Surf Air Mobility Reports First Quarter 2026 Financial Results, Outperforming Adjusted EBITDA Guidance

About this update from Surf Air Mobility Inc.

First Quarter Revenue of $25.6 Million, At the High End of the Guidance Range of $24 Million to $26 Million First Quarter Adjusted EBITDA Loss of $12.3 Million vs. Guidance Range of $15.5 Million to $13.5 Million Loss Improved Annual 2026 Adjusted EBITDA Guidance by Approximately 40% While Maintaining 2026 Revenue Guidance Surf On Demand Private Charter Business Achieved Highest Revenue and Highest Gross Margin Quarter Since Inception Company Issues Second Quarter 2026 Guidance Airline Operations Completed Safety Management System One Year Ahead of FAA Mandate and Surf On Demand Private Charter Achieved ARGUS Certification LOS ANGELES, May 11, 2026 --( BUSINESS WIRE )--Surf Air Mobility Inc. (NYSE: SRFM) ("Surf Air Mobility" or the "Company"), a leading air mobility platform, today reported financial results for the first quarter ended March 31, 2026, and provided an update on operational progress across the Company’s airline, On Demand private charter, and technology businesses. Deanna White, Chief Executive Officer of Surf Air Mobility, said: "We are pleased with our first quarter Adjusted EBITDA results, which exceeded our expectations. The progress we’ve made across our business has positioned us to improve our annual 2026 Adjusted EBITDA guidance by 40% while maintaining our full year revenue guidance. The efficiencies gained within our core businesses in the first quarter are a clear indication of the value that SurfOS and our partnership with Palantir delivers." Q1 2026 Financial Results Revenue Net Loss Net loss was $20.3 million for the first quarter of 2026 compared to Net loss of $18.5 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. The year-over-year increase in net loss principally 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. Adjusted EBITDA Q1 2026 Business Highlights Airline Operations Surf On Demand Private Charter SurfOS Software Electrification Subsequent Events: Q2 2026 Developments 2026 Adjusted EBITDA Guidance Improved by Approximately 40% While Maintaining 2026 Revenue Guidance Airline Operations Surf On Demand Private Charter SurfOS Software Capital Structure Second Quarter Financial Guidance The Company is accelerating its path to profitability and anticipates Adjusted EBITDA loss to further narrow through the second half of 2026 absent unexpected macro or geopolitical headwinds. Conference Call: Surf Air Mobility will host a conference call today at 5:00 pm ET. Interested parties can register in advance to listen to the webcast  here  or can find a link on the ‘ Events & Presentations ’ section of our investor relations website. Alternatively, listeners may dial into the call as follows: United States (Local): +1 585 542 9983 United States (Toll-Free): +1 833 461 5787 International Dial-Ins Meeting ID: 150772381 About Surf Air Mobility Surf Air Mobility is a Los Angeles-based air mobility platform. With its AI-enabled SurfOS software, Surf Air Mobility provides technology designed to support the modernization of air operations and the adoption of next-generation aircraft. The Company currently operates one of the largest commuter airlines in the United States by scheduled departures and provides private charter services. Together, these businesses provide the operational scale and real-world operating data to validate and deploy its software. These capabilities position Surf Air Mobility as a leader shaping a more efficient, connected, and accessible future for aviation. Forward-Looking Statements This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Surf Air Mobility’s profitability and future financial results and its ability to achieve its business objectives. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company and reflect the Company’s current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air Mobility’s ability to anticipate the future needs of the air mobility market; Surf Air Mobility’s future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air Mobility’s development of its advanced air mobility software platform, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air Mobility’s growth; the inability of Surf Air Mobility’s customers to pay for Surf Air Mobility’s services; the inability of Surf Air Mobility to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air Mobility, the risks associated with Surf Air Mobility’s obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that the Company files with the SEC, and investors are urged to review those periodic reports and the Company’s other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov , before making an investment decision. The Company assumes no obligation to update its forward-looking statements except as required by law. Footnotes Use of Non-GAAP Financial Measures: Surf Air Mobility uses Adjusted EBITDA to identify and target operational results which is beneficial to management and investors in evaluating operational effectiveness. Adjusted EBITDA is a supplemental measure of Surf Air Mobility’s performance that is not required by, or presented in accordance with, U.S. GAAP. Adjusted EBITDA is not a measurement of Surf Air Mobility’s financial performance under U.S. GAAP and should not be considered as an alternative to net income (loss) or any other performance measure derived in accordance with U.S. GAAP. Surf Air Mobility’s calculation of this non-GAAP financial measure may differ from similarly titled non-GAAP measures, if any, reported by other companies. This non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP. Non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. Surf Air Mobility presents Adjusted EBITDA because it considers this measure to be an important supplemental measure of its performance and believes it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in its industry. Management believes that investors’ understanding of Surf Air Mobility’s performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing its ongoing results of operations.         View source version on businesswire.com: https://www.businesswire.com/news/home/20260511482704/en/ Contacts Surf Air Mobility Media Contacts Press: [email protected] Investors: [email protected]

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