Surf Air Mobility Inc.

Consolidated Q2 2026 revenue was $29.5 million, up 8% year over year and up 15% sequentially, at the high end of guidance of $27 million to $30 million. Consolidated adjusted EBITDA loss was $10.5 million, within guidance. Full-year 2026 guidance was reaffirmed at revenue of $128 million to $138 million, implying 20% to 30% growth over 2025, and adjusted EBITDA loss of $30 million to $25 million, an improvement of about 40% versus prior guidance. For Q3, management expects revenue of $35.5 million to $37.5 million and adjusted EBITDA loss of $7 million to $4 million, with further EBITDA improvement expected in Q4. Total scheduled service revenue was $17.4 million, down about 20% year over year; Mokulele revenue was up about 7% year over year; and Surf On Demand generated $12.1 million in Q2 revenue.

Deanna White framed Q2 as evidence that the transformation plan is working despite difficult fuel and weather conditions, saying the company hit guidance through cost controls and technology efficiencies. She emphasized that the foundational work on SurfOS, the network, the fleet, and the balance sheet is largely done, and that Surf Air is now moving into an expansion phase focused on growth and profitability through 2027. Her tone was confident and explicit that the company believes it can pursue revenue growth and profitability at the same time.

Oliver Reeves highlighted the quarter’s financial performance against guidance and the balance-sheet actions intended to reduce dilution and improve liquidity. He said the company refinanced its convertible note into a new $17 million convertible note due 2027 and a new $30 million non-convertible senior secured term note due 2028, reducing existing convertible principal by 64% and monthly cash amortization payments by up to 50%; he also said the new $30 million term note does not amortize or accrue interest until January 2027. He added that the company entered a new $21.6 million asset-backed loan, expects a second $14 million funding this month, and has reduced total debt by 50% over the last year while pushing out maturities. On the operating outlook, he said free cash flow conversion should improve as heavy maintenance and CapEx roll off, and that the airline should be a profitability bright spot in the second half.

Analysts focused on the pace and drivers of charter growth, the SurfOS enterprise pipeline, and whether OpEx would rise as Palantir resources expand. Management said broker onboarding remains important but must be balanced with quality, and that wholesale supply relationships are equally important to support margins; on SurfOS, they said they are in active discussions across BrokerOS, OperatorOS, OEM-related opportunities and larger-scale brokers, with a target of at least one additional enterprise contract before year-end. On OpEx, Oliver said Q2 is a pretty good run rate and that costs should not rise commensurately with the number of products. A retail question on NYSE listing compliance was answered by noting the company received a deficiency notice tied to share price, is trying to cure it organically while retaining reverse split authorization as a backup, and that recent financing was structured to reduce dilution.