***Sponsored by LFG Equities Corp.
SRFM flew over 350,000 passengers in 2024 across tens of thousands of flights on a fleet of over 50 Cessna Grand aircraft, making it one of the largest commuter airlines in the US by scheduled departures
They have exclusive agreements with multi-billion dollar market cap companies Textron Aviation (NYSE:TXT), one of the world’s largest general aviation manufacturers and a strategic relationship with Palantir Technologies, leveraging cutting-edge AI and data analytics
They just announced first Quarter Revenue of $23.5 Million, Achieving the High End of Guidance Range of $21 – $24 Million
Heavyweight investors like Palantir, BlackRock, Vanguard, and The Colony Group have taken positions in SRFM
Surf Air Mobility Announces $1 Million Purchase of Company Stock by Co-Founder
CHECK OUT THE MOST RECENT INVESTOR PRESENTATION HERE
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Hello Everyone,
Fridays profile that opened up under $9 saw a massive squeeze that took it all the way to $14.70 today. It was a clean 60%+ move. We have SRFM on our radar for Tuesday’s session.
You might remember this one because of their unique business model.
A Quick Look at this company and you can’t help but draw comparisons to corporate giants Uber and Lyft.
The main difference is that SRFM is doing it IN THE AIR and there certainly seems to be demand for it.
Putting the infrastructure in place for something like this is no easy task. That is why they inked an agreement with AI Blue Chip, Palantir.
Unlike others in the space, Surf Air Mobility isn’t just a concept—it’s a fully operational business generating real revenue and focused on leading the charge in transforming regional air mobility.
The company and business model has even caught the eye of AI Giant Palantir. They have a ~19% stake in the company as of April. I know “Smart Money” is an objective term but I will go ahead and assume that Palantir has done their research.
Surf Air Mobility is a Los Angeles-based regional air mobility platform expanding the category of regional air travel to transform flying through the power of electrification and software. In an effort to substantially reduce the cost and environmental impact of flying and as the owner of one of the largest commuter airlines in the US, Surf Air Mobility intends to develop powertrain technology with its commercial partners to electrify existing fleets and bring electrified aircraft to market at scale. The management team has deep experience and expertise across aviation, electrification, and consumer technology.
A lot has happened with the company since the last time we put it in front of you.
Most recently we saw the chairman and also one of the co-founders put their money where their mouth is. Using our last profile on SRFM back in August as a benchmark, you can see that as of late management has the company heading in the right direction.
The company has been taking some serious steps towards their transformation plan.
- Relocated their Air Operations Center to Addison, Texas, a suburb of Dallas—placing them in the heart of one of America’s top aviation talent hubs.
- Hired elite leadership from Southwest Airlines, Flexjet, and Bombardier to run operations with military-level efficiency.
- Delivered four brand-new Cessna Grand Caravan EX aircraft from Textron Aviation to refresh their fleet and prep for future electric upgrades.
And they’re not stopping there.
In 2025, Surf Air (NYSE:SRFM) plans to:
- Achieve profitability in airline operations (defined by positive adjusted EBITDA)
- Roll out SurfOS to more third-party users, with the potential to open a new high-margin software revenue stream
On top of that, they’re working to create a new venture called Surf Air Technologies—a dedicated venture focused on commercializing SurfOS. The company has even stated it’s considering bringing in outside investors to fund this separately.
Internationally, MOUs are already in place to electrify commuter fleets in Brazil and Kenya once the technology is certified—opening up first-mover advantages in emerging markets where regional air travel is essential.
And with new FAA subsidies approved in 2024, providing potential tailwinds to Surf Air’s subsidized essential air routes via its airline subbrands, Southern Airways and Mokulele Airlines.
This is key—because while rivals are still trying to certify futuristic prototypes…
Surf Air Mobility (NYSE:SRFM) is already embedding itself into the backbone of regional air infrastructure.
This isn’t a long-term science experiment.
This is a near-term commercial story with real milestones.
Surf Air Mobility Announces $1 Million Purchase of Company Stock by Co-Founder
MAY 28, 2025
Co-Founder and Member of the Board, Sudhin Shahani, purchased over 400,000 shares of Surf Air Mobility Inc. Common stock at market price
LOS ANGELES–(BUSINESS WIRE)– Surf Air Mobility Inc. (NYSE: SRFM) (“the Company”, “Surf Air Mobility”), a leading regional air mobility platform, announced that Co-Founder and Member of the Board, Sudhin Shahani, purchased 408,163 shares of the Company’s common stock at the market price, for a purchase price of approximately $1 million, directly from the Company in a private transaction.
Mr. Shahani said: “Our Transformation Plan is already having an early impact. We’ve improved operations and strengthened the core business. I’m confident in our experienced leadership team’s continued execution capabilities.”
The Company remains focused on the Optimization Phase of the Transformation Plan with key initiatives to optimize airline operations, recalibrate the On Demand business, and drive efficiencies from SurfOS.
Top Reasons to Research This One
A Massive Growth Market: By 2035, the total addressable market (TAM) for small regional flights globally could reach $75 billion to $115 billion by 2035
One of The Largest Commuter Airlines in the US: Surf Air Mobility Inc. (NYSE:SRFM) is one of the leaders in the nation with the most scheduled departures, carrying over 350,000 passengers on ~69,000 flights in 2024.
Impressive Revenue Performance: The company generated ~$119M in revenue in 2024.
Powerful Commercial Relationships: Strategic alliances with industry leaders like Palantir Technologies and Textron Aviation bolster Surf Air’s competitive edge across the value chain.
Seasoned Leadership Team: A management team with extensive experience, including past leadership roles at Bombardier Flexjet, United, Wisk, and Virgin America, is driving the company forward.
Multi-Phased Transformation Plan: Backed by its $50 million financing, SRFM is executing a four-phase transformation plan designed to optimize its airline operations and put them on a path to profitability, broadly offer its SurfOS software, expand routes, and create a platform for new electrification technology in the future.
Game-Changing Collaboration: The recent agreement with a leading tech giant is a significant step forward for Surf Air Mobility Inc.. By harnessing Palantir’s cutting-edge AI and data analytics platforms, this collaboration will enable the company to deliver unparalleled operational efficiencies, setting a new standard in the air mobility market.
Massive Market Potential: The regional air mobility market is expected to grow exponentially, with projections suggesting it could reach $115B by 2035. With Surf Air Mobility Inc.’s strategic positioning, they appear well-prepared to capitalize on this immense growth potential.
Pioneering Sustainable Aviation: Surf Air Mobility Inc. is not only focused on improving operational efficiency but also on sustainability. By developing powertrain technology to electrify smaller existing aircraft, the company is taking significant steps toward decarbonizing air travel once certified. Imagine a future where flying between 50 to 500 miles is not only eco-friendly but also cost-effective—a vision that Surf Air Mobility Inc. is actively working to make a reality for itself and others.
Strategic Partnerships and Global Reach: Surf Air Mobility Inc. continues to expand its global footprint through strategic deals in places like East Africa and Brazil.
Surf Air Mobility Unveils Four-Phase Transformation Plan
2024
PHASE 1: TRANSFORMATION | COMPLETE
The first phase of the Transformation Plan is now complete. The Transformation phase was centered around four key initiatives: 1) improving the Company’s capital structure, 2) strengthening the Company’s balance sheet, 3) appointing the right management team, and 4) realizing M&A synergies from the Company’s merger with Southern Airways.
Surf Air addressed these key initiatives in the following ways: 1) improved its capital structure by securing $50 million in funding and extended the maturities of other secured debt until December 31, 2028, 2) strengthened its balance sheet by addressing past liabilities totaling approximately $70 million with an expected target reduction of greater than 50%, 3) hired and promoted leaders with decades of aviation experience across the organization, and 4) realized M&A synergies totaling approximately $6.5 million.
2025-2026
PHASE 2: OPTIMIZATION
Surf Air is now entering the second phase of its Transformation Plan: Optimization. This phase of the plan is focused on maximizing the profitability of the Company’s scheduled service and On Demand charter operations.
As part of scheduled service optimization, the Company is implementing systems and processes to measure and drive efficiencies against real-time operational and financial KPIs. The Company is also addressing its deferred maintenance backlog to improve aircraft availability and flight completion rates. In parallel, the company is exiting unprofitable routes and redeploying aircraft. Through this reallocation of aircraft assets, Surf Air is calibrating the timing of its purchases of new aircraft to match the timing of its route expansion phase in 2026 and 2027. As a result of these initiatives, management expects airline operations to become profitable in FY 2025.
As part of the recalibration of its On Demand business, Surf Air’s go-forward strategy focuses on expanding market share in the higher margin jet category, securing inventory through advance volume purchase agreements and pursuing international partnerships. These efforts will drive revenue growth and profitability in the On Demand business over time.
Finally, the Company anticipates that further implementation of its SurfOS software solutions, which it is developing with Palantir, will continue throughout the Optimization phase to drive productivity and efficiency improvements across the organization.
2026-2027
PHASE 3: EXPANSION
The Company anticipates entering the third phase of its Transformation Plan, Expansion, in FY 2026. During this phase, the Company will profitably expand its network by launching new tier-1 routes in regions across the U.S., using data-driven insights to quantify and qualify route attractiveness. As a base case, tier-1 routes will be selected for profitability using current combustion aircraft with further margin improvements anticipated once electrified planes are commercialized.
Alongside this network expansion, Surf Air anticipates pursuing additional venture opportunities that leverage the Company’s scale, to separately capitalize high-growth initiatives with strategic partners.
During the Expansion phase, SurfOS will be broadly marketed to third-party customers (including air operators, charter brokers, and aviation OEMs) through the Surf Air Technologies venture entity developing an operating system powered by Palantir, and will begin to develop revenue traction. As one of the largest commuter airlines in the U.S. by scheduled departures, Surf Air is uniquely positioned to develop, test, and deploy software solutions that will power the emergence and growth of the Regional Air Mobility segment, which McKinsey & Co. estimates will grow to between $75 billion and $115 billion globally by 2035.
2027+
PHASE 4: ACCELERATION
The Company anticipates entering the last phase of its Transformation Plan, Acceleration, in FY 2027. During this phase, Surf Air plans to spur revenue growth and margin expansion by leveraging its air mobility platform to accelerate the adoption of new aviation technologies–its own and that of others–and leverage the network effects of its operator platform to emerge as a category leader.
A key focus of the Acceleration phase is the certification of the Company’s proprietary electrified powertrain technology for the Cessna Grand Caravan, which Surf Air currently anticipates will occur within the framework of a joint venture with a leading industry partner. Post-certification of its electrified powertrain technology, Surf Air will leverage its exclusive sales and marketing relationship with Textron Aviation, a leading general aviation manufacturer and Cessna owner, to commercialize these powertrains.
Surf Air Mobility Announces Launch Users for SurfOS™ Software
MAR 4, 2025 6:30AM EST
SurfOS is an AI-enabled operating system for the Advanced Air Mobility industry powered by Palantir Technologies.
For more information about SurfOS, click here to view a short video.
Company provides progress update on new SurfOS software features.
LOS ANGELES–(BUSINESS WIRE)– Surf Air Mobility Inc. (NYSE: SRFM) (“the Company” or “Surf Air Mobility”), a leading regional air mobility platform, today announced it has entered into agreements with six air operator beta users to use SurfOS, an AI-enabled software platform for the advanced air mobility industry. The early launch to third-party beta customers marks an acceleration in the timeline of the software initiatives of the Company’s Transformation Plan.
SurfOS is powered by Palantir Technologies (NASDAQ: PLTR) (“Palantir”), a global leader in artificial intelligence, enterprise data analytics, and business intelligence. SurfOS is designed to increase efficiency, decrease costs, and drive productivity for stakeholders across the advanced air mobility industry. For more information about SurfOS, click here to view a short video.
Launch customers will have access through SurfOS to customized tools built to improve charter flight distribution, manage customer relationships, and improve flight pricing, while unlocking direct-to-consumer flight distribution for air operators. As functionality and features are added, these customers will have access to further enhancements that will enable them to become vertically integrated mobility companies.
“SurfOS is building an end-to-end solution that will allow us to seamlessly sell our charter flights directly to consumers and integrates the operational complexities we face daily with an intuitive interface that our entire team—from dispatchers to pilots—has embraced,” said Toby Woods, Founder and CEO of Direct2, one of Surf Air Mobility’s SurfOS launch customers. “It’s challenging as an on-demand air carrier to find software partners who not only have both the skills to develop top-notch user interfaces, but also truly understand the detail and precision required by aviation’s dynamic operational and stringent regulatory environment.”
“We believe that SurfOS will be the category-defining technology platform for the advanced air mobility industry. We are creating an operating system that is addressing the needs of aircraft operators, brokers, and owners, all of whom have a real need for modern aviation software enhanced with AI and big data,” said Sudhin Shahani, Co-founder and Board Member of Surf Air Mobility. “Individually, those industry participants could not affordably develop this broad suite of customized applications or organize their data onto a single platform. Given that we work with over 400 air operators through our On Demand platform, we are well positioned to bring SurfOS to market at scale.”
Surf Air Mobility continues to launch new SurfOS features, including recent rollout of:
- Flight distribution tools for third-party operators to expand flight margins by increasing direct-to-consumer sales
- AI-based charter broker tools to automate sales and sourcing processes
- Direct integrations with charter supply partners to improve real-time aircraft availability and pricing
- Resource planning for ground staff and pilots to gain efficiencies and cost savings
- Business intelligence dashboards for operational and financial reporting
- Pilot management application for Southern Airways and Mokulele Airlines brands
- Multi-lingual and multi-currency On Demand marketplace capabilities
The Company previously announced that it intends to form Surf Air Technologies, a new venture that will develop, market, and sell SurfOS to the advanced air mobility industry, consisting of thousands of Part 135 regional air operators (small aircrafts limited to under 30 seats with a 7,500 pound maximum payload), of which the Company’s Southern Airways subsidiary is one of the largest Part 135 commuter operators in the U.S. by scheduled departures.
Surf Air Mobility is considering bringing in external investors to capitalize the Surf Air Technologies venture.
Revenue Streams
SRFM is revamping travel. They’re not just changing the game; they’re rewriting the playbook with a diverse revenue mix.
Their role in essential air services (EAS) adds consistent, subsidized revenue.
SRFM has a multi-pronged strategy to transform the skies:
- Acquisition of Southern Airlines jumpstarted operations, deploying a fleet of ~50 aircraft on a nationwide network of flights.
- Agreement with Textron Aviation for new Cessna Grand Caravan EX models
SRFM has begun making waves in East Africa and Brazil, sealing strategic MOU agreements with air operators to electrify their fleets once the technology is certified.
In a groundbreaking move, Surf Air Mobility has announced MOU agreements with some of Kenya’s premier safari air services, Safarilink,Yellow Wings Air, and Z.Boskovic to electrify their fleets.
By upgrading existing Cessna Grand Caravan aircraft fleets with SRFM cutting-edge electrified powertrain technology, they could revolutionize air travel in Kenya and beyond.
This initiative builds upon Surf Air Mobility’s earlier collaboration with Azul, Brazil’s largest airline, to electrify up to 27 of its Cessna Caravans.
With targets of reducing direct operating costs by up to 50% and eliminating 100% of direct carbon emissions on fully electric versions of the powertrain, Surf Air Mobility Inc. (NYSE:SRFM) plans to propel the industry towards a greener, more efficient future in regional air travel.
NEWS
Surf Air Mobility Announces $1 Million Purchase of Company Stock by Co-Founder
3 days ago
Stonegate Capital Partners Updates Coverage on Surf Air Mobility Inc. (SRFM) 2025 Q1
May 15, 2025
Surf Air Mobility to Present at the Third Annual Jefferies eVTOL / AAM Summit
May 14, 2025
Surf Air Mobility Reports First Quarter 2025 Financial Results
May 13, 2025
Mokulele Airlines and Japan Airlines Announce New Interline Agreement
May 6, 2025
Surf Air Mobility to Announce First Quarter 2025 Financial Results on May 13, 2025
May 2, 2025
Surf Air Mobility Closes $5 Million Registered Direct Offering of Common Stock
Apr 1, 2025
Surf Air Mobility Announces $5 Million Registered Direct Offering of Common Stock
Mar 31, 2025
Stonegate Capital Partners Initiates Coverage on Surf Air Mobility Inc. (SRFM)
Mar 24, 2025
Surf Air Mobility Reports Fourth Quarter and Full Year 2024 Financial Results
Mar 18, 2025
Surf Air Mobility to Announce Fourth Quarter and Year End 2024 Financial Results on March 18, 2025
Mar 6, 2025
Surf Air Mobility Announces Launch Customers for SurfOS™ Software
Mar 4, 2025
Surf Air Mobility Strengthens Aviation Leadership Team with Key Executive Appointments
Mar 3, 2025
Surf Air Mobility Relocates Air Operations Center to Addison, TX
Feb 25, 2025
Surf Air Mobility Publishes Video on Air Mobility Business
Feb 14, 2025
Jan 29, 2025
Surf Air Mobility Announces Open Market Purchases of Company Stock by Board Members
Dec 27, 2024
Surf Air Mobility Appoints David Anderman to Board of Directors
Dec 19, 2024
Surf Air Mobility Announces Approximately 90% Reduction to Contemplated Future Equity Dilution
Dec 12, 2024
Deanna White Appointed as Surf Air Mobility’s Chief Executive Officer
Dec 10, 2024
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