The mixed Q2 report shows revenue momentum from private charter and the first SurfOS enterprise deal, but the significant GAAP EPS miss and massive share dilution (63% increase in shares outstanding) are concerning. The reaffirmed full-year guidance and improved balance sheet (debt reduction) provide a floor. Watch for Q3 revenue acceleration to $35.5M-$37.5M and further narrowing of Adjusted EBITDA losses as key catalysts for the stock.
Price Chart
Executive Summary
Surf Air Mobility reported Q2 2026 revenue of $29.5M (at high end of guidance, +8% YoY) and an Adjusted EBITDA loss of $10.5M (within guidance), meeting expectations. The net loss of $28.1M was essentially flat YoY, and GAAP EPS of -$0.29 missed the consensus estimate of -$0.17 by 20.5%. The company signed its first SurfOS enterprise contract with Wheels Up (worth up to $12M) and reduced convertible note principal by 64%, but the EPS miss and continued cash burn temper the positive operational milestones.
Key Financial Metrics
Key Facts
- Q2 2026 revenue of $29.5M, at the high end of guidance ($27M-$30M), up 8% YoY and 15% QoQ.
- GAAP EPS of -$0.29 missed consensus of -$0.17 by 20.5% (a $0.12 miss).
- Adjusted EBITDA loss of $10.5M was within the guidance range of -$10.5M to -$8.5M.
- Signed first SurfOS enterprise software contract with Wheels Up, worth up to $12M over three years.
- Reduced existing convertible note principal by 64% and lowered monthly cash amortization payments by up to 50%.
- Reaffirmed full-year 2026 revenue guidance of $128M-$138M and improved Adjusted EBITDA guidance of -$30M to -$25M.
- Issued Q3 2026 guidance: revenue $35.5M-$37.5M, Adjusted EBITDA loss -$7M to -$4M.
- Shares outstanding surged from 73.1M (Dec 2025) to 119.1M (Jun 2026), a 63% increase, driving significant dilution.
Financial Impact
GAAP EPS of -$0.29 missed the -$0.17 consensus by $0.12 (-20.5%). Revenue of $29.5M beat the $28.2M consensus by $1.3M (+4.6%).
Risk Factors
- Continued net losses and negative operating cash flow require ongoing external financing.
- Massive share dilution (63% increase in shares outstanding) will pressure EPS for the foreseeable future.
- Elevated fuel costs and weather-related cancellations in Hawaii could pressure margins.
- The SurfOS enterprise contract with Wheels Up is small ($12M over 3 years) and may not materially move the needle near-term.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-342443 |
| Document: srfm-20260810.htm | 0001193125-26-342443 |
| Document: 0001193125-26-342443-index-headers.html | 0001193125-26-342443 |
| Document: 0001193125-26-342443-index.html | 0001193125-26-342443 |
| Document: 0001193125-26-342443.txt | 0001193125-26-342443 |
| 8-K Data (Synthetic) | 0001193125-26-342443 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | 8-K | $1.20 | awaiting T+60 | — | $0.7173 (+40.23%) |
Sep 30, 2026 26d ago | 424B5 | $1.20 | awaiting T+60 | — | $0.7173 (+40.23%) |
Sep 28, 2026 27d ago | 8-K | $1.20 | awaiting T+60 | — | $0.7173 (−40.23%) |
Aug 24, 2026 9w ago | EFFECT | $0.6590 | awaiting T+60 | — | $0.7173 (+8.85%) |
Aug 10, 2026 10w ago | 8-K | $0.8000 | awaiting T+60 | — | $0.7173 (−10.34%) |
Jul 24, 2026 13w ago | 8-K | $0.7953 $0.8462 | ▼ −6.40% | ▼ −2.69% | $0.7173 (+9.81%) |
Jul 2, 2026 16w ago | 8-K | $1.04 $0.9220 | ▼ −11.35% | ▼ −14.35% | $0.7173 (−31.03%) |
Jul 1, 2026 16w ago | 8-K | $1.04 $0.9220 | ▲ +11.35% | ▲ +14.30% | $0.7173 (+31.03%) |
Jun 26, 2026 17w ago | 8-K | $0.9300 $0.7700 | ▼ −17.20% | ▼ −21.59% | $0.7173 (−22.87%) |
Jun 26, 2026 17w ago | 424B5 | $0.9300 $0.7700 | ▲ +17.20% | ▲ +21.59% | $0.7173 (+22.87%) |
US Market Status
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