The company exhibits structural margin compression, evidenced by a negative gross margin of -11.3% in 2026Q1 and operating margins that reached as low as -112.6% in 2024Q1.
Surf Air Mobility Inc. (SRFM) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 110.74M | 106.56M | 119.42M | 60.51M | 20.27M | 11.8M | 7.5M |
| Revenue Growth % | 3.14% | -10.78% | 97.38% | 198.44% | 71.84% | 57.31% | - |
| Cost of Goods Sold | 111.56M | 102.38M | 109.93M | 65.68M | 25.85M | 15.55M | 11.03M |
| COGS % of Revenue | - | 96.08% | 92.05% | 108.55% | 127.51% | 131.78% | 147.03% |
| Gross Profit | -815K | 4.18M | 9.49M | -5.17M | -5.58M | -3.75M | -3.53M |
| Gross Margin % | -0.74% | 3.92% | 7.95% | -8.55% | -27.51% | -31.78% | -47.03% |
| Gross Profit Growth % | - | -55.95% | 283.4% | 7.21% | -48.76% | -6.29% | - |
| Operating Expenses | 73.71M | 81.06M | 69.75M | 191.59M | 45.33M | 29.6M | 17.23M |
| OpEx % of Revenue | - | 76.07% | 58.4% | 316.65% | 223.57% | 250.9% | 229.75% |
| Selling, General & Admin | 57.44M | 61.46M | 37.37M | 110.7M | 42.04M | 26.64M | 15.05M |
| SG&A % of Revenue | - | 57.68% | 31.29% | 182.96% | 207.35% | 225.78% | 200.73% |
| Research & Development | 7.33M | 10.3M | 24.04M | 20.85M | 3.29M | 2.96M | 2.18M |
| R&D % of Revenue | - | 9.67% | 20.13% | 34.46% | 16.22% | 25.12% | 29.01% |
| Other Operating Expenses | 3M | 9.29M | 8.34M | 60.05M | 0 | 0 | 0 |
| Operating Income | -74.53M | -76.87M | -60.26M | -196.77M | -50.9M | -33.35M | -20.76M |
| Operating Margin % | -67.3% | -72.14% | -50.46% | -325.21% | -251.08% | -282.68% | -276.77% |
| Operating Income Growth % | - | -27.58% | 69.38% | -286.55% | -52.64% | -60.66% | - |
| EBITDA | -64.82M | -67.58M | -51.91M | -193M | -49.88M | -32.3M | -17.93M |
| EBITDA Margin % | -58.53% | -63.42% | -43.47% | -318.99% | -246.01% | -273.76% | -239.07% |
| EBITDA Growth % | -147.99% | -30.17% | 73.1% | -286.96% | -54.43% | -80.13% | - |
| D&A (Non-Cash Add-back) | 9.71M | 9.29M | 8.34M | 3.76M | 1.03M | 1.05M | 2.83M |
| EBIT | -83.98M | -97.73M | -66.58M | -251.03M | -73.77M | -33.64M | -21.87M |
| Net Interest Income | -8.01M | -13.21M | -8.62M | -2.97M | -596K | -2.14M | -1.56M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 8.01M | 13.21M | 8.62M | 2.97M | 596K | 2.14M | 1.56M |
| Other Income/Expense | -38.31M | -34.06M | -14.94M | -57.23M | -23.46M | -2.43M | -2.68M |
| Pretax Income | -112.84M | -110.94M | -75.19M | -254M | -74.36M | -35.78M | -23.44M |
| Pretax Margin % | -101.9% | -104.11% | -62.96% | -419.8% | -366.79% | -303.31% | -312.49% |
| Income Tax | -355K | -380K | -287K | -3.3M | 0 | 0 | 0 |
| Effective Tax Rate % | 0.31% | 0.34% | 0.38% | 1.3% | 0% | 0% | 0% |
| Net Income | -112.49M | -110.56M | -74.91M | -250.7M | -74.36M | -35.78M | -23.44M |
| Net Margin % | -101.58% | -103.75% | -62.72% | -414.34% | -366.79% | -303.31% | -312.49% |
| Net Income Growth % | -95.89% | -47.59% | 70.12% | -237.13% | -107.81% | -52.68% | - |
| Net Income (Continuing) | -112.49M | -110.56M | -74.91M | -250.7M | -74.36M | -35.78M | -23.44M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.14 | -5.29 | -5.80 | -23.04 | -7.45 | -3.58 | -2.35 |
| EPS Growth % | 15.03% | 8.79% | 74.83% | -209.26% | -108.1% | -52.34% | - |
| EPS (Basic) | - | -5.29 | -5.80 | -23.04 | -7.45 | -3.58 | -2.35 |
| Diluted Shares Outstanding | 98.39M | 20.9M | 12.91M | 10.88M | 9.98M | 9.98M | 9.98M |
| Basic Shares Outstanding | 98.39M | 20.9M | 12.91M | 10.88M | 9.98M | 9.98M | 9.98M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SRFM stock.
For fiscal year 2025, Surf Air Mobility Inc. (SRFM) reported total revenue of $106.6M. This represents a 1320.8% increase compared to $7.5M in 2020.
Surf Air Mobility Inc. (SRFM) reported a net loss of $110.6M for the fiscal year ending 2025.
Surf Air Mobility Inc. (SRFM) reported an operating income of $-76.9M, resulting in an operating profit margin of -72.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Surf Air Mobility Inc. (SRFM) generated $4.2M in gross profit for the year, representing a gross profit margin of 3.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Liquidity and capital dilution
Metrics are mathematically derived from official filings.
Revenue Volatility Amidst Operational Shifts
As reported in recent financial filings, Surf Air Mobility's top-line performance remains inconsistent, with quarterly revenue fluctuating between $23.5M and $32.4M over the last ten quarters, reflecting the inherent instability of integrating regional flight operations with an unproven electric powertrain development business model.
The lack of a clear, sustained growth trajectory suggests that the company is struggling to balance its legacy regional airline volume with its long-term electrification goals. Investors should monitor whether the recent revenue contraction indicates a strategic pruning of unprofitable routes or a broader failure to scale the core passenger and cargo services.
Structural Margin Compression Remains Persistent
Based on the provided income statement data, the company's gross margin has frequently dipped into negative territory, reaching -11.3% in 2026Q1, which underscores the extreme difficulty of maintaining profitability within the high-cost, low-margin environment of regional aviation services and early-stage technology development.
The inability to consistently maintain positive gross margins suggests that the current operational model lacks the pricing power necessary to offset rising fuel and maintenance costs. This margin profile appears to be a significant hurdle, as the company must achieve substantial scale or technological breakthroughs to move toward sustainable unit economics.
Operating Leverage Constrained by Overhead
According to historical income statements, Surf Air Mobility's operating losses have remained deeply entrenched, with operating margins reaching as low as -112.6% in 2024Q1, indicating that corporate overhead and R&D expenditures are scaling far faster than the company's ability to generate gross profit.
The persistent gap between revenue generation and operating expenses suggests that the company is currently unable to leverage its existing infrastructure to drive efficiency. This structure implies that significant additional capital may be required to bridge the gap until the electric retrofit technology can potentially lower the cost base.
Earnings Quality Impacted by Dilution
As evidenced by the quarterly financial data, the company's net income is consistently negative, with stock-based compensation frequently representing a material portion of the expense structure, which may indicate that shareholder dilution is being used as a primary mechanism to fund ongoing operational cash burn.
The reliance on non-cash compensation in a pre-profitability environment warrants further investigation into the long-term impact on equity holders. Investors should be cautious, as the reported net losses do not fully capture the potential for future dilution required to sustain the company's current R&D and operational trajectory.
Sustainability of Current Business Model
Based on the reported $12.6M cash position against significant quarterly operating losses, the company faces a precarious financial situation that suggests a high probability of near-term capital raises, which could be highly dilutive given the current lack of a clear path to GAAP profitability.
Short-sellers would likely focus on the disconnect between the company's valuation as a technology innovator and the reality of its struggling regional airline operations. The fundamental risk remains that the capital required to reach commercialization of the electric powertrain may exceed the company's ability to raise funds without severely impairing existing shareholder value.