June 05, 2026   |   Read online Early Morning Spotlight: See Why (NYSE: SRFM) is Topping Our Watchlist Any content you receive is for information purposes only. Always conduct your own research. *Sponsored (SRFM) Beat Its Q1 EBITDA Guidance and Became the First Part 135 Operator Inside the FAA's Advanced Aviation Program.  Get Our Real-Time Updates Sent Directly To Your Phone.  Up To 10X Faster Than Email. Consider Starting Your Own Research On (SRFM)... [ Company Website ] | [ Corporate Presentation ] Here’s Why It Is Topping My Watchlist Today… June 5, 2026 Early Morning Spotlight:  See Why (NYSE: SRFM)  is Topping Our Watchlist Dear Reader, Air mobility just put together one of its strongest stretches of the year, and one NYSE-listed company is sitting right in the middle of it. Last month, Surf Air Mobility (NYSE: SRFM) reported its first quarter 2026 financial results and outperformed its own Adjusted EBITDA guidance. Revenue came in at $25.6M, at the high end of the guidance range and up 9% year over year. The Adjusted EBITDA loss narrowed to $12.3M, better than the guided range of a $15.5 to $13.5M loss. And the company improved its full year 2026 Adjusted EBITDA loss guidance by approximately 40%, from a prior range of $50 to $40M loss to a new range of $30 to $25M loss, while reaffirming revenue guidance of $128 to $138M, a 20% to 30% growth over 2025. The standout was the private charter business.  Surf On Demand revenue jumped 77% year over year to $10.1M, its highest revenue and highest gross margin quarter since inception, with revenue per flight up 38%. That is the BrokerOS and Powered by Surf On Demand engine starting to show up directly in the numbers. Then came the milestone that caught our attention.  On May 13, Surf Air Mobility (NYSE: SRFM) joined the FAA-sponsored Center for Advanced Aviation Technologies (CAAT) Consortium, becoming the first Part 135 passenger operator to do so. The CAAT is a national initiative between the Texas A&M University System and the Federal Aviation Administration, built to bring government, academia, and industry together to integrate electric aircraft, autonomous systems, and advanced aviation technology into the national airspace. Membership gives SRFM potential access to FAA-funded research programs, eligibility to respond to task orders reserved for consortium members, and a seat in the working groups shaping future solicitations. And management is putting capital where the plan is. In April, SRFM raised $30M structured to limit dilution, with co-founders, officers, and directors acquiring roughly $5.3M shares alongside institutional level backers. Deanna White, the company's CEO, put it plainly: “We are pleased with our first quarter Adjusted EBITDA results, which exceeded our expectations. The progress we’ve made across our business has positioned us to improve our annual 2026 Adjusted EBITDA guidance by 40% while maintaining our full year revenue guidance. The efficiencies gained within our core businesses in the first quarter are a clear indication of the value that SurfOS and our partnership with Palantir delivers.” Zoom out, and the runway is enormous. The regional air mobility market is projected to expand to $75 to $115B globally by 2035, and the global eVTOL aircraft market is forecast to grow from over $5B in 2026 to more than $216B by 2035, an increase of more than 4,000%. These are just some of the reasons why Surf Air Mobility (NYSE: SRFM) is back near the top of my radar... and why it will be topping my watchlist this week, ahead of Monday, June 8, when CEO Deanna White and CFO Oliver Reeves present at the Jefferies Innovative Aerospace Virtual Summit. Keep reading to learn more about Surf Air Mobility (NYSE: SRFM). The BETA ALIA in Surf Air livery. SRFM holds a firm order for 25 all-electric aircraft, with options for up to 75 more. Surf Air Mobility Inc. (SRFM) SRFM is a Los Angeles-based air mobility platform and one of the largest commuter airlines in the United States by scheduled departures. In the first quarter of 2026 alone, the company flew 65,376 scheduled passengers across 12,503 scheduled departures and 11,061 scheduled flight hours, while its Surf On Demand private charter arm completed 832 flights, all at a 96% controllable completion factor. Beyond flight operations, SRFM is building the digital backbone of air mobility, an AI-enabled operating system designed to transform how the industry manages everything from scheduling to compliance to booking. And this platform, powered by Palantir Technologies' (NASDAQ: PLTR) Foundry and AIP, is not just for internal use. The company is commercializing its SurfOS software across the broader market, with BrokerOS commercially live since December 2025 and 29 brokers already enrolled. Latest Development: A Q1 Beat, a First-of-Its-Kind FAA Seat, and Real Operating Proof Financial Proof, Ahead of Plan: First quarter revenue of $25.6M landed at the high end of guidance, the Adjusted EBITDA loss of $12.3M beat the guided range, and full year 2026 Adjusted EBITDA guidance improved roughly 40%. The On Demand charter business delivered its best quarter ever, up 77% year over year. Government and Safety Validation: SRFM became the first Part 135 passenger operator inside the FAA's CAAT Consortium. In the same quarter, its airline operations completed a Safety Management System a full year ahead of the FAA's May 2027 mandate, and Surf On Demand earned ARGUS Certified Charter Broker status. The Electrification Catalyst Is Real: Through a strategic partnership with BETA Technologies, SRFM holds a firm order for 25 all-electric ALIA aircraft with options for up to 75 more, and it eliminated up to $100M in planned capital expenditure from its prior electrification program along the way. The plan starts in Hawaii, where Mokulele already operates the largest commuter airline in the state. On the FAA membership, CEO Deanna White was direct: “Surf Air Mobility is building an intelligent operating system for air mobility, and the CAAT gives us a direct connection to the FAA’s research and development priorities that will shape the future of aviation.” The company also keeps shipping new SurfOS modules at pace, including recently added fuel optimization and crew reserve tools built to take cost directly out of airline operations. In May it released two videos showing SurfOS running daily operations across Southern Airways, Mokulele, and Surf On Demand. SurfOS, powered by Palantir. BrokerOS is commercially live, and OperatorOS is scheduled to launch in the second half of 2026. See the full first quarter 2026 results here. Consider Starting Your Own Research On (SRFM)... [ Company Website ] | [ Corporate Presentation ] 7 Reasons Why Surf Air Mobility Inc. (NYSE: SRFM) is Back at the Top of My Watchlist This Morning—Friday, June 5, 2026… 1. Just Beat Guidance and Raised Its EBITDA Outlook: First quarter Adjusted EBITDA loss of $12.3M came in better than the guided $15.5 to $13.5M range, and full year 2026 Adjusted EBITDA guidance improved by roughly 40% to a loss of $30 to $25M, with revenue guidance reaffirmed at $128 to $138M. 2. The Charter Engine Is Compounding: Surf On Demand private charter revenue grew 77% year over year to $10.1M, its highest revenue and gross margin quarter ever, with revenue per flight up 38%. That is BrokerOS showing up in the financials. 3. First Part 135 Operator Inside the FAA's Advanced Aviation Program: SRFM joined the FAA-sponsored CAAT Consortium on May 13, gaining potential access to FAA-funded research, task order eligibility, and a seat in the working groups shaping the future of the national airspace. 4. SurfOS Is Live and Producing Real Numbers: BrokerOS launched commercially in December 2025. Early internal results: 32% more bookings for top brokers, 57% faster quote-to-close, and 40% more payments processed on-platform in Q1 2026 versus Q1 2025. OperatorOS is scheduled for commercial launch in the second half of 2026. 5. In-siders Are Accumulating Alongside Institutions: In April, co-founders, officers, and directors purchased roughly $5.3M shares as part of a $30M raise structured to limit dilution, $15M of it in non-dilutive aircraft-backed credit. 6. The Palantir Moat Is Structural: SRFM holds an exclusive five-year agreement with Palantir Technologies for the configuration and sale of Foundry and AIP-powered software to the Part 135 regional aviation market. Palantir is one of the largest non-in-sider shareholders, and Shawn Pelsinger, the former Palantir executive who helped architect Skywise with Airbus, joined the board in October 2025 and was just elected Chairman, effective July 24, 2026. 7. An Electrification Catalyst With a Massive Market Behind It: The BETA partnership puts up to 100 all-electric aircraft within reach and removed up to $100M in planned capex. Meanwhile the regional air mobility market is projected to reach $75 to $115B by 2035. Coverage is building too, with HC Wainwright’s Bullish rating and Stonegate noting SRFM has  roughly 1.3x forward EV/Revenue versus a peer average near 2.4x. Consider Starting Your Own Research On (SRFM)... [ Company Website ] | [ Corporate Presentation ] The first quarter results, layered on top of the FAA consortium membership and the electrification roadmap, tie the whole story together. Revenue at the high end of guidance. An Adjusted EBITDA beat. Full year profitability guidance improved by roughly 40%. A charter business growing 77% year over year. And the first Part 135 passenger operator seated inside an FAA advanced aviation program. Add in the exclusive Palantir partnership powering SurfOS, a former Palantir executive stepping up as Chairman of the Board, up to 100 all-electric BETA aircraft on the roadmap, and fresh coverage from HC Wainwright and Stonegate, and it becomes clear why this company keeps coming back into focus. Zooming out, the Advanced Air Mobility backdrop keeps expanding. Forecasts put the regional air mobility market at $75 to $115B by 2035 and the eVTOL market at roughly $216B by the same year. We have all eyes on SRFM this morning—Friday, June 5, 2026. Keep a lookout for more from me ahead of Monday's Jefferies summit. And as always, please remember to do your own research.  Sincerely, Ryan Stryker Senior Editor Alpha Wire Daily AlphaWireDaily.com (“AlphaWireDaily” or “AWD” ) is owned by GG Media Holdings LLC, a multi member limited liability company. Data is provided from third-party sources and AWD is not responsible for its accuracy. Make sure to always do your own research and due diligence on any day and swing profile AWD brings to your attention. Any emojis used do not have a specific defined meaning, and may be used inconsistently. We do not provide personalized in-vest-ment advice, are not in-vest-ment advisors, and any profiles we mention are not suitable for all in-vest-ors. 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