A Business at a Glance
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Surf Air Mobility Inc. (“Surf Air Mobility”, the “Company”, “us”, “we” or “our”) is a regional air mobility platform that aims to transform regional flying. The Company is currently comprised of its Air Mobility business, and has a goal of further developing and enhancing its service and technology offerings through its Air Technology business. The Air Mobility business is an established regional air mobility platform providing scheduled service and an on-demand charter marketplace to passengers in the U.S. and globally. Current initiatives surrounding the Air Technology business seek to develop proprietary aviation software, aircraft electrification powertrain technology and services to enable electrification across the regional air mobility sector. The Company was incorporated in 2021 and became the ultimate parent of both Surf Air Global Limited (“Surf Air”) and Southern Airways Corporation (“Southern”) in July of 2023 following the Company’s public listing on the NYSE.
| Metric | TTM | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | 108M | 119M | - | - |
| Net Income | -72M | -75M | -251M | -74M |
| EPS | $-2.14 | $-5.80 | $-44.46 | $-38.57 |
| Free Cash Flow | -83M | -66M | -72M | -28M |
| ROIC | -31.7% | -38.4% | -140.1% | -293.6% |
| Gross Margin | - | 7.9% | - | - |
| Debt/Equity | 0.00 | -0.50 | -0.27 | -1.06 |
| Dividends/Share | $0.00 | - | - | - |
| Operating Income | -43M | -60M | -197M | -51M |
| Operating Margin | -39.7% | -50.5% | - | - |
| ROE | 0.0% | - | - | - |
| Shares Outstanding | 52M | 13M | 6M | 12M |
| Metric | 2022 | |||
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | N/A | N/A | 119M | 108M |
| Gross Margin | N/A | N/A | 7.9% | N/A |
| R&D | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A |
| EBIT | -51M | -197M | -60M | -43M |
| Op. Margin | N/A | N/A | -50.5% | -39.7% |
| Net Income | -74M | -251M | -75M | -72M |
| Net Margin | N/A | N/A | -62.7% | -67.0% |
| Non-Recurring | 0 | 60M | 0 | 0 |
| Returns on Capital | ||||
| ROIC | N/M | -140.1% | -38.4% | -31.7% |
| ROE | N/A | N/A | N/A | 0.0% |
| ROA | -542.9% | -225.9% | -63.7% | -67.8% |
| Cash Flow | ||||
| Op. Cash Flow | -28M | -64M | -54M | -69M |
| Free Cash Flow | -28M | -72M | -66M | -83M |
| Owner Earnings | -42M | -69M | -63M | -78M |
| CapEx | 99K | 7.6M | 12M | 13M |
| Maint. CapEx | 1.0M | 3.8M | 8.3M | 8.3M |
| Growth CapEx | 0 | 3.8M | 3.4M | 5.0M |
| D&A | 1.0M | 3.8M | 8.3M | 8.3M |
| CapEx/OCF | N/A | N/A | N/A | 0.0% |
| Capital Allocation | ||||
| Dividends Paid | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 12M | 1.3M | 0 | 0 |
| Debt Repayment | 0 | 0 | 1.5M | 1.5M |
| Balance Sheet | ||||
| Net Debt | N/A | 24M | 41M | 57M |
| Cash & Equiv. | N/A | N/A | N/A | 7.1M |
| Long-Term Debt | N/A | 21M | 60M | 60M |
| Debt/Equity | -1.06 | -0.27 | -0.50 | 0.00 |
| Interest Coverage | -85.4 | -66.3 | -7.0 | -7.0 |
| Equity | -222M | -77M | -120M | -93M |
| Total Assets | 14M | 111M | 124M | 107M |
| Total Liabilities | 236M | 188M | 244M | 48M |
| Intangibles | 2.6M | 53M | 46M | 46M |
| Retained Earnings | -352M | -603M | -677M | -677M |
| Working Capital | -49M | -122M | -56M | -56M |
| Current Assets | 7.9M | 18M | 34M | 34M |
| Current Liabilities | 57M | 140M | 90M | 90M |
| Per Share Data | ||||
| EPS | -38.57 | -44.46 | -5.80 | -2.14 |
| Owner EPS | -3.60 | -12.31 | -4.85 | -1.49 |
| Book Value | -19.25 | -13.74 | -9.29 | -1.77 |
| Cash Flow/Share | -2.43 | -11.42 | -4.21 | -1.23 |
| Dividends/Share | N/A | N/A | N/A | 0.00 |
| Shares Out. | 11.5M | 5.6M | 12.9M | 52.3M |
| Valuation | ||||
| P/E Ratio | N/A | N/A | N/A | -0.6 |
| P/FCF | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | N/A | N/A |
| Price/Sales | N/A | N/A | 0.4 | 0.6 |
| FCF Yield | N/A | -118.4% | -91.2% | -129.7% |
| Market Cap | N/A | 61M | 72M | 64M |
| Avg. Price | N/A | 9.65 | 3.88 | 1.22 |
| Year-End Price | N/A | 10.78 | 5.61 | 1.22 |
SURF AIR MOBILITY INC. passes 0 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 7.9%.
SURF AIR MOBILITY INC. (SRFM) has a 5-year average return on invested capital (ROIC) of -89.2%. This is below average and may indicate limited pricing power.
SURF AIR MOBILITY INC. (SRFM) has a market capitalization of $64M. It is classified as a small-cap stock.
SURF AIR MOBILITY INC. (SRFM) does not currently pay a regular dividend.
SURF AIR MOBILITY INC. (SRFM) operates in the Air Transportation, Nonscheduled industry, within the Industrials sector.
SURF AIR MOBILITY INC. (SRFM) reported annual revenue of $119 million in its most recent fiscal year, based on SEC EDGAR filings.
SURF AIR MOBILITY INC. (SRFM) has a net profit margin of -62.7%. The company is currently unprofitable.
SURF AIR MOBILITY INC. (SRFM) generated $-66 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
SURF AIR MOBILITY INC. (SRFM) reported earnings per share (EPS) of $-5.80 in its most recent fiscal year.
SURF AIR MOBILITY INC. (SRFM) has a 5-year average gross margin of 7.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 3 years of financial data for SURF AIR MOBILITY INC. (SRFM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SURF AIR MOBILITY INC. (SRFM) has a book value per share of $-9.29, based on its most recent annual SEC filing.