Surf Air Mobility Inc. (SRFM) completed a registered direct equity offering of 13,318,181 shares of common stock at $1.10 per share, generating gross proceeds of approximately $15 million before fees and expenses. The offering was led by the company’s co‑founders and attracted participation from institutional investors.
In addition to the public offering, directors and officers purchased 257,353 shares at $1.36 per share, the closing price on April 17 2026. The company also entered into a $15 million promissory note that is non‑dilutive and backed by the equity in its aircraft. The note carries a 12.5% interest rate, payable monthly in cash or shares, and includes a $1.5 million origination fee payable within 90 days.
Proceeds from both the equity sale and the loan will be used to accelerate the implementation of the company’s AI‑enabled SurfOS software, support electrification initiatives, and, where appropriate, repay existing liabilities. The financing strengthens the balance sheet at a time when the company’s current ratio stands at 0.23 and total debt is $100.6 million against a market cap of $104.7 million, underscoring short‑term liquidity pressures.
Surf Air Mobility’s Q4 2025 revenue fell to $26.4 million, missing the $57.2 million forecast by 53.85%. Despite the miss, management has revised its 2026 revenue guidance to $128 million–$138 million and adjusted EBITDA loss guidance to $25 million–$30 million, an improvement of roughly 40% from prior guidance, reflecting operational efficiencies driven by SurfOS and cost‑control measures.
The company’s CEO, Deanna White, said, "SurfOS and our work with Palantir is driving measurable efficiency and cost savings. Improving our 2026 Adjusted EBITDA guidance by approximately 40% while maintaining our 2026 revenue growth guidance reflects our expectation that we can lower the cost to deploy SurfOS and accelerate the software's optimization capabilities within our business." She added, "2025 was a transformational year for Surf Air Mobility. The strategic investments we made in our operations, software, and capital structure have demonstrated measurable operational and financial improvements. Today, we are no longer resetting. We are pivoting to growth." CFO Oliver Reeves noted, "We are truly pivoting back to growth."
The company also highlighted its partnership with BETA Technologies to operate electric aircraft and its completion of a Safety Management System ahead of the FAA deadline, positioning it as a leader in operational safety and sustainable aviation. These initiatives support the company’s dual transformation strategy of achieving operational profitability in its airline business while expanding its AI‑enabled SurfOS platform.
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