Stonegate Capital Partners Initiates Coverage on Surf Air Mobility Inc. (SRFM)

Dallas, Texas–(Newsfile Corp. – March 24, 2025) – Surf Air Mobility Inc. (NYSE: SRFM): Stonegate Capital Partners initiates their coverage on Surf Air Mobility Inc. (NYSE: SRFM). SRFM reported revenue, adj EBITDA, and adj EPS of $28.0M, ($6.9)M, and $1.27, respectively. For the full year the Company reported revenue, adj EBITDA, and adj EPS of $28.0M, ($6.9)M, and $1.27, respectively. It is notable that the Company exceeded both revenue and EBITDA guidance in the quarter, in part thanks to strong growth in On Demand service revenue, which was up 39% over 4Q23 and 28% for FY24 compared to FY23. With the Company moving out of the Transformation Phase into the Optimization Phase we expect SRFM to improve profitability through strategic cost take outs and optimizations, with very noticeable growth showing towards the back half of FY25.

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Key Takeaways:

• On Demand service revenue, was up 39% over 4Q23 and 28% for FY24 compared to FY23.
• The Company signed MOUs from seven customers to upgrade ~100aircraft.
• In4Q24 SRFM secured a $50.0M term loan on top of the maturity extension for the Company’s secured debt.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

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