Good afternoon,

I was sifting through regional-aviation filings last week and stumbled over a name: Surf Air Mobility (NYSE: SRFM).

A deeper dive turned my quick peek into a full-blown research rabbit hole.

Here’s a micro-cap carrier that’s already hauling hundreds of thousands of passengers every year, banking nine-figure revenue, and partnering with Palantir on an AI flight-ops brain—yet it moves at a valuation you’d expect from a company still sketching airframes on a whiteboard. ^(6)(10)

The more numbers I pulled, the clearer the picture became: seasoned insiders have added more shares, electrified retrofits are being supported by Textron Aviation, and a small public float. ^(4)(5)(9)

Stick around for the details; by the end of this note you’ll see why the aviation crowd—and more than a few data-science folks—keep circling back to SRFM.

✈️ From Sunrise Lift-Offs to Nine-Figure Sales 

Picture dawn at Addison Airport in Texas. A nine-seat Cessna Grand Caravan lifts out while the big boys are still corralling Group 3. ^(7)(10)

That little scene has played out more than 66,000 times over the past four quarters, carrying more than 331,000 people between cities that legacy carriers overlook. ^(7)(10)

Those seat backs and tray tables translated into about $119.4 million in full-year 2024 revenue—not hypothetical “run-rate” income, but actual dollars through the door. ⁽¹⁰⁾

Momentum didn’t stall when the calendar flipped. Fourth-quarter 2024 sales climbed 5% year over year, and management narrowed the adjusted EBITDA loss by 63%. ⁽¹⁰⁾

The operational fleet—Southern Airways in the mainland and Mokulele in Hawaii—produces the live data that fuels every section you’ll read next.

🤖 Palantir’s AI Muscle in the Right-Seat 

The world’s most‐talked-about data company rarely dabbles in airline equity, yet Palantir owns over 3.4 million shares of SRFM as of June 2025. Palantir is powering Surf Air’s SurfOS software, an end-to-end operating system that arrives in three flavors—BrokerOS, OperatorOS, and OwnerOS. ⁽¹⁾⁽⁶⁾

Eight early adopters are already putting it through real-world paces, and the full commercial launch is penciled in for 2026. ⁽⁶⁾

Because the software trains on thousands of actual flights (not lab simulations), SurfOS is being designed to:

Management also plans to license SurfOS to charter, cargo, and corporate fleets worldwide, banking high-margin recurring fees without adding a single rivet. In other words, every take-off sharpens an algorithm that keeps paying dividends long after the landing gear cycles. ⁽⁶⁾

⚡️ Hybrid-Electric Retrofits — FAA Familiar, Wallet Friendly

Aviation history is littered with revolutionary prototypes that never cleared certification. Surf Air is taking the opposite route: an exclusive agreement with Textron Aviation to retrofit its workhorse Cessna Grand Caravans with electrified powertrains. ⁽⁵⁾

Certification is targeted for 2027, and internal targets show direct operating costs dropping by as much as 50% once those engines spin. ⁽⁵⁾

Same trusted airframe, quieter cabin, dramatically lower burn—no seven-year wet lease required.

👜 Revenue Strength Meets a Float You Could Stow Under the Seat

Wall Street showers eye-watering valuations on zero-revenue eVTOL names—Joby logged just over $1.1 million last year, while Archer, Lilium, and Vertical booked none.

Against that backdrop, SRFM’s nine-figure haul looks oddly under-appreciated: the entire public float is under 12 million shares as of June 25th. ⁽⁸⁾

Add fresh analyst coverage—Piper Sandler’s $4 target or H.C. Wainwright’s $12 bullseye. ⁽²⁾⁽³⁾

👥🔧 Insiders Are Strapping In

BlackRock and Vanguard have already taken their seats. ⁽⁸⁾

Meanwhile, operational reliability is climbing the same curve:

Better punctuality feeds word-of-mouth loyalty, and loyalty fills seats—an aviation loop as old as the DC-3.

🗺️ Four Steps, One Already in the Logbook

Hitting the first waypoint on schedule suggests this is more than a slide-deck fantasy.

🌍 A Market the Majors Forgot — And SRFM Already Serves

McKinsey sizes regional air mobility at $75–115 billion by 2035, and the U.S. sports over 5,000 public-use airports that hub-and-spoke giants rarely touch. ⁽¹⁰⁾

Surf Air monetizes that infrastructure today and queues software and electrification for the future.

Overseas ambitions are lining up too: ⁽⁴⁾⁽⁵⁾

That’s validation that rarely graces micro-caps.

🔑 High-Altitude Snapshot 

✈️ Flying today: 66,000+ departures, 331,000+ passengers ⁽⁷⁾
💡 AI backbone: Palantir-powered SurfOS in beta, global release set for 2026 ⁽¹⁾⁽⁶⁾
⚙️ Hybrid path: Caravan retrofits target 50% direct operating cost cuts by 2027 ⁽⁵⁾
👜 Micro float: <12M shares—supply so tight it squeaks ⁽⁸⁾
👥 Insider skin: Co-founder recently added 408k shares with personal cash ⁽⁹⁾
📈 EBITDA goal: Airline profitability eyed for Q4 2025 under current plan, as defined as positive adjusted EBITDA ⁽¹⁰⁾

📡 Why the Timing Feels Tail-Windy

Regional travelers crave direct hops over hub layovers, and big carriers can’t profitably serve many short routes.

SRFM already owns that niche, then layers AI smarts and electric economics on top.

Analysts are starting to hum the same tune and social chatter is building.

Add a carbon-reduction narrative and you get a cocktail that tends to move the industry.

✉️ Your Boarding Call

Planes in the sky. Palantir and proprietary SurfOS software in the server rack. Electrified engines on deck. A float so small it fits in an overhead bin.

Surf Air Mobility (NYSE: SRFM) blends hard revenue with next-gen tech in a way the aviation sector rarely sees at this size.

If disruptive models backed by measurable traction light up your radar, SRFM deserves more than a quick glance before the cabin door closes. And reminder to do your own research.

To your success,

Brandon

Sources:

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