SRFM

EX-99.1

2 srfm-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

Surf Air Mobility Reports Second Quarter 2026 Financial Results, Meeting Revenue and Adjusted EBITDA Guidance

Second Quarter Revenue of $29.5 Million, Driven By Over 100% Year-Over-Year Increase In Surf On Demand Private Charter Revenue, At the High End of the Guidance Range of $27 Million to $30 Million

Second Quarter Adjusted EBITDA Loss of $10.5 Million, Within the Guidance Range of $10.5 Million to $8.5 Million

Signed First SurfOS Enterprise Software Contract with Wheels Up and Expanded Partnership with Palantir Technologies

Reduced Existing Convertible Note Principal by 64% and Lowered Monthly Cash Amortization Payments by Up to 50%

Company Reaffirms Full Year 2026 Guidance and Issues Third Quarter 2026 Guidance

LOS ANGELES, CA - August 10, 2026 - Surf Air Mobility Inc. (NYSE: SRFM) ("Surf Air Mobility" or the "Company"), a leading air mobility platform, today reported financial results for the second quarter ended June 30, 2026, and provided a progress update for the Company's airline operations, Surf On Demand private charter, and SurfOS software businesses.

Deanna White, Chief Executive Officer of Surf Air Mobility, said: "The second quarter was strong. We delivered revenue at the high end of our guidance range and Adjusted EBITDA within our range, and we did so during one of the most volatile fuel cost environments the industry has experienced. Over the last year and a half, our Transformation Plan has focused on foundational work: building SurfOS, lowering our cost structure, rationalizing our route network, modernizing our fleet, and restructuring our balance sheet. As we shift our focus to the Expansion Phase of the plan, we believe the Company is now positioned to pursue revenue growth and improved profitability simultaneously."

Exhibit 99.1

Q2 2026 Financial Results

Revenue

● Total revenue of $29.5 million was at the high end of the Company's guidance range of $27 million to $30 million, an 8% year-over-year increase and a 15% increase compared to the first quarter of 2026

● Scheduled service revenue of $17.4 million, a 19% year-over-year decrease reflecting the continued rationalization of the Company's route network

● Surf On Demand private charter revenue of $12.1 million, a 101% increase compared to the same period of the prior year, with departures increasing approximately 67% compared to the second quarter of 2025

Net Loss

Net loss was $28.1 million for the second quarter of 2026 compared to net loss of $28 million in the prior year period. Net loss for both periods included investment in R&D for technology initiatives, stock-based compensation, transaction costs and other non-recurring items.

Adjusted EBITDA

● Adjusted EBITDA loss of $10.5 million, within the Company's guidance range of a $10.5 million to $8.5 million

● Results reflect elevated fuel costs and weather-related cancellations in Hawaii, offset by cost controls across airline operations and the more cost-efficient development of SurfOS

Q2 2026 Business Highlights

SurfOS Software

● Announced Wheels Up as the launch customer for Enterprise BrokerOS, Surf Air Mobility’s first SurfOS enterprise software contract, worth up to $12 million over the initial three-year contract term.

● Expanded the Company's partnership with Palantir Technologies Inc., increasing engineering resources and adding business development and commercial go-to-market resources with experience in aviation, transportation, and logistics. These resources participate directly in the SurfOS enterprise sales process.

Exhibit 99.1

● Deployed new SurfOS features during the quarter, including crew reserve optimization, fuel tracking, AI-enabled charter price recommendations, and AI-enabled charter supply sourcing.

● Showcased BrokerOS at Palantir's AIPCon 10 in June, highlighting the intelligence features and AIP-powered tools embedded within the software.

● Finalized plans to commercially launch OperatorOS and OwnerOS in the fourth quarter of 2026.

Airline Operations

● Ended the quarter at a controllable completion factor of 98%, on-time arrivals of 88%, and on-time departures of 83%.

● Mokulele Airlines revenue increased approximately 7% year-over-year and approximately 15% compared to the first quarter of 2026, with more than 10,000 departures in the quarter, a 3% year-over-year increase.

● Took delivery of two new Cessna Caravan aircraft, positioning the Company's newest aircraft on high value routes.

● Productivity gains from OperatorOS offset much of the revenue impact of route rationalization and the cost impact of increased fuel prices. The fuel optimization module now reconciles fuel records against vendor invoicing and tracks actual burn against plan, while the crew reserve module calculates demand-adjusted reserve requirements by base, and the Company expects these improvements to persist into the future.

● Completed implementation of the Company's Safety Management

SEC.gov | Request Rate Threshold Exceeded

U.S. Securities and Exchange Commission

You’ve Exceeded the SEC’s Traffic Limit

Your request rate has exceeded the SEC’s maximum allowable requests per second. Your access to SEC.gov will be limited for 10 minutes.

Current guidelines limit each user to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. To ensure that SEC.gov remains available to all users, we reserve the right to block IP addresses that submit excessive requests.

The block will be lifted automatically by waiting 10 minutes. Continuing to exceed the SEC’s maximum allowable request rate during the time-out period will extend the duration of the time-out period. To ensure fair access for all users, please reduce the rate of your requests and visit SEC.gov again after the 10 minute time-out period has passed.

For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. For more information, contact opendata@sec.gov.

For more information, please see the SEC’s Web Site Privacy and Security Policy. Thank you for your interest in the U.S. Securities and Exchange Commission.

Reference ID: 0.e618d017.1784726474.7fc67a8

More Information

Internet Security Policy

By using this site, you are agreeing to security monitoring and auditing. For security purposes, and to ensure that the public service remains available to users, this government computer system employs programs to monitor network traffic to identify unauthorized attempts to upload or change information or to otherwise cause damage, including attempts to deny service to users.

Unauthorized attempts to upload information and/or change information on any portion of this site are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C. §§ 1001 and 1030).

To ensure our website performs well for all users, the SEC monitors the frequency of requests for SEC.gov content to ensure automated searches do not impact the ability of others to access SEC.gov content. We reserve the right to block IP addresses that submit excessive requests. Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests.

If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website.

Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users.

Note: We do not offer technical support for developing or debugging scripted downloading processes.

8-K

false000193622400019362242026-03-122026-03-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 12, 2026

SURF AIR MOBILITY INC.

(Exact name of registrant as specified in its charter)

Delaware

001-41759

36-5025592

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

12111 S. Crenshaw Blvd. Hawthorne, CA 90250 (Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (424) 332-5480

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:

Trading Symbol(s)

Name of Each Exchange on Which Registered:

Common stock, par value $0.0001 per share

SRFM

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On March 12, 2026, Surf Air Mobility Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter and year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K, and is incorporated herein by reference.

The information in this Item 2.02, including Exhibit 99.1, are furnished herewith and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number

Exhibit Title or Description

99.1

Press Release dated March 12, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL)

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

SURF AIR MOBILITY INC.

Date: March 12, 2026

By:

/s/ Oliver Reeves

Name:

Oliver Reeves

Title:

Chief Financial Officer

2