Surf Air Mobility Inc. 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Surf Air Mobility reported second quarter 2026 revenue of $29.5 million, at the high end of guidance, up 8% year over year and 15% quarter over quarter.
- The adjusted EBITDA loss was $10.5 million, within guidance, with a 40% improvement in full-year adjusted EBITDA loss guidance announced in April.
- Scheduled service revenue was $17.4 million, down 20% year over year due to deliberate route exits, while Mokulele Airlines revenue increased 7% year over year and 15% quarter over quarter.
- Surf on Demand private charter revenue nearly doubled in the first half of 2026 compared to the prior year, generating $12.1 million in Q2 with departures up 67% and revenue per departure up 25%.
- The company reduced existing convertible note principal by 64% and lowered monthly cash amortization payments by up to 50%.
- Surf OS secured its first multi-year enterprise contract with Wheels Up, expected to generate up to $12 million over the contract term.
- The partnership with Palantir was expanded to add engineering and business development resources to accelerate Surf OS commercialization.
- Beta Technologies electric aircraft began daily cargo demonstration flights in Hawaii supported by Hawaiian Airlines.
- Operational metrics included a controllable completion factor of 98%, on-time arrivals at 88%, and on-time departures at 83%.
- The company deployed its safety management system a year ahead of FAA schedule, being one of only nine Part 135 commuter operators with an operational SMS.
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Transcript
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Good evening. My name is Dara, and I will be your conference operator today for the Surf Air Mobility second quarter 2026 earnings call. At this time, I would like to welcome everyone to the earnings call, and all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. I will now pass the call over to Hudson Andrews for opening remarks.
Go ahead. Thank you, operator, and good afternoon, everyone.
Welcome to Surf Air Mobility's second quarter 2026 earnings call. I am joined today by Deanna White, our Chief Executive Officer, Shawn Pelsinger, our newly appointed Chairman of the Board, Liam Fayed, our Co-founder, Louis Saint-Cyr, our President of Airline Operations, Joshua Lowton, our President of Surf On Demand, and Oliver Reeves, our Chief Financial Officer. Our earnings release can be found on the SEC EDGAR website and on our investor relations page at investors.surfair.com. Before we begin, I want to remind everyone that during today's call, we will discuss our outlook and expectations for future performance. These forward-looking statements may be preceded by words such as "we expect," "we believe," or "we anticipate." These statements are subject to risks and uncertainties, and actual results could differ materially from the views expressed today.
Some of these risks are set forth in our earnings release and in our periodic reports filed with the SEC. We will also present both GAAP and non-GAAP financial measures. Additional disclosures regarding non-GAAP measures, including a reconciliation of GAAP to non-GAAP, are included in our earnings release posted on our investor relations website and in our SEC filings. I will now turn the call over to Deanna White.
Good afternoon, everyone. The second quarter of 2026 was strong. Revenue came in at the high end of our guidance range at $29.5 million, and our adjusted EBITDA loss was within our range at $10.5 million. In April, we announced an improvement to our full year 2026 adjusted EBITDA loss guidance of approximately 40% compared to what we had previously announced while maintaining our revenue growth target of 20%-30% over the prior year. To achieve this, we put specific cost controls and strategies in place across our businesses, and we believe these changes have resulted in permanent improvements. What makes me most confident about our results is the environment we delivered them in. Over the last several months, the aviation industry experienced one of the most volatile periods of fuel prices.
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