Dallas, Texas--(Newsfile Corp. - November 13, 2025) - Surf Air Mobility Inc. (NYSE: SRFM): Stonegate Capital Partners updates their coverage on Surf Air Mobility Inc. (NYSE: SRFM). SRFM reported revenue, Adj. EBITDA, and Adj. EPS of $29.2M, ($9.9)M, and ($0.64), respectively. This performance reflects continued progress on the Transformation Plan, driven by improved airline operations. Operational reliability continued to improve, supported by a strengthened systems operations center and a more experienced aviation team. Subsequent to the quarter SRFM made significant capital structure improvements, which refinanced higher-cost debt and reduced annual cash interest. Collectively, these capital actions and operating improvements position SRFM with a more sustainable capital structure and a clearer path toward scale. We believe the Company is now better positioned to begin Phase 3 of its transformation plan which we expect will begin in FY26.

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Key Takeaways:

• In 3Q25, revenue was $29.2M exceeding guidance with 6% sequential growth and 3% year over year as On Demand rose 42%.
• Adjusted EBITDA loss was $9.9M, in line with guidance while airline operations delivered a second consecutive quarter of positive Adjusted EBITDA.
• SRFM closed a $100M strategic transaction in November of 2025 to fund SurfOS and refinance debt.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Source: Stonegate, Inc.

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