**Sponsored by SurfAir Mobility
Surf Air Mobility flew over 310,000 passengers across 63,000 flights on their large fleet of Cessna Grand Caravans in the last 12 months ending September 30, 2025 — making it one of the largest commuter airlines in the U.S.
SRFM has exclusive agreements with multi-billion dollar market cap company Textron Aviation (NYSE:TXT), one of the world’s largest general aviation manufacturers and an exclusive strategic relationship with Palantir Technologies (NASDAQ:PLTR), leveraging cutting-edge AI and data analytics –Entering into a Five-Year Agreement with Palantir, Expanding Relationship to Include Exclusivity for the Part 135 Regional Air Mobility Market
CHECK OUT THE MOST RECENT INVESTOR PRESENTATION HERE
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Hello Everyone,
Surf Air Mobility is building an AI-enabled operating platform for the air mobility sector, powered by Palantir’s Foundry and AIP. The initiative centers on SurfOS, a next-generation aviation software system designed to modernize the private aviation and air mobility industries.
The company has allocated $26 million from its recent $100 million strategic transaction specifically for SurfOS development. This funding supports AI capabilities and deeper integration with Palantir’s data infrastructure, with the goal of improving operational efficiency, route optimization, and overall airline economics.
Management is targeting a commercial software rollout in 2026. The long-term objective is to enhance reliability and profitability across private aviation and regional aviation networks through smarter, data-driven decision systems.
Two analyst price targets released recently imply potential upside relative to the company’s most recent trading levels.
Why the Story is Interesting
The broader aviation market is evolving. Travelers increasingly prioritize flexibility, affordability, and sustainability — areas where traditional hub-and-spoke carriers often struggle due to fixed schedules and high operating costs.
Surf Air Mobility is positioning itself as a software-first aviation company, using AI to streamline scheduling, fleet utilization, maintenance planning, and customer experience. Rather than relying solely on hardware innovation, the company is focusing on the operating system layer that could power the next phase of regional air travel.
A key component of the long-term strategy is preparing the ecosystem for electrified aircraft, which could significantly lower short-haul operating costs and reduce emissions once regulatory certification is achieved.
Additionally, existing interline agreements with major airlines may help integrate regional routes into larger travel networks, potentially improving passenger connectivity and load factors.
As always, emerging aviation and technology platforms carry execution, regulatory, and capital-intensity risks, so this remains a developing story rather than a finished one.
The Los Angeles-based air mobility platform is one of the largest commuter airlines in the US by scheduled departures. Over the 12 months ended September 30, the company has flown more than 310,000 passengers across 63,000 flights using a fleet of Cessna Grand Caravans, cementing its position as a key operator in air mobility.
The Surf Air Mobility platform brings together two complementary business units that connect near-term operations with long-term technology growth.
- Air Mobility: scheduled service, on-demand charters, and interline partnerships with major carriers that generate consistent revenue and cash flow.
- Air Technology: proprietary aviation software (SurfOS™) and electrification initiatives designed to improve efficiency, margins, and scalability across the network.
This dual-pronged model allows Surf Air Mobility to operate as both an established airline and an emerging aviation technology company — combining a proven operational footprint with the potential of software-driven and electrified flight.
The company is reimagining regional air travel through technology and data. Its proprietary platform, SurfOS, is an AI-enabled suite powered by Palantir Technologies (NASDAQ:PLTR), a multi-billion dollar global leader in data analytics.
Palantir’s software helps power some of the most complex systems in the world, from national defense to major financial institutions. By integrating that same intelligence into aviation, Surf Air Mobility is creating a smarter, more connected flight network.
The system is designed to optimize flight routes, manage scheduling, and improve efficiency across Surf Air Mobility’s fleet of aircraft. It is a step toward modernizing regional travel through software that learns, adapts, and scales.
A lot has happened with the SRFM since we first started looking at the company almost 18 months ago.
In October, Surf Air Mobility strengthened its team with the addition of Shawn Pelsinger, the former Global Head of Corporate Development & Senior Counsel at Palantir Technologies, to its Board of Directors.
Pelsinger spent nearly a decade helping shape Palantir’s aviation and enterprise partnerships, including the creation of Skywise, the aviation data platform built with Airbus, and the 2021 collaboration that launched SurfOS.
Now, he’s returning to the story, this time on the SRFM side.
With Palantir as a large shareholder in Surf Air Mobility, Shawn’s addition deepens an already strategic relationship and reinforces SRFM’s position as one of the few air mobility companies operating with enterprise-grade AI infrastructure.
At the same time, Surf Air Mobility continues to show meaningful operational and financial progress. In the third quarter of 2025, the company reported $29.2 million in revenue, beating expectations of $27-28.5 Million. As compared with the second quarter, revenue increased 6% driven by a 42% increase in On Demand revenue, partially offset by a 4% decrease in Scheduled Service revenue
Airline operations turned profitable back in Q2 on an Adjusted EBITDA basis, supported by improved completion rates, stronger on-demand margins, and cost efficiencies driven in part by its technology integration. These results mark a clear turning point as management continues executing on its multi-phase strategy.
The company has also been taking some serious steps towards its transformation plan.
Phase 1: Transformation (Completed 2024)
The first phase focused on establishing financial stability and operational readiness. By the end of 2024, Surf Air Mobility had strengthened its balance sheet, secured $44.7 million in equity capital, and extended the maturity of its secured debt to 2028. The company also reduced legacy liabilities and completed the integration of its merger with Southern Airways, realizing $6.5 million in M&A synergies.
Phase 2: Optimization (2025–2026)
The current phase emphasizes profitability, performance, and technology deployment and progress is already clear.
Milestones achieved on the Optimization phase of the Transformation Plan included:
Optimizing Airline Operations
- Achieved second consecutive quarter of profitability in the Company’s airline operations, defined as positive Adjusted EBITDA
- Continued improvement in key operating measures, including on-time departure, on-time arrival, and controllable completion, demonstrating the permanency of transformation strategies
- Improved key performance indicators such as on-time departures, arrivals, and controllable completion rates by double-digit percentages compared with the prior year.
- Achieved profitability in airline operations for the second quarter of 2025 on an adjusted EBITDA basis.
- Secured a new interline agreement with Japan Airlines, the company’s fifth with a major international carrier and its first with a foreign airline.
- Renewed an Essential Air Service contract in Kalaupapa, Hawaii, valued at $9.9 million over four years.
- Continued investment in interior and exterior fleet refurbishment to enhance reliability and passenger experience.
Recalibrating the On Demand Business
- Third quarter revenue increased approximately 40% compared to both the second quarter and the same quarter in the prior year driven by:
- An increase in average revenue per departure of 14%
- A shift in mix from turboprop to larger aircraft, and
- A shift in mix from domestic to international flights
- The results reflect SRFM’s strategies to expand our client base from turboprop to jet aircraft and pursue international markets
- On Demand margins for the third quarter, while slightly lower than the second quarter, represented significant improvement from the same quarter of the prior year, benefiting from the successful execution of two volume purchase agreements with operators who are also beta users of SurfOS
Driving Efficiencies with SurfOS
- Addition of beta and LOI SurfOS agreements, totaling 15 agreements
- BrokerOS developments:
- Developed robust CRM functionality that allows for streamlined customer insights and sales efficiencies, to include:
- A broker dashboard providing key metrics to manage flights and sales
- An activity feed consolidating all account interactions in a single timeline view
- Multimodal direct-to-operator communication via e-mail and SMS
- Account properties to track profiles and behaviors for better consumer insights and pipeline management
- Developed robust CRM functionality that allows for streamlined customer insights and sales efficiencies, to include:
With measurable progress now showing across both operations and software deployment, leadership’s confidence in the company’s long-term direction has seemed to only grow stronger.
Last year, Co-Founder and Director Sudhin Shahani purchased over 400,000 shares of company stock, a transaction valued at roughly $1 million. The purchase suggests insider conviction in Surf Air Mobility’s transformation strategy and its momentum heading into the next phase of growth.
And that momentum isn’t slowing down.
Surf Air Mobility recently signed a five-year software licensing agreement with Palantir, giving it exclusive rights to configure and sell SurfOS to Part 135 charter operators and brokers. The agreement also allows the companies to jointly pursue development projects for operators, manufacturers, and even the FAA, a strong validation of Surf Air Mobility’s growing footprint in aviation software.
To complement this progress, the company also renewed another long-term Essential Air Service contract in Hawaii valued at $4.2 million.
These milestones make one thing clear: Surf Air Mobility is no longer an early-stage story. It’s executing and using real technology to reshape an overlooked corner of the aviation market.
With more catalysts ahead and third-quarter results on the horizon, this is a story worth keeping on the radar.
Our Top Reasons to Research This One
- Stonegate Capital Partners Updates Coverage On Surf Air Mobility Inc. With $7.05 Mid-Point Target: Stonegate Capital Partners’ analyst, Dave Storm, provided an updated report on (NYSE: SRFM). In it, he came to the conclusion (NYSE: SRFM) deserved a $7.05 mid-point target.
From its closing valuation on Thursday, this target is (NYSE: SRFM) 125+% from current prices. - Surf Air Mobility Strengthens AI Aviation Future With SurfOS Expansion: Surf Air Mobility advances SurfOS development with $26Mn in dedicated funding from its recent $100Mn strategic transaction, expanding AI-enabled aviation software powered by Palantir.
- The company is projecting a 2026 commercial rollout of SurfOS flagship products, highlighting early operational success and stronger Palantir collaboration to enhance efficiency and pro-fit-ability across private aviation and regional air mobility.
- Expanding SurfOS Partnerships To Revolutionize Aviation Efficiency And Pro-fit-ability: Surf Air Mobility Inc. announced LOI agreements for its SurfOS software, expanding adoption across brokers, regional, cargo, and charter operators. Powered by Palantir AI, SurfOS aims to unify aviation data, boost efficiency, and drive pro-fit-ability.
- Palantir Veteran Joins Surf Air Mobility’s Board: Surf Air Mobility recently appointed Shawn Pelsinger to its Board of Directors, the former Global Head of Corporate Development & Senior Counsel at Palantir Technologies (NASDAQ: PLTR). Pelsinger helped forge the 2021 partnership between Surf Air Mobility and Palantir and led major deals with Airbus (Skywise), HD Hyundai, and Credit Suisse. His addition further strengthens the Palantir–Surf Air Mobility connection as the company scales its SurfOS™ platform across the air mobility industry.
- Momentous Market Expansion: The global regional air mobility market is anticipated to expand to $75 to $115Bn by 2035, and Surf Air Mobility Inc. (NYSE: SRFM) is aligning with this industry growth trajectory.
- Company Unveils Flagship Software Products: Introducing its flagship SurfOS AI-enabled operating system positions Surf Air Mobility as a leader in aviation by unifying industry data to improve efficiency and increase pro-fit-ability. SurfOS will integrate industry data into a single, federated platform, creating an operating system for the Air Mobility industry powered by Palantir Technologies (NASDAQ: PLTR).
- Another Analyst Target Suggests Triple-Digit Upside Potential: Back in March of 2025, H.C. Wainwright analyst, Amit Dayal, initiated coverage on Surf Air Mobility Inc. (NYSE:SRFM) with a price forecast of $12.
Surf Air Mobility Partners with the Hawaii Department of Transportation and BETA Technologies to Advance Electric Aviation in Hawaii with eIPP Application
Surf Air Mobility (NYSE: SRFM) will leverage Mokulele Airlines’ Hawaii network and SurfOS software with BETA Technologies’ (NYSE: BETA) ALIA electric aircraft to enable near-term electric air service supporting HDOT’s transportation and sustainability goals.
Surf Air Mobility is building a scalable Advanced Air Mobility platform grounded in real-world airline operations, safety, community connectivity, and software.
Surf Air Mobility’s Mokulele Airlines subsidiary is the largest commuter airline in Hawaii, making it uniquely positioned to support the launch of next-generation electric aircraft into commercial service.
LOS ANGELES–(BUSINESS WIRE)– Surf Air Mobility Inc. (NYSE: SRFM) (“Surf Air Mobility” or the “Company”), a leading air mobility platform, today announced it has partnered with the Hawaii Department of Transportation (“HDOT”) and electric aerospace company, BETA Technologies (NYSE: BETA) (“BETA”), on the request for proposal (“RFP”) application for the Electric Vertical Takeoff and Landing Integration Pilot Program (“eIPP”), a federal public-private initiative within the White House’s Advanced Air Mobility (“AAM”) National Strategy.
Surf Air Mobility believes its existing operational footprint in Hawaii is an ideal launch market for AAM aircraft. The Company’s airline subsidiary, Mokulele Airlines (“Mokulele”), is the largest commuter airline in Hawaii by scheduled departures, providing high-frequency interisland service across 10 routes and nine destinations. With established airport operations, maintenance facilities, and crew based across Hawaii, Surf Air Mobility has built the foundation to safely and efficiently integrate electric aircraft into existing commercial airline service, an approach that aligns directly with the eIPP RFP’s objectives.
In coordination with HDOT and BETA, Surf Air Mobility would bring together its airline operations, safety culture, SurfOS software, and community connectivity together with BETA’s electric aircraft technology, making it an ideal candidate for the eIPP initiative. BETA’s ALIA electric aircraft is designed for short-haul routes like those flown daily by Mokulele Airlines, creating a practical pathway for electrification within Hawaii’s existing air transportation system. The entities initially plan to conduct cargo-carrying missions between Mokulele’s existing route pairs.
Mokulele Airlines Operational Highlights:
- Operates the largest airline network in Hawaii by airports served and has the most scheduled departures among commuter airlines in Hawaii
- Has operated, in aggregate, tens of millions of revenue passenger miles with proven interisland expertise
- Flew approximately 36,000 flights in 2025, with an average flight length of 51 miles, an ideal length for the first generation of electrified aircraft
- Flew approximately 224,000 passengers in 2025, serving a high percentage of repeat and local fliers
- Achieved 96% controllable completion factor1
- Employs 196 people in Hawaii, including 96 pilots
- Maintains a strong safety record and certification under FAA Part 135 operations
- Has three maintenance centers located in Honolulu (HNL), Kahului (OGG), and Kona (KOA)
- Provides Essential Air Service connecting underserved island communities
- Has interline agreements with major commercial airlines, including: Hawaiian, Alaska, American, United, and Japan Airlines
BETA’s electric aircraft, ALIA, has flown more than 100,000 nautical miles in real-world operations, generating operational data that supports a disciplined certification-aligned roadmap.
Ed Sniffen, Hawaii Department of Transportation Director, said: “The eIPP initiative would provide an opportunity for Hawaii to be at the forefront of advanced aviation mobility technology, while supporting the Hawaii Department of Transportation’s long-term efforts to develop efficient, affordable, and renewable alternative forms of interisland transportation.”
Deanna White, CEO of Surf Air Mobility, said: “As Hawaii’s largest commuter airline flying approximately 100 flights daily, we understand the routes and operational realities. Our infrastructure is perfectly suited to introduce next-generation aircraft. Participating in the eIPP initiative with BETA would support Hawaii’s leadership in advanced air mobility while delivering quieter, lower-emission transportation for communities and visitors.”
Kristen Costello, Head of Government and Regulatory Affairs at BETA Technologies, said “Hawaii is exactly the kind of operating environment electric aviation was built to serve. Short, high-frequency routes, strong community connectivity, and a real need for reliable, affordable interisland service make this a natural early market for electrification. Working with Surf Air Mobility and HDOT through the eIPP allows us to demonstrate how electric aircraft can improve access, lower operating costs, and integrate safely into existing airline operations, and deliver real benefits to communities from day one.”
If selected, the eIPP initiative would support additional infrastructure development, operational readiness, and early deployment of electric aircraft in Hawaii, further advancing AAM through real-world airline operations.
With momentum building across operations, technology, and partnerships, Surf Air Mobility (NYSE:SRFM) remains one of the most compelling regional aviation stories to watch heading into year-end.
Remember to do your own research.
NEWS
Jan 27, 2026
Jan 22, 2026
Surf Air Mobility to Attend the 28th Annual Needham Growth Conference
Jan 8, 2026
Dec 30, 2025
Dec 1, 2025
Stonegate Capital Partners Updates Coverage On Surf Air Mobility Inc. (SRFM) 2025 Q3
Nov 13, 2025
Nov 12, 2025
Nov 10, 2025
Surf Air Mobility to Announce Third Quarter 2025 Financial Results on November 12, 2025
Oct 30, 2025
Surf Air Mobility Appoints Shawn Pelsinger to Board of Directors
Oct 8, 2025
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