Stonegate Capital Partners has updated its coverage on Surf Air Mobility Inc. (NYSE: SRFM), highlighting that the company's FY25 results suggest it is emerging from restructuring with a more stable operating base and a clearer path to growth. Full-year revenue of $106.6M met the company's raised outlook, while adjusted EBITDA loss improved to $41.7M on better airline operations, a stronger charter mix, and continued execution under the transformation plan. Net debt also declined 47% year-over-year to $74M, supported by capital actions and convertible note conversion.
In the fourth quarter of 2025, SRFM reported revenue of $26.4M and an adjusted EBITDA loss of just under $8M, both within guidance despite pressure from exiting unprofitable scheduled routes. Overall, the quarter reinforced continued progress in the transformation heading into 2026. Key takeaways from the report include that restructuring is starting to show up in cleaner operating execution and a more credible path to growth. The airline mix is improving, not just revenue, as On Demand grew 36% due to a shift away from unprofitable routes toward better charter mix and execution. Software and electrification are identified as upside levers, with SurfOS and the BETA partnership adding credible optionality, but FY26 execution and back-half growth matter most.
For more details, view the full announcement here. About Stonegate: Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets (member FINRA), provides a full spectrum of investment banking, equity research, and capital raising for public and private companies.
