Stonegate Capital Partners has updated its coverage on Surf Air Mobility Inc. (NYSE: SRFM), noting that the company's fiscal year 2025 results indicate it is emerging from restructuring with a more stable operating base and a clearer path to growth. The full-year revenue of $106.6 million met the company's raised outlook, while the adjusted EBITDA loss improved to $41.7 million, driven by better airline operations, a stronger charter mix, and continued execution under the transformation plan. Net debt also declined 47% year-over-year to $74 million, supported by capital actions and convertible note conversion.
In the fourth quarter of 2025, SRFM reported revenue of $26.4 million and an adjusted EBITDA loss of just under $8 million, both within guidance despite pressure from exiting unprofitable scheduled routes. Overall, the quarter reinforced continued progress in the transformation heading into 2026. The full announcement, including downloadable images and bios, is available here.
Key takeaways from the update include that restructuring is starting to show up in cleaner operating execution and a more credible path to growth. FY25 revenue met the raised outlook, adjusted EBITDA loss improved materially, and net debt fell 47% year-over-year, suggesting SRFM is moving out of stabilization mode and into a more investable recovery story. Additionally, the airline mix is improving, not just revenue: On Demand grew 36% as SRFM shifted away from unprofitable routes toward better charter mix and execution. Software and electrification are identified as upside levers, with SurfOS and the partnership with BETA Technologies adding credible optionality, though FY26 execution and back-half growth remain critical.
Stonegate Capital Partners is a capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets (member FINRA), offers investment banking, equity research, and capital raising for public and private companies. For more information, contact Stonegate Capital Partners at (214) 987-4121 or visit their website. This update was distributed by Reportable, Inc.
