Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data SURF AIR MOBILITY INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2023
FY2024
FY2025
Revenue
20.3
60.5
119
107
Cost of revenue
24.8
61.9
110
102
Gross profit
-4.55
-1.41
9.49
4.18
Selling and marketing
5.21
10
7.51
8.18
General and administrative
36.8
101
29.9
53.3
Operating income
-50.9
-197
-60.3
-76.9
Interest expense
0.6
2.97
8.62
13.2
Other non-operating income
-23.5
-57.2
-14.9
-34.1
Pre-tax income
-74.4
-254
-75.2
-111
Income tax
-3.3
-0.29
-0.38
Net income
-74.4
-251
-74.9
-111
EBITDA
-49.9
-193
-51.9
-67.6
EPS, basic
-38.58
-44.46
-5.80
-3.15
EPS, diluted
-38.58
-44.46
-5.80
-3.15
Shares, basic (weighted)
1.93
5.64
12.9
35.1
Shares, diluted (weighted)
1.93
5.64
12.9
35.1
Balance sheet
FY2023
FY2023
FY2024
FY2025
Cash and equivalents
0.01
1.72
21.1
12.7
Receivables
0.16
4.97
4.26
3.93
Other current assets
7.76
11.1
8.51
14.3
Total current assets
7.92
17.7
33.9
30.9
Property, plant and equipment
0.62
46
42.2
45.6
Lease right-of-use assets
1.14
12.8
17
12.5
Goodwill
0
0
0
Intangible assets
1.29
26.7
23.1
20.1
Other non-current assets
1.82
5.73
6.12
11.7
Total assets
13.7
111
124
132
Accounts payable
12.9
18.9
18
18.4
Accrued liabilities
14.7
26.8
5.94
8.77
Deferred revenue
7.82
19
17.4
17.9
Short-term debt
5.18
2.54
2.71
Total current liabilities
57.4
140
89.6
134
Long-term debt
20.6
59.9
14.4
Lease liabilities
0.25
5.51
11.5
8.71
Other non-current liabilities
9.76
19.4
24.3
3.87
Total liabilities
105
188
244
187
Total debt
25.8
62.4
17.1
Paid-in capital
126
525
557
733
Retained earnings
-352
-603
-677
-788
Shareholders' equity
-222
-77.5
-120
-54.9
Total equity
-222
-77.5
-120
-54.9
Total liabilities and equity
13.7
111
124
132
Shares outstanding
1.78
10.9
16.9
73.1
Cash flow statement
FY2023
FY2023
FY2024
FY2025
Net income
-74.4
-251
-74.9
-111
Depreciation and amortization
1.03
3.76
8.34
9.29
Stock-based compensation
12.5
48.3
-5.98
10.1
Deferred income tax
-3.32
-0.29
-0.38
Change in receivables
-0.15
-0.26
0.71
0.33
Change in payables
1.34
2.66
9.53
2.49
Cash from operations
-28
-64.4
-54.3
-64.2
Capital expenditures
-0.1
-7.59
-11.8
-5.94
Cash from investing
-0.3
-7.1
-3.61
-5.71
Stock issued
0.07
25
0
51.4
Cash from financing
27.7
73
77.2
71
Net change in cash
-0.66
1.52
19.2
1.09
Free cash flow
-28.1
-72
-66.1
-70.1
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.11 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
1.8%
Gross profit / revenue.
Operating margin
-67.3%
Operating income / revenue.
EBITDA margin
-58.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-101.9%
Pre-tax income / revenue.
Net margin
-101.6%
Net income / revenue.
FCF margin
-58.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-46.2%
Cash from operations / revenue.
Return on assets (ROA)
-79.9%
Net income / average total assets.
Stock-based pay / revenue
7.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
11.8%
Capital expenditures / revenue.
D&A / revenue
8.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-10.8%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
73.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-55.9%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
6.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
112.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
171.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
163.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.26x
Current assets / current liabilities.
Quick ratio
0.15x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.12x
(Cash + short-term investments) / current liabilities.
Debt / assets
16.1%
Total debt / total assets.
Liabilities / assets
130.2%
Total liabilities / total assets.
Net debt
$4.2M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$1.13
Revenue / diluted weighted shares.
FCF per share
-$0.65
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.52
Cash from operations / diluted weighted shares.
Book value per share
-$0.36
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.24x
Market cap / revenue.
EV/Sales
1.28x
Enterprise value / revenue.
FCF yield
-46.8%
Free cash flow / market cap.
Earnings yield
-82.0%
Net income / market cap (the inverse of P/E).
What was SURF AIR MOBILITY INC.'s revenue in fiscal 2025?
SURF AIR MOBILITY INC. reported revenue of $106.6M for fiscal 2025, 10.8% lower than the year before.
Was SURF AIR MOBILITY INC. profitable in fiscal 2025?
No. It reported a net loss of $110.6M.
How much free cash flow did SURF AIR MOBILITY INC. generate in fiscal 2025?
Cash from operations of $64.2M minus capital expenditures of $5.9M left free cash flow of -$70.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.