Surf Air Mobility Inc. (NYSE: SRFM)

Surf Air Mobility Inc. is a regional air mobility platform that aims to transform regional flying. The company operates scheduled service and an on demand charter marketplace for passengers in the United States and globally. It also develops proprietary aviation software and aircraft electrification powertrain technology to enable adoption of electric aircraft in the regional sector. Through its subsidiary airlines Southern Airways and Mokulele Airlines it provides scale distribution and real world operating data to support its technology initiatives. The firm serves numerous communities across the U. S. mainland and Hawaii and works with over 400 air operators that supply charter flights via its marketplace.

Revenue is generated from scheduled air service sold per seat and through membership subscriptions. The company also earns income from on demand flights created for customers on an ad hoc basis. Additionally it receives Essential Air Service revenue awards from the Department of Transportation for completed flights on subsidized routes. For the year ended December 31 2025 on demand operations contributed approximately $29.6 million in revenue. Future revenue streams may include licensing of its software and powertrain technology to third party operators.

The company operates through the following segments.

• Air Mobility: This segment provides scheduled commercial air service and an on demand charter marketplace for passengers in the United States and globally.

• Air Technology: This segment focuses on developing proprietary aviation software aircraft electrification powertrain technology and related services to enable electrification across the regional air mobility sector.

Surf Air Mobility Inc. is one of the largest commuter airlines in the United States by scheduled departures giving it significant scale. The company benefits from over a decade of experience in the highly regulated aviation industry. It maintains exclusive relationships with Textron Aviation the manufacturer of the Cessna Caravan aircraft it operates and with Palantir Technologies a leader in AI and data analytics to power its software platform. Interline agreements with United American Alaska Hawaiian and Japan Airlines extend its reach to more than 430 million annual passengers. These strengths provide a competitive advantage in the evolving regional air mobility market.

The company serves passengers who book scheduled flights and on demand charters through its digital platform. It also has contracts with the Department of Transportation to operate Essential Air Service routes for small communities. Over 400 independent air operators provide charter flights via its marketplace and are expected to become customers for its software. In addition interline agreements with United American Alaska Hawaiian and Japan Airlines allow coordination of baggage and travel for passengers connecting to those carriers.