Free cash flow remains consistently negative, with quarterly outflows reaching $32.7M in 2024Q4, highlighting a persistent disconnect between accounting losses and actual cash burn.
| Cash from Operations | -60.61M | -64.16M | -54.32M | -64.37M | -28.04M | -23.93M | -8.73M |
| Operating CF Margin % | - | -60.21% | -45.49% | -106.39% | -138.29% | -202.83% | -116.44% |
| Operating CF Growth % | -101.86% | -18.11% | 15.61% | -129.59% | -17.16% | -174.02% | - |
| Net Income | -112.35M | -110.56M | -74.91M | -250.7M | -74.36M | -35.78M | -23.44M |
| Depreciation & Amortization | 9.7M | 9.29M | 8.34M | 3.76M | 1.07M | 1.05M | 2.83M |
| Stock-Based Compensation | 9.57M | 10.06M | -5.98M | 48.25M | 12.45M | 3.19M | 6.19M |
| Deferred Taxes | -366K | -380K | -287K | -3.32M | 0 | 0 | 0 |
| Other Non-Cash Items | 35M | 25.85M | 11.53M | 112.84M | 27.05M | -638K | 880K |
| Working Capital Changes | -2.16M | 1.57M | 6.97M | 24.79M | 5.75M | 8.25M | 4.81M |
| Change in Receivables | 1.02M | 328K | 708K | -262K | -146K | 287K | 143K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.76M | 2.49M | 9.53M | 2.66M | 0 | 2.95M | 2.82M |
| Cash from Investing | -10.03M | -5.71M | -3.61M | -7.1M | -298K | -261K | 302K |
| Capital Expenditures | -8.2M | -5.94M | -11.76M | -7.59M | -99K | -137K | -178K |
| CapEx % of Revenue | 7.55% | 5.57% | 9.85% | 12.54% | 0.49% | 1.16% | 2.37% |
| Acquisitions | 0 | 0 | 0 | 678K | 0 | 0 | 599K |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -1.83M | 225K | 8.15M | -190K | -199K | -124K | -119K |
| Cash from Financing | 77.76M | 70.96M | 77.17M | 72.99M | 27.67M | 18.25M | 14.18M |
| Debt Issued (Net) | 5.1M | 10.3M | 74.75M | 32.57M | 26.2M | 3.5M | 821K |
| Equity Issued (Net) | 21.09M | 52.09M | 0 | 29.9M | 0 | 14.75M | 13.36M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -380K | 0 | -1.27M | 0 | 0 | 0 |
| Other Financing | 51.57M | 8.57M | 2.43M | 10.52M | 1.47M | 0 | 0 |
| Net Change in Cash | 7.06M | 1.09M | 19.24M | 1.52M | -662K | -5.94M | 5.75M |
| Free Cash Flow | -69.86M | -72.55M | -68.43M | -72.15M | -28.14M | -24.19M | -9.03M |
| FCF Margin % | -64.29% | -68.09% | -57.3% | -119.24% | -138.78% | -205.04% | -120.4% |
| FCF Growth % | 2.99% | -6.03% | 5.16% | -156.43% | -16.31% | -167.9% | - |
| FCF per Share | -3.34 | -3.47 | -5.30 | -6.63 | -2.82 | -2.42 | -0.90 |
| FCF Conversion (FCF/Net Income) | 0.62x | 0.58x | 0.73x | 0.26x | 0.38x | 0.67x | 0.37x |
| Interest Paid | 6.85M | 9.12M | 3.41M | 577K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital dilution
According to recent financial disclosures, SRFM exhibits a chronic divergence between net income and operating cash flow, with OCF/NI ratios frequently fluctuating, most notably reaching an extreme -18.64 in 2024Q4, which suggests that accounting losses significantly understate the actual cash drain required to sustain current operations.
The consistent gap between net income and operating cash flow indicates that non-cash charges and working capital adjustments are failing to bridge the divide between reported losses and actual cash consumption. Investors should monitor this relationship closely, as it implies that the company's operational model is fundamentally cash-negative regardless of how accounting expenses are structured.
As reported in quarterly filings, the company's free cash flow remains consistently negative, with quarterly outflows reaching as high as $32.7M in 2024Q4, highlighting a trajectory that necessitates continuous external financing to cover the widening chasm between operational revenue and the high costs of aviation maintenance.
The persistent negative FCF margins, which have reached as low as -116.5%, suggest that the business is currently unable to self-fund its growth or maintenance requirements. This trend warrants further investigation into whether the company can achieve a positive cash flow inflection point before its current liquidity reserves are fully exhausted.
Based on the provided cash flow statements, working capital changes have been highly erratic, swinging from a $14.4M contribution in 2023Q4 to an $11.7M drain in 2024Q4, which indicates that the company's cash position is heavily influenced by timing differences in payables and receivables management.
This volatility suggests that the company may be relying on aggressive management of trade payables to manage its immediate liquidity needs. Such reliance on working capital fluctuations to mask underlying cash burn is a precarious strategy that may not be sustainable in the long term.
As evidenced by historical cash flow data, stock-based compensation has frequently served as a significant non-cash add-back, reaching $12.9M in 2023Q4, which effectively obscures the true economic cost of talent acquisition and retention in a pre-profitability environment where cash is critically scarce.
The reliance on equity-based incentives to preserve cash suggests that management is attempting to mitigate the impact of operating losses on the balance sheet. However, this practice leads to significant shareholder dilution, which investors should consider when evaluating the long-term value of their holdings.
Quick answers to the most common questions about buying SRFM stock.
Surf Air Mobility Inc. (SRFM) generated $-64.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Surf Air Mobility Inc. (SRFM) reported negative free cash flow of $72.6M in 2025, indicating capital requirements exceeded cash from operations.
Surf Air Mobility Inc. (SRFM) spent $5.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Surf Air Mobility Inc. (SRFM) spent $0.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.