Surf Air Mobility (SRFM) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $29.5 million, at the high end of guidance, with strong growth in Surf On Demand private charter revenue and continued cost controls despite volatile fuel prices and severe weather disruptions in Hawaii.

• Adjusted EBITDA loss was $10.5 million, within guidance, reflecting elevated fuel costs and weather-related disruptions offset by operational efficiencies.

• Net loss for Q2 2026 was $28.1 million, with operating loss at $18.8 million, reflecting higher costs and increased other expenses.

• Completed foundational transformation work, shifting focus to expansion and profitability through 2027, and continued investment in technology and electrification initiatives.

• Signed first multi-year, multi-million dollar SurfOS enterprise contract with Wheels Up and expanded partnership with Palantir Technologies.

Financial highlights

• Q2 2026 consolidated revenue was $29.5 million, up 8% year-over-year and 15% sequentially from Q1 2026; six months revenue was $55.1 million, up 8%.

• Surf On Demand private charter revenue grew 101% year-over-year to $12.1 million; scheduled service revenue declined 19–20% year-over-year to $17.4 million due to deliberate route exits.

• Adjusted EBITDA loss improved, with full-year guidance for a 40% reduction in loss compared to prior guidance.

• Net loss for Q2 2026 was $28.1 million; net loss per share was $(0.29), improved from $(1.34) in Q2 2025 due to higher share count.

• Cash used in operations improved to $13.4 million for the six months (from $26.4 million prior year).

Outlook and guidance

• Reaffirmed full-year 2026 revenue guidance of $128–$138 million (20–30% growth over 2025) and full-year adjusted EBITDA loss guidance of $30–$25 million, a 40% improvement from previous guidance.

• Q3 2026 revenue expected between $35.5–$37.5 million, with adjusted EBITDA loss of $7–$4 million.

• Airline operations expected to be a profitability bright spot in the second half of 2026.

• Management expects continued investment in technology and electrification, with ongoing cost controls and operational improvements.

• The company faces uncertainty from inflation, competitive pressures, and regulatory changes, particularly in the Essential Air Service program.