$SRFM

SURF AIR MOBILITY INC.

CIK:0001936224|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 29,509	$ 27,431	$ 55,122	$ 50,937
Operating expenses:
Cost of revenue, exclusive of depreciation and amortization	29,447	24,058	55,393	48,764
Technology and development	1,781	2,734	4,226	5,414
Sales and marketing	3,136	1,501	5,102	3,154
General and administrative	11,488	12,628	17,547	23,514
Depreciation and amortization	2,455	2,441	5,007	4,589
Total operating expenses	48,307	43,362	87,275	85,435
Operating loss	(18,798)	(15,931)	(32,153)	(34,498)
Other income (expense):
Changes in fair value of financial instruments carried at fair value, net	(6,794)	(7,753)	(10,407)	(2,357)
Interest expense	(1,239)	(3,766)	(2,463)	(7,661)
Gain on extinguishment of debt			0	39
Other expense, net	(1,355)	(612)	(3,464)	(2,104)
Total other expense, net	(9,388)	(12,131)	(16,334)	(12,083)
Loss before income taxes	(28,186)	(28,062)	(48,487)	(46,581)
Income tax benefit	53	64	92	117
Net loss	$ (28,133)	$ (27,998)	$ (48,395)	$ (46,464)
Net loss per share applicable to common shareholders, basic and diluted	$ (0.29)	$ (1.34)	$ (0.55)	$ (2.46)
Net loss per share applicable to common shareholders, basic and diluted	$ (0.29)	$ (1.34)	$ (0.55)	$ (2.46)
Weighted-average number of common shares used in net loss per share applicable to common shareholders, basic and diluted	98,388,335	20,902,901	87,673,959	18,925,445
Weighted-average number of common shares used in net loss per share applicable to common shareholders, basic and diluted	98,388,335	20,902,901	87,673,959	18,925,445

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (48,395)	$ (46,464)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,007	4,589
Loss on sale of fixed assets	1,089	818
Non-cash operating lease expense	2,331	2,765
Gain on extinguishment of debt	0	(39)
Stock-based compensation expense	4,131	5,689
Changes in fair value of financial instruments carried at fair value, net	10,407	2,357
Non-cash transaction costs for issuance of HT Shares	1,608	0
Amortization of debt discounts and debt issuance costs	221	1,210
Deferred income taxes	(92)	(117)
Changes in operating assets and liabilities:
Accounts receivable, net	(848)	(1,051)
Prepaid expenses and other current assets	1,113	(2,325)
Other assets	174	319
Accounts payable	3,711	2,745
Due to related parties	1,076	0
Accrued expenses and other current liabilities	(5,213)	5,455
Deferred revenue	12,239	460
Operating lease liabilities	(1,966)	(2,849)
Other liabilities	0	(9)
Cash flows used in operating activities	(13,407)	(26,447)
Cash flows from investing activities:
Purchase of property and equipment	(9,645)	(2,483)
Proceeds from the sale of assets	1,175	2,681
Internal-use software development costs	(2,798)	(1,222)
Net cash used in investing activities	(11,268)	(1,024)
Cash flows from financing activities:
Payments of borrowings on convertible notes	(23,000)	0
Proceeds from borrowings on long-term debt	7,000	1,833
Principal payments on long-term debt	(1,306)	(1,318)
Principal payments on Mandatory Convertible Security	0	(9,503)
Proceeds from issuance of common stock in direct offerings, net of transaction expenses	14,303	31,386
Proceeds from sales and advances under Share Purchase Agreement	25,000	10,744
Proceeds from (payments on) collateralized borrowings, net of repayment	149	340
Proceeds from borrowings from related parties	2,000	0
Payments under HT Side-Letter Agreement	(2,363)	0
Payments of debt issuance costs	(1,253)	0
Payment of finance lease obligations	(134)	(137)
Net cash provided by financing activities	20,396	33,345
Decrease (increase) in cash, cash equivalents and restricted cash	(4,279)	5,874
Cash, cash equivalents and restricted cash at beginning of period	22,763	21,675
Cash, cash equivalents and restricted cash at end of period	$ 18,484	$ 27,549

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash	$ 18,429	$ 12,672
Accounts receivable, net	4,777	3,929
Prepaid expenses and other current assets	18,130	14,320
Total current assets	41,336	30,921
Restricted cash	55	10,091
Property and equipment, net	52,382	45,595
Intangible assets, net	18,600	20,067
Operating lease right-of-use assets	14,500	12,510
Finance lease right-of-use assets	661	809
Other assets	13,197	11,688
Total assets	140,731	131,681
Current liabilities:
Accounts payable	22,148	18,437
Accrued expenses and other current liabilities	41,961	47,702
Deferred revenue	30,163	17,924
Current maturities of long-term debt	12,585	2,712
Operating lease liabilities, current	4,271	3,636
Finance lease liabilities, current	281	277
SAFE notes at fair value, current	3	5
Convertible notes at fair value, current	44,651	42,274
Total current liabilities	157,782	133,610
Long-term liabilities:
Long-term debt, net of current maturities	10,007	14,389
Convertible notes at fair value, long term	1,042	25,183
Operating lease liabilities, long term	10,434	8,714
Finance lease liabilities, long term	532	670
Due to related parties, long term	2,100	100
Other long-term liabilities	1,291	3,872
Total liabilities	183,188	186,538
Commitments and contingencies (Note 10)
Shareholders' deficit:
Preferred Stock, $0.0001 par value; 50,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value; 800,000,000 shares authorized as of both June 30, 2026 and December 31, 2025; 119,137,993 shares issued and outstanding as of June 30, 2026 and 73,082,025 shares issued and outstanding as of December 31, 2025	12	7
Additional paid-in capital	793,925	733,135
Accumulated deficit	(836,394)	(787,999)
Total shareholders' deficit	(42,457)	(54,857)
Total liabilities and shareholders' deficit	140,731	131,681
Related Party
Current liabilities:
Due to related parties, current	$ 1,719	$ 643