Surf Air Mobility Q1 revenue beats estimates on charter division strength

Surf Air Mobility

11/05/2026 21:17

Overview

US air mobility platform's Q1 revenue rose 9% yr/yr, beating analyst expectations

Adjusted EBITDA loss for Q1 narrowed and outperformed company guidance

Company improved 2026 Adjusted EBITDA guidance by about 40% while maintaining revenue outlook

Outlook

Surf Air Mobility sees Q2 2026 revenue between $27 mln and $30 mln

Company expects Q2 2026 Adjusted EBITDA loss of $10.5 mln to $8.5 mln

Surf Air Mobility maintains 2026 revenue guidance of $128 mln to $138 mln

Company improves 2026 Adjusted EBITDA loss guidance to $30 mln to $25 mln

Result Drivers

PRIVATE CHARTER GROWTH - Surf On Demand private charter revenue rose 77% yr/yr, with higher revenue per flight and improved gross margin, driven by longer flights, more international departures, and increased use of larger-cabin aircraft

COST CONTROLS AND SOFTWARE EFFICIENCY - Adjusted EBITDA loss narrowed due to improved On Demand private charter margins, cost controls in airline operations, and faster, more cost-efficient SurfOS deployment

SCHEDULED SERVICE DECLINE - Scheduled service revenue fell 13% yr/yr as the company exited unprofitable routes

Company press release: ID:nBwbqcqvCa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$25.61 mln
$25.24 mln (4 Analysts)
Q1 Net Income
Beat
-$20.26 mln
-$22.32 mln (4 Analysts)
Q1 Operating Income
Beat
-$13.36 mln
-$19.27 mln (4 Analysts)
Q1 Pretax Profit
Beat
-$20.30 mln
-$22.37 mln (4 Analysts)
Q1 Operating Expenses
$38.97 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the airlines peer group is "buy"

Wall Street's median 12-month price target for Surf Air Mobility Inc is $3.88, about 187% above its May 8 closing price of $1.35

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)