SURF AIR MOBILITY INC.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
SRFM$0.74+5.2%Stored close · as of Nov 10, 2026
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Unaudited Condensed Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2025 and 2024
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(73,677) | $(76,173) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 7,012 | 6,161 |
| Loss (gain) on sale of fixed asset | 818 | (187) |
| Non-cash operating lease expense | 3,934 | 4,184 |
| Gain on extinguishment of debt | (39) | — |
| Stock-based compensation expense | 7,957 | 14,643 |
| Changes in fair value of financial instruments carried at fair value, net | 9,772 | 1,918 |
| Amortization of debt discounts and debt issuance costs | 1,608 | 137 |
| Deferred income taxes | (179) | (95) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (778) | 605 |
| Prepaid expenses and other current assets | (1,404) | 1,308 |
| Other assets | 343 | 610 |
| Accounts payable | 2,409 | 13,575 |
| Due to a related party | — | 2,548 |
| Accrued expenses and other current liabilities | 2,221 | 8,442 |
| Deferred revenue | (1,424) | (4,311) |
| Operating lease liabilities | (4,352) | (4,086) |
| Other liabilities | (9) | (21) |
| Cash flows used in operating activities | $(45,788) | $(30,742) |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (4,218) | (2,673) |
| Proceeds from the sale of assets | 2,681 | — |
| Internal-use software development costs | (1,764) | (1,792) |
| Net cash used in investing activities | $(3,301) | $(4,465) |
| Cash flows from financing activities: | ||
| Borrowings on long-term debt | 2,750 | — |
| Principal payments on long-term debt | (1,921) | (2,331) |
| Proceeds from sales and advances under Share Purchase Agreement | 18,958 | 3,894 |
| Principal payments on Mandatory Convertible Security | (17,718) | — |
| Proceeds from the issuance of common stock, net of transaction expenses | 31,386 | — |
| Proceeds from collateralized borrowings, net of repayment | 193 | 2,847 |
| Proceeds from borrowings from related parties | — | 29,662 |
| Proceeds from exercise of stock options | 255 | 1 |
| Proceeds from exercise of warrants | 830 | — |
| Payment of finance lease obligations | (202) | (175) |
| Net cash provided by financing activities | $34,531 | $33,898 |
| Increase (decrease) in cash, cash equivalents and restricted cash | (14,558) | (1,309) |
| Cash, cash equivalents and restricted cash at beginning of period | 21,675 | 2,431 |
| Cash, cash equivalents and restricted cash at end of period | $7,117 | $1,122 |
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