Surf Air Mobility Q2 Earnings Call Highlights

Revenue for the second quarter of 2026 totaled $29.5 million, up 8% from the prior-year period and 15% from the first quarter, Chief Financial Officer Oliver Reeves said. The company recorded an adjusted EBITDA loss of $10.5 million, within its previously issued guidance range. Chief Executive Officer Deanna White said the company achieved its targets despite elevated fuel prices and heavy thunderstorms and flash flooding in Hawaii that affected Mokulele operations. She said the company’s cost controls and technology initiatives have created what management considers permanent operational improvements. Surf Air reaffirmed its full-year outlook for revenue of $128 million to $138 million, representing growth of 20% to 30% over 2025. It also maintained guidance for an adjusted EBITDA loss of $25 million to $30 million, which management said reflects a roughly 40% improvement from its earlier outlook. For the third quarter, the company projected revenue of $35.5 million to $37.5 million and an adjusted EBITDA loss of $4 million to $7 million. A key second-quarter development was the company’s first multiyear enterprise software agreement for SurfOS, its aviation operating software platform. Co-Founder Liam Fayed said Wheels Up will serve as the launch customer for Enterprise BrokerOS under an initial two-year agreement with an option for a third year. The contract could generate up to $12 million over its term. Fayed said Surf Air expects to collect about $2 million during 2026 and approximately $4 million in 2027, as Wheels Up is integrated onto the platform. Chairman Shawn Pelsinger said securing a multiyear, multimillion-dollar agreement with Wheels Up as SurfOS’ first enterprise customer supports management’s view that the software is ready for commercial use. He noted that Surf Air is pursuing a platform strategy spanning private aviation, software and electrification. Fayed said the company has an enterprise pipeline involving operators, brokerages and aircraft manufacturers that it believes could be worth tens of millions of dollars in annual revenue. Management is targeting at least one additional enterprise contract before year-end, though it did not identify which SurfOS product might be involved.