Net Loss per Share Applicable to Common Shareholders, Basic and Diluted (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Computation of Net Loss Per Share Applicable to Common Shareholders

The following table sets forth the computation of net loss per share applicable to common shareholders (in thousands, except share data):


	Year Ended December 31,
	2025			2024
Net loss	$	(110,556	)	$	(74,908	)
Weighted-average number of common shares used in net loss per share applicable to common shareholders, basic and diluted		35,101,792			12,910,341
Net loss per share applicable to common shareholders, basic and diluted	$	(3.15	)	$	(5.80	)

Schedule of Anti-dilutive Potential Common Shares Excluded from Computation of Diluted net Loss Per Share

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Year Ended December 31,
	2025		2024
Excluded securities:
Options to purchase common shares		2,332,762		2,689,131
Warrants to purchase common shares		11,163,825		4,549,958
Restricted stock units		2,432,187		745,234
Unvested RSPAs		13,486		36,907
Convertible notes (as converted to common shares)		19,322,698		9,802,974
Mandatory Convertible Security		—		9,887,756
Total common shares equivalents		35,264,958		27,711,960

SURF AIR MOBILITY INC. 10-K