Stonegate Capital Partners has updated its coverage on Surf Air Mobility Inc. (NYSE: SRFM), highlighting that the company's fiscal year 2025 results suggest it is emerging from restructuring with a more stable operating base and a clearer path to growth. Full-year revenue of $106.6 million met the company's raised outlook, while the adjusted EBITDA loss improved to $41.7 million, driven by better airline operations, a stronger charter mix, and continued execution under the transformation plan. Net debt also declined 47% year-over-year to $74 million, supported by capital actions and convertible note conversion.
In the fourth quarter of 2025, SRFM reported revenue of $26.4 million and an adjusted EBITDA loss of just under $8 million, both within guidance despite pressure from exiting unprofitable scheduled routes. According to Stonegate, the quarter reinforced continued progress in the transformation heading into 2026. Key takeaways from the update include that restructuring is starting to show up in cleaner operating execution and a more credible path to growth. The airline mix is improving, with On Demand revenue growing 36% as SRFM shifted away from unprofitable routes toward better charter mix and execution.
Stonegate also noted that software and electrification remain upside levers, citing SurfOS and the partnership with BETA Technologies as adding credible optionality, though FY26 execution and back-half growth will be critical. For more details, the full announcement is available here.
