Surf Air Mobility Inc. (NYSE:SRFM):

Fellow Shareholders,

As we execute the 2026 plan, we are taking this moment to update you on what is working, what is not, and what we are doing about both.

Convergence of AI-enabled software and electric aircraft will reshape the future of aviation. We are building the platform at the center of this transformation.

SurfOS, the AI-enabled operating system we are building with Palantir, is the digital infrastructure of our platform. Two airlines, a growing charter business, and our electrification partnership with BETA Technologies are the proof points, and 2026 is the year our use of the platform starts showing up in the numbers.

Improving 2026 Adjusted EBITDA Loss Guidance by Approximately 40%

We have revised our 2026 guidance for Adjusted EBITDA loss to $30 to $25 million, an approximate 40% improvement from the prior Adjusted EBITDA loss of $50 to $40 million. Revenue guidance is unchanged at $128-$138 million, a 20-30% growth over 2025.

Our improved Adjusted EBITDA is a result of four key drivers:

SurfOS digitalizing core airline and charter workflows, reducing costs by 6% and 15%, respectively
Corporate automation and procurement discipline, 32% reduction in staffing need, 17% in professional services
Increased profitable charter revenue through the capital-efficient Powered by Surf On Demand program
Reduced SurfOS development costs and accelerating deployment via AI and Palantir's platform

$30 Million in New Capital Structured to Minimize Dilution and Execute Our 2026 Plan

Today, we announced two transactions resulting in $30 million of new capital: $15 million of non-dilutive, aircraft-backed credit, and $15 million of common equity led by our Co-Founders, with officers, directors, and existing institutional partners participating alongside. We are obtaining liquidity in the least dilutive manner and chose this path because we believe in the plan and are investing our own money behind it.

SurfOS is Now Driving Measurable Results

We spent 2025 capturing data within our operations and building SurfOS, the AI-enabled operating system at the core of the platform, powered by Palantir's AIP and Foundry. SurfOS optimizes scheduling, fuel, maintenance, crew, and revenue across our operations.

SurfOS is having a tremendous impact on our business, and as we continue to digitize our operations we will deploy software at a faster pace. Below are some highlights:

Airline Operations, Southern Airways and Mokulele Airlines:

Controllable completion rate hit 98% in Q4 2025
On-time departures up 10+ percentage points year-over-year
$1.3 million of incremental EBITDA expected from airline optimization this year, driven by SurfOS-enabled improvements across crew, fleet, fuel utilization, spare parts discipline, and load factor optimization

Surf On Demand Private Charter, our fastest-growing business:

Q4 2025 charter revenue +36% year-over-year using BrokerOS
Powered by Surf On Demand program empowering independent brokers: six independent brokers live, 23 in the pipeline, and 100 by year-end
32% more bookings for top brokers, 57% faster quote-to-close, 40% more payments processed on platform Q1 2026 vs. Q1 2025

The more data that flows through SurfOS, the smarter and more predictive it gets. That compounding advantage cannot be copied overnight and it is our moat.

Commercializing SurfOS

BrokerOS (commercially launched in December 2025): Independent brokers join Powered by Surf On Demand to sell under our brand using our software. We take a share of per-flight profit. We have 29 brokers enrolled, and hundreds of applicants in the queue.
OperatorOS (launching 2H 2026): Small and mid-sized operators will integrate into the platform with tools to optimize their operations. Our target is 10 LOIs signed and five operators onboarded by year-end. OperatorOS is designed to maximize real-time pricing and availability of aircraft to best enable our brokers.
SurfOS for Enterprise (active pipeline): Custom solutions for large operators, brokerages, and aircraft OEMs. Multi-year, multi-million-dollar contracts targeted this year. Through our exclusive teaming agreement with Palantir, their forward-deployed team is in every enterprise conversation with us.

We will consistently communicate key milestones as we commercialize SurfOS with Palantir, so you can track our progress against these targets.

Hawaii is Our Launchpad for Electric Aviation

Electrification is another core element of our platform thesis. Our Mokulele Airlines operates Hawaii's largest airline network by departures and airports served. Short inter-island routes, entrenched route authority, and deep community ties make it the right testbed for electric aviation. In 2026, BETA's electric aircraft will be operated on Mokulele Airlines cargo demonstration routes in Hawaii, laying the operational foundation for passenger service.

Our strategic partnership with BETA Technologies allows us to capture the benefits of electrification at a fraction of the cost and at a faster pace. We have eliminated up to $100 million in planned Cessna Caravan electrification spend, significantly limiting potential dilution. We still see a strong use case for an electric Caravan in markets like Hawaii and are exploring partner paths to advance that program.

What to watch in 2026

This plan is built on milestones. Here are the ones worth watching:

Digitalization and optimization of our airline operations
Surf On Demand private charter revenue and margin expansion
100 brokers onboarded to Powered by Surf On Demand
10 OperatorOS LOIs signed, 5 operators live
First SurfOS Enterprise contracts signed
BETA electric cargo demonstration flights in Hawaii

A final word

To our shareholders who have invested with us throughout our transformation, our platform is seeing momentum. The software is live. The partners are committed. Our own capital is in this round. And the operating numbers are moving in the right direction.

Thank you for owning SRFM and being part of the future of aviation.

Carl Albert

Chairman of the Board

Deanna White

Chief Executive Officer

Sudhin Shahani

Co-Founder

About Surf Air Mobility

Surf Air Mobility is a Los Angeles-based air mobility platform. With its AI-enabled SurfOS software and electrification programs, Surf Air Mobility provides technology designed to support the modernization of air operations and the adoption of next-generation aircraft. The Company currently operates one of the largest commuter airlines in the United States by scheduled departures, which provides operational scale and real-world operating data to validate and deploy its software. Together, these capabilities position Surf Air Mobility as a leader shaping a more efficient, connected, and accessible future for aviation.

Forward-Looking Statements

This Press Release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including statements regarding Surf Air Mobility's implementation of its transformation strategy; developments on key strategic initiatives; Surf Air Mobility's profitability and future financial results; and Surf Air Mobility's balance sheet and liquidity. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of Surf Air Mobility's management as well as assumptions made by and information currently available to Surf Air Mobility and reflect Surf Air Mobility's current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air Mobility's future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; Surf Air Mobility's limited operating history and that Surf Air Mobility has not yet commercialized software platforms for third-party sales or manufactured any hybrid-electric or fully-electric aircraft; Surf Air Mobility's failure to realize the expected return on its significant investment in SurfOS due to development delays, technical challenges, or lack of market acceptance; any accidents or incidents involving hybrid-electric or fully-electric aircraft; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air Mobility's development of hybrid-electric and fully-electric powertrains and its advanced air mobility software platform, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air Mobility's growth; the inability of Surf Air Mobility's customers to pay for Surf Air Mobility's services; the inability of Surf Air Mobility to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air, Southern or Surf Air Mobility, the risks associated with Surf Air Mobility's obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that Surf Air Mobility files with the SEC, and investors are urged to review those periodic reports and Surf Air Mobility's other filings with the SEC, which are accessible on the SEC's website at www.sec.gov, before making an investment decision. Surf Air Mobility assumes no obligation to update its forward-looking statements except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260420671537/en/

Surf Air Mobility Media Contacts

Press: press@surfair.com

Investors: investors@surfair.com

Letter to Surf Air Mobility Inc. Shareholders from Chairman of the Board, CEO, and Co-Founder