Surf Air Mobility Inc
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Surf Air Mobility Inc AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity of -92.6M with 199.3M liabilities vs 106.8M assets - technically insolvent balance sheet requiring capital raise or restructuring[Common Stockholders Equity]
- Burning -85M FCF TTM with only 7.1M cash remaining - less than 1 month runway at current burn rate[Free Cash Flow TTM]
- Gross margin -3.7% TTM vs industry median +16.9% - costs exceed revenue before any operating expenses[Gross Margin TTM]
Watch Triggers
- Cash and Equivalents: Falls below 5M or new financing announced — Bankruptcy or massive dilution becomes imminent without capital infusion
- Gross Margin TTM: Turns positive — Would signal unit economics can eventually work - fundamental thesis change
- Total Debt: Restructuring or covenant breach disclosed — 89M debt on negative equity creates default risk
Bull Case
79% revenue 3Y CAGR (vs industry 3.6%) demonstrates demand for regional air mobility; if unit economics improve, operating leverage could be significant
58.1M PPE provides tangible asset base; P/S of 0.88x below industry median 0.90x suggests market pricing in distress
Bear Case
Negative gross margin means every dollar of revenue loses money - no path to profitability without fundamental cost restructuring
Imminent liquidity crisis: 7.1M cash, -66M working capital, 89M debt - survival requires external capital at likely punitive terms
Bull vs Bear Balance
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Forward Thesis
Capital structure crisis likely forces dilutive equity raise or debt restructuring within 6 months
- 7.1M cash vs 85M annual FCF burn
- 89.3M total debt with 13.9M interest expense
- Negative working capital of -66.1M
Valuation Context
Caveats
Public Strategies Rankings
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SRFM Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$84.78M | — | ||
$172.22M | — | ||
0.00 | — | ||
$106.56M | -10.8% | — | |
$-3.15 | — | ||
-72.1% | -21.7% | — | |
-104% | -41.0% | — | |
$-72.55M | — | ||
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
SRFM Dividend History
SRFM Stock Splits
SRFM SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/12/26 | 12/31/25 | Unknown | |
11/12/25 | 09/30/25 | 10-Q | |
08/12/25 | 06/30/25 | 10-Q | |
05/13/25 | 03/31/25 | 10-Q | |
03/21/25 | 12/31/24 | 10-K | |
11/14/24 | 09/30/24 | 10-Q | |
08/14/24 | 06/30/24 | 10-Q | |
05/15/24 | 03/31/24 | 10-Q | |
03/29/24 | 12/31/23 | 10-K | |
11/14/23 | 09/30/23 | 10-Q | |
08/29/23 | 06/30/23 | 10-Q | |
07/26/23 | 03/31/23 | 424B4 | |
07/26/23 | 12/31/22 | 424B4 | |
11/14/23 | 09/30/22 | 10-Q | |
02/09/23 | 06/30/22 | DRS/A | |
07/26/23 | 03/31/22 | 424B4 | |
02/09/23 | 12/31/21 | DRS/A |