Stonegate Capital Partners Updates Coverage On Surf Air Mobility Inc. (SRFM) 2025 Q2

Dallas, Texas--(Newsfile Corp. - August 13, 2025) - Surf Air Mobility Inc. (NYSE: SRFM): Stonegate Capital Partners updates their coverage on Surf Air Mobility Inc. (NYSE: SRFM). SRFM reported revenue, Adj. EBITDA, and Adj. EPS of $27.4M, ($9.5)M, and ($1.34), respectively, exceeding both revenue and EBITDA guidance for the quarter. This performance reflects a clear inflection point for the Company, driven by improved airline operations, continued optimization of the On Demand segment, and growing momentum in its SurfOS software platform. Notably, airline operations were profitable in the quarter on an Adj. EBITDA basis, supported by sequential improvement in controllable completion factors to 95% and better margins in On Demand services. The quarter was further marked by strategic capital actions, including $44.7M in equity capital raised and subsequent deleveraging through the equitization of $29.9M of convertible notes in July. We also highlight the Company's expanded partnership with Palantir, securing a five-year exclusive agreement for the configuration and sale of software.

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Key Takeaways:

• Revenue of $27.4M and Adj. EBITDA loss of $9.5M exceeded guidance, with airline operations achieving quarterly profitability.
• Record-high reliability metrics, two EAS contract renewals, and a new interline agreement with Japan Airlines strengthen network and revenue base.
• Six new LOI agreements, flagship product suite launch, and a five-year exclusive software partnership with Palantir expand growth potential.

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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 services for public and private companies.

Source: Stonegate, Inc.

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