Surf Air’s revenue increased 25% YoY, while net loss decreased 25%. The growth comes amid Surf Air’s investment in tech and SurfOS.
Surf Air Mobility reported Q3 revenue of $36.5 million, up 25% YoY.
Surf On Demand revenue grew 121% YoY in Q3, to $19 million.
On-demand revenue increased by $21 million, or 103%, for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025
For Q3, the company had an adjusted EBITDA loss of $6.7 million, down 32% YoY.
Net loss was $20.4 million, a 25% decrease YoY.
In its quarterly filings, Surf Air also gave another business update on airline operations, SurfOS, and Surf On Demand.
Q3 revenue was $36.5 million, up 25% YoY and 24% QoQ.
Surf On Demand revenue was $19 million, up 121% YoY and 57% QoQ. The operator attributed this to increased demand and increased revenue per departure.
Airline operations scheduled service revenue was $17.5 million, down 15% YoY, driven by the exit of Essential Air Service routes, alongside productivity improvements.
Q3 net loss was $20.4 million, down 25% YoY from $27.2 million. Net loss included R&D initiatives, stock-based compensation, transaction costs, and other non-recurring items.
| (in thousands, except share and per share data) | Three Months Ended September 30, | Nine Months Ended September 30, | ||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenue | $36,456 | $29,172 | $91,578 | $80,109 |
| Operating expenses: | ||||
| Cost of revenue, exclusive of depreciation and amortization | 33,485 | 27,662 | 88,878 | 76,696 |
| Technology and development | 1,428 | 2,327 | 5,654 | 8,012 |
| Sales and marketing | 2,417 | 2,060 | 7,519 | 5,214 |
| General and administrative | 12,237 | 11,200 | 29,784 | 34,173 |
| Depreciation and amortization | 2,851 | 2,423 | 7,858 | 7,012 |
| Total operating expenses | 52,418 | 45,672 | 139,693 | 131,107 |
| Operating loss | $(15,962) | $(16,500) | $(48,115) | $(50,998) |
| Other income (expense): | ||||
| Changes in fair value of financial instruments carried at fair value, net | $(3,239) | $(7,415) | $(13,646) | $(9,772) |
| Interest expense | (2,258) | (3,255) | (4,721) | (10,916) |
| Gain on extinguishment of debt | — | — | — | 39 |
| Other expense, net | 1,052 | (105) | (2,412) | (2,209) |
| Total other expense, net | $(4,445) | $(10,775) | $(20,779) | $(22,858) |
| Loss before income taxes | (20,407) | (27,275) | (68,894) | (73,856) |
| Income tax benefit | 39 | 62 | 131 | 179 |
| Net loss | $(20,368) | $(27,213) | $(68,763) | $(73,677) |
| Net loss per share applicable to common shareholders, basic and diluted | $(0.16) | $(0.64) | $(0.69) | $(2.74) |
| Weighted-average number of common shares used in net loss per share applicable to common shareholders, basic and diluted | 125,243,614 | 42,430,909 | 100,328,425 | 26,850,694 |
“The third quarter was the highest revenue and best Adjusted EBITDA quarter in Surf Air Mobility’s history,” said Deanna White, Surf Air CEO, in a press release. “With revenue and Adjusted EBITDA within guidance.”
White continued:
‘We are now in the Expansion Phase of our Transformation Plan, and we made progress on each of its priorities: commercializing SurfOS, scaling Surf On Demand, and expanding airline profitability. These results reflect our shift from an airline-centric company to a technology-powered air mobility platform.’
Year-to-date, Surf Air revenues increased from $80.1 million to $91.6 million.
Net loss dipped from $73.7 million to $68.8 million.
Surf Air finished the quarter with $10.7 million in cash, down from $12.7 million at the end of 2025.
Deferred Revenue, prepaid jet cards, charter and airline flights, stood at $22.4 million.
For Q4, the operator expects revenue of $36.4 million to $46.4 million.
Adjusted EBITDA loss is forecast to be between $5.4 million and $2.4 million, excluding the impact of stock-based compensation, changes in the fair value of financial instruments, and transaction and restructuring expenses.
Meanwhile, for 2026 as a whole, revenue is expected to be $128 million to $138 million.
Adjusted EBITDA loss is forecast at $35 million to $32 million, up from a previous forecast of $30 million to $25 million.
The change reflects higher fuel prices and longer implementation periods for SurfOS.
Surf Air expects airline-adjusted EBITDA to improve in the fourth quarter.
DOWNLOAD: Surf Air Q3 2026 Financial Results
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