--- title: "Surf Air Mobility | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 25.61 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285993149.md" datetime: "2026-05-11T20:34:31.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285993149.md) - [en](https://longbridge.com/en/news/285993149.md) - [zh-HK](https://longbridge.com/zh-HK/news/285993149.md) --- # Surf Air Mobility | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 25.61 M Revenue: As of FY2026 Q1, the actual value is USD 25.61 M, beating the estimate of USD 25.54 M. EPS: As of FY2026 Q1, the actual value is USD -0.26. EBIT: As of FY2026 Q1, the actual value is USD -12.13 M. Surf Air Mobility Inc. operates as a single Air Mobility segment, providing scheduled commercial air service and an on-demand charter marketplace. #### Operational Metrics - **Net Loss**: Surf Air Mobility Inc. reported a net loss of -$20,262 thousand for the three months ended March 31, 2026, compared to -$18,466 thousand for the same period in 2025. - **Operating Loss**: The operating loss was -$13,355 thousand for the three months ended March 31, 2026, showing a decrease from -$18,567 thousand for the same period in 2025. - **Cost of Revenue, exclusive of depreciation and amortization**: This cost increased by 5% to $25,946 thousand for the three months ended March 31, 2026, from $24,706 thousand in the prior year period. - **Aircraft expenses**: These amounted to $19,535 thousand for the three months ended March 31, 2026, up from $17,789 thousand for the same period in 2025. - **Pilot expenses**: Pilot expenses were $3,489 thousand for the three months ended March 31, 2026, compared to $3,892 thousand for the same period in 2025. - **Other costs of revenue**: These were $2,922 thousand for the three months ended March 31, 2026, compared to $3,025 thousand for the same period in 2025. - **Technology and development expenses**: These decreased by 9% to $2,445 thousand for the three months ended March 31, 2026, from $2,680 thousand in the prior year period. - **Sales and marketing expenses**: These increased by 19% to $1,966 thousand for the three months ended March 31, 2026, from $1,653 thousand in the prior year period, primarily due to increased external marketing initiatives. - **General and administrative expenses**: These decreased by 44% to $6,059 thousand for the three months ended March 31, 2026, from $10,886 thousand in the prior year period, mainly due to reductions in short-term incentive bonus accruals, compensation expense, stock-based compensation expense, and other general expenses. - **Depreciation and amortization expenses**: These increased by 19% to $2,552 thousand for the three months ended March 31, 2026, from $2,148 thousand in the prior year period, primarily due to overall increases in aircraft depreciation. - **Changes in fair value of financial instruments carried at fair value, net**: This figure was -$3,613 thousand for the three months ended March 31, 2026, compared to $5,396 thousand for the same period in 2025. - **Interest expense**: Interest expense was -$1,224 thousand for the three months ended March 31, 2026, compared to -$3,895 thousand for the same period in 2025, due to restructuring high-interest debt into zero-coupon, convertible obligations. #### Cash Flow - **Net cash used in operating activities**: Surf Air Mobility Inc. used -$12,252 thousand in operating activities for the three months ended March 31, 2026, an improvement from -$15,804 thousand for the same period in 2025. - **Net cash used in investing activities**: The company used -$3,539 thousand in investing activities for the three months ended March 31, 2026, compared to $782 thousand net cash provided by investing activities for the same period in 2025. - **Net cash provided by financing activities**: Net cash provided by financing activities was $7,347 thousand for the three months ended March 31, 2026, compared to $542 thousand for the same period in 2025. - **Cash, cash equivalents and restricted cash at end of period**: As of March 31, 2026, cash, cash equivalents and restricted cash totaled $14,319 thousand, up from $7,195 thousand as of March 31, 2025. #### Unique Operating Metrics - **Scheduled Flight Hours**: These decreased by 16% to 11,061 for the three months ended March 31, 2026, from 13,090 for the same period in 2025. - **On-Demand Flights**: On-demand flights increased by 34% to 832 for the three months ended March 31, 2026, from 620 for the same period in 2025. - **Scheduled Passengers**: The number of scheduled passengers decreased by 2% to 65,376 for the three months ended March 31, 2026, from 66,638 for the same period in 2025. - **Headcount**: Headcount was 571 as of March 31, 2026, a decrease of 13% from 654 for the same period in 2025. - **Scheduled Departures**: These decreased by 9% to 12,503 for the three months ended March 31, 2026, from 13,717 for the same period in 2025. #### Outlook and Strategy Surf Air Mobility Inc. anticipates continued significant costs for developing its digital platform and fully-electric/hybrid-electric powertrain technologies. The company is focused on operational improvements, stringent operating expense management to boost airline profitability, and advancing its software technology platform and electrification programs. 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