SRFM
***Sponsored by Surf Air Mobility
Surf Air Mobility (NYSE:SRFM) flew over 300,000 passengers across 60,000 flights using its fleet of Cessna Grand Caravans in 2025, making it one of the largest commuter airlines in the US. In the first quarter of 2026, it carried another 65,376 scheduled passengers and beat its own Adjusted EBITDA guidance.
SRFM holds an exclusive five-year agreement with Palantir Technologies (NASDAQ:PLTR), to configure and sell SurfOS to the Part 135 regional aviation market. No other company can offer this platform to this market. Palantir is one of the largest non-insider shareholders in SRFM.
CHECK OUT THE MOST RECENT INVESTOR PRESENTATION HERE
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Hello Everyone,
Shopify went public in 2015 at a market cap of roughly $1.3 billion. It is worth well over $150 billion today. It never owned a single warehouse. It just built the operating layer that every merchant depended on to run their business. One company is positioning to do exactly that for air mobility. And it already operates the airline that is proving the software works.
Surf Air Mobility (NYSE:SRFM) is building SurfOS, an AI-enabled operating system for the air mobility sector, powered by Palantir's Foundry and AIP.
The platform is designed to modernize private aviation and air mobility by organizing every key stakeholder, passengers, charter brokers, air operators, aircraft owners, and manufacturers, onto a single unified data platform. Regional aviation today is held together with phone calls and spreadsheets. SurfOS is the operating system the industry has been waiting for.
In its first quarter 2026 results, Surf Air Mobility beat its own Adjusted EBITDA guidance.
Revenue of $25.6 million came in at the high end of guidance and up 9% year over year. The Adjusted EBITDA loss narrowed to $12.3 million, better than the guided range. The company improved its full-year 2026 Adjusted EBITDA guidance by approximately 40%, to a $30 to $25 million loss, while reaffirming revenue guidance of $128 to $138 million, or 20% to 30% growth over FY 2025. The Surf On Demand private charter business, running on BrokerOS, grew revenue 77% year over year to $10.1 million, its best quarter since inception.
In April 2026, the company raised $30 million structured to minimize dilution: $15 million in non-dilutive, aircraft-backed credit and $15 million in common equity, with co-founders, officers, and directors purchasing roughly $5.3 million of stock alongside institutional partners. Management is putting its own money behind the plan.
On May 13, SRFM became the first Part 135 passenger operator to join the FAA-sponsored Center for Advanced Aviation Technologies Consortium, a national initiative between the Texas A&M University System and the FAA. Membership brings potential access to FAA-funded research programs, eligibility for task orders reserved for members, and a seat in the working groups shaping the national airspace.
BrokerOS launched commercially in December 2025 and already has 29 brokers enrolled, with hundreds of applicants in the queue. The results from internal deployment are not projections. Their team uses it every day. In May, the company released two videos showing SurfOS running daily operations across Southern Airways, Mokulele Airlines, and Surf On Demand.
Why the Story is Interesting
The broader aviation market is evolving rapidly. The global regional air mobility market is projected to expand to $75 to $115 billion by 2035. Traditional hub-and-spoke carriers are structurally unable to serve the 5,000 underutilized regional airports in America. Ninety percent of Americans live within 30 minutes of one.
Surf Air Mobility is positioning itself as a software-first aviation company, using AI to streamline scheduling, fleet utilization, maintenance planning, and customer experience. Rather than relying solely on hardware innovation, the company is focusing on the operating system layer that powers the next phase of regional air travel. That is the same layer Shopify owned in e-commerce and Sabre owned in commercial aviation. The most valuable position is never owning the asset. It is owning the layer every asset depends on.
A key component of the long-term strategy is preparing the ecosystem for electrified aircraft. Through a strategic partnership with BETA Technologies, Surf Air Mobility will be the launch operator for commercial electric aviation in Hawaii.
Under an Aircraft Purchase Agreement signed in March 2026, Surf Air Mobility placed a firm order for 25 of BETA's all-electric ALIA aircraft, with options for up to 75 more, and plans to operate the aircraft first for cargo and then as the launch passenger operator while establishing factory-authorized BETA service centers in its initial regions, once certified. BETA's ALIA has already flown over 100,000 nautical miles in real-world operations. The partnership also eliminated up to $100 million in planned Cessna Caravan electrification spend, limiting potential dilution.
As always, emerging aviation and technology platforms carry execution, regulatory, and capital-intensity risks, so this remains a developing story rather than a finished one.
The Los Angeles-based air mobility platform is one of the largest commuter airlines in the US by scheduled departures. The Surf Air Mobility platform brings together two complementary business units:
• Air Mobility: scheduled service, on-demand charters, and interline partnerships with American, United, Hawaiian, Alaska, and Japan Airlines that generate consistent revenue and cash flow.
• Air Technology: proprietary aviation software (SurfOS) and electrification initiatives designed to improve efficiency, margins, and scalability across the network.
This dual model allows Surf Air Mobility to operate as both an established airline and an emerging aviation technology company. Q4 2025 marked the third consecutive quarter of positive Adjusted EBITDA in airline operations, with revenue of $26.4 million for the quarter and $106.6 million for FY 2025. The restructuring story is over. The growth story is just starting.
Our Top Reasons to Research This One
• Q1 2026 Beat With an Improved Profitability Outlook. Revenue of $25.6 million at the high end of guidance, an Adjusted EBITDA loss of $12.3 million that beat the guided range, and full-year 2026 guidance improved approximately 40%. Surf On Demand charter revenue grew 77% year over year.
• Palantir Is Not Just a Partner. They Are One of the Largest Outside Shareholders. Palantir took equity for software services. That is not a normal vendor relationship. They hold an exclusive five-year agreement with Surf Air Mobility for SurfOS in the Part 135 regional aviation market. No competitor can replicate it.
• Insiders Bought Roughly $5.3 Million of Stock. Co-founders, officers, and directors purchased about $5.3 million of stock in the April 2026 equity round, alongside institutional partners. That is called conviction.
• First Part 135 Operator Inside the FAA's Advanced Aviation Program. On May 13, SRFM joined the FAA-sponsored CAAT Consortium, gaining access to FAA-funded research and a seat in the working groups shaping the future of the national airspace.
• A Former Palantir Exec Is Becoming Chairman. Shawn Pelsinger spent ten years as Global Head of Corporate Development and Senior Counsel at Palantir, where he built the Surf Air relationship and architected Skywise, the Palantir and Airbus aviation data platform. He joined the board in October 2025, and on May 20 the company announced he will become Chairman of the Board effective July 24, 2026, succeeding Carl Albert, who transitions to Chairman Emeritus.
• Profitable Airline Operations and Building Coverage. FY 2025 revenue of $106.6 million and full-year airline operations profitability on an Adjusted EBITDA basis. HC Wainwright initiated with a Buy rating and a $12 price target, and Stonegate's latest note has SRFM trading near 1.3x forward EV/Revenue versus a peer average of 2.4x.
• Strategic Aircraft Purchase Agreement with BETA Technologies. A firm order for 25 of BETA's all-electric ALIA aircraft, plus options for up to 75 more, with BETA's ALIA family already past 100,000 nautical miles.
NEWS
May 21, 2026
Surf Air Mobility Elects Shawn Pelsinger as Chairman of the Board of Directors
May 20, 2026
Surf Air Mobility Releases Videos Showcasing Internal Impact of SurfOS
May 15, 2026
Surf Air Mobility Joins FAA-Sponsored Center for Advanced Aviation Technologies Consortium
May 13, 2026
May 11, 2026
Surf Air Mobility Announces Details of SurfOS Commercial Launch Plan
May 6, 2026
April 27, 2026
Surf Air Mobility Co-Founders, Officers, and Directors Backing 2026 Plan with Common Stock Purchases
April 22, 2026
Letter to Surf Air Mobility Inc. Shareholders from Chairman of the Board, CEO, and Co-Founder
April 20, 2026
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