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Surf Air Mobility

SRFM
13
Airlines, Airports & Air Services · Industrials
Price
$0.73
-0.01 (-2.02%)
Market Cap
$80.7M
Winston Score
13
Winston is worried
Weak fundamentals across most pillars.

Share count rising — dilution

+109.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 10.0M (2021) → 20.9M (2025)

Surf Air Mobility is a regional air travel company that connects smaller cities and towns that are often underserved by major airlines. It operates short-haul flights, primarily in the western United States, using small propeller-driven aircraft. The company also owns Tradewind Aviation, which offers charter and scheduled flights on the East Coast.

Surf Air makes money by selling seats on its scheduled routes and through charter flight services. It is a small company with a market cap of around $100 million, and it has been working to develop a platform that could eventually power electric and hybrid-electric aircraft. However, the company is currently losing significant money, with an operating margin of nearly negative 66%, and it faces serious financial pressure as it tries to scale its operations and fund the transition to cleaner aircraft technology — a transition that remains expensive and unproven at commercial scale.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-5.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$10M/ year

Declining (-57% vs prior year)

9.7% of revenue

2.4x the sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

23.6%ownership

Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~2 months

$13M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Surf Air Mobility has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
1.9%
Thin — 1.9% gross margin
Operating Margin
-97.8%
Losing money on operations — -97.8%
ROCE
-90.4%
Weak — -90.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY
-10.8%
Shrinking sales (-10.8% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
-68.1%
Burning cash (-68.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
N/A
Data not available
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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