Surf Air Mobility Q3 revenue rises 25% to $36.5 million as net loss narrows 25% to $20.4 million

Surf Air Mobility reported third-quarter revenue of $36.5 million, up 25% year over year and 24% quarter over quarter. Surf On Demand revenue reached $19 million, up 121% year over year and 57% quarter over quarter, which the operator attributed to increased demand and higher revenue per departure. Scheduled airline service revenue was $17.5 million, down 15% year over year, driven by the exit of Essential Air Service routes alongside productivity improvements.

The company posted an adjusted EBITDA loss of $6.7 million, down 32% year over year. Net loss was $20.4 million, down 25% from $27.2 million a year earlier, and included R&D initiatives, stock-based compensation, transaction costs and other non-recurring items. Cost of revenue, exclusive of depreciation and amortization, was $33.485 million versus $27.662 million a year earlier. Year to date, revenue increased from $80.1 million to $91.6 million, while net loss narrowed from $73.7 million to $68.8 million. Surf Air ended the quarter with $10.7 million in cash, down from $12.7 million at the end of 2025, and deferred revenue stood at $22.4 million.

CEO Deanna White called the third quarter the highest-revenue and best Adjusted EBITDA quarter in the company's history, with revenue and Adjusted EBITDA within guidance. She said the company is in the Expansion Phase of its Transformation Plan, with priorities of commercializing SurfOS, scaling Surf On Demand and expanding airline profitability. For full-year 2026, it expects revenue of $128 million to $138 million and an adjusted EBITDA loss of $35 million to $32 million, versus a previous forecast of $30 million to $25 million, reflecting higher fuel prices and longer implementation periods for SurfOS.