The balance sheet appears highly vulnerable, with a current ratio of 0.16 and a deeply negative equity position of -$56.6M as of 2026Q1, signaling significant insolvency risk.
| Total Current Assets | 21.06M | 30.92M | 33.88M | 17.74M | 7.92M | 1.94M | 8.37M |
| Cash & Short-Term Investments | 4.16M | 12.67M | 21.11M | 1.72M | 6K | 719K | 7.4M |
| Cash Only | 4.16M | 12.67M | 21.11M | 1.72M | 6K | 719K | 7.4M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.71M | 3.93M | 4.26M | 4.96M | 161K | 15K | 161K |
| Days Sales Outstanding | 15.1 | 13.46 | 13.01 | 29.95 | 2.9 | 0.46 | 7.84 |
| Inventory | 0 | 0 | 39K | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | 0.13 | - | - | - | - |
| Other Current Assets | 638K | 14.32M | 645K | 2.76M | 7.7M | 1.2M | 813K |
| Total Non-Current Assets | 99.77M | 100.76M | 90.18M | 93.25M | 5.78M | 5.62M | 3.33M |
| Property, Plant & Equipment | 59.49M | 58.91M | 60.37M | 61.19M | 1.77M | 703K | 600K |
| Fixed Asset Turnover | 1.85x | 1.81x | 1.98x | 0.99x | 11.47x | 16.78x | 12.50x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 19.33M | 20.07M | 23.12M | 28.49M | 2.98M | 1.94M | 2.5M |
| Long-Term Investments | 20.25M | 10.09M | 568K | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 10.8M | 11.69M | 6.12M | 3.57M | 1.03M | 2.98M | 238K |
| Total Assets | 120.83M | 131.68M | 124.06M | 110.99M | 13.7M | 7.56M | 11.71M |
| Asset Turnover | 0.89x | 0.81x | 0.96x | 0.55x | 1.48x | 1.56x | 0.64x |
| Asset Growth % | 52.22% | 6.14% | 11.77% | 710.32% | 81.23% | -35.44% | - |
| Total Current Liabilities | 132.93M | 95.32M | 89.61M | 140.11M | 57.4M | 55.58M | 43.57M |
| Accounts Payable | 21.14M | 18.44M | 17.98M | 18.85M | 12.89M | 14.04M | 8.79M |
| Days Payables Outstanding | 64.85 | 65.73 | 59.68 | 104.78 | 182.01 | 329.67 | 291.09 |
| Short-Term Debt | 54.21M | 10.61M | 8.38M | 15.87M | 15.95M | 23.06M | 19.99M |
| Deferred Revenue (Current) | 70.34M | 17.92M | 17.39M | 19.01M | 7.82M | 5.16M | 3.08M |
| Other Current Liabilities | 34.54M | 48.35M | 13.17M | 26.78M | 1.64M | 1.37M | 1.05M |
| Current Ratio | 0.16x | 0.32x | 0.38x | 0.13x | 0.14x | 0.03x | 0.19x |
| Quick Ratio | 0.16x | 0.32x | 0.38x | 0.13x | 0.14x | 0.03x | 0.19x |
| Cash Conversion Cycle | -49.75 | - | -46.54 | - | - | - | - |
| Total Non-Current Liabilities | 44.5M | 91.22M | 154.44M | 48.36M | 178.39M | 125.01M | 109.68M |
| Long-Term Debt | 27.89M | 72.86M | 67.23M | 20.62M | 13.15M | 408K | 397K |
| Capital Lease Obligations | 19.74M | 0 | 12.49M | 6.64M | 246K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 8.21M | 18.36M | 74.73M | 21.1M | 164.99M | 124.6M | 109.28M |
| Total Liabilities | 177.42M | 186.54M | 244.06M | 188.47M | 235.79M | 180.58M | 153.25M |
| Total Debt | 90.5M | 83.47M | 92.49M | 47.45M | 30.25M | 23.47M | 20.39M |
| Net Debt | 86.33M | 70.79M | 71.38M | 45.73M | 30.24M | 22.75M | 12.99M |
| Debt / Equity | -1.60x | - | - | - | - | - | - |
| Debt / EBITDA | -1.46x | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.39x | - | - | - | - | - | - |
| Interest Coverage | -7.18x | -5.82x | -7.73x | -84.55x | -123.77x | -15.72x | -13.98x |
| Total Equity | -56.59M | -54.86M | -120M | -77.48M | -222.09M | -173.03M | -141.54M |
| Equity Growth % | 154.15% | 54.28% | -54.86% | 65.11% | -28.36% | -22.24% | - |
| Book Value per Share | -2.71 | -2.62 | -9.29 | -7.12 | -22.25 | -17.33 | -14.18 |
| Total Shareholders' Equity | -56.59M | -54.86M | -120M | -77.48M | -222.09M | -173.03M | -141.54M |
| Common Stock | 6.61M | 7K | 2K | 1K | 1K | 186K | 154K |
| Retained Earnings | -808.26M | -788M | -677.44M | -602.53M | -351.84M | -277.48M | -241.69M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 641K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and insolvency risk
According to the most recent quarterly filings, SRFM's current ratio has plummeted to 0.16, indicating a severe inability to cover short-term obligations with existing liquid assets, which leaves the company with a precarious cash buffer of only $4.2M as of 2026Q1.
The persistent decline in the current ratio from 0.40 in 2025Q2 to 0.16 suggests that the company is operating with virtually no margin for error regarding its working capital requirements. This liquidity profile implies that the firm is heavily reliant on continuous external financing or rapid asset liquidation to maintain basic flight operations.
As reported in financial statements, the company's equity position has remained deeply negative, reaching -$56.6M in 2026Q1, a trend that reflects the cumulative impact of massive historical losses and the ongoing depletion of shareholder value through persistent operational deficits.
The trajectory of the equity account highlights a structural insolvency risk where liabilities consistently exceed total assets. Investors should monitor whether the company can achieve a pivot to positive retained earnings, as the current trend suggests that the capital base is being systematically consumed by R&D and operational overhead.
Based on reported figures, SRFM carries a significant debt load of $90.5M as of 2026Q1, which, when viewed against the company's negative equity and cash-burning operations, suggests a high level of financial leverage that may limit future strategic flexibility.
The fluctuation in debt levels over the last ten quarters indicates that the company is actively utilizing credit facilities to bridge its funding gap. This reliance on debt in a pre-profitability stage warrants investigation into the cost of capital and the potential for restrictive covenants that could further constrain operational decision-making.
As evidenced by the balance sheet, the company's asset base is heavily weighted toward PPE and goodwill, with goodwill totaling $19.3M, which may be subject to impairment if the integration of regional operations fails to yield the anticipated synergies.
The concentration of assets in PPE suggests an asset-heavy model that requires significant ongoing maintenance capital expenditure, further pressuring cash flows. The presence of goodwill on the balance sheet implies that past acquisitions are a significant component of the asset base, necessitating careful scrutiny of future impairment tests.
Quick answers to the most common questions about buying SRFM stock.
As of 2025, Surf Air Mobility Inc. (SRFM) had total assets of $131.7M including $30.9M in current assets.
Surf Air Mobility Inc. (SRFM) carries total debt of $83.5M, offset by $12.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Surf Air Mobility Inc. (SRFM) has total shareholders' equity (book value) of $-54.9M ($-2.62 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Surf Air Mobility Inc. (SRFM) reported a current ratio of 0.32x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.