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Daily Edge Report Initiates Coverage On (SRFM) Starting This Morning—Friday, April 24, 2026 |
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Consider Starting Your Own Research On (SRFM)... |
[ Company Website ] | [ Company Presentation ] |
See Why (SRFM) Just Landed on Friday’s Watchlist |
April 24, 2026
Ahead of the Bell: See Why (SRFM) is Topping Our Watchlist Right Now |
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-$40 M to a new range of $30-$25M. Revenue guidance was reaffirmed at $128-$138 M for 2026, reflecting 20-30% growth over 2025. |
On the same day, the company announced $30 M 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 acquiring in 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 potential is sitting in one of the largest untapped verticals in aviation. The regional air mobility market is projected to expand to $75-$115 B globally by 2035, and the global eVTOL aircraft market is forecast to grow from around $5 B in 2026 to roughly $216 B 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 will be topping my watchlist - Friday, April 24, 2026. |
Keep reading to learn more about Surf Air Mobility (NYSE: SRFM). |
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 $107 M 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 Development: SurfOS Is Producing Measurable Results |
Wednesday'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 |
• $1.3 M 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 $100 M strategic transaction closed in November 2025, (SRFM) confirmed that $26 M 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). |
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 Friday, April 24, 2026 |
1. Management Just Raised Adjusted EBITDA Guidance by ~40%: In Wednesday's joint shareholder letter, (SRFM) improved 2026 Adjusted EBITDA loss guidance from $50-$40 M down to $30-$25 M, while reaffirming revenue guidance of $128-$138 M. |
2. Insiders Are Putting Their Own Capital Back In: $15 M in common equity was announced Wednesday, led by the co-founders with officers, directors, and existing institutional partners acquiring in alongside them. On top of that, $15 M in non-dilutive, aircraft-backed credit. That is a $30 M 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. Separately, Stonegate Capital Partners has maintained coverage with a $7.05 mid-point target. |
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 Wednesday's shareholder letter, allowed Surf Air to eliminate up to $100 M 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-$115 B globally by 2035. The global eVTOL aircraft market is forecast to grow from $5 B in 2026 to roughly $216 B 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 ] | [ Investor Relations ] |
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. $30 M in capital raised with insiders leading the equity round. SurfOS commercially live with 29 brokers on the platform. $1.3 M of incremental EBITDA expected this year from airline optimization alone. And up to $100 M 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 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-$115 B by 2035 and the eVTOL market at roughly $216 B by 2035. |
We have all eyes on (SRFM) this morning. |
Consider starting your own research on (SRFM) while it’s still early.. |
Keep an eye out for my next update, it could be landing shortly after the bell rings. |
Sincerely,
Joel Locke
Senior Editor
The Daily Edge Report |
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