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Early Check-In: See Why You Should Pull Up (SRFM) First Thing This Morning

Any content you receive is for information purposes only. Always conduct your own research.

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See Why (SRFM) Just Landed On My Watchlist First Thing

This Morning—Tuesday, April 28, 2026

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Consider Starting Your Own Research On (SRFM)...

[ Company Website ] | [ SRFM’s Corporate Portal ]

April 28, 2026

Early Check-In | See Why You Should Pull Up (SRFM) First Thing This Morning

Dear Reader,

Air mobility just had one of its most interesting days of the year, and one NYSE-listed company is squarely in the middle of it.

Earlier this week, the Chairman, CEO, and Co-Founder of Surf Air Mobility (NYSE: SRFM) issued a joint letter directly to shareholders, raised 2026 Adjusted EBITDA guidance, and put their own capital back into the company.

In that letter, (SRFM) improved its 2026 Adjusted EBITDA loss guidance by approximately 40%, from the prior range of $50-$40Mto a new range of $30-$25M.

Revenue guidance was reaffirmed at $128-$138M for 2026, reflecting 20-30% growth over 2025.

On the same day, the company announced $30M in new capital structured to minimize dilution: $15M in non-dilutive aircraft-backed credit and $15M in common equity led by the co-founders with officers, directors, and existing institutional partners adding shares alongside them.

Management said it plainly in the letter: "We are obtaining liquidity in the least dilutive manner and chose this path because we believe in the plan and are investing our own money behind it."

Zoom out, and the opportunity is sitting in one of the largest untapped verticals in aviation.

The regional air mobility market is projected to expand to $75-$115B globally by 2035, and the global eVTOL aircraft market is forecast to grow from around $5B in 2026 to roughly $216B by 2035, an increase of more than 4,000%.

These are just some of the reasons why Surf Air Mobility (NYSE: SRFM) just landed back on our radar... and why it’s topping my watchlist - this Tuesday, April 28, 2026.

Keep reading to learn more about Surf Air Mobility (NYSE: SRFM).

Inline Image

The BETA ALIA in Surf Air livery. SRFM has placed a firm order for 25 aircraft with

options for up to 75 more.

Surf Air Mobility Inc. (SRFM)

Surf Air Mobility (NYSE: SRFM) is a Los Angeles-based air mobility platform and one of the largest commuter airlines in the United States by scheduled departures.

In 2025, the company flew more than 300,000 passengers on over 60,000 scheduled departures, generating $107M in revenue, and posted three consecutive quarters of positive Adjusted EBITDA in airline operations.

Beyond flight operations, (SRFM) is building the digital backbone of air mobility, an AI-enabled operating system designed to transform how key stakeholders in the industry manage everything from scheduling to compliance to booking.

And this next-gen platform, powered by Palantir Technologies' (NASDAQ: PLTR) Foundry and AIP platforms, is not just for internal use.

Surf Air Mobility is commercializing its AI-enabled SurfOS software across the broader air mobility industry, with BrokerOS already commercially live since December 2025 and 29 brokers enrolled on the platform as of this week's letter.

Latest News: SurfOS Expands With New Fuel and

Crew Reserve Modules

On April 27, (SRFM) announced the release of two new SurfOS modules now live within its scheduled airline operations: fuel optimization and crew reserve optimization.

The fuel module helps reconcile fuel uplift records against vendor invoices, track actual versus planned burn by flight, route, aircraft, and crew, and surface anomalies in both consumption and billing.

The crew reserve module automates reserve crew assignments by base, tracks coverage gaps, and flags chronic over- or under-coverage.

Together, these modules push SurfOS deeper into day-to-day airline operations, with a focus on cost control, staffing efficiency, and better operating visibility.

SurfOS Is Producing Measurable Results

Yesterday's shareholder letter went beyond guidance and capital structure. It laid out concrete operational numbers that show SurfOS is no longer a pitch deck. It is already helping produce measurable results inside the business.

Airline Operations (Southern Airways and Mokulele):

• Controllable completion rate hit 98% in Q4 2025

• On-time departures up more than 10 percentage points year over year

$1.3M of incremental EBITDA expected this year from SurfOS-driven improvements across crew, fleet, fuel, spare parts, and load factor optimization

Surf On Demand Private Charter (the fastest-growing business):

• Q4 2025 charter revenue up over 36% year over year using BrokerOS

32% more bookings for top brokers

57% faster quote-to-close

40% more payments processed on the platform in Q1 2026 versus Q1 2025

As part of the $100M strategic transaction closed in November 2025, (SRFM) confirmed that $26M has been allocated specifically to fund SurfOS development and commercialization, including engineering expansion, go-to-market capabilities, and the buildout of its flagship products (BrokerOS, OperatorOS, and OwnerOS).

Inline Image

SurfOS powered by Palantir. BrokerOS is commercially live. OperatorOS launches in the second half of 2026.

See the full shareholder letter here.

Consider Starting Your Own Research On (SRFM)...

[ Company Website ] | [ Investor Relations ]

7 Reasons Why Surf Air Mobility Inc. (NYSE: SRFM) Just Landed at the Top of My Watchlist for

—Tuesday, April 28, 2026

1. Management Just Raised Adjusted EBITDA Guidance by ~40%: In yesterday's joint shareholder letter, (SRFM) improved 2026 Adjusted EBITDA loss guidance from $50-$40M down to $30-$25M, while reaffirming revenue guidance of $128-$138M.

2. Insiders Are Putting Their Own Capital Back In: $15M in common equity was announced yesterday, led by the co-founders with officers, directors, and existing institutional partners adding shares alongside them. On top of that, $15M in non-dilutive, aircraft-backed credit. That is a $30M capital raise structured to minimize dilution and signal conviction.

3. SurfOS Is Live and Producing Real Numbers: BrokerOS commercially launched in December 2025 with 29 brokers enrolled and hundreds of applicants in the queue. Early internal adoption delivered a 98% Q4 airline completion rate, 10+ point on-time improvement, Q4 charter revenue up 36% YoY, and 57% faster quote-to-close. This is no longer a roadmap. It is a working product.

4. Analyst Coverage Suggests Material Upside: HC Wainwright has initiated coverage with a bullish rating. Separately, Stonegate Capital Partners has maintained coverage with a $7.05 mid-point target. Both coverage initiations underscore institutional attention on a small-cap story most investors have not caught up to yet.

5. The Palantir Moat Is Structural: (SRFM) holds an exclusive five-year agreement with Palantir Technologies for the configuration and sale of Foundry and AIP-powered software to the Part 135 regional aviation market. Palantir is one of the largest non-insider shareholders. And Shawn Pelsinger, the former Global Head of Corporate Development and Senior Counsel at Palantir who helped architect Skywise with Airbus, sits on the board.

6. BETA Partnership Eliminates Up to $100M in Previously Planned Capex: The March 2026 BETA Technologies partnership locked in a firm order for 25 electric aircraft with options for up to 75 more, and per yesterday's shareholder letter, allowed Surf Air to eliminate up to $100M in planned Cessna Caravan electrification spending, significantly limiting potential dilution while still pursuing electrification.

7. A Massive Market Tailwind Is Forming: The regional air mobility market is anticipated to expand to $75-$115B globally by 2035. The global eVTOL aircraft market is forecast to grow from $5B in 2026 to roughly $216B by 2035, an increase of more than 4,000%. Surf Air Mobility is aligning with both trajectories.

Consider Starting Your Own Research On (SRFM)...

[ Company Website ] | [ SRFM’s Corporate Portal ]

Before you call it a night, I think it is worth taking one more look at why (SRFM) has stayed front and center.

This week's shareholder letter tied everything together. 2026 guidance improved 40% on Adjusted EBITDA, and revenue guidance reaffirmed at 20-30% growth.

$30M in capital raised with insiders leading the equity round.

SurfOS commercially live with 29 brokers on the platform. $1.3M of incremental EBITDA expected this year from airline optimization alone.

And up to $100M in planned capex eliminated.

Add in the exclusive Palantir partnership powering SurfOS, a former Palantir executive on the board, and analyst coverage from HC Wainwright (Bullish) and Stonegate ($7.05 mid-point target), and it becomes clear why this company remains in focus.

Zooming out, the Advanced Air Mobility backdrop is expanding quickly.

Forecasts project the regional air mobility market at $75-$115B by 2035 and the eVTOL market at roughly $216B by 2035.

We have all eyes on (SRFM) this morning—Tuesday, April 28, 2026.

Also, keep a lookout for my next update, it could be coming before the bell rings.

And as always, please remember to do your own research.

Sincerely,

Paul Prescott
Co-Founder & Managing Editor
Street Ideas Newsletter

Street-Ideas.com (“Street-Ideas” or “SI” ) is owned by 147 Media LLC, a single member limited liability company. Data is provided from third-party sources and SI is not responsible for its accuracy. Make sure to always do your own research and due diligence on any day and swing profile SI brings to your attention. Any emojis used do not have a specific defined meaning, and may be used inconsistently. We do not provide personalized in-vest-ment advice, are not in-vest-ment advisors, and any profiles we mention are not suitable for all in-vest-ors.

Pursuant to an agreement between 147 Media LLC and TD Media LLC, 147 Media LLC has been hired for a period beginning on 04/27/2026 and ending on 04/28/2026 to publicly disseminate information about (SRFM:US) via digital communications. Under this agreement, TD Media LLC has paid 147 Media LLC seven thousand five hundred USD (“Funds”). To date, including under the previously described agreement, 147 Media LLC has been paid twenty nine thousand five hundred USD (“Funds”). These Funds were part of the fifteen thousand USD funds that TD Media LLC received from a third party named LFG Equities Corp. who did not receive the Funds directly or indirectly from the Issuer and does not own stock in the Issuer but the reader should assume that the clients of the third party own shares in the Issuer, which they will liquidate at or near the time you receive this communication and has the potential to hurt share prices.

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A nuclear shield

North Korea has built up its armory  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌
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Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here.

Donald Trump declared in 2018 that North Korea was no longer a nuclear threat. The numbers tell a different story.

Trump met Kim Jong Un three times during his first term as their relationship shifted from brinkmanship to bromance. The two may even meet again when the president visits China in May.

Kim, though, never slowed his nuclear program, hailed in state propaganda as the “sword and shield” protecting his rule. After years of threatening nuclear war on the US, Pyongyang may now have the ability to fight one.

Production of fissile material and intercontinental ballistic missiles has reached a point where North Korea could challenge US homeland defenses.

South Korea’s president said this year that Pyongyang can produce enough fissile material for about 20 nuclear bombs annually, putting it on a trajectory to rival France’s stockpile within a decade in size, if not sophistication. During Trump’s first term, experts estimated production was at about six bombs’ worth.

North Korea isn’t just building more weapons; it’s building better ones. These include solid-fuel missiles that are easier to hide and quicker to deploy, plus ICBMs capable of carrying heavier payloads. It has sent missiles to Russia for use in Ukraine, where they’ve likely been battle-tested against US air-defense systems.

Production is speeding up. That matters because scale changes the game. Quantity, not capability, is now the threat.

Diplomacy looks like a relic. Kim has ignored calls to return to talks and shown no sign that Trump can entice him to abandon his nuclear ambitions.

True, North Korea hasn’t proven it can reliably deliver a warhead that survives reentry.

But recent events in Iran and Venezuela have shown that regimes without a credible nuclear deterrent remain vulnerable.

In Pyongyang, that lesson reinforces the belief that nuclear weapons are not just leverage, but the ultimate guarantee of survival. Jon Herskovitz

FILE -- President Donald Trump and North Korean leader Kim Jong Un in Singapore, June 12, 2018. Trump approved a 2019 Navy SEAL operation to plant a listening device in North Korea, a mission that unraveled amid a series of mistakes and resulted in the SEALs killing North Korean civilians. (Doug Mills/The New York Times) Photographer: DOUG MILLS/NYTNS
Kim and Trump in Singapore in 2018.
Photographer: Doug Mills/The New York Times

Global Must Reads

The shock decision yesterday by the United Arab Emirates to quit OPEC blindsided its partners of six decades and the cartel will now have to fight to stay relevant in a fast-shifting global oil market. Trump signaled the US will stick with a naval blockade of Iranian ports, as it tries to choke off Tehran’s oil exports and force it back to the negotiating table. Meanwhile, the US president attacked Germany’s Friedrich Merz after the chancellor criticized the US handling of the war.

Bloomberg’s Stephen Stapczynski explains how differences in the vision of the UAE and OPEC’s de facto leader, Saudi Arabia, have simmered for years. Watch now
Bloomberg’s Stephen Stapczynski explains how differences in the vision of the UAE and OPEC’s de facto leader, Saudi Arabia, have simmered for years.

The US has warned banks they are at risk of secondary sanctions if they support Chinese private refiners that buy Iranian oil, cranking up pressure on Tehran even at the cost of further irking Beijing ahead of next month’s planned meeting between Trump and President Xi Jinping. The two leaders’ desire to stabilize ties is being tested by vulnerabilities over Iranian oil and AI.

King Charles III called on the US to resist the pull of isolationism and maintain its leadership role in the world by supporting Ukraine and NATO in an unusually pointed speech for a monarch. The king’s address to Congress coincided with Prime Minister Keir Starmer’s appearance in Parliament yesterday, both illustrating how much managing ties with Trump’s America has come to consume the British state.

Brazilian President Luiz Inácio Lula da Silva plans to roll out a program to renegotiate more than 100 billion reais ($20 billion) in household debt, adding to a string of measures to support consumption as he seeks to bolster his popularity ahead of the October election. Household debt, which stood at a record 49.9% of Brazilians’ annual income in February, has become a key campaign issue for Lula, who has struggled to counter gains by Senator Flávio Bolsonaro in opinion polls.

The European Union is considering imposing stricter conditions on its €90 billion ($105 billion) loan to Ukraine, making some of the payouts dependent on the introduction of an unpopular tax change for businesses, sources say. Meanwhile, incoming Hungarian Prime Minister Péter Magyar will push for a deal to restore access to billions of euros in frozen EU aid during his first trip to Brussels today. Europe may spend years grappling with the fallout from the Iran war, EU chief Ursula von der Leyen warned separately.

Russia will stage its annual May 9 parade marking the WWII defeat of Nazi Germany without heavy military equipment for the first time since 2007, as the war in Ukraine takes its toll on President Vladimir Putin’s army.

A Russian tank on Red Square during the Victory Day military parade in Moscow on May 9, 2025. Source: AFP/Getty Images
The Victory Day military parade in Moscow in May 2025.
Source: AFP/Getty Images

Key congressional Republicans are poised to break with Trump on his proposed 44% raise for the Pentagon to a $1.5 trillion budget, a rare act of defiance that signals the president’s weakening grip as the midterm elections near.

A proposal to cap Switzerland’s population at 10 million drew the support of 52% of respondents in the first poll showing a majority for the idea ahead of the June vote.

Australia’s richest person, Gina Rinehart, has donated a plane to Pauline Hanson, the leader of the country’s hard-right One Nation Party, enabling her to visit more areas to drum up support ahead of federal elections in 2028.

Coming soon: Get the AI Today newsletter — chronicling the disruptions and threats of AI on businesses, workers, governments and economies with analysis from Bloomberg’s global newsroom.

Sign up for the Washington Edition newsletter for news from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television.

Chart of the Day

A Chinese maker of the fighter jets that rose to fame in the India-Pakistan conflict last year posted record profit and saw first-quarter sales nearly double. AVIC Chengdu’s single-engine, multi-role J-10 fighters were battle-tested in May, when Pakistan claimed to have shot down multiple Indian aircraft, including French-made Rafale jets.

And Finally

The Netherlands, the birthplace of the stock exchange and the forerunner to the modern central bank, is gearing up for a new tax on paper profits, sparking public and political opposition and opening another front in the international push to target the wealthy. While other governments are also pursuing tax-the-rich policies, the turmoil over the Dutch proposal threatens to damage a longstanding reputation for sober economic policymaking.

Groenburgwal, Amsterdam Photographer: Jussi Puikkonen for Bloomberg
Groenburgwal, Amsterdam
Photographer: Jussi Puikkonen/Bloomberg

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