Filing Flows › Surf Air Mobility (SRFM) › Q3 2025
Surf Air Mobility (SRFM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Surf Air Mobility (SRFM) reported revenue of $29.2M for the third quarter 2025 (Q3 2025), +3% from a year earlier and +6% from the quarter before. Operating margin was -56.6%, net loss $27.2M (93.3% of revenue).
Surf Air Mobility, Q3 2025: revenue $29.2M (+3% year over year), operating margin -56.6%, net loss $27.2M, operating cash flow −$19.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $29.2M | +6% | +3% |
| Operating profit | −$16.5M | — | — |
| Net earnings | −$27.2M | — | — |
| Operating cash flow | −$19.3M | — | — |
What changed
Revenue was $29.2M in Q3 2025, up 3% year over year and up 6% from the previous quarter. Scheduled was the largest line at 71% of revenue. On Demand added $2.4M year over year (up 40%), 310% of the total change. Scheduled declined 7%.
Operating costs exceeded revenue by $16.5M, an operating margin of -56.6%. Total costs grew 23% against revenue growth of 3%. The fastest-growing cost line was General & admin (+2599%). The quarter ended with a net loss of $27.2M, narrower than the previous quarter's $28.0M loss.
Operating cash flow was −$19.3M. Non-cash charges added back $2.4M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $3.2M. Capital expenditures of $1.7M exceeded it, leaving free cash flow of −$21.1M.
Questions
What was Surf Air Mobility's revenue in the third quarter 2025?
Surf Air Mobility (SRFM) reported revenue of $29.2M for the third quarter 2025 (Q3 2025), +3% from a year earlier and +6% from the quarter before.
Was Surf Air Mobility profitable in the third quarter 2025?
Operating loss was $16.5M (-56.6% of revenue) and net loss $27.2M.
Source: Surf Air Mobility 10-Q on SEC EDGAR.