Surf Air Mobility Inc. (SRFM) Balance Sheet
SRFM balance sheet, 2025
December 31, 2025 · U.S. dollars$131.7M assets = $186.5M liabilities + −$54.9M equity
Liabilities exceed assets: shareholders’ equity is negative (−$54.9M).
Both columns are drawn to the same scale: what SRFM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SRFM financial health
Descriptive bands, not a rating. Fiscal 2025.
SRFM balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $11.7M2020 | $131.7M2025 | +62.3%/yr | |
| Total liabilities | $153.2M2020 | $186.5M2025 | +4.0%/yr | |
| Shareholders’ equity | −$141.5M2020 | −$54.9M2025 | — | |
| Cash & short-term investments | $7.4M2020 | $12.7M2025 | +11.4%/yr | |
| Total debt | $20.4M2020 | $83.5M2025 | +32.6%/yr | |
| Net cash (debt) | −$13.0M2020 | −$70.8M2025 | −$57.8M | |
| Working capital | −$35.2M2020 | −$64.4M2025 | −$29.2M | |
| Current ratio | 0.192020 | 0.322025 | +0.13 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SRFM assets
SRFM liabilities and equity
SRFM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SRFM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $12.7M | $21.1M | $1.7M | $6,000 | $719,000 | $7.4M |
| Cash & equivalents | $12.7M | $21.1M | $1.7M | $6,000 | $719,000 | $7.4M |
| Receivables | $3.9M | $4.3M | $5.0M | $161,000 | $15,000 | $161,000 |
| Inventory | $0 | $39,000 | $0 | $0 | $0 | $0 |
| Other current assets | $14.3M | $8.5M | $11.1M | $7.8M | $1.2M | $813,000 |
| Total current assets | $30.9M | $33.9M | $17.7M | $7.9M | $1.9M | $8.4M |
| Property, plant & equipment (net) | $58.9M | $60.4M | $61.2M | $1.8M | $703,000 | $600,000 |
| Goodwill & intangible assets | $20.1M | $23.1M | $28.5M | $3.0M | $1.9M | $2.5M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $21.8M | $6.7M | $3.6M | $1.0M | $3.0M | $239,000 |
| Total assets | $131.7M | $124.1M | $111.0M | $13.7M | $7.6M | $11.7M |
| Liabilities | ||||||
| Accounts payable | $18.4M | $18.0M | $18.9M | $12.9M | $14.0M | $8.8M |
| Short-term debt | $10.6M | $12.8M | $20.2M | $16.9M | $23.1M | $20.0M |
| Deferred revenue | $17.9M | $17.4M | $19.0M | $7.8M | $5.2M | $3.1M |
| Total current liabilities | $95.3M | $89.6M | $140.1M | $57.4M | $55.6M | $43.6M |
| Long-term debt | $39.6M | $67.2M | $20.6M | $13.1M | $408,000 | $397,000 |
| Lease obligations | $13.3M | $16.9M | $11.0M | $1.1M | $0 | — |
| Other long-term liabilities | $51.6M | $87.2M | $27.7M | $165.2M | $124.6M | $109.3M |
| Total liabilities | $186.5M | $244.1M | $188.5M | $235.8M | $180.6M | $153.2M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $7,000 | $2,000 | $1,000 | $1,000 | $186,000 | $154,000 |
| Retained earnings (deficit) | −$788.0M | −$677.4M | −$602.5M | −$351.8M | −$277.5M | −$241.7M |
| Accumulated other comprehensive income | — | — | $0 | — | — | $641,000 |
| Total shareholders' equity | −$54.9M | −$120.0M | −$77.5M | −$222.1M | −$173.0M | −$141.5M |
| Key figures | ||||||
| Total debt | $83.5M | $92.5M | $47.4M | $30.2M | $23.5M | $20.4M |
| Net cash (debt) | −$70.8M | −$71.4M | −$45.7M | −$30.2M | −$22.8M | −$13.0M |
| Working capital | −$64.4M | −$55.7M | −$122.4M | −$49.5M | −$53.6M | −$35.2M |
| Tangible book value | −$74.9M | −$143.1M | −$106.0M | −$225.1M | −$175.0M | −$144.0M |
| Book value per share | −$1.56 | — | — | — | — | — |
| Shares outstanding | 35.1M | — | — | — | — | — |
| Current ratio | 0.32 | 0.38 | 0.13 | 0.14 | 0.03 | 0.19 |
| Quick ratio | 0.17 | 0.28 | 0.05 | 0.00 | 0.01 | 0.17 |
| Equity / assets | −41.7% | −96.7% | −69.8% | −1,621.4% | −2,289.3% | −1,209.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $18.4M | $4.2M | $12.7M | $7.1M | $22.6M | $6.6M | $21.1M | $506,000 | $1.5M | $1.3M | $1.7M | $5.9M |
| Cash & equivalents | $18.4M | $4.2M | $12.7M | $7.1M | $22.6M | $6.6M | $21.1M | $506,000 | $1.5M | $1.3M | $1.7M | $5.9M |
| Receivables | $4.8M | $3.7M | $3.9M | $5.0M | $5.3M | $4.7M | $4.3M | $4.4M | $4.5M | $4.7M | $5.0M | $3.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $259,000 | $0 | $0 | $0 |
| Other current assets | $18.1M | $13.2M | $14.3M | $9.9M | $10.8M | $8.6M | $8.5M | $9.3M | $9.7M | $10.7M | $11.1M | $18.2M |
| Total current assets | $41.3M | $21.1M | $30.9M | $22.0M | $38.7M | $20.0M | $33.9M | $14.2M | $15.9M | $16.7M | $17.7M | $28.0M |
| Property, plant & equipment (net) | $67.5M | $59.5M | $58.9M | $58.1M | $57.9M | $56.3M | $60.4M | $54.0M | $58.8M | $60.3M | $61.2M | $63.8M |
| Goodwill & intangible assets | $18.6M | $19.3M | $20.1M | $20.8M | $21.5M | $22.3M | $23.1M | $24.0M | $24.9M | $25.8M | $28.5M | $92.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $13.3M | $21.0M | $21.8M | $5.8M | $10.8M | $6.7M | $6.7M | $5.7M | $5.9M | $6.0M | $3.6M | $909,000 |
| Total assets | $140.7M | $120.8M | $131.7M | $106.8M | $129.0M | $105.3M | $124.1M | $97.9M | $105.5M | $108.8M | $111.0M | $185.5M |
| Liabilities | ||||||||||||
| Accounts payable | $22.1M | $21.1M | $18.4M | $16.4M | $19.5M | $17.8M | $18.0M | $26.8M | $26.0M | $20.6M | $18.9M | $20.0M |
| Short-term debt | $65.9M | $54.2M | $10.6M | $6.6M | $12.7M | $12.8M | $12.8M | $14.6M | $19.5M | $21.1M | $20.2M | $10.4M |
| Deferred revenue | $30.2M | $18.6M | $17.9M | $16.0M | $17.9M | $16.6M | $17.4M | $14.7M | $17.1M | $18.1M | $19.0M | $16.4M |
| Total current liabilities | $157.8M | $132.9M | $95.3M | $88.1M | $97.1M | $92.1M | $89.6M | $133.1M | $186.8M | $165.5M | $140.1M | $104.5M |
| Long-term debt | $11.0M | $27.8M | $39.6M | $67.8M | $66.6M | $66.6M | $67.2M | $25.7M | $18.3M | $20.0M | $20.6M | $31.1M |
| Lease obligations | $15.5M | $12.3M | $13.3M | $14.3M | $15.4M | $15.9M | $16.9M | $8.2M | $9.6M | $10.9M | $11.0M | $12.0M |
| Other long-term liabilities | $14.4M | $16.7M | $51.6M | $43.4M | $80.8M | $82.2M | $87.2M | $74.6M | $28.4M | $29.6M | $27.7M | $21.6M |
| Total liabilities | $183.2M | $177.4M | $186.5M | $199.3M | $244.5M | $240.9M | $244.1M | $233.5M | $233.6M | $215.1M | $188.5M | $157.2M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $12,000 | $6.6M | $7,000 | $5,000 | $4,000 | $2,000 | $2,000 | $1,000 | $8,000 | $8,000 | $1,000 | $7,000 |
| Retained earnings (deficit) | −$836.4M | −$808.3M | −$788.0M | −$751.1M | −$723.9M | −$695.9M | −$677.4M | −$678.7M | −$666.5M | −$639.5M | −$602.5M | −$491.5M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | — | $0 | — |
| Total shareholders' equity | −$42.5M | −$56.6M | −$54.9M | −$92.6M | −$115.5M | −$135.6M | −$120.0M | −$135.6M | −$128.1M | −$106.3M | −$77.5M | $28.3M |
| Key figures | ||||||||||||
| Total debt | $90.0M | $90.5M | $83.5M | $23.6M | $90.7M | $91.1M | $92.5M | $44.6M | $42.8M | $46.9M | $47.4M | $49.0M |
| Net cash (debt) | −$71.6M | −$86.3M | −$70.8M | −$16.6M | −$68.1M | −$84.5M | −$71.4M | −$44.1M | −$41.4M | −$45.6M | −$45.7M | −$43.1M |
| Working capital | −$116.4M | −$111.9M | −$64.4M | −$66.1M | −$58.4M | −$72.1M | −$55.7M | −$118.9M | −$171.0M | −$148.8M | −$122.4M | −$76.4M |
| Tangible book value | −$61.1M | −$75.9M | −$74.9M | −$113.4M | −$137.0M | −$157.9M | −$143.1M | −$159.6M | −$153.0M | −$132.1M | −$106.0M | −$64.4M |
| Book value per share | −$0.43 | −$0.74 | −$1.42 | −$2.18 | — | — | — | — | — | — | — | — |
| Shares outstanding | 98.4M | 76.9M | 38.8M | 42.4M | — | — | — | — | — | — | — | — |
| Current ratio | 0.26 | 0.16 | 0.32 | 0.25 | 0.40 | 0.22 | 0.38 | 0.11 | 0.08 | 0.10 | 0.13 | 0.27 |
| Quick ratio | 0.15 | 0.06 | 0.17 | 0.14 | 0.29 | 0.12 | 0.28 | 0.04 | 0.03 | 0.04 | 0.05 | 0.09 |
| Debt / equity | — | — | — | — | — | — | — | — | — | — | — | 1.73 |
| Equity / assets | −30.2% | −46.8% | −41.7% | −86.7% | −89.5% | −128.8% | −96.7% | −138.5% | −121.4% | −97.7% | −69.8% | 15.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 12, 2026); data from EODHD.
SRFM financial position
At the end of fiscal 2025 (December 31, 2025), Surf Air Mobility had total assets of $131.7 million (up 6.1% from a year earlier), total liabilities of $186.5 million and shareholders' equity of -$54.9 million. It held $12.7 million in cash and short-term investments against $83.5 million of debt, net debt of $70.8 million. Its current ratio was 0.32. In the latest quarter (ended June 30, 2026) total assets were $140.7 million and equity -$42.5 million.
Related: SRFM income statement, SRFM cash flow statement, SRFM key metrics. See the SRFM stock overview for the latest quote and news.
SRFM balance sheet FAQ
What are Surf Air Mobility's total assets?
Surf Air Mobility reported total assets of $131.7 million at the end of fiscal 2025 (December 31, 2025), compared with $124.1 million a year earlier.
How much debt does Surf Air Mobility have?
Surf Air Mobility had $83.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Surf Air Mobility have?
Surf Air Mobility held $12.7 million in cash and short-term investments at the end of fiscal 2025; with $83.5 million of debt that is net debt of $70.8 million.
What is Surf Air Mobility's book value?
Surf Air Mobility's shareholders' equity (book value) was -$54.9 million at the end of fiscal 2025, or −$1.56 per share.
What is Surf Air Mobility's current ratio?
Surf Air Mobility had current assets of $30.9 million and current liabilities of $95.3 million, a current ratio of 0.32 (current liabilities exceed current assets).
How much goodwill does Surf Air Mobility have?
Surf Air Mobility carried $20.1 million of goodwill and intangible assets, 15.2% of total assets, at the end of fiscal 2025.