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

About this update from Surf Air Mobility Inc.

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, August 10, 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 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." Q2 2026 Financial Results Revenue 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 Q2 2026 Business Highlights SurfOS Software Airline Operations Surf On Demand Private Charter Electrification Corporate Financing Transactions In July 2026, the Company announced two financing transactions designed to strengthen its balance sheet and reduce future shareholder dilution. Oliver Reeves, Chief Financial Officer of Surf Air Mobility, said: "The combination of our operating improvements and reduced amortization allows us to approach our go-forward capital needs from a position of strength. As we exit a heavier capital expenditure cycle, we expect free cash flow conversion to improve." Financial Outlook Surf Air Mobility is providing the following financial guidance for the third quarter and reaffirming its guidance for the full year 2026: Third Quarter 2026 Full Year 2026 The Company expects Adjusted EBITDA loss to narrow further in the fourth quarter of 2026. For the second half of 2026, the Company expects its airline operations to be the most profitable area of its business, reflecting the investments made in fleet modernization and the operational efficiencies enabled by OperatorOS. Conference Call Surf Air Mobility will host a conference call today at 5:00pm 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: 151 047 924 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 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. Unaudited Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025: Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025: (in thousands, except share and per share data): Unaudited Non-GAAP Financial Measures; Reconciliation of Net Loss to Adjusted EBITDA for the Three and Six Months Ended June 30, 2026 and 2025 (in thousands): View source version on businesswire.com: https://www.businesswire.com/news/home/20260810118039/en/ Contacts Surf Air Mobility Media Contacts Press: [email protected] Investors: [email protected]

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