Stonegate Capital Partners has updated its coverage on Surf Air Mobility Inc., indicating the company is emerging from restructuring with improved financial stability and a clearer strategic direction. The company's full-year 2025 revenue of $106.6 million met its raised outlook, while its adjusted EBITDA loss improved to $41.7 million, reflecting better airline operations and a stronger charter mix. Net debt also declined significantly by 47% year-over-year to $74 million, supported by capital actions and convertible note conversion.
The fourth quarter of 2025 reinforced this positive trajectory, with Surf Air Mobility reporting revenue of $26.4 million and an adjusted EBITDA loss of just under $8 million, both within guidance despite pressure from exiting unprofitable scheduled routes. According to Stonegate Capital Partners, these results suggest the company is moving out of stabilization mode and into what they describe as "a more investable recovery story." The firm notes that restructuring efforts are beginning to manifest in cleaner operating execution and a more credible path to growth.
A key development highlighted in the coverage update is the improvement in the company's airline mix, not just its revenue figures. The On Demand segment grew by 36% as Surf Air Mobility strategically shifted away from unprofitable routes toward a better charter mix and execution. This operational refinement represents a significant component of the company's ongoing transformation plan, which appears to be yielding measurable results as the company heads into 2026.
Looking forward, Stonegate Capital Partners identifies software and electrification initiatives as potential upside levers for Surf Air Mobility. The company's SurfOS platform and its partnership with BETA Technologies add what the firm describes as "creditable optionality" for future growth. However, the coverage emphasizes that execution throughout fiscal year 2026 and back-half growth will be critical factors in determining the company's continued progress. The full announcement from Stonegate Capital Partners, including downloadable images and additional information, is available through their official website.
