Filing Flows

Filing Flows › Companies › Surf Air Mobility › Cash flow

Surf Air Mobility cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$21.8M in Q3 2026 · −$64.9M over twelve months

Operating cash flow−$21.2M
Capital spending−$599K
Free cash flow−$21.8M
Cash conversion cycle-44 days

Analysis

In Q3 2026, Surf Air Mobility generated −$21.2M of operating cash flow and spent $599K on capital projects, leaving free cash flow of −$21.8M. That is $727K less than in Q3 2025 (−$21.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$53.0M; the largest uses were operating cash flow ($53.0M), net borrowing (+) / repaid (−) ($32.0M), capital spending ($12.0M); besides operations, cash came from other financing ($69.6M), shares issued ($34.3M); the cash balance rose by $3.9M.

Operating cash flow was −$21.2M against net income of −$20.4M. The largest differences: deferred revenue −$7.7M, payables −$3.0M, depreciation & amortization +$2.9M.

Its cash conversion cycle was -44 days (receivables 12 + inventory 0 − payables 57): suppliers fund its working capital.

Free cash flow

Surf Air Mobility: free cash flow by quarterSurf Air Mobility: free cash flow by quarter−$32.7MQ4 2024−$17.1MQ1 2025−$11.9MQ2 2025−$21.1MQ3 2025−$20.1MQ4 2025−$15.0MQ1 2026−$8.0MQ2 2026−$21.8MQ3 2026
Operating cash flow less capital spending.
Surf Air Mobility: operating cash flow against capital spendingSurf Air Mobility: operating cash flow against capital spendingOperating cash flowCapital spending−$23.6M$9.1MQ4 2024−$15.8M$1.3MQ1 2025−$10.6M$1.2MQ2 2025−$19.3M$1.7MQ3 2025−$18.4M$1.7MQ4 2025−$12.3M$2.8MQ1 2026−$1.2M$6.9MQ2 2026−$21.2M$599KQ3 2026
Latest (Q3 2026): Operating cash flow −$21.2M, Capital spending $599K.

Capital allocation, year by year

Surf Air Mobility: where the cash came from (up) and went (down), by fiscal yearSurf Air Mobility: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2022: Operating cash flow −$28.0MFY2022: Net borrowing $4.0MFY2022: Shares issued $72KFY2022: Capital spending −$99K$4.1MFY2022FY2023: Operating cash flow −$64.4MFY2023: Net borrowing $7.8MFY2023: Shares issued $25.2MFY2023: Capital spending −$7.6M$33.0MFY2023FY2024: Operating cash flow −$54.3MFY2024: Net borrowing −$234KFY2024: Shares issued $20KFY2024: Asset sales $10.5MFY2024: Capital spending −$11.8M$10.5MFY2024FY2025: Operating cash flow −$64.2MFY2025: Net borrowing $60.7MFY2025: Shares issued $51.6MFY2025: Asset sales $2.7MFY2025: Capital spending −$5.9M$115MFY2025
Over these 4 years operating cash flow totalled −$211M; the largest uses were operating cash flow ($211M) and capital spending ($25.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$10.7M
Debt$58.9M
Net debt$48.2M
Due within a year$2.7M
Cash runway2 months

Surf Air Mobility is burning cash: its operations consume cash, a free cash flow of −$64.9M a year at the current rate against $10.7M of cash and investments: a runway of about 2 months; $2.7M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Surf Air Mobility: debt maturities by year (FY2025)Surf Air Mobility: debt maturities by year (FY2025)$2.7MYear 1$12.0MYear 2$685KYear 3$157KYear 4$450KYear 5$1.1MAfter year 5
Principal due in each year as disclosed in the annual report, against $10.7M of cash and investments now.

Where the cash came from and went

Surf Air Mobility: sources (+) and uses (−) of cash, Q3 2026Surf Air Mobility: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$21.2MNet borrowing (+) / repaid (−)$9.2MCash drawn (+) / kept (−)$7.5MShares issued$4.0MOther financing$1.9MOther investing−$1.7MAsset & business sales$895KCapital spending−$599K
Surf Air Mobility: sources (+) and uses (−) of cash, TTM to Q3 2026Surf Air Mobility: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$69.6MOperating cash flow−$53.0MShares issued$34.3MNet borrowing (+) / repaid (−)−$32.0MCapital spending−$12.0MOther investing−$5.2MCash drawn (+) / kept (−)−$3.9MAsset & business sales$2.1M

From profit to cash

Surf Air Mobility: net income to operating cash flow, Q3 2026Surf Air Mobility: net income to operating cash flow, Q3 2026Net income−$20.4MDepreciation & amortization$2.9MStock-based pay$1.7MDeferred taxes−$39KGains on disposals$500KReceivables−$196KPayables−$3.0MAccrued liabilities−$375KDeferred revenue−$7.7MPrepaid and other assets$2.6MOperating cash flow−$21.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202612—57-44
Q2 202613—67-54
Q1 202613—69-55
Q4 202516—62-47
Q3 202516—60-43
Q2 202517—71-54
Q1 202517—65-48
Q4 202414—79-64

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$21.2M−$599K$9.2M$4.0M$7.5M−$21.8M
Q2 2026−$1.2M−$6.9M—$13.0M−$4.2M−$8.0M
Q1 2026−$12.3M−$2.8M−$4.1M$12.0M$8.4M−$15.0M
Q4 2025−$18.4M−$1.7M−$4.1M$20.0M−$15.6M−$20.1M
Q3 2025−$19.3M−$1.7M$852K$8.2M$20.4M−$21.1M
Q2 2025−$10.6M−$1.2M$118K$10.7M−$20.4M−$11.9M
Q1 2025−$15.8M−$1.3M$260K$5.0M$14.5M−$17.1M
Q4 2024−$23.6M−$9.1M−$4.3M$19K−$20.6M−$32.7M

Surf Air Mobility: income statement and cash flow

Surf Air Mobility, Q3 2026: revenue $36.5M (+25% year over year), operating margin -43.8%. The chart follows the revenue to costs, profit and cash.

Surf Air Mobility: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.