# SURF AIR MOBILITY INC. (SRFM) · Edgar & Edgarette company card

> Surf Air Mobility (SRFM) saw revenue fall 10.8% in FY2025 to $107 million, operating margin -72.1% against a 2.4% median for air transportation, nonscheduled, equity -41.7% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1936224 · fiscal year ended 2025-12-31 · 4 audited years read · [page](https://www.pops4.com/boards/company/SRFM) · [JSON](https://www.pops4.com/boards/company/SRFM.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $107M |
| Revenue growth, 1 year | -10.8% |
| Revenue growth per year | 73.8% |
| Operating margin | -72.1% (prior year -50.5%) |
| Net margin | -103.8% |
| Operating cash flow | −$64M |
| Capital spending | $6M |
| Free cash flow | −$70M |
| Cash | $13M |
| Long-term debt | $17M |
| Total assets | $132M |
| Total equity | −$55M |
| Equity ÷ assets | -41.7% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -28.86 (distress zone)
- Piotroski F: 2 of 9 (weak)
- Health Harbor boat: Rotting at the dock · four or more warning signs · liabilities exceed assets (often from years of share buybacks, not always distress); operating cash flow was negative; operating loss: a margin of -72.1% in FY2025; revenue is hard to predict: its 80% range is ±57%
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $106.6M (FY2025), total debt $17.1M. Experience: revenue down 10.8% on the year, up 73.8% a year over 3 years; operating margin -72.1%, down from -50.5%. Soundness: equity -41.7% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $72.5M and $265.5M next year (method v4.1: its own 3-year record of growth weighed at 40% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $52.2M to $373.6M. A statistical range, not company guidance. Against peers (16 filers, $50M+ revenue, its industry group): operating margin -72.1% against a 2.4% median; growth -10.8% against 4.2%.

Range logged 2026-09-29, receipt 42d09a6f5023a0cb, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 3.01 Exchange listing notice or transfer: 1, latest 2026-07-24 ([filing](https://www.sec.gov/Archives/edgar/data/1936224/000119312526316275/0001193125-26-316275-index.htm))
- Item 5.02 Director or officer change: 2, latest 2026-09-28 ([filing](https://www.sec.gov/Archives/edgar/data/1936224/000193622426000010/0001936224-26-000010-index.htm))

## Recent filings

- 10-Q · filed 2026-11-05 · [filing](https://www.sec.gov/Archives/edgar/data/1936224/000119312526450186/0001193125-26-450186-index.htm)
- 8-K · filed 2026-11-05 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1936224/000119312526449863/0001193125-26-449863-index.htm)
- 8-K · filed 2026-09-30 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1936224/000193622426000014/0001936224-26-000014-index.htm)
- 8-K · filed 2026-09-28 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1936224/000193622426000010/0001936224-26-000010-index.htm)
- 8-K · filed 2026-08-11 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1936224/000119312526343559/0001193125-26-343559-index.htm)
- 10-Q · filed 2026-08-10 · [filing](https://www.sec.gov/Archives/edgar/data/1936224/000119312526342741/0001193125-26-342741-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001936224.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1936224

## Cite

POPS4, Edgar & Edgarette: SURF AIR MOBILITY INC. (SRFM) company card, from the company's own SEC filings, accessed 2026-11-13, https://www.pops4.com/boards/company/SRFM. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.