Blade Air Mobility Announces First Quarter 2025 Results

   -- Net loss improved by $0.7 million versus the prior year to $(3.5) million 
      in Q1 2025; Adjusted EBITDA improved by $2.3 million versus the prior 
      year to $(1.2) million in Q1 2025(1) 
 
   -- First Adjusted EBITDA profitable Q1 in the Passenger Segment since going 
      public. Passenger Segment Adjusted EBITDA of $0.1 million in Q1 2025 
      represents a $2.7 million increase versus the prior year 
 
   -- Q1 2025 revenue increased 5.4% versus the prior year to $54.3 million. 
      Excluding Canada, which we exited in August 2024, revenue increased 10.9% 
      versus the prior year period and Passenger Segment revenue increased 
      42.0% year-over-year(1) 
 
   -- Achieved new monthly record for Medical trip volumes in April 2025 
 
   -- Reaffirming guidance, including double-digit millions of Adjusted EBITDA 
      in 2025(2) 

NEW YORK, May 12, 2025 (GLOBE NEWSWIRE) -- Blade Air Mobility, Inc. (Nasdaq: BLDE, "Blade" or the "Company"), today announced financial results for the first quarter ended March 31, 2025.

 
                     GAAP FINANCIAL RESULTS 
          (in thousands except percentages, unaudited) 
 
                       Three Months Ended March 31, 
                   ------------------------------------- 
                           2025                2024        % Change 
                   ---------------------  --------------  ---------- 
Revenue             $    54,306           $  51,514         5.4    % 
                       --------      ---   --------       ----- 
  Cost of revenue   $    42,328           $  41,375         2.3    % 
  Software 
   development              812                 670        21.2    % 
  General and 
   administrative        17,314              17,209         0.6    % 
  Selling and 
   marketing              1,435               2,128       (32.6)   % 
Total operating 
 expenses           $    61,889           $  61,382         0.8    % 
                       --------      ---   --------       ----- 
Loss from 
 operations         $    (7,583)          $  (9,868)      (23.2)   % 
                       --------      ---   --------       ----- 
Net loss            $    (3,493)          $  (4,234)      (17.5)   % 
                       --------      ---   --------       ----- 
 
Gross profit        $     8,093           $   5,852        38.3    % 
                       --------      ---   --------       ----- 
Gross margin               14.9        %       11.4    %      350bps 
                       --------            --------       ---------- 
 
 
                   NON-GAAP(1) FINANCIAL RESULTS 
            (in thousands except percentages, unaudited) 
 
                      Three Months Ended March 31, 
                 -------------------------------------- 
                          2025                2024         Change 
                 ----------------------  --------------  ----------- 
Revenue           $     54,306           $  51,514          5.4    % 
  Cost of 
   revenue              42,328              41,375          2.3    % 
Flight Profit           11,978              10,139         18.1    % 
  Flight Margin           22.1        %       19.7    %       240bps 
                     ---------            --------       ----------- 
Adjusted SG&A           13,971              13,767          1.5    % 
Depreciation 
 included in 
 cost of 
 revenue                   755                  82         NM((3) () 
                     ---------      ---   --------       ----------- 
Adjusted EBITDA   $     (1,238)          $  (3,546)       (65.1)   % 
                     ---------      ---   --------       ------ 
  Adjusted 
   EBITDA as a 
   percentage 
   of Revenue             (2.3)       %       (6.9)   %       460bps 
Passenger 
 Adjusted 
 EBITDA           $         54           $  (2,651)        NM((3) () 
Medical 
 Adjusted 
 EBITDA           $      4,098           $   4,409         (7.1)   % 
Adjusted 
 unallocated 
 corporate 
 expenses and 
 software 
 development      $     (5,390)          $  (5,304)         1.6    % 
 
 

(1) See "Use of Non-GAAP Financial Information" and "Key Metrics and Non-GAAP Financial Information" sections attached to this release for an explanation of Non-GAAP measures used and reconciliations to the most directly comparable GAAP financial measure.

(2) We have not reconciled the forward-looking Adjusted EBITDA guidance included above to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transaction-related expenses, certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.

(3) Not meaningful.

"We are pleased to report an excellent start to the year with revenue growth of 11% year-over-year excluding Canada, and a $2.3 million year-over-year improvement in Adjusted EBITDA," said Rob Wiesenthal, Blade's Chief Executive Officer. "Our strength in the Passenger Segment this quarter was particularly notable with segment revenue growing 42.0% year-over-year, excluding Canada, and our first Segment Adjusted EBITDA profitable first quarter since going public."

Wiesenthal added, "Our strong Passenger Segment results reflect several factors including our durable competitive positioning along with the important actions we've taken recently to improve profitability such as our exit from Canada and broad-based cost rationalization initiatives. I'm particularly encouraged by the results in Europe following our restructuring, which led to strong revenue growth and significantly improved profitability this quarter."

"We're happy to deliver Medical results ahead of our guidance this quarter, while we successfully launched service with two new large hospitals on April 1st, as expected, contributing to an all-time record for trip volumes in April," said Will Heyburn, Chief Financial Officer. "Our Medical business is well positioned to prosper in the current environment given the strength of our logistics platform, strong underlying transplant volume growth, limited economic sensitivity and insulation from tariffs."

Heyburn added, "We continue to expect improving results throughout the rest of the year in both business lines. In Medical, we are onboarding additional new customers and expect continued growth with existing customers. In Passenger, while the economic outlook may be uncertain, we still expect ongoing year-over-year benefits from cost and restructuring actions, as we will not anniversary our implementation of most items until the fourth quarter of this year."

"Having now completed a rapid period of aircraft acquisitions, we are focused on improving the operational and financial performance of the fleet," said Melissa Tomkiel, President. "Following a period of unusually heavy scheduled aircraft maintenance and associated downtime during the first half of 2025, we expect a significant improvement in the second half of the year through 2026, resulting in reduced capital expenditures and improved Medical Segment Adjusted EBITDA margins."

First Quarter Ended March 31, 2025 Financial Highlights

   -- Total revenue increased 5.4% to $54.3 million in the current quarter 
      versus $51.5 million in the prior year period, driven by growth in the 
      Passenger segment. Excluding Canada, which we exited in August 2024, 
      revenue increased 10.9%, versus the prior year period. 
 
   -- Flight Profit(1) increased 18.1% to $12.0 million in the current quarter 
      versus $10.1 million in the prior year period, driven by strong growth in 
      the Passenger segment. 
 
   -- Flight Margin(1) improved to 22.1% in the current quarter from 19.7% in 
      the prior year period. Passenger Flight Margin increased to 22.0% from 
      13.6% in the year ago period driven by margin expansion in Short Distance, 
      including the restructuring in Europe and our exit from Canada, along 
      with a margin increase in Jet & Other. In Medical, Flight Margin 
      decreased slightly to 22.1% from 22.3% in the prior year period. 
 
   -- Medical revenue decreased (0.2)% to $35.9 million in the current quarter 
      versus $36.0 million in the prior year period. Air revenue declined due 
      to several factors including a reduction in block hours per trip, as we 
      increased the size of our dedicated fleet and strategically positioned 
      aircraft closer to our clients, the timing of new customer starts and a 
      tough comparison versus the first half of 2024. Ground and TOPS, our 
      organ matching service, revenue grew in the quarter compared with the 
      prior year period. 
 
   -- Short Distance revenue decreased 5.4% to $9.3 million in the current 
      quarter versus $9.8 million in the prior year period. Excluding Canada, 
      which we exited in August 2024, Short Distance revenue increased 28.1%(1) 
      versus the prior year period. The increase was primarily driven by 
      Europe. 
 
   -- Jet and Other revenue increased 59.9% to $9.1 million in the current 
      quarter versus $5.7 million in the prior year period driven by higher 
      flight volumes and revenue per flight. 
 
   -- Net loss improved by $0.7 million versus the prior year to $(3.5) million 
      in the current quarter driven primarily by a $2.3 million improvement in 
      loss from operations partially offset by other non-operating income and 
      income taxes. 
 
   -- Adjusted EBITDA(1) increased by $2.3 million year-over-year to $(1.2) 
      million in the current quarter versus $(3.5) million in the prior year 
      period primarily driven by improvements in Passenger. 
 
   -- Passenger Segment Adjusted EBITDA improved by $2.7 million in the current 

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