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
quarter versus the prior year period and, on a trailing twelve month
basis, rose to $6.3 million as of Q1 2025, up from $3.6 million in Q4
2024.
-- Medical Segment Adjusted EBITDA decreased $(0.3) million versus the prior
year period while Adjusted Unallocated Corporate Expenses and Software
Development increased $0.1 million.
-- Operating Cash Flow increased by $15.3 million to $(0.2) million in the
current quarter. Capital expenditures of $3.2 million was driven
primarily by aircraft maintenance and a $0.7 million purchase of aircraft
in the Medical Segment. Free Cash Flow, Before Aircraft Acquisitions,
which is net of all capital expenditures, including aircraft maintenance
expenses, but excludes the impact of aircraft acquisitions, increased by
$14.0 million to $(2.7) million in the current quarter.
-- Ended Q1 2025 with $120.0 million in cash and short term investments.
(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.
Business Highlights and Recent Updates
-- In Medical, our tenth aircraft entered service in February 2025. We
continue to expect that our owned fleet will represent approximately one
third of our Medical flight hours in 2025, with the majority of flight
hours remaining on third-party aircraft.
-- Our organ placement service offering ("TOPS") ended the quarter with
eight contracted customers and a strong sales pipeline.
-- Launched previously announced service between the Downtown Manhattan
Heliport and JFK Airport, in partnership with Skyports Infrastructure.
This partnership will gather data on consumer demand, flier experience,
logistics and flight operations to help accelerate and derisk the launch
of EVTOL operations at the facility.
-- Began serving our first customers through ground distribution of loaner
OrganOx metra perfusion devices, as part of our previously announced
strategic alliance with OrganOx.
Financial Outlook
We are reaffirming our guidance for the full year 2025, we expect:
-- Revenue of $245-265 million -- Double-digit Adjusted EBITDA(1)
Conference Call
The Company will conduct a conference call starting at 8:00 a.m. ET on May 12, 2025 to discuss the results for the first quarter ended March 31, 2025.
A live audio-only webcast of the call may be accessed from the Investor Relations section of the Company's website at https://ir.blade.com/. An archived replay of the call will be available on the Investor Relations section of the Company's website for one year.
(1) 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.
Use of Non-GAAP Financial Information
Blade believes that the non-GAAP measures discussed below, viewed in addition to and not in lieu of our reported U.S. Generally Accepted Accounting Principles ("GAAP") results, provide useful information to investors by providing a more focused measure of operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies. Adjusted EBITDA, Adjusted Unallocated Corporate Expenses, SG&A, Adjusted SG&A, Flight Profit, Flight Margin, Free Cash Flow and Free Cash Flow, before Aircraft Acquisitions and revenue excluding the impact of Canada have been reconciled to the nearest GAAP measure in the tables within this press release.
Adjusted EBITDA -- Blade reports Adjusted EBITDA, which is a non-GAAP financial measure. Blade defines Adjusted EBITDA as net loss adjusted to exclude depreciation and amortization, stock-based compensation, change in fair value of warrant liabilities, interest income and expense, income tax, realized gains and losses on short-term investments, impairment of intangible assets and certain other non-recurring items that management does not believe are indicative of ongoing Company operating performance and would impact the comparability of results between periods.
Adjusted Unallocated Corporate Expenses -- Blade defines Adjusted Unallocated Corporate Expenses as expenses that cannot be allocated to either of our reporting segments (Passenger and Medical) and therefore attributable to our Corporate expenses and software development, less non-cash items and certain other non-recurring items that management does not believe are indicative of ongoing Company operating performance and would impact the comparability of results between periods.
SG&A and Adjusted SG&A -- Blade defines SG&A as total operating expenses excluding cost of revenue. Blade defines Adjusted SG&A as total operating expenses excluding cost of revenue and excluding non-cash items and certain other non-recurring items that management does not believe are indicative of ongoing Company operating performance and would impact the comparability of results between periods.
Flight Profit and Flight Margin -- Blade defines Flight Profit as revenue less cost of revenue. Cost of revenue consists of flight costs paid to operators of aircraft and vehicles, landing fees, depreciation of aircraft and vehicles, operating lease cost, internal costs incurred in generating organ ground transportation revenue using the Company's owned vehicles and costs of operating our owned aircraft including fuel, management fees paid to the operator, maintenance costs and pilot salaries. Blade defines Flight Margin for a period as Flight Profit for the period divided by revenue for the same period. Blade believes that Flight Profit and Flight Margin provide an important measure of the profitability of the Company's flight and ground operations, as they focus solely on the non-discretionary direct costs associated with those operations such as third-party variable costs and costs of owning and operating Blade's owned aircraft.
Free Cash Flow and Free Cash Flow, before Aircraft Acquisitions -- Blade defines Free Cash Flow as net cash provided by / (used in) operating activities less capital expenditures and capitalized software development costs. Blade also reports Free Cash Flow, before Aircraft Acquisitions, which is Free Cash Flow excluding cash outflows for aircraft acquisitions. Blade believes that Free Cash Flow and Free Cash Flow, before Aircraft Acquisitions provide important insights into the cash-generating capability of the business, with Free Cash Flow, before Aircraft Acquisition specifically highlighting the cash generated by our core operations before the impact of discretionary strategic investments in new aircraft.
We have also shown revenue, Short Distance and Passenger revenue excluding the impact of Canada in this release. These amounts reflect total revenue, Short Distance and Passenger revenue, respectively, excluding the activity in Canada in both the current and the prior year periods. The Company discontinued its operations in Canada on August 31, 2024. Management believes that presenting this information enhances the comparability of results between periods.
Financial Results
BLADE AIR MOBILITY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data, unaudited)
March 31, December 31,
2025 2024
---------- ----------------
Assets
Current assets:
Cash and cash equivalents $ 34,830 $ 18,378
Restricted cash 858 1,269
Accounts receivable, net of allowance
of $96 and $112 at March 31, 2025 and
December 31, 2024, respectively 22,128 21,591
Short-term investments 85,176 108,757
Prepaid expenses and other current
assets 9,320 10,747
-------- ---------
Total current assets 152,312 160,742
Non-current assets:
Property and equipment, net 32,568 30,918
Intangible assets, net 13,528 13,653
Goodwill 42,038 41,050
Operating right-of-use asset 8,650 8,876
Other non-current assets 1,454 1,436
-------- ---------
Total assets $ 250,550 $ 256,675
======== =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses $ 10,505 $ 12,766
Deferred revenue 8,014 6,656
Operating lease liability, current 3,362 3,304
Total current liabilities 21,881 22,726
Non-current liabilities:
Warrant liability 3,056 5,808
Operating lease liability, long-term 5,706 6,018
Deferred tax liability 175 185
-------- ---------
Total liabilities 30,818 34,737
-------- ---------
Stockholders' Equity
Preferred stock, $0.0001 par value,
2,000,000 shares authorized; no shares
issued and outstanding at March 31, 2025
and December 31, 2024, respectively -- --
Common stock, $0.0001 par value;
400,000,000 authorized; 80,973,634 and
79,419,028 shares issued at March 31,
2025 and December 31, 2024,
respectively 7 7
Additional paid in capital 407,047 407,076
Accumulated other comprehensive income 3,069 1,753
Accumulated deficit (190,391) (186,898)
-------- ---------
Total stockholders' equity 219,732 221,938
-------- ---------
Total Liabilities and Stockholders'
Equity $ 250,550 $ 256,675
======== =========
BLADE AIR MOBILITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data, unaudited)
Three Months Ended March 31,
----------------------------------
2025 2024
----------------- ---------------
Revenue $ 54,306 $ 51,514
------------ -----------
Operating expenses
Cost of revenue 42,328 41,375
Software development 812 670
General and administrative 17,314 17,209
Selling and marketing 1,435 2,128
------------ -----------
Total operating expenses 61,889 61,382
------------ -----------
Loss from operations (7,583) (9,868)
------------ -----------
Other non-operating income
Interest income 1,321 2,072
Change in fair value of warrant
liabilities 2,752 3,478
Total other non-operating
income 4,073 5,550
------------ -----------
Loss before income taxes (3,510) (4,318)
Income tax benefit (17) (84)
------------ -----------
Net loss $ (3,493) $ (4,234)
============ ===========
Net loss per share:
Basic $ (0.04) $ (0.06)
============ ===========
Diluted $ (0.04) $ (0.06)
============ ===========
Weighted-average number of shares
outstanding:
Basic 79,891,829 75,796,411
============ ===========
Diluted 79,891,829 75,796,411
============ ===========
BLADE AIR MOBILITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
Three Months Ended March 31,
--------------------------------------
2025 2024
------------------- -----------------
Cash Flows From Operating
Activities:
Net loss $ (3,493) $ (4,234)
Adjustments to reconcile net loss
to net cash and restricted cash
used in operating activities:
Depreciation and amortization 1,697 1,594
Stock-based compensation 4,217 4,318
Change in fair value of
warrant liabilities (2,752) (3,478)
Gain on lease modification -- (47)
Accretion of interest income
on held-to-maturity
securities (723) (1,481)
Deferred tax benefit (17) (84)
Bad debt expense 30 31
Other (1) 63 3
Changes in operating assets and
liabilities:
Prepaid expenses and other
current assets 2,254 (416)
Accounts receivable (520) (2,609)
Other non-current assets 13 (44)
Operating right-of-use
assets/lease liabilities (30) (27)
Accounts payable and accrued
expenses (2,278) (10,237)
Deferred revenue 1,293 1,160
Net cash used in operating
activities (246) (15,551)
----------- ----------
Cash Flows From Investing
Activities:
Capitalized software development
costs $(532.SI)$ (311)
Purchase of property and equipment (2,619) (816)
Proceeds from disposal of property
and equipment 5 --
Purchase of held-to-maturity
investments (84,197) (77,051)
Proceeds from maturities of
held-to-maturity investments 107,750 102,740
----------- ----------
Net cash provided by investing
activities 20,407 24,562
----------- ----------
Cash Flows From Financing
Activities:
Proceeds from the exercise of
common stock options 60 91
Taxes paid related to net share
settlement of equity awards (4,306) (37)
Net cash (used in) / provided by
financing activities (4,246) 54
----------- ----------
Effect of foreign exchange rate
changes on cash balances 126 (26)
----------- ----------
Net increase in cash and cash
equivalents and restricted cash 16,041 9,039
Cash and cash equivalents and
restricted cash - beginning 19,647 29,021
----------- ----------
Cash and cash equivalents and
restricted cash - ending $ 35,688 $ 38,060
=========== ==========
Reconciliation to unaudited interim
condensed consolidated balance
sheets
Cash and cash equivalents $ 34,830 $ 36,758
Restricted cash 858 1,302
----------- ----------
Total cash and cash equivalents and
restricted cash $ 35,688 $ 38,060
=========== ==========
Non-cash investing and financing
activities:
New leases under ASC 842 entered
into during the period $ 608 $ 2,581
Common stock issued for
settlement of earn-out
previously in accounts payable
and accrued expenses -- 3,022
Purchases of property and
equipment and capitalized
software in accounts payable
and accrued expenses 339 285
(1) Prior year amounts have been updated to conform to current period presentation.
Key Metrics and Non-GAAP Financial Information
DISAGGREGATED REVENUE BY PRODUCT LINE
(in thousands, unaudited)
Three Months Ended March 31,
2025 2024
---------------- ------------------
Passenger segment
Short Distance $ 9,280 $ 9,810
Jet and Other 9,078 5,678
------------ ------------
Total $ 18,358 $ 15,488
============ ============
Medical segment
MediMobility Organ Transport $ 35,948 $ 36,026
------------ ------------
Total $ 35,948 $ 36,026
============ ============
Total Revenue $ 54,306 $ 51,514
============ ============
IMPACT OF FORMER OPERATIONS IN CANADA ON REPORTED
REVENUE
(in thousands except percentages, unaudited)
Three Months Ended March 31,
2025 2024 % Change
---------------- ---------------- ----------
Revenue $ 54,306 $ 51,514 5.4 %
Canada revenue -- (2,563)
------------ -----------
Revenue excluding
Canada $ 54,306 $ 48,951 10.9 %
============ ===========
Short Distance $ 9,280 $ 9,810 (5.4) %
Canada revenue -- (2,563)
------------ -----------
Short Distance
Revenue excluding
Canada $ 9,280 $ 7,247 28.1 %
============ ===========
Passenger Segment $ 18,358 $ 15,488 18.5 %
Canada revenue (2,563)
---------------- -----------
Passenger Revenue
excluding Canada $ 18,358 $ 12,925 42.0 %
============ ===========
SEGMENT INFORMATION: REVENUE, FLIGHT PROFIT, FLIGHT
MARGIN, ADJUSTED EBITDA WITH RECONCILIATION TO TOTAL
ADJUSTED EBITDA
(in thousands except percentages, unaudited)
Three Months Ended March 31,
------------------------------------
2025 2024
------------------- ---------------
Passenger Revenue $ 18,358 $ 15,488
Medical Revenue 35,948 36,026
---------- --- --------- ---
Total Revenue $ 54,306 $ 51,514
========== === ========= ===
Passenger Flight Profit $ 4,044 $ 2,109
Medical Flight Profit 7,934 8,030
---------- --- --------- ---
Total Flight Profit $ 11,978 $ 10,139
========== === ========= ===
Passenger Flight Margin 22.0% 13.6%
Medical Flight Margin 22.1% 22.3%
---------- ---------
Total Flight Margin 22.1% 19.7%
========== =========
Passenger Adjusted EBITDA $ 54 $ (2,651)
Medical Adjusted EBITDA 4,098 4,409
Adjusted unallocated corporate
expenses and software development (5,390) (5,304)
---------- ---------
Total Adjusted EBITDA $ (1,238) $ (3,546)
========== =========
LAST TWELVE MONTHS PASSENGER ADJUSTED EBITDA
(in thousands, unaudited)
Three Months Ended
--------- ---------------------------------------------
Last March
Twelve 31, December 31, September June 30,
Months 2025 2024 30, 2024 2024
--------- ------- ------------ ----------- ---------
Passenger
Adjusted
EBITDA $ 6,273 $ 54 $ (156) $ 5,593 $ 782
SEATS FLOWN - ALL PASSENGER FLIGHTS
(unaudited)
Three Months Ended March 31,
--------------------------------
2025 2024
-------------- ----------------
Seats flown -- all passenger flights(1) 13,884 13,286
(1) We discontinued our operations in Canada on August 31, 2024. As a result, the Seats Flown metric above excludes activity in Canada for the three months ended March 31, 2024, which Seats Flown in Canada amounted to 14,120.
REVENUE, FLIGHT PROFIT, FLIGHT MARGIN, ADJUSTED SG&A,
ADJUSTED EBITDA
(in thousands except percentages, unaudited)
Three Months Ended March 31,
------------------------------------
2025 2024
------------------- ---------------
Revenue $ 54,306 $ 51,514
Flight Profit 11,978 10,139
Flight Margin 22.1 % 19.7 %
Adjusted SG&A 13,971 13,767
Adjusted SG&A as a percentage of
revenue 25.7 % 26.7 %
Depreciation included in Flight
Profit 755 82
Adjusted EBITDA $ (1,238) $ (3,546)
Adjusted EBITDA as a percentage of
revenue (2.3)% (6.9)%
RECONCILIATION OF REVENUE LESS COST OF REVENUE TO
FLIGHT PROFIT AND GROSS PROFIT
(in thousands except percentages, unaudited)
Three Months Ended March 31,
------------------------------------
2025 2024
---------------
Revenue $ 54,306 $ 51,514
Less:
Cost of revenue(1) 42,328 41,375
Depreciation and amortization(2) 758 1,240
Stock-based compensation 41 78
Other(3) 3,086 2,969
---------- --- --------- ---
Gross Profit $ 8,093 $ 5,852
---------- --- --------- ---
Gross Margin 14.9% 11.4%
========== =========
Gross Profit $ 8,093 $ 5,852
Reconciling items:
Depreciation and amortization(2) 758 1,240
Stock-based compensation 41 78
Other(3) 3,086 2,969
---------- --- --------- ---
Flight Profit $ 11,978 $ 10,139
---------- --- --------- ---
Flight Margin 22.1% 19.7%
========== =========
(1) Cost of revenue consists of flight costs paid to operators of aircraft and vehicles, landing fees, depreciation of aircraft and vehicles, operating lease cost, internal costs incurred in generating organ ground transportation revenue using the Company's owned vehicles and costs of operating our owned aircraft including fuel, management fees paid to the operator, maintenance costs and pilot salaries.
(2) Represents real estate depreciation and intangibles amortization included within general and administrative.
(3) Other costs include credit card processing fees, direct staff costs (primarily customer facing, logistics and coordination), commercial costs and establishment costs.
RECONCILIATION OF TOTAL OPERATING EXPENSES TO ADJUSTED
SG&A
(in thousands except percentages, unaudited)
Three Months Ended March 31,
2025 2024
------------------- ---------------
Revenue $ 54,306 $ 51,514
Total operating expenses 61,889 61,382
Subtract:
Cost of revenue 42,328 41,375
---------- --- --------- ---
SG&A $ 19,561 $ 20,007
---------- --- --------- ---
SG&A as percentage of Revenue 36.0% 38.8%
========== =========
Adjustments to reconcile SG&A to
Adjusted SG&A
Subtract:
Depreciation and amortization
included in SG&A 942 1,512
Stock-based compensation 4,211 4,543
Legal and regulatory advocacy
fees(1) 358 123
Other(2) 79 62
Adjusted SG&A $ 13,971 $ 13,767
---------- --- --------- ---
Adjusted SG&A as percentage of
Revenue 25.7% 26.7%
========== =========
(1) Includes legal advocacy fees that we do not consider representative of legal and regulatory advocacy costs that we will incur from time to time in the ordinary course of our business. For the three months ended March 31, 2025 and 2024, these costs primarily related to the Drulias lawsuit.
(2) For the three months ended March 31, 2025, Other includes M&A transaction costs and legal costs in connection with the reorganization of Blade Europe. For the three months ended March 31, 2024, Other represents M&A transaction costs.
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
(in thousands except percentages, unaudited)
Three Months Ended March 31,
------------------------------------
2025 2024
---------------
Net loss $ (3,493) $ (4,234)
Add (deduct):
Depreciation and amortization 1,697 1,594
Stock-based compensation 4,211 4,543
Change in fair value of warrant
liabilities (2,752) (3,478)
Interest income (1,321) (2,072)
Income tax benefit (17) (84)
Legal and regulatory advocacy
fees(1) 358 123
Other(2) 79 62
---------- --- --------- ---
Adjusted EBITDA $ (1,238) $ (3,546)
---------- ---------
Revenue $ 54,306 $ 51,514
---------- --- --------- ---
Adjusted EBITDA as a percentage of
Revenue (2.3)% (6.9)%
============== ==========
(1) Includes legal advocacy fees that we do not consider representative of legal and regulatory advocacy costs that we will incur from time to time in the ordinary course of our business. For the three months ended March 31, 2025 and 2024, these costs primarily related to the Drulias lawsuit.
(2) )For the three months ended March 31, 2025, Other includes M&A transaction costs and legal costs in connection with the reorganization of Blade Europe. For the three months ended March 31, 2024, Other represents M&A transaction costs.
RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES
TO FREE CASH FLOW AND FREE CASH FLOW BEFORE AIRCRAFT
ACQUISITIONS
(in thousands, unaudited)
Three Months Ended March 31,
--------------------------------------
2025 2024
------------------ ------------------
Net cash used in operating
activities $ (246) $ (15,551)
Capitalized software development
costs (532) (311)
Purchase of property and equipment (2,619) (816)
---------- -----------
Free Cash Flow (3,397) (16,678)
Aircraft and Engine Acquisition
Capital Expenditures(1) 690 --
---------- -----------
Free Cash Flow, before Aircraft
Acquisitions $ (2,707) $ (16,678)
========== ===========
(1) Represents capital expenditures for aircraft and engine acquisitions, excluding capitalized maintenance subsequent to initial acquisition.
LAST TWELVE MONTHS DISAGGREGATED REVENUE BY PRODUCT
LINE
(in thousands, unaudited)
Three Months Ended
--------
Last March
Twelve 31, December September June 30,
Months 2025 31, 2024 30, 2024 2024
-------- ------- ---------- ----------- ---------
Product Line:
Short
Distance $ 71,673 $ 9,280 $ 9,133 $ 32,352 $20,908
Jet and Other 33,073 9,078 8,836 6,463 8,696
MediMobility
Organ
Transport 146,739 35,948 36,388 36,062 38,341
------- ------ ------ ------- ------
Total Revenue $251,485 $54,306 $ 54,357 $ 74,877 $67,945
======= ====== ====== ======= ======
About Blade Air Mobility
Blade Air Mobility provides air transportation and logistics for hospitals across the United States, where it is one of the largest transporters of human organs for transplant, and for passengers, with helicopter and fixed wing services primarily in the Northeast United States and Southern Europe. Based in New York City, Blade's asset-light model, coupled with its exclusive passenger terminal infrastructure and proprietary technologies, is designed to facilitate a seamless transition from helicopters and fixed-wing aircraft to Electric Vertical Aircraft ("EVA" or "eVTOL"), enabling lower cost air mobility that is both quiet and emission-free.
For more information, visit www.blade.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and may be identified by the use of words such as "will", "anticipate", "believe", "could", "continue", "expect", "estimate", "may", "plan", "outlook", "future", "target", and "project" and other similar expressions and the negatives of those terms. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Blade's future prospects, developments and business strategies. In particular, such forward-looking statements include statements concerning Blade's future financial and operating performance (including the discussion of financial and liquidity outlook and guidance for 2025 and beyond), the composition and performance of its fleet, results of operations, industry environment and growth opportunities and new product lines and partnerships. These statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blade's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include: our continued incurrence of significant losses; failure of the markets for our offerings to grow as expected, or at all; our ability to effectively market and sell air transportation as a substitute for conventional methods of transportation; reliance on certain customers in our Passenger segment revenue; the inability or unavailability to use or take advantage of the shift, or lack thereof, to EVA technology; our ability to successfully enter new markets and launch new routes and services; any adverse publicity stemming from accidents involving small aircraft, helicopters or charter flights and, in particular, any accidents involving our third-party operators; any change to the ownership of our aircraft and the challenges related thereto; the effects of competition; harm to our reputation and brand; our ability to provide high-quality customer support; our ability to maintain a high daily aircraft usage rate; changes in consumer preferences, discretionary spending and other economic conditions; impact of natural disasters, outbreaks and pandemics, economic, social, weather, geopolitical, growth constraints, and regulatory conditions or other circumstances on metropolitan areas and airports where we have geographic concentration; the effects of climate change, including potential increased impacts of severe weather and regulatory activity; the availability of aircraft fuel; our ability to address system failures, defects, errors, or vulnerabilities in our website, applications, backend systems or other technology systems or those of third-party technology providers; interruptions or security breaches of our information technology systems; our placements within mobile applications; our ability to protect our intellectual property rights; our use of open source software; our ability to expand and maintain our infrastructure network; our ability to access additional funding; the increase of costs and risks associated with international expansion; our ability to identify, complete and successfully integrate future acquisitions; our ability to manage our growth; increases in insurance costs or reductions in insurance coverage; the loss of key members of our management team; our ability to maintain our company culture; our reliance on contractual relationships with certain transplant centers and Organ Procurement Organizations; effects of fluctuating financial results; our reliance on third-party operators; the availability of third-party operators; disruptions to third-party operators; increases in insurance costs or reductions in insurance coverage for our third-party aircraft operators; the possibility that our third-party aircraft operators may illegally, improperly or otherwise inappropriately operate our branded aircraft; our reliance on third-party web service providers; changes in our regulatory environment; risks and impact of any litigation we may be subject to; regulatory obstacles in local governments; the expansion of domestic and foreign privacy and security laws; the expansion of environmental regulations; our ability to remediate any material weaknesses or maintain internal controls over financial reporting; our ability to maintain effective internal controls and disclosure controls; changes in the fair value of our warrants; and other factors beyond our control. Additional factors can be found in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each as filed with the U.S. Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Blade undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
Contacts
For Investor Relations
Mathew Schneider
investors@blade.com
For Media Relations
Lee Gold
press@blade.com
(END) Dow Jones Newswires
May 12, 2025 07:01 ET (11:01 GMT)