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$0.74+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, 2026 and 2025
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net loss | $(68,763) | $(73,677) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 7,858 | 7,012 |
| Loss on sale of fixed assets | 1,637 | 818 |
| Non-cash operating lease expense | 3,405 | 3,934 |
| Gain on extinguishment of debt | — | (39) |
| Stock-based compensation expense | 5,815 | 7,957 |
| Changes in fair value of financial instruments carried at fair value, net | 13,646 | 9,772 |
| Non-cash transaction costs for issuance of HT Shares | 1,608 | — |
| Amortization of debt discounts and debt issuance costs | 355 | 1,608 |
| Deferred income taxes | (131) | (179) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (1,044) | (778) |
| Prepaid expenses and other current assets | 3,725 | (1,404) |
| Other assets | (251) | 343 |
| Accounts payable | 714 | 2,409 |
| Due to related parties | 918 | — |
| Accrued expenses and other current liabilities | (5,588) | 2,221 |
| Deferred revenue | 4,510 | (1,424) |
| Operating lease liabilities | (3,025) | (4,352) |
| Other liabilities | — | (9) |
| Net cash used in operating activities | $(34,611) | $(45,788) |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (10,244) | (4,218) |
| Proceeds from the sale of fixed assets | 2,070 | 2,681 |
| Internal-use software development costs | (4,459) | (1,764) |
| Net cash used in investing activities | $(12,633) | $(3,301) |
| Cash flows from financing activities: | ||
| Payments of borrowings on convertible notes | (27,750) | — |
| Proceeds from borrowings on long-term debt | 21,000 | 2,750 |
| Principal payments on long-term debt | (2,381) | (1,921) |
| Principal payments on Mandatory Convertible Security | — | (17,718) |
| Proceeds from issuance of common stock in direct offerings, net of transaction expenses | 14,303 | 31,386 |
| Proceeds from sales and advances under Share Purchase Agreement | 29,000 | 18,958 |
| Proceeds from collateralized borrowings, net of repayment | 135 | 193 |
| Proceeds from borrowings from related parties | 7,000 | — |
| Repayment of borrowings from related parties | (2,000) | — |
| Proceeds from exercise of stock options | — | 255 |
| Proceeds from exercise of warrants | — | 830 |
| Payments under HT Side-Letter Agreement | (2,363) | — |
| Payments of debt issuance costs | (1,253) | — |
| Payment of finance lease obligations | (204) | (202) |
| Net cash provided by financing activities | $35,487 | $34,531 |
| Decrease in cash, cash equivalents and restricted cash | (11,757) | (14,558) |
| Cash, cash equivalents and restricted cash at beginning of period | 22,763 | 21,675 |
| Cash, cash equivalents and restricted cash at end of period | $11,006 | $7,117 |
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