Surf Air posted a net loss of $28.1 million on $29.5 million in revenue with an EBITDA loss of $10.5 million in Q2 2026.
Surf Air Mobility Inc. reported a Q2 2026 revenue of $29.5 million, an adjusted EBITDA loss of $10.35 million, and a $28.1 million net loss.
On the other hand, private charter revenue was $12.1 million, a 101% year-over-year increase, with departures up 67% compared to the prior year.
Surf Air had a $28.1 million net loss for Q2, roughly flat YoY.
A press release attributed this to R&D investments for technology initiatives, stock-based compensation, transaction costs, and other non-recurring items.
“The second quarter was strong,” said Deanna White, Surf Air CEO, in a press release.
She added, “We delivered revenue at the high end of our guidance range and Adjusted EBITDA within our range, and we did so during one of the most volatile fuel cost environments the industry has experienced.”
White continued:
“Over the last year and a half, our Transformation Plan has focused on foundational work: building SurfOS, lowering our cost structure, rationalizing our route network, modernizing our fleet, and restructuring our balance sheet. As we shift our focus to the Expansion Phase of the plan, we believe the Company is now positioned to pursue revenue growth and improved profitability simultaneously.”
Year-over-year revenue increased from $27.4 million to $29.5 million for Q2 2026.
On-Demand charter revenue doubled from $6 million to $12.1 million.
Deferred revenue, representing prepaid jet cards, charter flights, and scheduled services, increased by $18.6 million.
Cash increased to $18.4 million at the end of Q2 from $12.7 million at the end of 2025.
Operating Loss increased from $15.9 million to $18.8 million.
Cost of revenue increased from $24.1 million to $29.4 million.
Also rising was Sales and Marketing, up from $1.5 million to $3.1 million year over year.
Net Loss ticked up from $28.0 million to $28.1 million.
Surf Air announced two financing transactions in June to strengthen its balance sheet and reduce future shareholder dilution.
It refinanced its existing senior secured convertible note, bifurcating the principal into a new $17 million convertible note due 2027 and a new $30 million non-convertible senior secured term note due 2028.
It reduced the principal of its existing convertible note by 64% and lowered monthly cash amortization payments by up to 50%.
The new $30 million term note is non-convertible and does not amortize or accrue interest until January 2027.
The aviation company entered into a new $21.6 million asset-backed loan secured against new and existing aircraft.
The loan was funded in two tranches.
Surf Air expects a second funding of $14 million to occur this month.
CFO Oliver Reeves said, “The combination of our operating improvements and reduced amortization allows us to approach our go-forward capital needs from a position of strength. As we exit a heavier capital expenditure cycle, we expect free cash flow conversion to improve.”
The company is projecting revenue of $35.5 million to $37.5 million for Q3 2026.
“These expectations reflect continued growth in on-demand private charter revenue and the seasonal strength of scheduled service operations,” per the company.
Adjusted EBITDA loss in the range of $7 million to $4 million excludes the impact of stock-based compensation, changes in fair value of financial instruments, and transaction and restructuring expenses.
Full-year top line is forecast in the range of $128 million to $138 million.
That is a a 20% to 30% increase compared to 2025.
Adjusted EBITDA loss is expected in the range of $30 million to $25 million.
That would be a 40% improvement from the prior guidance of a $50 million to 40 million loss.
The Company expects Adjusted EBITDA loss to narrow further in the fourth quarter of 2026.
For the second half of 2026, the Company expects its airline operations to be the most profitable area of its business.
This reflects the investments made in fleet modernization and the operational efficiencies enabled by OperatorOS.
DOWNLOAD: Surf Air Mobility Q2 2026 Financials
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