SURF AIR MOBILITY INC.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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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, 2026 · Filed Nov 5, 2026
SRFM$0.70+0.4%Stored close · as of Nov 9, 2026
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Unaudited Condensed Consolidated Statement of Changes in Shareholders’ Deficit
Three and Nine Months Ended September 30, 2026 and 2025
(in thousands, except share data)
| Common Shares | |||||
|---|---|---|---|---|---|
| Number ofShares | Amount | Additional Paid-In Capital | AccumulatedDeficit | Total Shareholders' Deficit | |
| Balance at June 30, 2026 | 119,137,993 | $12 | $793,925 | $(836,394) | $(42,457) |
| Issuance of common stock related to restricted shares and restricted stock units | 1,231,620 | - | - | - | - |
| Issuance of warrants as consideration for credit support and financing fees | — | - | 2,914 | - | 2,914 |
| Issuance of common stock for HT Note redemptions | 3,734,695 | - | 3,158 | - | 3,158 |
| Issuance of common shares under Share Purchase Agreement | 4,100,000 | - | 2,858 | - | 2,858 |
| Issuance of common stock under software development agreement | 6,688,148 | 1 | 6,749 | - | 6,750 |
| Stock-based compensation expense | — | - | 1,684 | - | 1,684 |
| Net loss | — | - | - | (20,368) | (20,368) |
| Balance at September 30, 2026 | 134,892,456 | $13 | $811,288 | $(856,762) | $(45,461) |
| Common Stock | |||||
|---|---|---|---|---|---|
| Number ofShares | Amount | Additional Paid-In Capital | AccumulatedDeficit | Total Shareholders' Deficit | |
| Balance at June 30, 2025 | 36,561,659 | $4 | $608,420 | $(723,907) | $(115,483) |
| Issuance of common stock related to restricted shares and restricted stock units | 154,730 | — | — | — | — |
| Issuance of common stock related to performance-based restricted shares | 2,500 | — | — | — | — |
| Issuance of common stock related to stock option exercises | 49,570 | — | 255 | — | 255 |
| Issuance of common stock related to warrant exercises | 265,725 | — | 830 | — | 830 |
| Issuance of common stock under Share Purchase Agreement | 1,942,349 | — | 8,214 | — | 8,214 |
| Issuance of common stock in settlement of vendor payables | 199,907 | — | 700 | — | 700 |
| Issuance of common stock under software license agreement | 603,238 | — | 2,690 | — | 2,690 |
| Issuance of common stock related to convertible note conversions | 7,178,411 | 1 | 35,181 | — | 35,182 |
| Stock-based compensation expense | — | — | 2,268 | — | 2,268 |
| Net loss | — | — | — | (27,213) | (27,213) |
| Balance at September 30, 2025 | 46,958,089 | $5 | $658,558 | $(751,120) | $(92,557) |
| Common Shares | |||||
|---|---|---|---|---|---|
| Number ofShares | Amount | Additional Paid-In Capital | AccumulatedDeficit | Total Shareholders' Deficit | |
| Balance at December 31, 2025 | 73,082,025 | $7 | $733,135 | $(787,999) | $(54,857) |
| Issuance of common stock related to restricted shares and restricted stock units | 2,246,195 | - | - | - | - |
| Issuance of common stock related to performance-based restricted shares | 225,000 | - | - | - | - |
| Issuance of common stock to settle incentive bonus accruals | 901,298 | - | 1,056 | - | 1,056 |
| Issuance of common stock in direct offerings | 13,575,534 | 1 | 14,303 | - | 14,304 |
| Issuance of warrants in long-term debt financings | — | - | 672 | - | 672 |
| Issuance of warrants as consideration for credit support and financing fees | — | - | 2,914 | - | 2,914 |
| Issuance of common stock related to convertible note conversions | 967,018 | - | 1,876 | - | 1,876 |
| Reclassification of HT common shares previously redeemable | 3,510,638 | 1 | 6,599 | - | 6,600 |
| Issuance of common stock for HT Note redemptions | 3,734,695 | - | 3,158 | - | 3,158 |
| Issuance of common shares under Share Purchase Agreement | 25,200,000 | 2 | 30,012 | - | 30,014 |
| Issuance of common stock under software development agreement | 11,450,053 | 2 | 11,748 | - | 11,750 |
| Stock-based compensation expense | — | - | 5,815 | - | 5,815 |
| Net loss | — | — | — | (68,763) | (68,763) |
| Balance at September 30, 2026 | 134,892,456 | $13 | $811,288 | $(856,762) | $(45,461) |
| Common Stock | ||||||
|---|---|---|---|---|---|---|
| Number ofShares · Amount · Additional Paid-In Capital · AccumulatedDeficit · Total Shareholders' Deficit | ||||||
| Balance at December 31, 2024 | 16,933,692 | 2 | 557,444 | (677,443) | (119,997) | |
| Issuance of common stock related to restricted shares and restricted stock units | 747,344 | — | — | — | — | |
| Issuance of common stock related to performance-based restricted shares | 362,500 | — | — | — | — | |
| Issuance of common stock related to stock option exercises | 49,570 | — | 255 | 255 | ||
| Issuance of common stock related to warrant exercises | 265,725 | — | 830 | 830 | ||
| Issuance of common stock in private placements | 816,326 | — | 2,000 | — | 2,000 | |
| Issuance of common stock in direct offerings | 12,800,002 | 1 | 27,891 | — | 27,892 | |
| Issuance of warrants to placement agents in direct offerings | — | — | 1,494 | — | 1,494 | |
| Issuance of common stock under Share Purchase Agreement | 5,692,349 | 1 | 18,957 | — | 18,958 | |
| Issuance of common stock in settlement of vendor payables | 224,364 | — | 760 | — | 760 | |
| Issuance of common stock under software license agreement | 1,887,806 | — | 5,789 | — | 5,789 | |
| Issuance of common stock related to convertible note conversions | 7,178,411 | 1 | 35,181 | 35,182 | ||
| Stock-based compensation expense | — | — | 7,957 | — | 7,957 | |
| Net loss | — | — | — | (73,677) | (73,677) | |
| Balance at September 30, 2025 | 46,958,089 | $5 | $658,558 | $(751,120) | $(92,557) | |
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