SRFM
****Sponsored by Surf Air Mobility Inc.
Surf Air Mobility Reports Q1 2026 Revenue Up 9% to $25.6 Million; Beats Its Own Adjusted EBITDA Guidance and Improves Full Year Outlook by 40%
Palantir Expands Its Partnership and Files a 7.4% Stake as Wheels Up Signs On as Launch Customer for Enterprise BrokerOS in a Deal Worth Up to $12 Million
Surf Air Mobility Refinances Its Convertible Debt to Reduce Dilution as Electric Aircraft Demonstrations Take Flight in Hawaii
READ THE FULL Q1 2026 RESULTS HERE
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Hello Everyone,
This next company operates in one of the largest and most structurally outdated industries in America today.
Air mobility and autonomous aviation technology are two of the most powerful forces reshaping modern transportation. The convergence of AI, electric aircraft, and enterprise software is creating enormous opportunities, not just for aviation companies, but for investors who recognize a structural shift before the rest of the market does.
The market behind that shift is massive. The regional air mobility market is projected to expand to $75 to $115 billion globally by 2035, and the global eVTOL aircraft market is forecast to grow from over $5 billion in 2026 to more than $216 billion by 2035, an increase of more than 4,000%.
Yet despite all of that scale, the industry runs on fragmented systems and manual processes. Scheduling, compliance, booking, and charter sales are still stitched together by hand across thousands of operators and brokers. Aviation never had the software consolidation moment that transformed other industries. One company is building it.
The company we are looking at today is constructing something that has never existed before in aviation. An air mobility platform that combines one of the largest commuter airlines in the United States with an AI-enabled operating system designed to run the entire industry, from scheduling to compliance to booking. A platform powered by Palantir Technologies' (NASDAQ: PLTR) Foundry and AIP. A system built not just for internal use, but for commercial sale across the broader market.
That company is Surf Air Mobility Inc. (NYSE: SRFM). And the past several weeks were the moment its plan clicked into place.
First quarter revenue came in at $25.6 million, up 9% year over year and at the high end of guidance,while the Adjusted EBITDA loss of $12.3 million beat the guided range of a $15.5 to $13.5 million loss. The company improved its full year 2026 Adjusted EBITDA loss guidance by roughly 40% and reaffirmed revenue guidance of $128 to $138 million, representing 20% to 30% growth over 2025. Then Palantir expanded the partnership, filed a 7.4% stake in the company, and Wheels Up signed on as the first enterprise customer for BrokerOS. SRFM is converting its structural advantages into real, accelerating results.
SRFM has some major catalysts in play right now:
• Q1 2026 Revenue at the High End of Guidance, Adjusted EBITDA Beat, Full Year Outlook Improved 40%: Revenue reached $25.6 million, up 9% year over year. The Adjusted EBITDA loss narrowed to $12.3 million, better than the guided $15.5 to $13.5 million loss range. Full year 2026 Adjusted EBITDA loss guidance improved from a prior range of $50 to $40 million to a new range of $30 to $25 million, while revenue guidance of $128 to $138 million was reaffirmed. This is not a story stock waiting on proof. The inflection is on the books.
• Palantir Deepened Its Commitment and Put Real Capital Behind It: On June 29, Palantir announced an expanded partnership with SRFM, committing additional engineering and go-to-market resources to accelerate the commercial rollout of OperatorOS, OwnerOS, and SurfOS Enterprise Solutions. A Schedule 13G filed June 24 shows Palantir now holds 8,248,989 shares of common stock, a 7.4% stake.
• Wheels Up Signed On as the First Enterprise Customer: On June 25, Wheels Up (NYSE: UP), one of the world's largest private aviation companies, became the launch customer for Enterprise BrokerOS. The two-year firm agreement includes $8 million in subscription fees, with an option for a third year, for total potential software revenue of up to $12 million.
• SurfOS Is Live and Producing Real Numbers: BrokerOS launched commercially in December 2025 with 29 brokers already enrolled. Early internal results showed 32% more bookings for top brokers, 57% faster quote-to-close, and 40% more payments processed on-platform in Q1 2026 versus Q1 2025. OperatorOS remains scheduled for commercial launch in the second half of 2026.
• The Charter Engine Is Showing Up in the Numbers: Surf On Demand revenue jumped 77% year over year to $10.1 million, its highest revenue and highest gross margin quarter since inception, with revenue per flight up 38%. That is the BrokerOS and Powered by Surf On Demand engine translating directly into results.
• Management Is Strengthening the Balance Sheet: On July 1, SRFM refinanced a roughly $46.9 million senior secured convertible note into a new $16.9 million convertible note due 2027 and a new $30 million non-convertible senior secured term note due 2028, a move explicitly designed to reduce future shareholder dilution. The same day, SRFM subsidiaries also received the first disbursement of a new non-convertible $21.6 million asset-backed loan secured by new and existing aircraft, with a second $14 million tranche expected within 30 days, further strengthening balance sheet liquidity.
• Insiders Bought Alongside Institutions: In April, co-founders, officers, and directors purchased roughly $5.3 million of stock as part of a $30 million raise structured to limit dilution, with $15 million of it in non-dilutive aircraft-backed credit.
• Government and Safety Validation: On May 13, SRFM joined the FAA-sponsored Center for Advanced Aviation Technologies (CAAT) Consortium as the first Part 135 passenger operator to do so. In the same quarter, its airline operations completed a Safety Management System a full year ahead of the FAA's May 2027 mandate, and Surf On Demand earned ARGUS Certified Charter Broker status.
• An Electrification Catalyst With a Massive Market Behind It: Through a strategic partnership with BETA Technologies, SRFM holds a firm order for 25 all-electric ALIA aircraft with options for up to 75 more, and it eliminated up to $100 million in planned capital expenditure from its prior electrification program along the way. A new demonstration program launched in Hawaii on June 26, with Hawaiian Airlines supporting evaluation activities.
• Analyst Coverage Is Building: HC Wainwright rates the stock at Buy, and Stonegate notes SRFM trades at roughly 1.3x forward EV/Revenue versus a peer average near 2.4x.
Palantir and Surf Air Mobility Expand Partnership to Accelerate the Commercial Rollout of SurfOS
June 29, 2026
Palantir Technologies (NASDAQ: PLTR) announced an expansion of its partnership with Surf Air Mobility (NYSE: SRFM), committing additional engineering and go-to-market resources to accelerate the commercial rollout of OperatorOS, OwnerOS, and SurfOS Enterprise Solutions.
The expansion builds directly on the successful commercial launch of BrokerOS and the recent multi-million-dollar Wheels Up contract. It also lands on top of a Schedule 13G filed June 24, which shows Palantir holding 8,248,989 shares of Surf Air Mobility common stock, a 7.4% stake in the company.
"Private aviation and air mobility are large, growing markets that have historically relied on fragmented systems and manual processes. With Foundry and AIP powering SurfOS, we see a clear opportunity to build and define the central operating system for the future of aviation and air mobility, and our expanded commitment reflects our conviction in Surf Air Mobility and the opportunity ahead." - Palantir's Global Head of Commercial
CEO Deanna White noted that the company's recent business development announcements with Palantir, Wheels Up, and BETA Technologies all reflect progress across its core objectives.
Inside the Wheels Up Deal: The Contract That Proved SurfOS Sells
For years, the open question around the Surf Air Mobility model was whether its software would sell beyond its own operations. In June, SRFM closed the deal that answered it.
Wheels Up is one of the world's largest private aviation companies. On June 25, it signed on as the launch customer for Enterprise BrokerOS under a two-year firm agreement that includes $8 million in subscription fees, with an option for a third year, for total potential software revenue of up to $12 million.
The product it bought was already proving itself. BrokerOS has been commercially live since December 2025 with 29 independent brokers enrolled, and early internal results showed 32% more bookings for top brokers, 57% faster quote-to-close, and 40% more payments processed on-platform in Q1 2026 versus Q1 2025. The same engine powered Surf On Demand to its best quarter since inception, with revenue up 77% year over year to $10.1 million and revenue per flight up 38%.
The moat behind it is structural. SRFM holds an exclusive five-year agreement with Palantir Technologies for the configuration and sale of Foundry and AIP-powered software to the Part 135 regional aviation market. Palantir is one of the largest non-insider shareholders, and Shawn Pelsinger, the former Palantir executive who helped architect Skywise with Airbus, joined the board in October 2025 and was just elected Chairman, effective July 24, 2026.
"We are pleased with our first quarter Adjusted EBITDA results, which exceeded our expectations. The progress we've made across our business has positioned us to improve our annual 2026 Adjusted EBITDA guidance by 40% while maintaining our full year revenue guidance. The efficiencies gained within our core businesses in the first quarter are a clear indication of the value that SurfOS and our partnership with Palantir delivers." - Deanna White, CEO, Surf Air Mobility
And the balance sheet is being rebuilt to match. On July 1, the company refinanced a roughly $46.9 million senior secured convertible note into a new $16.9 million convertible note due 2027 and a new $30 million non-convertible senior secured term note due 2028. In plain English: less potential dilution ahead for shareholders.
The BETA ALIA in Surf Air livery. Through its strategic partnership with BETA Technologies, SRFMholds a firm order for 25 all-electric aircraft, with options for up to 75 more, and eliminated up to $100 million in planned capital expenditure from its prior electrification program. A new demonstration program launched in Hawaii on June 26, with Hawaiian Airlines supporting evaluation activities, testing regional cargo operations ahead of the company's plan to become the first Part 135 operator to commercialize electric passenger flights for scheduled service and on-demand charter.
The Market Opportunity Is Almost Too Big to Ignore
Surf Air Mobility already operates at real scale. In the first quarter of 2026 alone, the company flew 65,376 scheduled passengers across 12,503 scheduled departures and 11,061 scheduled flight hours,while its Surf On Demand private charter arm completed 832 flights, all at a 96% controllable completion factor.
The runway ahead is far larger. The regional air mobility market is projected to reach $75 to $115 billion globally by 2035, and the eVTOL aircraft market is forecast to grow from over $5 billion in 2026 to more than $216 billion by 2035.
Membership in the FAA-sponsored CAAT Consortium adds another lane, giving SRFM potential access to FAA-funded research programs, eligibility to respond to task orders reserved for consortium members, and a seat in the working groups shaping future solicitations. The consortium is a national initiative between the Texas A&M University System and the Federal Aviation Administration, built to integrate electric aircraft, autonomous systems, and advanced aviation technology into the national airspace.
Management
Deanna White - Chief Executive Officer - Leads the Los Angeles-based air mobility platform through its transition into a software and electrification company. Under her leadership, SRFM beat its Q1 2026 Adjusted EBITDA guidance, improved its full year outlook by roughly 40%, expanded the Palantir partnership, landed Wheels Up as the first enterprise SurfOS customer, and refinanced its convertible debt to reduce future dilution.
Shawn Pelsinger - Chairman of the Board, effective July 24, 2026 - Former Palantir executive who helped architect Skywise with Airbus. Joined the Surf Air Mobility board in October 2025 and was just elected Chairman.
NEWS
Jul 1, 2026 Surf Air Mobility Announces Debt Financing Transactions Designed to Reduce Future Dilution
Jun 29, 2026 Palantir and Surf Air Mobility Expand Partnership
Jun 25, 2026 Surf Air Mobility Announces Wheels Up as Launch Customer for Enterprise BrokerOS
Jun 24, 2026 Schedule 13G Shows Palantir Holds a 7.4% Stake in Surf Air Mobility
Jun 16, 2026 Surf Air Mobility Showcases AIP-Enabled BrokerOS at Palantir AIPCon 10
As always, remember to do your own research.
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Notes
2 https://finance.yahoo.com/technology/articles/palantir-surf-air-mobility-expand-105900123.html
3 https://www.corporatejetinvestor.com/news/surf-air-palantir/
7 https://www.precedenceresearch.com/evtol-aircraft-market
9 https://investors.surfair.com/