Stonegate Capital Partners Updates Coverage On Surf Air Mobility Inc. (SRFM) 2025 Q3

Core Insights - Surf Air Mobility Inc. (SRFM) reported Q3 2025 revenue of $29.2 million, reflecting a 6% sequential growth and a 3% year-over-year increase, driven by a 42% rise in On Demand services [5] - The company experienced an adjusted EBITDA loss of $9.9 million, which was in line with guidance, while airline operations achieved a second consecutive quarter of positive adjusted EBITDA [5] - Significant capital structure improvements were made, including a $100 million strategic transaction to fund SurfOS and refinance debt, positioning the company for a more sustainable capital structure [5] Financial Performance - Revenue for Q3 2025 was $29.2 million, exceeding guidance [5] - Adjusted EBITDA loss was reported at $9.9 million, consistent with expectations [5] - The airline operations segment delivered positive adjusted EBITDA for the second consecutive quarter [5] Strategic Developments - The company has made substantial improvements to its capital structure, refinancing higher-cost debt and reducing annual cash interest [5] - These actions are expected to provide a clearer path toward scaling operations and initiating Phase 3 of the transformation plan in FY26 [5]