Filing Flows › Surf Air Mobility (SRFM) › Q4 2025
Surf Air Mobility (SRFM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
Surf Air Mobility (SRFM) reported revenue of $26.4M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -9% from the quarter before. Operating margin was -97.8%, net loss $36.9M (139.4% of revenue).
Surf Air Mobility, Q4 2025: revenue $26.4M (-6% year over year), operating margin -97.8%, net loss $36.9M, operating cash flow −$18.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $26.4M | -9% | -6% |
| Operating profit | −$25.9M | — | — |
| Net earnings | −$36.9M | — | — |
| Operating cash flow | −$18.4M | — | — |
What changed
Revenue was $26.4M in Q4 2025, down 6% year over year and down 9% from the previous quarter. Scheduled was the largest line at 65% of revenue.
Operating costs exceeded revenue by $25.9M, an operating margin of -97.8%. Total costs grew 162% against a revenue fall of 6%. The fastest-growing cost line was Sales & marketing (+359%). The quarter ended with a net loss of $36.9M, wider than the previous quarter's $27.2M loss.
Operating cash flow was −$18.4M. Non-cash charges added back $2.3M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items added $14.1M. Capital expenditures of $1.7M exceeded it, leaving free cash flow of −$20.1M.
Questions
What was Surf Air Mobility's revenue in the fourth quarter 2025?
Surf Air Mobility (SRFM) reported revenue of $26.4M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -9% from the quarter before.
Was Surf Air Mobility profitable in the fourth quarter 2025?
Operating loss was $25.9M (-97.8% of revenue) and net loss $36.9M.
Source: Surf Air Mobility 10-K on SEC EDGAR.