Is Surf Air Mobility going out of business?

SURF AIR MOBILITY INC. (SRFM) Fundamentals

A quick summary of the latest filed figures while the full analysis loads.

SURF AIR MOBILITY INC. (SRFM) scores 11 out of 100 on fundamentals, Distressed / Caution, based on SEC filing data.

Leading signal: Shares dilution YoY: 363.26% (YoY) - Heavy dilution suggests continuous equity raises; survival depends on external capital.

Five questions, kept separate

Survival - Critical

1-3 mo of estimated runway from 2026-06-30, based on $18.4M of cash and short-term investments against $107M of annual burn. Adjusted shares outstanding increased 363.3% over the comparison year.

Business quality - Poor

-67.3% operating margin and -96.8% FCF margin produce a poor Business Quality assessment.

Trajectory - Mixed

Revenue improved 3.1%; operating margin weakened 34.7pp; FCF margin improved 7.6pp. The TTM window includes a mixed-basis Q4 estimate.

Valuation - Extreme expectations

-111.3% normalized FCF yield supports an extreme expectations Valuation assessment on the ttm basis.

Event risk - Critical event risk

Going-Concern Warning is the decisive filing event; one adverse event family is active. Favorable events are shown separately and do not offset adverse risk.

What the rules read

• Shares dilution YoY: 363.26% (YoY) - Heavy dilution suggests continuous equity raises; survival depends on external capital.
• Debt / Equity: Negative equity (balance sheet deficit; monitor solvency)
• Filing event risk: Going-Concern Warning (-8 pts)
• FCF margin: -96.77%
• Asset Efficiency: 0.79x
• Revenue CAGR (3Y): 73.87%
• ROE quality: 264.94%
• Return on Assets: -79.93%
• Net income trend: -0.48%
• Cash Burn Deceleration: -33.25% QoQ improvement (Worsening)
• Revenue growth YoY: 7.58% (Industrial YoY)
• Price / Sales: 0.6x (see Valuation)

Read from filings through 2026-08-11.

Price as of 2026-09-11.