SRFM Surf Air Mobility Inc. Common Stock
NYSE · Airlines · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 10, 2026
$0.97
· of 52w range
· above low
· to high
$0.4652w low
$6.1752w high
Market Cap (MRQ)
$116M
P/E (TTM)
-0.8
EPS (TTM)
$-1.27
Revenue (TTM)
$111M
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52W Range
$0–$6
Analyst Rating
BUY
Price Target
$5
P/E
-0.8
ROE
142.4%
Net Profit Margin
-101.6%
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SRFM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$0.97
Market Cap (MRQ)
$116M
P/E (TTM)
-0.8
EPS (TTM)
$-1.27
Revenue (TTM)
$111M
ROE (TTM)
142.4%
Debt/Equity (MRQ)
-0.5
52W Range
$0–$6
SRFM Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| Aug. 19, 2024 | 1-for-7 | Reverse |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$107M2022-12-31 → 2025-12-31
EPS$-3.152022-12-31 → 2025-12-31
Free Cash Flow·2023-12-31 → 2024-12-31
Net margin-101.6%2023-12-31 → 2024-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | SRFM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -0.85Y avg ≈-0.6 | ≈-0.6 | · | · | |
| P/S (TTM) | 1.0 | · | 0.9 | Overvalued | |
| P/B (MRQ) | -2.7 | · | · | · | |
| Price / FCF (TTM) | -1.8 | · | · | · | |
| Price / Cash Flow (TTM) | -2.3 | · | · | · | |
| Price / Tangible Book (MRQ) | -1.9 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | SRFM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -67.3% | · | -40.9% | Weak | |
| Pretax Margin (TTM) | -101.9% | · | -42.8% | Weak | |
| Net Profit Margin (TTM) | -101.6% | · | -42.8% | Weak | |
| ROA (TTM) | -83.4% | · | 2.5% | Weak | |
| ROE (TTM) | 142.4% | · | 27.6% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | SRFM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | -0.5 | · | -0.8 | High debt | |
| Current Ratio (MRQ) | 0.3 | · | 0.4 | Low liquidity | |
| Long-Term Debt / Equity (MRQ) | -0.2 | · | -0.5 | High debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | SRFM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | -10.8%5Y avg ≈95.0% | ≈95.0% | · | · | |
| Revenue CAGR 3Y | 73.9% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | SRFM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue / Employee | ≈$210.6K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-18.4%
Next Report
Nov 10, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 10, 2026 | $-0.29 | $-0.18 | -63.4% |
| March 31, 2026 | May 11, 2026 | $-0.26 | $-0.38 | 31.6% |
| Dec. 31, 2025 | $-0.61 | $-0.39 | -54.7% | |
| Sept. 30, 2025 | $-0.64 | $-0.62 | -3.7% | |
| June 30, 2025 | $-1.34 | $-1.11 | -20.5% | |
| March 31, 2025 | $-1.09 | $-1.10 | 0.59% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $107M | $119M | $61M | $20M | |
| SG&A Expense | $53M | $30M | $101M | $37M | |
| Operating Expenses | $183M | $180M | $257M | $71M | |
| Operating Income | $-77M | $-60M | $-197M | $-51M | |
| Interest Expense | · | · | $3M | $596.0K | |
| Other Non-op | $-8M | $12.0K | $-4M | $-1M | |
| Pretax Income | $-111M | $-75M | $-254M | $-74M | |
| Income Tax | $-380.0K | $-287.0K | $-3M | · | |
| Net Income | $-111M | $-75M | $-251M | $-74M | |
| EPS (Basic) | $-3.15 | $-5.80 | $-44.46 | $-5.51 | |
| EPS (Diluted) | $-3.15 | $-5.80 | $-44.46 | $-5.51 | |
| Shares (Basic) | 35,101,792 | 12,910,341 | 5,638,128 | 13,492,823 | |
| Shares (Diluted) | 35,101,792 | 12,910,341 | 5,638,128 | 13,492,823 | |
| EBITDA | · | $-60M | $-197M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $13M | $21M | $2M | $6.0K | |
| Receivables | $4M | $4M | $5M | $161.0K | |
| Prepaid Expense | $14M | $9M | $11M | $8M | |
| Current Assets | $31M | $34M | $18M | $8M | |
| PP&E (Net) | $46M | $42M | $46M | $624.0K | |
| PP&E (Gross) | $56M | $48M | $48M | $1M | |
| Accum. Depreciation | $10M | $6M | $2M | $722.0K | |
| Goodwill | · | $0 | $0 | $0 | |
| Intangibles | $20M | $23M | $27M | $1M | |
| Other Non-current Assets | $12M | $6M | $6M | $2M | |
| Total Assets | $132M | $124M | $111M | $14M | |
| Accounts Payable | $18M | $18M | $19M | $13M | |
| Accrued Liabilities | · | · | · | $15M | |
| Current Liabilities | $134M | $90M | $140M | $57M | |
| Capital Leases | $9M | $12M | $6M | $246.0K | |
| Other Non-current Liabilities | $4M | $24M | $19M | $10M | |
| Total Liabilities | $187M | $244M | $188M | $105M | |
| Long-term Debt | $17M | $62M | $26M | · | |
| Total Debt | · | $62M | $26M | · | |
| Common Stock | $7.0K | $2.0K | $1.0K | $1.0K | |
| Retained Earnings | $-788M | $-677M | $-603M | $-352M | |
| Stockholders' Equity | $-55M | $-120M | $-77M | $-222M | |
| Liabilities + Equity | $132M | $124M | $111M | $14M | |
| Shares Outstanding | 73,082,025 | 16,933,692 | 10,878,633 | 12,487,438 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| D&A | $9M | $8M | $4M | $1M | |
| Deferred Tax | $-380.0K | $-287.0K | $-3M | · | |
| Amort. of Intangibles | $3M | $4M | $2M | $600.0K | |
| Operating Cash Flow | $-64M | $-54M | $-64M | $-28M | |
| CapEx | $6M | $12M | $8M | $99.0K | |
| Investing Cash Flow | $-6M | $-4M | $-7M | $-298.0K | |
| Stock Issued | $51M | $0 | $25M | $65.0K | |
| Net Stock Activity | · | $0 | $25M | · | |
| Financing Cash Flow | $71M | $77M | $73M | $28M | |
| Free Cash Flow | · | $-66M | $-72M | · | |
| Levered FCF | · | · | $-75M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Operating Margin | · | -50.5% | -325.2% | · | |
| Net Margin | · | -62.7% | -414.3% | · | |
| Pretax Margin | · | -63.0% | -419.8% | · | |
| EBITDA Margin | · | -50.5% | -325.2% | · | |
| ROA | · | -63.7% | -402.1% | · | |
| ROE | · | 58.6% | 1019.4% | · | |
| ROIC | · | 104.3% | 375.7% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | · | 0.4 | 0.1 | · | |
| Quick Ratio | · | 0.3 | 0.0 | · | |
| Debt / Equity | · | -0.5 | -0.3 | · | |
| LT Debt / Equity | · | -0.5 | -0.3 | · | |
| Interest Coverage | · | · | -66.3 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | · | 1.0 | 1.0 | · | |
| Receivables Turnover | · | 25.9 | 23.6 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Book Value / Share | · | $-7.09 | $-1.02 | · | |
| Revenue / Share | · | $9.25 | $1.53 | · | |
| Cash Flow / Share | · | $-4.21 | $-1.63 | · | |
| Cash / Share | · | $1.25 | $0.02 | · | |
| EPS (TTM) | $-3.15 | $-5.80 | $-44.46 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | -10.8% | 97.4% | 198.4% | · | |
| Revenue CAGR 3Y | 73.9% | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $107M | $119M | $61M | · | |
| Net Income TTM | $-111M | $-75M | $-251M | · | |
| Market Cap | · | $91M | $826M | · | |
| Enterprise Value | · | $133M | $850M | · | |
| P/E | -0.6 | -0.9 | -0.2 | · | |
| P/S | · | 0.8 | 13.7 | · | |
| P/B | · | -0.8 | -10.7 | · | |
| P / Cash Flow | · | -1.7 | -12.8 | · | |
| P / FCF | · | -1.4 | -11.5 | · | |
| EV / EBITDA | · | -2.2 | -4.3 | · | |
| EV / FCF | · | -2.0 | -11.8 | · | |
| EV / Revenue | · | 1.1 | 14.1 | · | |
| Earnings Yield | -162.4% | -107.6% | -409.8% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30M | $26M | $26M | $29M | $27M | $24M | $28M | $28M | $32M | $31M | $27M | $22M | $6M | $6M | $6M | $5M | |
| SG&A Expense | $11M | $6M | $19M | $11M | $13M | $11M | $-15M | $415.0K | $20M | $25M | $27M | $56M | $9M | $8M | $11M | $8M | |
| Operating Expenses | $48M | $39M | $52M | $46M | $43M | $42M | $20M | $37M | $58M | $65M | $135M | $85M | $19M | $18M | $21M | $16M | |
| Operating Income | $-19M | $-13M | $-26M | $-16M | $-16M | $-19M | $8M | $-9M | $-25M | $-34M | $-109M | $-63M | $-13M | $-12M | $-16M | $-11M | |
| Interest Expense | · | · | · | · | · | · | · | · | $2M | $2M | · | $935.0K | $525.0K | $171.0K | $68.0K | $4.0K | |
| Other Non-op | $-1M | $-2M | $-6M | $-105.0K | $-612.0K | $-1M | $328.0K | $-265.0K | $304.0K | $-355.0K | $-43.0K | $-3M | $-48.0K | $-258.0K | $-583.0K | $-281.0K | |
| Pretax Income | $-28M | $-20M | $-37M | $-27M | $-28M | $-19M | $1M | $-12M | $-27M | $-37M | $-111M | $-78M | $-45M | $-21M | $-24M | $-21M | |
| Income Tax | $-53.0K | $-39.0K | $-201.0K | $-62.0K | $-64.0K | $-53.0K | $-192.0K | $-14.0K | $-35.0K | $-46.0K | $267.0K | $-4M | $0 | $0 | · | $0 | |
| Net Income | $-28M | $-20M | $-37M | $-27M | $-28M | $-18M | $1M | $-12M | $-27M | $-37M | $-111M | $-75M | $-45M | $-21M | $-24M | $-21M | |
| EPS (Basic) | $-0.29 | $-0.26 | $-0.08 | $-0.64 | $-1.34 | $-1.09 | $0.80 | $-0.94 | $-2.31 | $-3.35 | $-30.31 | $-9.55 | $-3.14 | $-1.46 | $-1.66 | $-1.51 | |
| EPS (Diluted) | $-0.29 | $-0.26 | $-0.08 | $-0.64 | $-1.34 | $-1.09 | $0.80 | $-0.94 | $-2.31 | $-3.35 | $-30.31 | $-9.55 | $-3.14 | $-1.46 | $-1.66 | $-1.51 | |
| Shares (Basic) | 98,388,335 | 76,872,371 | · | 42,430,909 | 20,902,901 | 16,905,684 | · | 12,970,898 | 11,698,708 | 11,044,190 | · | 7,813,573 | 14,168,091 | 14,100,926 | · | 13,998,411 | |
| Shares (Diluted) | 98,388,335 | 76,872,371 | · | 42,430,909 | 20,902,901 | 16,905,684 | · | 12,970,898 | 11,698,708 | 11,044,190 | · | 7,813,573 | 14,168,091 | 14,100,926 | · | 13,998,411 | |
| EBITDA | $-19M | $-13M | · | $-16M | $-16M | $-19M | · | $-9M | $-25M | $-34M | · | $-63M | $-13M | · | · | · |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $18M | $4M | $13M | $7M | $23M | $7M | $21M | $506.0K | $1M | $1M | $2M | $6M | $2M | · | $6.0K | · | |
| Receivables | $5M | $4M | $4M | $5M | $5M | $5M | $4M | $4M | $4M | $5M | $5M | $4M | $67.0K | · | $161.0K | · | |
| Prepaid Expense | $18M | $13M | $14M | $10M | $11M | $9M | $9M | $9M | $10M | $11M | $11M | $18M | $8M | · | $8M | · | |
| Current Assets | $41M | $21M | $31M | $22M | $39M | $20M | $34M | $14M | $16M | $17M | $18M | $28M | $10M | · | $8M | · | |
| PP&E (Net) | $52M | $47M | $46M | $44M | $42M | $40M | $42M | $44M | $47M | $47M | $46M | $49M | $701.0K | · | $624.0K | · | |
| PP&E (Gross) | $68M | $62M | $56M | $53M | $50M | $46M | $48M | $49M | $51M | $50M | $48M | $51M | · | · | $1M | · | |
| Accum. Depreciation | $16M | $15M | $10M | $10M | $8M | $7M | $6M | $5M | $4M | $3M | $2M | $2M | · | · | $722.0K | · | |
| Goodwill | · | · | · | · | · | · | · | · | · | · | $0 | $58M | · | · | $0 | · | |
| Intangibles | $19M | $19M | $20M | $21M | $22M | $22M | $23M | $24M | $25M | $26M | $27M | $35M | $3M | · | $1M | · | |
| Other Non-current Assets | $13M | $11M | $12M | $6M | $6M | $6M | $6M | $5M | $5M | $5M | $6M | · | · | · | $2M | · | |
| Total Assets | $141M | $121M | $132M | $107M | $129M | $105M | $124M | $98M | $106M | $109M | $111M | $185M | $15M | · | $14M | · | |
| Accounts Payable | $22M | $21M | $18M | $16M | $19M | $18M | $18M | $27M | $26M | $21M | $19M | $20M | $13M | · | $13M | · | |
| Accrued Liabilities | · | · | · | · | · | · | · | $300.0K | $300.0K | $300.0K | · | · | $15M | · | · | · | |
| Current Liabilities | $158M | $133M | $134M | $88M | $97M | $92M | $90M | $133M | $187M | $165M | $140M | $104M | $132M | · | $57M | · | |
| Capital Leases | $10M | $8M | $9M | $10M | $11M | $11M | $12M | $3M | $4M | $5M | $6M | $6M | $135.0K | · | $246.0K | · | |
| Other Non-current Liabilities | $1M | $8M | $4M | $18M | $19M | $20M | $24M | $21M | $22M | $23M | $19M | $12M | $19M | · | $10M | · | |
| Total Liabilities | $183M | $177M | $187M | $199M | $244M | $241M | $244M | $233M | $234M | $215M | $188M | $157M | $160M | · | $105M | · | |
| Long-term Debt | $23M | $17M | $17M | $64M | $63M | $63M | $62M | $23M | $23M | $25M | $26M | $27M | · | · | · | · | |
| Total Debt | $23M | $17M | · | $64M | $63M | $63M | · | $23M | $23M | $25M | · | $27M | · | · | · | · | |
| Common Stock | $12.0K | $8.0K | $7.0K | $5.0K | $4.0K | $2.0K | $2.0K | $1.0K | $8.0K | $8.0K | $1.0K | $7.0K | $1.0K | · | $1.0K | · | |
| Retained Earnings | $-836M | $-808M | $-788M | $-751M | $-724M | $-696M | $-677M | $-679M | $-666M | $-640M | $-603M | $-492M | $-417M | · | $-352M | · | |
| Stockholders' Equity | $-42M | $-63M | $-55M | $-93M | $-115M | $-136M | $-120M | $-136M | $-128M | $-106M | $-77M | $28M | $-279M | · | $-222M | · | |
| Liabilities + Equity | $141M | $121M | $132M | $107M | $129M | $105M | $124M | $98M | $106M | $109M | $111M | $185M | $15M | · | $14M | · | |
| Shares Outstanding | 119,137,993 | 78,399,455 | 73,082,025 | 46,958,089 | 36,561,659 | 17,198,257 | 16,933,692 | 13,489,712 | 87,029,425 | 81,917,187 | 10,878,633 | 73,486,976 | 13,417,826 | · | 12,487,438 | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $261.0K | $258.0K | $256.0K | $256.0K | |
| Deferred Tax | $-53.0K | $-39.0K | $-201.0K | $-62.0K | $-64.0K | $-53.0K | $-192.0K | $-14.0K | $-35.0K | $-46.0K | $250.0K | · | · | · | · | · | |
| Amort. of Intangibles | $900.0K | $700.0K | $800.0K | $700.0K | $700.0K | $900.0K | $700.0K | $1M | $900.0K | $900.0K | $839.0K | $664.0K | $148.0K | $149.0K | $153.0K | $149.0K | |
| Operating Cash Flow | $-1M | $-12M | $-18M | $-19M | $-11M | $-16M | $-24M | $-12M | $-6M | $-13M | $-19M | $-24M | $-12M | $-9M | $-6M | $-7M | |
| CapEx | $7M | $3M | $2M | $2M | $1M | $1M | $9M | $1M | $705.0K | $715.0K | $-4M | $11M | $120.0K | $83.0K | $79.0K | · | |
| Investing Cash Flow | $-8M | $-4M | $-2M | $-2M | $-2M | $782.0K | $856.0K | $-2M | $-2M | $-743.0K | $4M | $-11M | $-168.0K | $-132.0K | $-101.0K | $-191.0K | |
| Debt Issued | · | · | · | $917.0K | $916.0K | $917.0K | · | · | · | · | · | · | · | · | · | · | |
| Net Debt Issued | · | · | · | · | · | $917.0K | · | · | · | · | · | · | · | · | · | · | |
| Stock Issued | · | · | $20M | $0 | · | · | · | · | · | · | $0 | · | · | · | · | · | |
| Financing Cash Flow | $13M | $7M | $36M | $1M | $33M | $542.0K | $43M | $13M | $8M | $13M | $11M | $39M | $14M | $9M | $5M | $2M | |
| Free Cash Flow | · | $-15M | · | · | · | $-17M | · | · | · | $-14M | · | · | · | · | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-15M | · | · | · | · | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -63.7% | -52.1% | · | -56.6% | -58.1% | -79.0% | · | -30.4% | -78.0% | -112.6% | · | -286.9% | -212.3% | · | · | · | |
| Net Margin | -95.3% | -79.1% | · | -93.3% | -102.1% | -78.6% | · | -43.1% | -83.4% | -120.7% | · | -339.6% | -718.6% | · | · | · | |
| Pretax Margin | -95.5% | -79.3% | · | -93.5% | -102.3% | -78.8% | · | -43.1% | -83.5% | -120.9% | · | -355.9% | -718.6% | · | · | · | |
| EBITDA Margin | -63.7% | -52.1% | · | -56.6% | -58.1% | -79.0% | · | -30.4% | -78.0% | -112.6% | · | -286.9% | -212.3% | · | · | · | |
| ROA | -20.9% | -17.9% | · | -26.6% | -23.9% | -17.2% | · | -8.6% | -44.9% | -68.0% | · | -80.5% | -602.4% | · | · | · | |
| ROE | 35.6% | 20.4% | · | 23.8% | 23.0% | 15.3% | · | 22.8% | 13.2% | 69.5% | · | -527.3% | 31.9% | · | · | · | |
| ROIC | 94.5% | 28.5% | · | 57.2% | 30.5% | 25.5% | · | 7.6% | 24.1% | 42.4% | · | -109.7% | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.3 | 0.2 | · | 0.2 | 0.4 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.3 | 0.1 | · | · | · | |
| Quick Ratio | 0.1 | 0.1 | · | 0.1 | 0.3 | 0.1 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | 0.0 | · | · | · | |
| Debt / Equity | -0.5 | -0.3 | · | -0.7 | -0.5 | -0.5 | · | -0.2 | -0.2 | -0.2 | · | 0.9 | · | · | · | · | |
| LT Debt / Equity | -0.2 | -0.2 | · | -0.7 | -0.5 | -0.4 | · | -0.1 | -0.1 | -0.2 | · | 0.8 | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | -13.2 | -20.6 | · | -67.4 | -25.1 | · | · | · |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | · | 0.3 | 0.2 | 0.2 | · | 0.2 | 0.5 | 0.6 | · | 0.2 | 0.8 | · | · | · | |
| Receivables Turnover | 5.9 | 6.1 | · | 6.2 | 5.6 | 5.0 | · | 6.9 | 14.2 | 13.0 | · | 11.2 | 184.9 | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $-0.36 | $-0.81 | · | $-1.97 | $-3.16 | $-7.89 | · | $-10.05 | $-1.47 | $-1.30 | · | $0.39 | $-20.82 | · | · | · | |
| Revenue / Share | $0.30 | $0.33 | · | $0.69 | $1.31 | $1.39 | · | $2.19 | $0.40 | $0.40 | · | $0.40 | $0.44 | · | · | · | |
| Cash Flow / Share | · | $-0.16 | · | · | · | $-0.93 | · | · | · | $-0.17 | · | · | · | · | · | · | |
| Cash / Share | $0.15 | $0.05 | · | $0.15 | $0.62 | $0.39 | · | $0.04 | $0.02 | $0.02 | · | $0.08 | $0.17 | · | · | · | |
| EPS (TTM) | $-1.27 | $-2.32 | · | $-2.27 | $-2.57 | $-3.54 | · | $-36.91 | $-45.52 | $-46.35 | · | $-15.81 | $-7.77 | $-6.03 | · | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $111M | $109M | · | $108M | $107M | $112M | · | $118M | $112M | $86M | · | $40M | $23M | $21M | · | · | |
| Net Income TTM | $-112M | $-112M | · | $-72M | $-57M | $-56M | · | $-187M | $-250M | $-267M | · | $-164M | $-110M | $-84M | · | · | |
| Market Cap | $138M | $90M | · | $201M | $135M | $46M | · | $18M | $234M | $483M | · | $838M | · | · | · | · | |
| Enterprise Value | $142M | $102M | · | $258M | $176M | $102M | · | $40M | $256M | $507M | · | $859M | · | · | · | · | |
| P/E | -0.9 | -0.5 | · | -1.9 | -1.4 | -0.8 | · | -0.0 | -0.1 | -0.1 | · | -0.7 | · | · | · | · | |
| P/S | 1.2 | 0.8 | · | 1.9 | 1.3 | 0.4 | · | 0.2 | 2.1 | 5.6 | · | 21.2 | · | · | · | · | |
| P/B | -3.3 | -1.4 | · | -2.2 | -1.2 | -0.3 | · | -0.1 | -1.8 | -4.5 | · | 29.6 | · | · | · | · | |
| P / Cash Flow | · | -7.4 | · | · | · | -2.9 | · | · | · | -37.7 | · | · | · | · | · | · | |
| EV / Revenue | 1.3 | 0.9 | · | 2.4 | 1.6 | 0.9 | · | 0.3 | 2.3 | 5.9 | · | 21.7 | · | · | · | · | |
| Earnings Yield | -109.5% | -201.7% | · | -52.9% | -69.7% | -132.6% | · | -2754.5% | -1693.5% | -785.5% | · | -138.6% | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Revenue | $107M | $119M | $61M | $20M |
| Operating Margin % | · | -50.5% | -325.2% | · |
| Net Income | $-111M | $-75M | $-251M | $-74M |
| Diluted EPS | $-3.15 | $-5.80 | $-44.46 | $-5.51 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Debt / Equity | · | -0.5 | -0.3 | · |
| Current Ratio | · | 0.4 | 0.1 | · |
| Quick Ratio | · | 0.3 | 0.0 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Free Cash Flow | · | $-66M | $-72M | · |
Institutional owners (13F) 72 filers · $27.1M total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
72
Value held
$27.1M
New positions
20
Exited positions
19
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 20 (-6 vs prior Q) | 19 (-2 vs prior Q) | 19 (+3 vs prior Q) | 14 (+3 vs prior Q) | +7.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| CITADEL ADVISORS LLC | $8,560,906 | 7,380,092 | 31.58% | Shares |
| VANGUARD GROUP INC | $5,405,215 | 2,786,193 | 19.94% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $5,151,167 | 4,440,661 | 19.00% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,138,924 | 981,575 | 4.20% | Shares |
| BlackRock, Inc. | $864,751 | 745,474 | 3.19% | Shares |
| UBS Group AG | $745,142 | 642,364 | 2.75% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $607,547 | 523,747 | 2.24% | Shares |
| STATE STREET CORP | $595,893 | 513,701 | 2.20% | Shares |
| CITIGROUP INC | $533,099 | 459,568 | 1.97% | Shares |
| Balefire, LLC | $376,224 | 324,331 | 1.39% | Shares |
| Rathbones Group PLC | $370,998 | 319,826 | 1.37% | Shares |
| LPL Financial LLC | $353,671 | 304,889 | 1.30% | Shares |
| XTX Topco Ltd | $331,014 | 285,357 | 1.22% | Shares |
| NORTHERN TRUST CORP | $230,837 | 198,997 | 0.85% | Shares |
| DNB Asset Management AS | $187,465 | 161,608 | 0.69% | Shares |
| GOLDMAN SACHS GROUP INC | $164,044 | 141,417 | 0.61% | Shares |
| United Bank | $145,000 | 125,000 | 0.53% | Shares |
| J. Derek Lewis & Associates Inc. | $140,360 | 121,000 | 0.52% | Shares |
| Centiva Capital, LP | $136,879 | 117,999 | 0.50% | Shares |
| TWO SIGMA SECURITIES, LLC | $135,095 | 116,461 | 0.50% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $132,409 | 114,146 | 0.49% | Shares |
| Engineers Gate Manager LP | $111,811 | 96,389 | 0.41% | Shares |
| Focus Partners Wealth | $102,660 | 88,500 | 0.38% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $76,440 | 65,900 | 0.28% | Shares |
| OSAIC HOLDINGS, INC. | $57,363 | 49,457 | 0.21% | Shares |
| RAYMOND JAMES FINANCIAL INC | $54,134 | 46,667 | 0.20% | Shares |
| Squarepoint Ops LLC | $53,024 | 45,710 | 0.20% | Shares |
| True Freedom Investing, LLC | $34,890 | 30,339 | 0.13% | Shares |
| MORGAN STANLEY | $29,034 | 25,029 | 0.11% | Shares |
| Perennial Investment Advisors, LLC | $28,098 | 24,222 | 0.10% | Shares |
| Vanguard Global Advisers, LLC | $27,402 | 23,622 | 0.10% | Shares |
| Parrish Capital LLC | $27,360 | 22,800 | 0.10% | Shares |
| Vanguard Personalized Indexing Management, LLC | $23,322 | 20,105 | 0.09% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $19,688 | 21,851 | 0.07% | Shares |
| KESTRA PRIVATE WEALTH SERVICES, LLC | $18,097 | 15,601 | 0.07% | Shares |
| SYMMETRY PEAK MANAGEMENT LLC | $17,400 | 15,000 | 0.06% | Shares |
| Cetera Investment Advisers | $15,796 | 13,617 | 0.06% | Shares |
| Kestra Advisory Services, LLC | $13,366 | 11,522 | 0.05% | Shares |
| BARCLAYS PLC | $12,246 | 10,557 | 0.05% | Shares |
| Mariner, LLC | $12,220 | 10,534 | 0.05% | Shares |
| Sowell Financial Services LLC | $11,994 | 10,340 | 0.04% | Shares |
| WELLS FARGO & COMPANY/MN | $11,815 | 10,185 | 0.04% | Shares |
| Leonteq Securities AG | $11,600 | 10,000 | 0.04% | Shares |
| Tower Research Capital LLC (TRC) | $8,676 | 7,479 | 0.03% | Shares |
| SBI Securities Co., Ltd. | $8,467 | 7,299 | 0.03% | Shares |
| Steward Partners Investment Advisory, LLC | $3,712 | 3,200 | 0.01% | Shares |
| ROYAL BANK OF CANADA | $2,000 | 1,578 | 0.01% | Shares |
| IFP Advisors, Inc | $1,808 | 1,559 | 0.01% | Shares |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | $1,327 | 1,144 | 0.00% | Shares |
| HARBOUR INVESTMENTS, INC. | $1,160 | 1,000 | 0.00% | Shares |
Company insiders 14 insiders · 4 officers · 10 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Deanna Leigh White | Chief Executive Officer | May 8, 2026 S | 899,130 | 0 | 3 | $-110,832 |
| Robert S. Little | Chief Executive Officer | July 28, 2023 A | 1,351,513 | 0 | 0 | $0 |
| Jason Benjamin Secore | Chief Financial Officer | Oct. 2, 2026 A | 260,000 | 0 | 0 | $0 |
| Oliver Reeves | Chief Financial Officer | May 8, 2026 S | 470,816 | 0 | 3 | $-138,129 |
| David Anderman | Director | Aug. 28, 2026 A | 189,054 | 0 | 0 | $0 |
| Sudhin Shahani | Director | June 3, 2026 G | 74,020 | 0 | 0 | $0 |
| Shawn Kirby Pelsinger | Director | May 22, 2026 A | 83,352 | 0 | 0 | $0 |
| John J. D'Agostino | Director | April 21, 2026 A | 129,929 | 0 | 0 | $0 |
| Bruce L. Hack | Director | April 21, 2026 A | 129,929 | 0 | 0 | $0 |
| Carl A Albert | Director | April 21, 2026 A | 135,458 | 0 | 0 | $0 |
| Edward A. Mady | Director | June 26, 2025 A | 123,314 | 0 | 0 | $0 |
| Tyrone D. Bland | Director | June 26, 2025 A | 101,498 | 0 | 0 | $0 |
| Tyler Painter | Director | June 26, 2025 A | 111,547 | 0 | 0 | $0 |
| Palantir Technologies Inc. | · | June 18, 2025 P | 4,461,564 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 3 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
SRFM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 10 analysts
BUY
Median target
$3.88
+299.2%
2 20.0%
Strong Buy
6 60.0%
Buy
2 20.0%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
5 analysts · 2026-10-04Mean target $4.93 +406.8%
← Below all targets
Current price $0.97
Low$1.00
Mean$4.93
High$12.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
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Source: SEC 10-Q filed Aug 10, 2026