Net loss for Surf Air Mobility increased to $20.3 million on $25.6 million in revenues with Adjusted EBITDA loss of $12.3 million.
Surf Air Mobility Inc. reported a Q1 2026 Adjusted EBITDA loss of $12.3 million and a $20.3 million net loss on $25.6 million in revenues.
The top line was driven by $10.1 million in Surf On Demand private charter revenue, a 77% year-over-year increase.
CEO Deanna White said, “We are pleased with our first quarter Adjusted EBITDA results, which exceeded our expectations.”
The company had forecast a loss between $13.5 million and $15.5 million.
She added, “The progress we’ve made across our business have positioned us to improve our annual 2026 Adjusted EBITDA guidance by 40% while maintaining our full year revenue guidance.”
White said, “The efficiencies gained within our core businesses in the first quarter are a clear indication of the value that SurfOS and our partnership with Palantir delivers.”
Total revenue of $25.6 million was at the high end of the company’s guidance range of $24 million to $26 million.
Scheduled service revenue of $15.5 million reflected a 13% year-over-year decrease from the exit of unprofitable routes
Net Loss was $20.3 million for the first quarter of 2026.
That compared to a Net Loss of $18.5 million in the prior year period.
The loss included investment in R&D for technology initiatives, stock-based compensation, transaction costs, and other non-recurring items.
“The year-over-year increase in net loss principally reflects continued strategic investment in SurfOS development and a larger non-cash change in fair value of financial instruments expense, partially offset by revenue growth,” according to the announcement.
Surf Air ended the first quarter with $4.2 million in cash per its 10-Q filing.
On April 20, 2026, Surf Air announced a pair of agreements to give it up to $30 million in additional liquidity.
Deferred revenue, which includes ticket sales on its regional carriers, prepaid jet cards, and ad hoc charter flights, was $18.6 million at the end of Q1.
Q1 2026 was the highest-revenue quarter since inception for the Surf On Demand private charter business.
March was the highest-revenue month since inception.
Revenue per flight increased 38%, driven by longer flights.
Longer flights are defined as flights greater than 1,000 miles.
They increased 149%.
International private jet departures increased 87%.
Charter flight on larger-cabin aircraft, defined as greater than nine seats, increased 49% year-over-year.
Its BrokerOS B2B platform saw 32% more bookings for top brokers and 40% more payments processed on-platform.
The Powered by Surf On Demand program enables independent brokers with BrokerOS to sell under the Surf On Demand brand.
It ended Q1 2026 with six active independent brokers.
The program grows Surf Air’s “sales force without a proportionate increase in fixed costs.”
During the quarter, it completed ARGUS Certified Charter Broker accreditation.
Last month, billionaire Ken Griffin’s Citadel revealed a 7.1% stake in Surf Air.
SFRM ended the day at $1.35.
Its 52-week range has swung from $1.01 to $9.91.
DOWNLOAD: Surf Air Mobility Q1 2026 financials
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