Surf Air Mobility’s 1Q26 Revenue Hits $25.6M, EBITDA Loss Narrows to $12.3M
Surf Air Mobility delivered 1Q26 revenue of $25.6M, up 9% year over year at the high end of guidance, and narrowed adjusted EBITDA loss to $12.3M, beating the $13.5M–$15.5M forecast. On Demand revenue rose 77% y/y to $10.1M with 340 bps margin expansion, while FY26 guidance remains $128M–$138M.
1. Q1 2026 Financial Performance
Surf Air Mobility posted 1Q26 revenue of $25.6 million, representing a 9% year-over-year increase and landing at the high end of company guidance. Adjusted EBITDA loss narrowed to $12.3 million, outperforming the forecasted loss range of $13.5 million to $15.5 million.
2. On Demand and SurfOS Momentum
The On Demand segment achieved revenue growth of 77% y/y to $10.1 million, driven by a 38% increase in revenue per flight and a 340 basis-point improvement in gross margin. Early traction for BrokerOS and OperatorOS supports SurfOS’s evolution toward a commercial software platform.
3. FY26 Guidance and Valuation
Management reaffirmed full-year 2026 revenue guidance of $128 million to $138 million and improved the adjusted EBITDA loss outlook by roughly 40%. At 1.3x FY27 EV/Revenue versus peer multiples of 2.4x, the shares remain deeply discounted, suggesting potential for multiple expansion.
4. FAA Consortium Membership
Surf Air Mobility joined the FAA-sponsored Center for Advanced Aviation Technologies Consortium to collaborate on developing next-generation aviation solutions and advanced flight technologies.