Separately, Surf Air has entered into a securities purchase agreement for the purchase and sale of over 13 million shares of common stock.
Surf Air Mobility revised its 2026 guidance for Adjusted EBITDA loss to $30 to $25 million.
That was a 40% improvement from the prior guidance.
Surf Air has previously guided an Adjusted EBITDA loss of $50 to $40 million.
Separately, it has entered into a securities purchase agreement for the purchase and sale of over 13 million shares of common stock.
According to the earnings press release, “This improvement reflects the impact of the company’s proprietary SurfOSTM software across its operations and the reduced cost and speed of its deployment.”
Revenue is projected at $128 to $138 million, a 20% to 30% year-over-year increase.
Four factors drive the improvements to Surf Air Mobility’s 2026 Adjusted EBITDA guidance:
SurfOS is “digitalizing core airline and charter workflows, reducing costs by 6% and 15%, respectively.”
Other savings are from “Corporate automation and procurement discipline, 32% reduction in staffing need, 17% (reduction) in professional services.”
SurfOS is also producing “increased profitable charter revenue through the capital-efficient Powered by Surf On Demand program.”
CEO Deanna White said, “SurfOS and our work with Palantir is driving measurable efficiency and cost savings. Improving our 2026 Adjusted EBITDA guidance by approximately 40% while maintaining our 2026 revenue growth guidance reflects our expectation that we can lower the cost to deploy SurfOS and accelerate the software’s optimization capabilities within our business.”
The company seeks to provide technology that supports modernizing air operations and adopting next-generation aircraft.
Its charter division includes instant booking, ad hoc charter, and a guaranteed jet card program.
Last year, the company posted a $110 million net loss, calling it a transformational year.
Adjusted EBITDA loss for 2025 improved by $2.4 million, or 5%, to $41.7 million for the full year 2025, compared to a $44.1 million loss for the prior year.
Separately, it has entered into a securities purchase agreement with certain institutional investors.
The agreement is led by “Surf Air Mobility’s Co-Founder.”
It is for the purchase and sale of over 13 million shares of common stock at a purchase price of $1.10 per share in a registered direct offering.
Additional directors and officers have separately agreed to purchase 257,353 shares of common stock in the offering at a purchase price of $1.36 per share, the official New York Stock Exchange closing price for the common stock on April 17, 2026.
The offering is expected to close on or about April 21, 2026, subject to customary closing conditions.
The gross proceeds are expected to be approximately $15 million, before deducting financial advisor’s fees and other offering expenses payable by the company.
Proceeds will be used to accelerate the implementation of the SurfOS software and electrification initiatives, and/or to repay existing liabilities.
According to the release:
‘Simultaneously, the company entered into a non-dilutive $15 million promissory note backed by the equity in the company’s aircraft. Within 90 days, the company will pay an origination fee in the amount of $1.5 million, which shall be payable in cash or shares of the company’s common stock at the company’s election. Outstanding principal will bear interest at 12.5%, payable monthly in cash or shares at the company’s election.’
Last May, co-founder and board member Sudhin Shahani purchased 408,163 shares in Surf Air at market rates.
The transactions provide $30 million in new capital: $15 million in non-dilutive, aircraft-backed credit and $15 million in common equity, according to the company.
A third release added, “We are obtaining liquidity in the least dilutive manner and chose this path because we believe in the plan and are investing our own money behind it.”
AGP/Alliance Global Partners is acting as financial advisor.
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