Surf Air Mobility Q3 revenue slightly beats estimates as Surf On Demand grows
SRFM•Surf Air Mobility's third-quarter revenue rose 25% year over year to $36.46 million, slightly above the $35.62 million estimate, while its adjusted EBITDA loss narrowed 32%. The company forecast fourth-quarter revenue of $36.4 million to $46.4 million and revised its 2026 adjusted EBITDA loss guidance to $32 million-$35 million.
1. Revenue and earnings
Surf Air Mobility reported third-quarter revenue of $36.46 million, up 25% year over year and slightly above the $35.62 million analyst estimate. Net loss was $20.37 million, compared with an estimate of $15.80 million. The adjusted EBITDA loss narrowed 32% year over year, which the company described as its best in company history.
2. Business drivers
Surf On Demand revenue more than doubled, driven by increased demand and higher revenue per departure. Launching and contracting its OperatorOS software also contributed to results. Scheduled service revenue fell after the company exited certain Essential Air Service routes, partly offset by productivity gains.
3. Company outlook
Surf Air Mobility expects fourth-quarter revenue of $36.4 million to $46.4 million and an adjusted EBITDA loss of $5.4 million to $2.4 million. It revised its 2026 adjusted EBITDA loss guidance to $32 million-$35 million from $25 million-$30 million.
