Blade Air Mobility reports Q4 2022 and year-end financial results


Blade Air Mobility, Inc. (Nasdaq: BLDE, “Blade” or the “Company”), a technology-powered air mobility platform, announced financial results for the fourth quarter and calendar year ended December 31, 2022.

“We are pleased to deliver strong fourth quarter results to close out a monumental year for Blade,” said Rob Wiesenthal, Blade’s Chief Executive Officer. “Strong organic growth in MediMobility Organ Transport coupled with our acquisitions in Europe and Canada drove record Revenue and Flight Profit in calendar year 2022. As we navigate a dynamic macro environment, we continue to believe that Blade is well positioned to thrive in any economic climate, particularly given the non-discretionary nature of our Medical business, the resilience of our fliers and the supply flexibility afforded by our asset-light model.”

“This was another year of consistent execution on our growth plan, adding significant scale across our Passenger and Medical businesses, while corporate expenses as a percentage of revenue continue to shrink,” said Will Heyburn, Blade’s Chief Financial Officer. “We remain confident that our path to profitability is both tangible and forthcoming. As a result, we expect a significant majority of our existing cash balance to be available for acquisitions that should expand our air mobility capabilities and accelerate Blade’s trajectory to positive free cash flow.”

“This quarter we completed the first piloted test flight of an Electric Vertical Aircraft (“EVA”) in the Greater New York City region in cooperation with our partner BETA Technologies,” said Melissa Tomkiel, Blade’s President. “We were pleased to be a part of this historic moment for the industry, bringing us one step closer to making electric vertical aircraft technology a reality for the people of New York and beyond. In the meantime, we remain focused on providing best-in-class air mobility services for our fliers around the world using conventional aircraft, always improving the experience, terminal infrastructure and technology that will fortify our transition to EVA once certified for use, while continuing to scale our businesses to ensure consistent profitability and cash flow.”

Fourth Quarter Ended December 31, 2022 Financial Highlights

  • Total revenue increased 55% to $38.1 million in the current quarter versus $24.6 million in the prior year period. On a pro forma basis, assuming Blade had owned Blade Canada and Blade Europe in the comparable prior year period, revenue for the fourth quarter ended December 31, 2022 would have increased approximately 34%(1) on a constant currency basis.
  • Flight Profit(1) increased 38% to $5.4 million in the current quarter versus $3.9 million in the prior year period, driven by strong growth in our MediMobility Organ Transport business and the contribution from our Blade Canada and Blade Europe acquisitions.
  • Flight Margin(1) declined to 14.3% in the current quarter, as expected, from 16.0% in the prior year period, driven by lower margins in Jet and Other, outsized growth in MediMobility Organ Transport, which outpaced that of our other business lines and tends to have lower Flight Margin versus our historical company average, and the continued ramp of Blade Airport.
  • Short Distance revenue increased 51% to $9.4 million in the current quarter versus $6.3 million in the prior year period. Growth was driven by our acquisitions of Blade Europe and Blade Canada, and continued growth in our Blade Airport service.
  • MediMobility Organ Transport revenue increased 120% to $21.6 million in the current quarter versus $9.8 million in the prior year period, driven by the addition of new transplant center customers, continued growth with existing customers, and strong market demand. Revenue increased 7% sequentially in Q4 2022 versus Q3 2022.
  • Jet and Other revenue decreased (17)% to $7.1 million in the current quarter versus $8.5 million in the prior year period primarily due to a normalization in jet charter volume, as the prior year period benefited from outsized demand due to the COVID-19 Omicron variant, partially offset by higher average price per charter trip.
  • Net loss of $15.4 million in the quarter declined versus a net income of $0.8 million in the prior year period.
  • Adjusted EBITDA decreased to $(8.0) million in the current quarter from $(5.9) million in the prior year period, but improved as a percentage of revenues to (20.9)% in the current quarter from (24.1)% in the prior year period. The increased loss versus the prior year period is primarily attributable to additional corporate and recurring expenses related to Blade’s recent growth and expected future growth, the contribution from Blade Europe, which generated limited revenue and Flight Profit during the seasonally low quarter, partially offset by increased Flight Profit.

Business Highlights and Recent Updates

  • Blade Airport, offering service between Manhattan and both John F. Kennedy International Airport and Newark Liberty International Airport, has continued to show sequential improvements, with the fourth quarter setting a record for total revenues and seats flown.
  • On January 18, 2023, Blade and RedBird Capital Partners (“RedBird”) announced that RedBird has increased its ownership in Blade to more than 5%, and that RedBird Partner Andrew Lauck will become a board observer.
  • On February 14, 2023 Blade announced the completion of a historic test flight of BETA Technologies’ ALIA-250 EVA at the Westchester County Airport in White Plains, New York. The flight marks the first test of a piloted EVA in the greater New York City area and is a significant milestone in the companies’ continued partnership to bring safe, quiet, and sustainable air transportation to commuter and commercial customers.

This press release was prepared and distributed by Blade Air Mobility.

  
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