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FAQ: Stonegate Capital Partners' Q3 2025 Coverage Update on Surf Air Mobility (SRFM)
TL;DR
Surf Air Mobility's improved operations and debt refinancing create competitive advantages through better unit economics and a clearer path to scaling electric aviation.
Surf Air Mobility achieved operational improvements through enhanced systems operations, experienced aviation teams, and strategic route optimization while advancing its SurfOS software platform.
Surf Air Mobility's electric powertrain development and efficient air mobility services contribute to sustainable transportation and improved regional connectivity for communities.
Surf Air Mobility is developing an electric propulsion system for Cessna Grand Caravans targeting 2027 FAA certification while expanding its cloud-based SurfOS platform.
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SRFM reported revenue of $29.2M, Adjusted EBITDA of ($9.9)M, and Adjusted EPS of ($0.64) for Q3 2025, reflecting continued progress on the company's Transformation Plan.
Operational reliability improved through a strengthened systems operations center and more experienced aviation team, resulting in higher on-time departure and arrival rates and better controllable completion factors.
SRFM refinanced higher-cost debt and reduced annual cash interest, creating a more sustainable capital structure and clearer path toward scale.
Air mobility delivered operational and commercial gains with revenue growth driven by strong On Demand flying, which benefited from higher utilization, larger-cabin aircraft, and increased international activity, while unprofitable scheduled routes were reduced.
SRFM expanded internal deployment of SurfOS, rolling out aircraft and crew scheduling tools and enhancing the Crew App, while externally broadening beta usage to brokers and operators and securing additional LOIs that validate product-market fit.
SRFM remains committed to its electric powertrain program for the Cessna Grand Caravan with a 2027 FAA STC target and is evaluating partnership and JV structures to share development risk while leveraging its scale as a leading Caravan operator.
For Q4 2025, SRFM expects revenue of $25.5M-$27.5M and an Adjusted EBITDA loss of ($8.0)M to ($6.5)M, reflecting the exit from unprofitable scheduled routes and continued mix shift toward higher-value On Demand flying.
Stonegate uses an EV/Revenue framework with a FY26 EV/Revenue range of 4.0x to 5.0x, arriving at a valuation range of $6.11 to $7.99 with a midpoint of $7.05, noting SRFM currently trades at 1.9x compared to comps at 4.1x median.
Stonegate believes SRFM is now better positioned to begin Phase 3 of its transformation plan, which they expect will begin in FY26.
SRFM has a five-year agreement with Palantir, reinforcing software as a core strategic pillar, and leverages its exclusive agreement with Textron Aviation for its electrification program.
Curated from Reportable
