Surf Air Mobility Inc. (NYSE: SRFM) is a regional air mobility company that operates scheduled commuter airline service and an on-demand charter marketplace for passengers in the United States and globally. Revenue comes from passenger fares, on-demand charter bookings, and Essential Air Service (EAS) subsidies awarded by the U.S. Department of Transportation under contracts that pay guaranteed amounts for completed flights to underserved communities. The company operates one of the largest commuter airlines in the United States by scheduled departures, with a combined fleet of 41 aircraft, 39 of which are Cessna Caravans, averaging approximately 170 daily departures for the year ended December 31, 2025. A second business segment, Air Technology, is developing proprietary aviation software under the SurfOS platform targeting charter brokers, air operators, and aircraft owners. Total revenue was $106.6 million in FY2025, down 11% from $119.4 million in FY2024, with an operating loss of $76.9 million in FY2025.

Revenue model

Revenue is generated through three streams: scheduled airline passenger fares, on-demand charter marketplace transactions, and EAS government subsidy contracts from the U.S. Department of Transportation that pay for completed flights to underserved communities. SurfOS software licensing to commercial aviation partners is in development as a future revenue stream.

Products and services

Scheduled commuter airline service operated primarily with Cessna Caravan aircraft (39 of 41 fleet aircraft as of December 31, 2025). On-demand charter marketplace for U.S. and global passengers. SurfOS proprietary aviation software platform targeting charter brokers, air operators, and aircraft owners. The company is also pursuing electrified aircraft powertrains, including an EP1 fully-electric powertrain certification program.

Customers and end markets

End markets include regional commuters and travelers seeking point-to-point air service as an alternative to hub-and-spoke commercial aviation, small communities receiving subsidized Essential Air Service, and on-demand charter passengers in the U.S. and globally. Commercial partners such as charter brokers, air operators, and aircraft owners are target customers for the SurfOS software platform.

Value-chain role

Surf Air Mobility operates as both an air carrier (directly operating scheduled and charter flights) and a technology platform developer (building software to support third-party operators). It relies on third-party aircraft operators to supplement its own fleet capacity and holds DOT EAS contracts that provide guaranteed revenue for serving underserved routes.

Geographic exposure

Primarily United States regional routes, including small communities served under DOT Essential Air Service contracts. On-demand charter marketplace operates in the U.S. and globally. The company has historically operated in a limited number of regional areas.

Source: SEC 10-K, filed 2026-03-12

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