execution continues.

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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:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

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