Surf Air Mobility Shares Jump After It Signs a Fourth OperatorOS Customer in Under Three Weeks

Surf Air Mobility Inc. (NYSE: SRFM) shares rose about 16% Tuesday after the company signed Clipper Aviation as the fourth commercial customer for OperatorOS, its flight operations software powered by Palantir Technologies (NASDAQ: PLTR). The stock traded near $1.04 late Tuesday morning, making it the top gainer in the PRISM Aerospace and Defense Index. Clipper also brings Surf Air within one operator of its goal of five operators live on the platform by the end of 2026.

Key Points

• Clipper Aviation, which runs four aircraft, is the fourth commercial operator to sign on to OperatorOS.
• Surf Air will earn a percentage of revenue from every Clipper flight managed through the software.
• The FAA recently approved OperatorOS as an authorized system of record for electronic signatures and recordkeeping.
• Surf Air is targeting five operators live on OperatorOS by the end of 2026.

Surf Air Mobility (NYSE: SRFM) Builds Software Revenue Flight by Flight

OperatorOS gives Part 135 charter and commuter operators one system for aircraft and crew scheduling, flight management, reporting and distribution. Surf Air built it with Palantir and has used it to run its own airlines, Southern Airways and Mokulele Airlines, since 2025. It now sells that same system to other operators.

Under the Clipper contract, Surf Air takes a cut of revenue on every flight the software manages. As a result, its software income grows as customers fly more.

“Operating a lean, focused organization makes it critical that systems empower the team and scale with our expansion,” said Clipper President Charles Raffini.

Four Customers in Under Three Weeks

Customer additions are coming quickly. Sprintbach Aviation and SkyDance Air signed first. Air Fuga followed as the third customer on September 30, and Clipper makes four. Surf Air said Air Fuga joined less than two weeks after its first deal.

On the same day as the Air Fuga deal, Barrett Brown, Palantir’s former Head of Asia, became President of SurfOS, Surf Air’s software unit. Palantir also received about 4.6 million Surf Air shares as payment for continued software access and services.

“We’re glad to add Clipper Aviation to our growing list of OperatorOS contracts,” Brown said Tuesday.

Surf Air Mobility (NYSE: SRFM) Pairs Software With a Growing Charter Business

Software is still a small part of Surf Air’s business, but its flying operations are improving. In the second quarter, revenue rose 8% to $29.5 million, at the high end of guidance. Surf On Demand private charter revenue more than doubled to $12.1 million, while scheduled service revenue fell 19%. The adjusted EBITDA loss was $10.5 million, and Surf Air ended June with $18.4 million in cash.

For the full year, Surf Air reaffirmed guidance for revenue of $128 million to $138 million, up 20% to 30%. It expects an adjusted EBITDA loss of $25 million to $30 million. In August, the company also signed Wheels Up as the launch customer for its Enterprise BrokerOS software, a deal worth up to $12 million over three years.

Surf Air Mobility is a member of the PRISM Aerospace and Defense Index and has a market value of about $114 million.