Surf Air Mobility Q2 revenue beats estimates on surf on demand growth

Surf Air Mobility

10/08/2026 21:12

Overview
US air mobility platform's Q2 revenue rose 8%, beating analyst expectations
Q2 net loss and operating income both missed analyst estimates
Company reduced convertible note principal by 64% and lowered monthly cash amortization payments

Outlook
Company sees Q3 2026 revenue between $35.5 mln and $37.5 mln
Company expects Q3 2026 adjusted EBITDA loss of $7 mln to $4 mln
Company reaffirms 2026 revenue guidance of $128 mln to $138 mln
Company narrows 2026 adjusted EBITDA loss guidance to $30 mln to $25 mln, from prior $50 mln to $40 mln loss

Result Drivers
PRIVATE CHARTER GROWTH - Surf On Demand private charter revenue more than doubled year-over-year, driven by higher departures and a shift toward larger aircraft and longer flights
SCHEDULED SERVICE DECLINE - Scheduled service revenue fell 19% year-over-year due to continued rationalization of the company’s route network
COST PRESSURES AND EFFICIENCIES - Elevated fuel costs and weather-related cancellations in Hawaii weighed on results, but cost controls and operational efficiencies, including software improvements, partially offset these impacts

Company press release: ID:nBw48fjWRa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$29.51 mln
$28.23 mln (5 Analysts)
Q2 Net Loss
Miss
$28.13 mln
$16.43 mln (5 Analysts)
Q2 Operating Income
Miss
-$18.80 mln
-$14.20 mln (4 Analysts)
Q2 Pretax Loss
Miss
$28.19 mln
$16.46 mln (5 Analysts)
Q2 Operating Expenses
 
$48.31 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 349% above its August 7 closing price of $0.86

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Aug 7 - Hawaiian Electric Q2 core profit falls on higher utility costs

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(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.)