Stonegate Capital Partners has updated its coverage on Surf Air Mobility Inc. (NYSE: SRFM), highlighting the company's progress in its restructuring efforts and a clearer path to growth. According to the announcement, SRFM's FY25 results indicate that the company is emerging from a period of restructuring with a more stable operating base. Full-year revenue of $106.6 million met the company's raised outlook, while adjusted EBITDA loss improved to $41.7 million, driven by better airline operations, a stronger charter mix, and continued execution under the transformation plan. Net debt also declined 47% year-over-year to $74 million, supported by capital actions and convertible note conversion.
In the fourth quarter of 2025, SRFM reported revenue of $26.4 million and an adjusted EBITDA loss of just under $8 million, both within guidance despite pressure from exiting unprofitable scheduled routes. The quarter reinforced continued progress in the transformation heading into 2026. Key takeaways from the update include that restructuring is beginning to show in cleaner operating execution and a more credible path to growth. The airline mix is improving, with On Demand growing 36% as the company shifted away from unprofitable routes toward better charter mix and execution. Additionally, software and electrification are identified as upside levers, with SurfOS and the BETA partnership adding credible optionality, though FY26 execution and back-half growth remain critical.
For more details, the full announcement can be viewed here. Stonegate Capital Partners is a capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets, offers investment banking, equity research, and capital raising services.
