Surf Air Mobility Reports Fourth Quarter and Full Year 2025 Financial Results and Announces Guidance for 2026

About this update from Surf Air Mobility Inc.

Company Guidance Forecasts 20% to 30% Year-over-Year Revenue Growth for 2026 Fourth Quarter Revenue of $26.4 Million, Within the Guidance Range of $25.5 Million to $27.5 Million Fourth Quarter Adjusted EBITDA Loss of Just Under $8 Million, Within the Guidance Range of $8 Million to $6.5 Million Full Year Revenue of $106.6 Million, Meeting Previously Raised Guidance of Revenue Exceeding $105 Million Full Year Adjusted EBITDA Loss of $41.7 Million, Achieving Guidance of Profitable Airline Operations, Defined as Positive Adj. EBITDA Company Is Positioned to Expand Platform Strategy in 2026 LOS ANGELES, March 12, 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 fourth quarter and full year ended December 31, 2025 and announced guidance for 2026. Deanna White, CEO of Surf Air Mobility, said: "2025 was a transformational year for Surf Air Mobility. The strategic investments we made in our operations, software, and capital structure have demonstrated measurable operational and financial improvements. Today, we are no longer resetting. We are pivoting to growth. In 2026, Surf Air Mobility intends to integrate its operational expertise, SurfOS infrastructure, and strategic partnerships into a technology-enabled platform designed to improve efficiency, reliability, and asset productivity across its own operations and the broader aviation ecosystem. Based on confidence in our operational expertise, SurfOS infrastructure and technology-enabled platform, the Company is establishing 2026 revenue guidance 20 to 30 percent above the 2025 results." She continued, "Building on the operational and financial progress achieved in 2025, the Company believes it is well positioned to expand its technology and platform initiatives to create value for its customers and partners. And we’re intensely focused on turning that position into tangible value for our customers, our partners, and our investors." Fourth Quarter Financial Highlights: Revenue Net Income/Loss Adjusted EBITDA Full Year Financial Highlights: Revenue Net Loss Adjusted EBITDA Key Developments and Progress Against the Transformation Plan In 2025, Surf Air Mobility continued progress against the Transformation Plan. Phase 1: Transformation Phase Highlights Phase 2: Optimization Phase Highlights As a result of these investments and accomplishments, the Company significantly improved its airline operating efficiency, increased revenue with improved margins in its On Demand charter business, and strengthened the foundation required for SurfOS commercialization in 2026. Current Developments Financial Outlook Surf Air Mobility is providing the following financial guidance for the first quarter and full year 2026: First Quarter 2026 Full year 2026 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: North America - Toll-Free (800) 715-9871 International (Toll) - (646) 307-1963 Conference ID: 4775356 Join webcast: https://events.q4inc.com/attendee/759250854 About Surf Air Mobility Surf Air Mobility is a Los Angeles-based air mobility platform. With its AI-enabled SurfOS software and electrification programs, 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, which provides operational scale and real-world operating data to validate and deploy its software. Together, 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 implementation of its transformation strategy; developments on key strategic initiatives; Surf Air Mobility’s profitability and future financial results; and Surf Air Mobility’s balance sheet and liquidity. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of Surf Air Mobility’s management as well as assumptions made by and information currently available to Surf Air Mobility and reflect Surf Air Mobility’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 future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; Surf Air Mobility’s limited operating history and that Surf Air Mobility has not yet commercialized software platforms for third-party sales or manufactured any hybrid-electric or fully-electric aircraft; Surf Air Mobility’s failure to realize the expected return on its significant investment in SurfOS due to development delays, technical challenges, or lack of market acceptance; any accidents or incidents involving hybrid-electric or fully-electric aircraft; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air Mobility’s development of hybrid-electric and fully-electric powertrains and 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, Southern or 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 Surf Air Mobility files with the SEC, and investors are urged to review those periodic reports and Surf Air Mobility’s other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov , before making an investment decision. Surf Air Mobility 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. Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024: Consolidated Statements of Operations for the Years Ended December 31, 2025 and December 31, 2024: (in thousands, except share and per share data): Unaudited Financial Measures; Reconciliation of Net Loss to Adjusted EBITDA for the Quarter and Year Ended December 31, 2025 and the Quarter and Year Ended December 31, 2024 (in thousands):   View source version on businesswire.com: https://www.businesswire.com/news/home/20260312536021/en/ Contacts Surf Air Mobility Media Contacts Press: [email protected] Investors: [email protected]

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