Surf Air Mobility Inc. (SRFM), a regional air mobility platform, reported total revenue of $106.6 million for the year ended December 31, 2025, a decrease of 11% compared to $119.4 million in 2024. This decline was primarily driven by a 15% decrease in scheduled revenue, which fell to $77.0 million from $90.7 million in the previous year, attributed to the exiting of unprofitable routes. On-demand revenue, however, saw a slight increase of 3%, reaching $29.6 million compared to $28.7 million in 2024, due to a strategic focus on larger jet charter sales.
The company's operating expenses totaled $183.4 million in 2025, a 2% increase from $179.7 million in 2024. Cost of revenue, excluding depreciation and amortization, decreased by 7% to $102.4 million, reflecting lower flight volumes. Technology and development expenses saw a significant reduction of 57%, decreasing to $10.3 million from $24.0 million, mainly due to reduced expenses related to the Textron data license agreement and software development work with Palantir. General and administrative expenses increased substantially by 79% to $53.3 million, driven by higher stock-based compensation, transaction-related costs, and incentive bonus plan accruals. The company's net loss for 2025 was $110.6 million, compared to a net loss of $74.9 million in 2024.
Key operational developments included serving over 300,000 passengers with approximately 62,000 scheduled departures in 2025. The company is focused on developing its AI-enhanced software operating system, SurfOS, and pursuing Supplemental Type Certificates (STCs) for proprietary powertrain technology for Cessna Grand Caravan aircraft. Strategic partnerships with Textron Aviation, Palantir, and others are expected to drive growth and profitability. The company is also exploring relationships with other industry participants to accelerate the adoption of electrified aircraft.
Looking ahead, Surf Air Mobility aims to transform regional flying by commercializing electric aviation at scale. The company intends to deploy electrified aircraft across its scheduled service routes and is developing AI-enhanced software to enhance efficiency and productivity. However, the company acknowledges substantial doubt about its ability to continue as a going concern, citing significant losses, negative cash flows, and defaults on debt and tax obligations. The company's future success depends on securing additional financing, increasing passenger loads, and successfully developing its Air Technology business.
About SURF AIR MOBILITY INC.
Surf Air Mobility Inc. is a regional air mobility platform focused on transforming short-haul travel through scheduled services, on-demand charters, and electrification of aircraft. It operates a large fleet of commuter aircraft, develops proprietary AI software SurfOS, and partners with industry leaders to advance electric and hybrid powertrain technology. Serving U.S. communities and leveraging government contracts, it aims to reduce travel time, costs, and environmental impact in regional aviation.
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