SRFM NYSE Air Transportation, Nonscheduled Financials FY2022βFY2025
Surf Air Mobility Inc. had $107M of revenue in fiscal 2025, down 10.8% on the year before.
Last close Β· Oct 23, 2026
$0.78
3.1%Hi! I read Surf Air Mobility Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β10.8%
No. Sales fell 10.8% last year.
Does it make a profit?
β103.8%
No. It lost money last year.
Does profit turn into cash?
β65.8%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 8
Weak. It passes 2 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Surf Air Mobility Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 11, 2026
Wednesday Β· in 16 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 10, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 11, 2026 | Q1 '26 | After the market closes | 8-K β |
| Mar 12, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 10, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Aug 12, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 13, 2025 | Q1 '25 | After the market closes | 8-K β |
| Mar 18, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 14, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Surf Air Mobility Inc. had $107M of revenue in fiscal 2025, down 10.8% on the year before. Its operating margin was β72.1%, down 21.7Β pts: of every 100 in sales, about β72 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Surf Air Mobility Inc. lost $111M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$70.1M in fiscal 2025, β65.8% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Surf Air Mobility Inc. owes $5.4M more than it holds in cash.
Cash, debt and the ratios that show how comfortably Surf Air Mobility Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $0.0M | $1.7M | $21.1M | $12.7M |
| Debt incl. finance leases | β | $27.1M | $63.6M | $18.0M |
| Interest coverage | β85.4x | β66.3x | β7.0x | β5.8x |
| Current ratio | 0.1x | 0.1x | 0.4x | 0.2x |
| Quick ratio | 0.1x | 0.1x | 0.4x | 0.2x |
| Total assets | $13.7M | $111M | $124M | $132M |
| Total liabilities | $105M | $188M | $244M | $187M |
| Shareholders' equity | β$222M | β$77.5M | β$120M | β$54.9M |
| Net debt (β = net cash) | β | $25.4M | $42.5M | $5.4M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Surf Air Mobility Inc. passes 2 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | β | β | β | β |
| Cash from operations is positive | β | β | β | β |
| Return on assets rose | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β |
| Debt fell relative to assets | β | β | β | β |
| Current ratio rose | β | β | β | β |
| Share count didn't rise | β | β | β | β |
| Gross margin rose | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β |
| F-score | β / 3 | 3 / 7 | 4 / 8 | 2 / 8 |
| Accruals ratio | β338.2% | β298.9% | β17.5% | β36.3% |
| Altman Z'' | β134.63 | β37.28 | β24.53 | β28.86 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $20.3M | $60.5M | $119M | $107M |
| Operating income | β$50.9M | β$197M | β$60.3M | β$76.9M |
| Interest expense | $0.6M | $3.0M | $8.6M | $13.2M |
| Pretax income | β$74.4M | β$254M | β$75.2M | β$111M |
| Income tax | β | β$3.3M | β$0.3M | β$0.4M |
| Net income | β$74.4M | β$251M | β$74.9M | β$111M |
| Diluted EPS | β$5.51 | β$44.46 | β$5.80 | β$3.15 |
| Diluted shares | 0.01B | 0.01B | 0.01B | 0.04B |
| Cash flow | ||||
| Cash from operations | β$28.0M | β$64.4M | β$54.3M | β$64.2M |
| Capital expenditure | $0.1M | $7.6M | $11.8M | $5.9M |
| Free cash flow | β$28.1M | β$72.0M | β$66.1M | β$70.1M |
| Depreciation and amortization | $1.0M | $3.8M | $8.3M | $9.3M |
| Stock-based compensation | $12.5M | $48.3M | β$6.0M | $10.1M |
| Balance sheet | ||||
| Cash and short-term investments | $0.0M | $1.7M | $21.1M | $12.7M |
| Total debt | β | $25.8M | $62.4M | $17.1M |
| Finance lease liabilities | β | $1.4M | $1.2M | $0.9M |
| Current assets | $7.9M | $17.7M | $33.9M | $30.9M |
| Current liabilities | $57.4M | $140M | $89.6M | $134M |
| Property and equipment, net | $0.6M | $46.0M | $42.2M | $45.6M |
| Goodwill | $0.0M | $0.0M | $0.0M | β |
| Intangible assets | $1.3M | $26.7M | $23.1M | $20.1M |
| Total assets | $13.7M | $111M | $124M | $132M |
| Total liabilities | $105M | $188M | $244M | $187M |
| Preferred stock | $3.4M | β | $0.0M | $0.0M |
| Shareholders' equity | β$222M | β$77.5M | β$120M | β$54.9M |
| Margins | ||||
| Operating margin | β251.1% | β325.2% | β50.5% | β72.1% |
| EBITDA margin | β246.0% | β319.0% | β43.5% | β63.4% |
| Net margin | β366.8% | β414.3% | β62.7% | β103.8% |
| FCF margin | β138.8% | β118.9% | β55.3% | β65.8% |
| Returns | ||||
| Return on capital employed | 116.5% | 675.6% | β174.9% | 3,985.2% |
| Return on assets | β542.9% | β402.1% | β63.7% | β86.5% |
| Growth | ||||
| Revenue growth | β | 198.4% | 97.4% | β10.8% |
| Share count change | β | β58.2% | 129.0% | 171.9% |
| Financial health | ||||
| Interest coverage | β85.4x | β66.3x | β7.0x | β5.8x |
| Current ratio | 0.1x | 0.1x | 0.4x | 0.2x |
| Quick ratio | 0.1x | 0.1x | 0.4x | 0.2x |
| Capital allocation | ||||
| Capex / revenue | 0.5% | 12.5% | 9.8% | 5.6% |
| Stock comp / revenue | 61.4% | 79.7% | β5.0% | 9.4% |
| Quality scores | ||||
| Piotroski F-score | β | 3.0 | 4.0 | 2.0 |
| Altman Z'' | β134.6 | β37.3 | β24.5 | β28.9 |
| Accruals ratio | β338.2% | β298.9% | β17.5% | β36.3% |
Source: SEC EDGAR XBRL filings (CIK 0001936224). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
