<span item_type="fundamental" item_id="7af12adcc05a80f33fcb98c4a3a161d8" counter_id="ST/US/SRFM" env="prod"></span><span item_type="announcement" item_id="647289745668640385" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 25.61 M, beating the estimate of USD 25.54 M.</p><p>EPS: As of FY2026 Q1, the actual value is USD -0.26.</p><p>EBIT: As of FY2026 Q1, the actual value is USD -12.13 M.</p><p></p><h3>Financial Performance for Q1 2026</h3><h4>Revenue</h4><ul><li>Total revenue was $25.6 million, marking a 9% year-over-year increase and reaching the high end of the guidance range of $24 million to $26 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Scheduled service revenue was $15.5 million, a 13% year-over-year decrease due to the exiting of unprofitable routes.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Surf On Demand private charter revenue increased by 77% year-over-year to $10.1 million, attributed to the success of the Powered by Surf On Demand program and efficiency gains from BrokerOS.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li></ul><h4>Net Loss</h4><ul><li>Net loss for the first quarter of 2026 was - $20.3 million, compared to a net loss of - $18.5 million in the prior year period.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>The increase in net loss primarily reflects continued strategic investment in SurfOS development and a larger non-cash change in fair value of financial instruments expense, partially offset by revenue growth.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li></ul><h4>Adjusted EBITDA</h4><ul><li>Adjusted EBITDA loss was - $12.3 million, outperforming the guidance range of - $15.5 million to - $13.5 million loss.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>This improvement was driven by better On Demand private charter margins, effective cost controls in airline operations, and accelerated SurfOS development and deployment.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Adjusted EBITDA loss also improved over the prior year period due to increased revenue and the internal adoption of SurfOS within airline operations.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li></ul><h4>Operating Expenses</h4><ul><li>Total operating expenses for Q1 2026 were $38.968 million, down from $42.073 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span><ul><li>Cost of revenue (exclusive of depreciation and amortization) was $25.946 million in Q1 2026, compared to $24.706 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Technology and development expenses were $2.445 million in Q1 2026, down from $2.680 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Sales and marketing expenses were $1.966 million in Q1 2026, up from $1.653 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>General and administrative expenses were $6.059 million in Q1 2026, significantly down from $10.886 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Depreciation and amortization expenses were $2.552 million in Q1 2026, compared to $2.148 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li></ul></li></ul><h4>Operating Loss</h4><ul><li>Operating loss for Q1 2026 was - $13.355 million, an improvement from - $18.567 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li></ul><h4>Other Income (Expense)</h4><ul><li>Changes in fair value of financial instruments resulted in an expense of - $3.613 million in Q1 2026, compared to an income of $5.396 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Interest expense was - $1.224 million in Q1 2026, down from - $3.895 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Other expense, net, was - $2.109 million in Q1 2026, compared to - $1.492 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li></ul><h4>Capital Structure</h4><ul><li>In April 2026, Surf Air Mobility Inc. raised $30 million in new capital, comprising $15 million from a non-dilutive, aircraft-backed credit facility and $15 million from a common equity offering.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Proceeds are intended to accelerate SurfOS implementation and fund electrification initiatives.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li></ul><h3>Operational Metrics</h3><h4>Airline Operations</h4><ul><li>Surf Air Mobility Inc. flew 65,376 passengers on 12,503 departures.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Operational performance included a 96% controllable completion factor, 72% on-time departures, and 78% on-time arrivals, all significantly improved year-over-year.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Investments were announced in Mokulele Airlines’ Hawaii operations, including new aircraft, expanded routes, and infrastructure upgrades.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>The Company completed the implementation of its Safety Management System (SMS) in April 2026, a year ahead of the FAA’s May 2027 mandate.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Demonstration flights with BETA cargo aircraft in Hawaii are intended to begin in June 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li></ul><h4>Surf On Demand Private Charter</h4><ul><li>Q1 2026 marked the highest revenue quarter since inception for the private charter business, with a 77% year-over-year increase.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Revenue per flight increased by 38%, driven by longer flights (greater than 1,000 miles) increasing by 149%, international departures increasing by 87%, and flights on larger-cabin aircraft (greater than 9 seats) increasing by 49%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Gross margin improved by approximately 340 basis points year-over-year.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>BrokerOS led to 32% more bookings for top brokers, 57% faster quote-to-close, and 40% more payments processed on-platform.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>The Powered by Surf On Demand program concluded Q1 2026 with six active independent brokers, expanding the sales force without a proportionate increase in fixed costs.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>The business achieved ARGUS Certified Charter Broker accreditation in March 2026, becoming one of 16 globally.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>As of April 2026, 29 independent brokers are enrolled in the Powered by Surf On Demand program, with hundreds of additional applicants.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Surf On Demand is anticipated to be the largest contributor to revenue growth in full-year 2026 with expanding gross margins.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li></ul><h4>SurfOS Software</h4><ul><li>BrokerOS generated revenue in Q1 2026 via a take rate on On Demand private charter bookings.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>AI-assisted development and Palantir’s Foundry and AIP are reducing development cycles and accelerating deployment.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>New tools launched include ‘Aircraft Intelligence’, AIP-enabled charter price rating, and a charter aircraft sourcing comparison tool.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>OperatorOS is under continued development for a commercial launch in the second half of 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>New Palantir-powered tools deployed since the quarter ended include a fuel optimization module and a crew reserve optimization module.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li></ul><h4>Electrification</h4><ul><li>Surf Air Mobility Inc. announced a strategic partnership with BETA Technologies, including a firm order for 25 all-electric BETA ALIA aircraft with options for 75 more.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>The company was designated as BETA’s launch operator for commercial passenger electric service and plans to establish BETA factory-authorized service centers.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>Up to $100 million in planned capital expenditure was eliminated from the Cessna Caravan powertrain electrification program.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li></ul><h3>Outlook / Guidance</h3><ul><li>Surf Air Mobility Inc. improved its annual 2026 Adjusted EBITDA loss guidance by approximately 40%, revising it to - $30 million to - $25 million from the prior guidance of - $50 million to - $40 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>The full-year 2026 revenue guidance remains $128 million to $138 million, representing 20% to 30% growth over full-year 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li><li>For the second quarter of 2026, revenue is expected to be in the range of $27 million to $30 million, and Adjusted EBITDA loss is projected to be between - $10.5 million and - $8.5 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1936224/000119312526216802/srfm-ex99_1.htm"></span></li></ul>

Surf Air Mobility | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 25.61 M