• Blade Air Mobility Reports Financial Results for the Fourth Quarter Ended December 31, 2023

    Источник: Nasdaq GlobeNewswire / 12 мар 2024 06:08:08   America/Chicago

    • Revenue up 24.5% versus the prior year to $47.5 million in Q4 2023 and up 54.1% in the full year 2023 to $225.2 million
    • Net loss increased $(18.5) million versus the prior year to $(33.9) million in Q4 2023 and increased $(28.8) million in the full year 2023 to $(56.1) million; Adjusted EBITDA increased by $2.7 million versus the prior year to $(5.2) million in Q4 2023 and increased by $10.8 million to $(16.6) million in the full year 2023
    • Introduced guidance for Adjusted EBITDA profitability in full-year 2024 and Adjusted EBITDA in the double-digit millions for 2025
    • Announced pending acquisition of eight jet aircraft to support continued growth in Medical, enabling lower cost service with improved availability for the hospitals we serve and superior unit economics for Blade; new organ placement service launched in December, as planned

    NEW YORK, March 12, 2024 (GLOBE NEWSWIRE) -- Blade Air Mobility, Inc. (Nasdaq: BLDE, "Blade" or the "Company"), today announced financial results for the fourth quarter ended December 31, 2023.

    GAAP FINANCIAL RESULTS
    (in thousands except percentages, unaudited)

     Three Months Ended December 31,   Year Ended
    December 31,    		  
      2023   2022  % Change  2023   2022  % Change
    Revenue$47,478  $38,135  24.5% $225,180  $146,120  54.1%
    Cost of revenue 38,468   33,160  16.0%  183,058   123,845  47.8%
    Software development 988   1,622  (39.1)%  4,627   5,545  (16.6)%
    General and administrative 41,242   20,576  100.4%  95,174   62,510  52.3%
    Selling and marketing 2,413   2,455  (1.7)%  10,438   7,749  34.7%
    Total operating expenses 83,111   57,813  43.8%  293,297   199,649  46.9%
    Loss from operations (35,633)  (19,678) 81.1%  (68,117)  (53,529) 27.3%
    Net loss$(33,941) $(15,415) 120.2% $(56,076) $(27,260) 105.7%
                
    Passenger loss$(25,349) $(5,771) 339.2% $(33,503) $(14,029) 138.8%
    Medical loss$(2,443) $(5,145) (52.5)% $(1,388) $(2,930) (52.6)%
    Unallocated corporate expenses and software development$(7,841) $(8,762) (10.5)% $(33,226) $(36,570) (9.1)%


    NON-GAAP(1) FINANCIAL RESULTS
    (in thousands except percentages, unaudited)

     Three Months Ended December 31,   Year Ended
    December 31,    		  
      2023   2022  Change  2023   2022  % Change
    GAAP Revenue$47,478  $38,135  24.5% $225,180  $146,120  54.1%
    GAAP Cost of revenue 38,468   33,160  16.0%  183,058   123,845  47.8%
    Non-cash timing of ROU asset amortization —   464  (100.0%)  —   612  (100.0%)
    Flight Profit 9,010   5,439  65.7%  42,122   22,887  84.0%
    Flight Margin 19.0%  14.3% 471bps  18.7%  15.7% 304bps
    Adjusted Corporate Expense (1) 14,258   13,394  6.5%  58,755   50,338  16.7%
    Adjusted Corporate Expense as a percentage of GAAP Revenue 30.0%  35.1% (510)bps  26.1%  34.4% (836bps)
    Adjusted EBITDA (1)$(5,248) $(7,955) (34.0%) $(16,633) $(27,451) (39.4%)
    Adjusted EBITDA as a percentage of GAAP Revenue (11.1)%  (20.9)% 980bps  (7.4)%  (18.8)% 1,140bps
                
    Passenger Adjusted EBITDA (1)$(2,635) $(3,769) (30.1%) $(4,988) $(6,367) (21.7%)
    Medical Adjusted EBITDA (1)$2,505  $1,587  57.8% $10,754  $5,116  110.2%
    Adjusted unallocated corporate expenses and software development (1)$(5,118) $(5,773) (11.3%) $(22,399) $(26,200) (14.5%)


    (1) See "Use of Non-GAAP Financial Measures" 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.
     

    "After a rewarding year of strong growth, flight profit margin expansion and cost structure improvements, we are now confident to begin providing guidance to our investors for positive Adjusted EBITDA for the year-ending December 31, 2024 and double-digit Adjusted EBITDA in 2025(2)," said Rob Wiesenthal, Blade's Chief Executive Officer. "Though Q4 is a seasonally light quarter for Blade, we remained focused on continued margin enhancement and significant additions to our dedicated aircraft fleet, highlighted by the acquisition of eight jets for our organ transportation business. These initiatives will further improve our competitive positioning without compromising the benefits of our asset-light model, as the vast majority of our Medical flights and nearly 100% of our Passenger flights will continued to be serviced by third-party owned and operated aircraft."

    "We've made huge progress transitioning more and more of our Medical flights to dedicated aircraft that provide us with fixed cost leverage as we grow and are strategically based near our hospital customers," said Will Heyburn, Blade's Chief Financial Officer. "This is a win-win that has enabled us to increase our Flight Profit per trip while reducing costs for our hospital customers. When paired with our growing fleet of medical vehicles and new organ placement offering, we believe we’ve built the most cost-effective and reliable end-to-end organ logistics platform in the United States. At the same time, we improved our Passenger flight profit margins by five percentage points in Q4 2023 versus the prior year, demonstrating our path to full-year profitability in the Passenger segment, which we expect in 2025."

    "Our Medical business has more than tripled since our acquisition of Trinity in 2021, presenting us with an opportunity to further leverage our scale through the acquisition of a limited number of jet aircraft. By purchasing aircraft that we already utilize exclusively and by maintaining the existing operator and crews, we expect to capture incremental fixed cost leverage without the risk of building a new medical aircraft operation from the ground up," said Melissa Tomkiel, Blade's President. "We remain committed to our asset-light model and expect the significant majority of our flying to remain with third party owned and operated aircraft."

    (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.
     

    Fourth Quarter Ended December 31, 2023 Financial Highlights

    • Total revenue increased 24.5% to $47.5 million in the current quarter versus $38.1 million in the prior year period.
    • Flight Profit(1) increased 65.7% to $9.0 million in the current quarter versus $5.4 million in the prior year period, driven by strong growth in our MediMobility Organ Transport business and improved profitability across our U.S. Short Distance business.
    • Flight Margin(1) improved to 19.0% in the current quarter from 14.3% in the prior year period, driven by increased use of dedicated aircraft and owned ground vehicles in our MediMobility Organ Transport business line, which results in lower costs, improved pricing and utilization in our New York by-the-seat airport transfer product, and a reduction in spot market jet charter costs, which decreased more quickly than our jet charter pricing.
    • Short Distance revenue increased 13.6% to $10.7 million in the current quarter versus $9.4 million in the prior year period. Growth was driven by an increase in seat volume and improved pricing in our New York by-the-seat airport transfer product, increased revenue in Europe and in Canada.
    • MediMobility Organ Transport revenue increased 47.9% to $32.0 million in the current quarter versus $21.6 million in the prior year period, driven by the addition of new transplant center customers, increased average trip distance, growth with existing customers, and strong overall market growth.
    • Jet and Other revenue decreased (32.4)% to $4.8 million in the current quarter versus $7.1 million in the prior year period driven primarily by the discontinuation of our seasonal by-the-seat jet service between New York and South Florida and softer jet charter demand.
    • Net loss increased 120.2% to $(33.9) million in the current quarter versus $(15.4) million in the prior year period and increased as a percentage of revenues to (71.5)% in the current quarter from (40.4)% in the prior year period, primarily due to a $20.8 million impairment charge on intangible assets related to the Blade Europe acquisition.
    • Adjusted EBITDA(1) improved to $(5.2) million in the current quarter versus $(8.0) million in the prior year period, and improved as a percentage of revenues to (11.1)% in the current quarter from (20.9)% in the prior year period primarily due to a 57.8% increase in Medical Segment Adjusted EBITDA to $2.5 million in the current quarter, a $1.1 million improvement in Passenger Segment Adjusted EBITDA to $(2.6) million and a $0.7 million improvement in Adjusted Unallocated Corporate Expenses and Software Development to $(5.1) million.
    • Ended Q4 2023 with $166.1 million in cash and short term investments.

    Business Highlights and Recent Updates

    • Launched Trinity Organ Placement Services (“TOPS”) in December, a new Medical service helping transplant centers determine if an organ is a match for a potential recipient.
    • Announced pending acquisition of eight Hawker 800 aircraft which had previously been 100% dedicated to Blade’s Medical business. The $21.0 million acquisition cost will be funded through $11.7 million in cash and $9.3 million in existing deposits with the operator.
    (1) See "Use of Non-GAAP Financial Measures" 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.
     

    Financial Outlook (1)

    For the full year 2024, we expect:

    • Revenue of $240 million to $250 million
    • Positive Adjusted EBITDA

    For the full year 2025, we expect:

    • Double-digit year-over-year revenue growth
    • Double-digit Adjusted EBITDA

    Conference Call

    The Company will conduct a conference call starting at 8:00 a.m. ET on Wednesday, March 12, 2024 to discuss the results for the fourth quarter ended December 31, 2023.

    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, Segment Adjusted EBITDA, Adjusted Unallocated Corporate Expenses, Corporate Expenses, Adjusted Corporate Expenses, Flight Profit, Flight Margin and Free Cash Flow have been reconciled to the nearest GAAP measure in the tables within this press release.

    Adjusted EBITDA and Segment Adjusted EBITDA - Blade reports Adjusted EBITDA, which is a non-GAAP financial measure. This measure excludes non-cash items or certain transactions that are not indicative of ongoing Company operating performance and / or items that management does not believe are reflective of our ongoing core operations (as shown in the table below). Blade defines Segment Adjusted EBITDA as segment income (loss) excluding non-cash items or certain transactions that management does not believe are reflective of our ongoing core operations.

    Adjusted Unallocated Corporate Expenses – Blade defines Adjusted Unallocated Corporate Expenses as expenses attributable to our Corporate expenses and software development operating segment less non-cash items or certain transactions that are not indicative of ongoing Company operating performance and / or items that management does not believe are reflective of our ongoing core operations that cannot be allocated to either of our reporting segments (Passenger and Medical). Adjusted Unallocated Corporate Expenses has the same meaning as Segment Adjusted EBITDA for our Corporate expenses and software development operating segment and is reconciled in the tables below under the caption “Reconciliation of Segment Income (loss) to Segment Adjusted EBITDA.”

    Corporate Expenses and Adjusted Corporate Expenses - Blade defines Corporate Expenses as total operating expenses excluding cost of revenue. Blade defines Adjusted Corporate Expenses as Corporate Expenses excluding non-cash items or certain transactions that are not indicative of ongoing Company operating performance and / or items that management does not believe are reflective of our ongoing core operations.

    Flight Profit and Flight Margin - Blade defines Flight Profit as revenue less cost of revenue, and in 2022 excluding non-cash right-of-use (“ROU”) asset amortization. Cost of revenue consists of flight costs paid to operators of aircraft and cars, landing fees, ROU asset amortization and internal costs incurred in generating ground transportation revenue using the Company’s owned cars. 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 a more accurate measure of the profitability of the Company's flight and ground operations, as they focus solely on the direct costs associated with those operations. Blade believes the exclusion of ROU asset amortization from Flight Profit and Flight Margin is helpful as it better represents the Company's actual payable charges in exchange for flights served by the operators. We also believe that excluding this non-cash ROU asset amortization expense will aid in comparing to prior and future periods as we do not expect it to re-occur after the fourth quarter of 2022, which it did not, as shown in the table below.

    Free Cash Flow - Blade defines Free Cash Flow as net cash provided by / (used in) operating activities less capital expenditures.

    Financial Results

    BLADE AIR MOBILITY, INC.
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except share data, unaudited)

     December 31,
    2023    		 December 31,
    2022
    Assets   
    Current assets:   
    Cash and cash equivalents (1)$27,873  $41,338 
    Restricted cash (1) 1,148   3,085 
    Accounts receivable, net of allowance of $98 and $0 at December 31, 2023 and December 31, 2022 21,005   10,877 
    Short-term investments 138,264   150,740 
    Prepaid expenses and other current assets 17,971   12,086 
    Total current assets 206,261   218,126 
        
    Non-current assets:   
    Property and equipment, net 2,899   2,037 
    Intangible assets, net 20,519   46,365 
    Goodwill 40,373   39,445 
    Operating right-of-use asset 23,484   17,692 
    Other non-current assets (1) 1,402   1,360 
    Total assets$294,938  $325,025 
        
    Liabilities and Stockholders' Equity   
    Current liabilities:   
    Accounts payable and accrued expenses$23,859  $16,536 
    Deferred revenue 6,845   6,709 
    Operating lease liability, current 4,787   3,362 
    Total current liabilities 35,491   26,607 
        
    Non-current liabilities:   
    Warrant liability 4,958   7,083 
    Operating lease liability, long-term 19,738   14,970 
    Deferred tax liability 451   1,876 
    Total liabilities 60,638   50,536 
        
    Stockholders' Equity   
    Preferred stock, $0.0001 par value, 2,000,000 shares authorized at December 31, 2023 and December 31, 2022. No shares issued and outstanding at December 31, 2023 and December 31, 2022. —   — 
    Common stock, $0.0001 par value; 400,000,000 authorized; 75,131,425 and 71,660,617 shares issued at December 31, 2023 and December 31, 2022, respectively. 7   7 
    Additional paid in capital 390,083   375,873 
    Accumulated other comprehensive income 3,964   2,287 
    Accumulated deficit (159,754)  (103,678)
    Total stockholders' equity 234,300   274,489 
        
    Total Liabilities and Stockholders' Equity$294,938  $325,025 


    (1) Prior year amounts have been updated to conform to current period presentation.
     

    BLADE AIR MOBILITY, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share data, unaudited)

     Three Months Ended
    December 31,    		Year Ended December 31,
      2023   2022   2023   2022  
    Revenue$47,478  $38,135  $225,180  $146,120  
             
    Operating expenses        
    Cost of revenue 38,468   33,160   183,058   123,845  
    Software development 988   1,622   4,627   5,545  
    General and administrative 41,242   20,576   95,174   62,510  
    Selling and marketing 2,413   2,455   10,438   7,749  
    Total operating expenses 83,111   57,813   293,297   199,649  
             
    Loss from operations (35,633)  (19,678)  (68,117)  (53,529) 
             
    Other non-operating income (expense)        
    Interest income, net 2,264   1,542   8,442   3,434  
    Change in fair value of warrant liabilities (1,698)  1,984   2,125   24,225  
    Realized gain (loss) from sales of short-term investments 103   (91)  8   (2,162) 
    Total other non-operating income 669   3,435   10,575   25,497  
             
    Loss before income taxes (34,964)  (16,243)  (57,542)  (28,032) 
             
    Income tax benefit (1,023)  (828)  (1,466)  (772) 
             
    Net loss$(33,941) $(15,415) $(56,076) $(27,260) 


    BLADE AIR MOBILITY, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands, unaudited)

     Three Months Ended
    December 31,    		 Year Ended December 31,
      2023   2022    2023   2022 
    Cash Flows From Operating Activities:        
    Net loss$(33,941) $(15,415)  $(56,076) $(27,260)
    Adjustments to reconcile net income (loss) to net cash and restricted cash used in operating activities:        
    Depreciation and amortization 1,806   1,984    7,111   5,725 
    Stock-based compensation 3,153   2,650    12,501   8,277 
    Change in fair value of warrant liabilities 1,698   (1,984)   (2,125)  (24,225)
    Impairment of intangible assets 20,753   —    20,753   — 
    Realized (gain) loss from sales of short-term investments (103)  91    (8)  2,162 
    Realized foreign exchange loss —   (1)   6   6 
    Accretion of interest income on held-to-maturity securities (1,803)  (783)   (6,519)  (1,094)
    Deferred tax benefit (1,023)  (772)   (1,466)  (772)
    Loss on disposal of property and equipment 48   (129)   48   68 
    Bad debt expense (8)  —    163   — 
    Changes in operating assets and liabilities:        
    Prepaid expenses and other current assets (4,928)  (1,474)   (6,032)  (5,255)
    Accounts receivable 125   (886)   (10,254)  (5,347)
    Other non-current assets 12   396    4   (663)
    Operating right-of-use assets/lease liabilities (42)  415    379   611 
    Accounts payable and accrued expenses 4,963   5,645    9,049   9,900 
    Deferred revenue (30)  1,154    117   737 
    Other —   5    —   — 
    Net cash used in operating activities (9,320)  (9,104)   (32,349)  (37,130)
             
    Cash Flows From Investing Activities:        
    Acquisitions, net of cash acquired —   —    —   (48,101)
    Investment in joint venture (39)  —    (39)  (190)
    Purchase of property and equipment (24)  (11)   (2,109)  (730)
    Proceeds from disposal of property and equipment 138   —    138   — 
    Purchase of short-term investments —   (151)   (135)  (729)
    Proceeds from sales of short-term investments —   10,000    20,532   258,377 
    Purchase of held-to-maturity investments —   (87,376)   (265,835)  (227,287)
    Proceeds from maturities of held-to-maturity investments —   78,000    264,537   98,000 
    Net cash provided by investing activities 75   462    17,089   79,340 
             
    Cash Flows From Financing Activities:        
    Proceeds from the exercise of common stock options 7   6    70   87 
    Taxes paid related to net share settlement of equity awards (30)  (6)   (146)  (1,171)
    Net cash used in financing activities (23)  —    (76)  (1,084)
             
    Effect of foreign exchange rate changes on cash balances 15   81    (66)  72 
    Net (decrease) increase in cash and cash equivalents and restricted cash (9,253)  (8,561)   (15,402)  41,198 
    Cash and cash equivalents and restricted cash - beginning 38,274   52,984    44,423   3,225 
    Cash and cash equivalents and restricted cash - ending$29,021  $44,423   $29,021  $44,423 
             
    Reconciliation to consolidated balance sheets        
    Cash and cash equivalents$27,873  $41,338   $27,873  $41,338 
    Restricted cash 1,148   3,085    1,148   3,085 
    Total$29,021  $44,423   $29,021  $44,423 


    Key Metrics and Non-GAAP Financial Information

    DISAGGREGATED REVENUE BY PRODUCT LINE
    (in thousands, unaudited)

     Three Months Ended
    December 31,    		Year Ended December 31,
      2023  2022  2023  2022
    Passenger segment        
    Short Distance$10,703 $9,418 $70,700 $44,986
    Jet and Other 4,784  7,081  27,876  29,355
    Total$15,487 $16,499 $98,576 $74,341
            
    Medical segment       
    MediMobility Organ Transport$31,991 $21,636  126,604  71,779
    Total$31,991 $21,636 $126,604 $71,779
            
    Total Revenue$47,478 $38,135 $225,180 $146,120


    SEGMENT INFORMATION: REVENUE, FLIGHT PROFIT, FLIGHT MARGIN, ADJUSTED EBITDA WITH RECONCILIATION TO TOTAL ADJUSTED EBITDA
    (in thousands except percentages, unaudited)

     Three Months Ended
    December 31,    		Year Ended December 31,
      2023   2022   2023   2022 
    Passenger$15,487  $16,499  $98,576  $74,341 
    Medical 31,991   21,636   126,604   71,779 
    Total Revenue$47,478  $38,135  $225,180  $146,120 
            
    Passenger$2,580  $1,886  $19,444  $11,295 
    Medical 6,430   3,553   22,678   11,592 
    Total Flight Profit$9,010  $5,439  $42,122  $22,887 
            
    Passenger 16.7%  11.4%  19.7%  15.2%
    Medical 20.1%  16.4%  17.9%  16.1%
    Total Flight Margin 19.0%  14.3%  18.7%  15.7%
            
    Passenger$(2,635) $(3,769) $(4,988) $(6,367)
    Medical 2,505   1,587   10,754   5,116 
    Total Segment Adjusted EBITDA (130)  (2,182)  5,766   (1,251)
    Adjusted unallocated corporate expenses and software development (5,118)  (5,773)  (22,399)  (26,200)
    Total Adjusted EBITDA$(5,248) $(7,955) $(16,633) $(27,451)


    SEATS FLOWN - ALL PASSENGER FLIGHTS
    (unaudited)

     Three Months Ended
    December 31,    		Year Ended December 31,
     2023 2022 2023 2022
    Seats flown – all passenger flights33,600 31,193 154,608 106,368


    REVENUE, FLIGHT PROFIT, FLIGHT MARGIN, ADJUSTED CORPORATE EXPENSES, ADJUSTED EBITDA
    (in thousands except percentages, unaudited)

     Three Months Ended
    December 31,    		Year Ended December 31,
      2023   2022   2023   2022 
    GAAP Revenue$47,478  $38,135  $225,180  $146,120 
    Flight Profit 9,010   5,439   42,122   22,887 
    Flight Margin 19.0%  14.3%  18.7%  15.7%
    Adjusted Corporate Expense 14,258   13,394   58,755   50,338 
    Adjusted Corporate Expense as a percentage of Revenue 30.0%  35.1%  26.1%  34.4%
    Adjusted EBITDA$(5,248) $(7,955) $(16,633) $(27,451)
    Adjusted EBITDA as a percentage of Revenue (11.1)%  (20.9)%  (7.4)%  (18.8)%


    RECONCILIATION OF REVENUE LESS COST OF REVENUE TO FLIGHT PROFIT AND LOSS FROM OPERATIONS
    (in thousands except percentages, unaudited)

     Three Months Ended
    December 31,    		Year Ended December 31,
      2023   2022   2023   2022 
    Revenue$47,478  $38,135  $225,180  $146,120 
    Cost of revenue (1) (38,468)  (33,160)  (183,058)  (123,845)
    Non-cash timing of ROU asset amortization —   464   —   612 
    Flight Profit$9,010  $5,439  $42,122  $22,887 
    Flight Margin 19.0%  14.3%  18.7%  15.7%
            
    Flight Profit$9,010  $5,439  $42,122  $22,887 
    Reconciling items:       
    Non-cash timing of ROU asset amortization —   (464)  —   (612)
    Software development (988)  (1,622)  (4,627)  (5,545)
    General and administrative (41,242)  (20,576)  (95,174)  (62,510)
    Selling and marketing (2,413)  (2,455)  (10,438)  (7,749)
    Loss from operations$(35,633) $(19,678) $(68,117) $(53,529)


    (1) Cost of revenue consists of flight costs paid to operators of aircraft and cars, landing fees, ROU asset amortization and internal costs incurred in generating organ ground transportation revenue using the Company's owned cars.


    RECONCILIATION OF SEGMENT REVENUE TO SEGMENT FLIGHT PROFIT AND SEGMENT LOSS
    (in thousands except percentages, unaudited)

      Three Months Ended December 31, 2023 Three Months Ended December 31, 2022
      Passenger Medical  Passenger Medical 
    Revenue $15,487  $31,991   $16,499  $21,636  
    Cost of revenue  (12,907)  (25,561)   (15,077)  (18,083) 
    Non-cash timing of ROU asset amortization  —   —    464   —  
    Flight Profit $2,580  $6,430   $1,886  $3,553  
    Flight Margin  16.7%  20.1%   11.4%  16.4% 
               
    Flight Profit $2,580  $6,430   $1,886  $3,553  
    Reconciling items:          
    Non-cash timing of ROU asset amortization  —   —    (464)  —  
    All other operating expenses(1)  (27,929)  (8,873)   (7,193)  (8,698) 
    Segment loss $(25,349) $(2,443)  $(5,771) $(5,145) 
               
      Year Ended December 31, 2023 Year Ended December 31, 2022
      Passenger Medical  Passenger Medical 
    Revenue $98,576  $126,604   $74,341  $71,779  
    Cost of revenue  (79,132)  (103,926)   (63,658)  (60,187) 
    Non-cash timing of ROU asset amortization  —   —    612   —  
    Flight Profit $19,444  $22,678   $11,295  $11,592  
    Flight Margin  19.7%  17.9%   15.2%  16.1% 
               
    Flight Profit $19,444  $22,678   $11,295  $11,592  
    Reconciling items:          
    Non-cash timing of ROU asset amortization  —   —    (612)  —  
    All other operating expenses(1)  (52,947)  (24,066)   (24,712)  (14,522) 
    Segment loss $(33,503) $(1,388)  $(14,029) $(2,930) 


    (1) All other operating expenses refer to the total of software development, general and administrative and selling and marketing expense.


    RECONCILIATION OF TOTAL OPERATING EXPENSES TO ADJUSTED CORPORATE EXPENSES
    (in thousands except percentages, unaudited)

     Three Months Ended December 31,Year Ended December 31,
      2023   2022   2023   2022 
    Revenue$47,478  $38,135  $225,180  $146,120 
            
    Total operating expenses 83,111   57,813   293,297   199,649 
    Subtract:       
    Cost of revenue 38,468   33,160   183,058   123,845 
    Corporate Expenses$44,643  $24,653  $110,239  $75,804 
    Corporate Expenses as percentage of Revenue 94.0%  64.6%  49.0%  51.9%
    Adjustments to reconcile Corporate Expenses to Adjusted Corporate Expenses       
    Subtract:       
            
    Depreciation and amortization 1,806   1,984   7,111   5,725 
    Stock-based compensation 3,153   2,650   12,501   8,277 
    Legal and regulatory advocacy fees (1) 46   (180)  686   1,874 
    Executive severance costs 182   269   447   269 
    SOX readiness costs 72   —   252   — 
    Contingent consideration compensation (earn-out) (2) 4,373   6,289   9,734   6,289 
    M&A transaction costs —   247   —   3,032 
    Impairment of intangible assets (3) 20,753   —   20,753  $— 
    Adjusted Corporate Expenses$14,258  $13,394  $58,755  $50,338 
    Adjusted Corporate Expenses as percentage of Revenue 30.0%  35.1%  26.1%  34.4%


    (1) Represents certain legal and regulatory advocacy fees for matters (primarily the proposed restrictions at East Hampton Airport and the potential operational restrictions on large jet aircraft at Westchester Airport) 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. It is worth noting that we do not anticipate incurring any further legal fees related to the Westchester litigation.
    (2) Represents contingent consideration compensation for the three months and year ended December 31, 2023 of $4,373 and $10,073, respectively, in connection with the Trinity acquisition in respect of 2023 results and a $339 credit recorded in connection with the settlement of the equity-based portion of Trinity's contingent consideration that was paid in the first quarter of 2023 in respect of 2022 results.
    (3) Represents impairment in Blade Europe’s intangible assets, specifically its exclusive rights to air transportation rights. The impairment was as a result of adjustments made to the near term projections for revenue, expenses and expected EVA introduction, to reflect our experience operating Blade Europe since September 2022 as well as expected delays in the commercialization of EVA.


    RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
    (in thousands except percentages, unaudited)

     Three Months Ended December 31, Year Ended December 31,
      2023   2022   2023   2022 
    Net loss$(33,941) $(15,415) $(56,076) $(27,260)
            
    Depreciation and amortization 1,806   1,984   7,111   5,725 
    Stock-based compensation 3,153   2,650   12,501   8,277 
    Change in fair value of warrant liabilities 1,698   (1,984)  (2,125)  (24,225)
    Realized (gain) loss from sales of short-term investments (103)  91   (8)  2,162 
    Interest income, net (2,264)  (1,542)  (8,442)  (3,434)
    Income tax expense (benefit) (1,023)  (828)  (1,466)  (772)
    Legal and regulatory advocacy fees (1) 46   (180)  686   1,874 
    Executive severance costs 182   269   447   269 
    SOX readiness costs 72   —   252   — 
    Contingent consideration compensation (earn-out) (2) 4,373   6,289   9,734   6,289 
    M&A transaction costs —   247   —   3,032 
    Impairment of intangible assets (3) 20,753   —   20,753   — 
    Non-cash timing of ROU asset amortization —   464   —   612 
    Adjusted EBITDA$(5,248) $(7,955) $(16,633) $(27,451)
    Adjusted EBITDA as a percentage of Revenue(11.1)% (20.9)% (7.4)% (18.8)%


    (1) Represents certain legal and regulatory advocacy fees for matters (primarily the proposed restrictions at East Hampton Airport and the potential operational restrictions on large jet aircraft at Westchester Airport) 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. It is worth noting that we do not anticipate incurring any further legal fees related to the Westchester litigation.
    (2) Represents contingent consideration compensation for the three months and year ended December 31, 2023 of $4,373 and $10,073, respectively, in connection with the Trinity acquisition in respect of 2023 results and a $339 credit recorded in connection with the settlement of the equity-based portion of Trinity's contingent consideration that was paid in the first quarter of 2023 in respect of 2022 results.
    (3) Represents impairment in Blade Europe’s intangible assets, specifically its exclusive rights to air transportation rights. The impairment was as a result of adjustments made to the near term projections for revenue, expenses and expected EVA introduction, to reflect our experience operating Blade Europe since September 2022 as well as expected delays in the commercialization of EVA.


    RECONCILIATION OF NET CASH PROVIDED BY / (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW
    (in thousands, unaudited)

     Three Months Ended December 31, Year Ended December 31,
      2023   2022   2023   2022 
    Net cash used in operating activities$(9,320) $(9,104) $(32,349) $(37,130)
    Purchase of property and equipment (24)  (11)  (2,109)  (730)
    Free Cash Flow$(9,344) $(9,115) $(34,458) $(37,860)


    RECONCILIATION OF SEGMENT INCOME (LOSS) TO SEGMENT NET INCOME (LOSS) AND SEGMENT ADJUSTED EBITDA
    (in thousands, unaudited)

      Three Months Ended December 31, 2023 Three Months Ended December 31, 2022
      Passenger Medical Unallocated Corporate expenses and software development Passenger Medical Unallocated Corporate expenses and software development
    Segment income (loss) $(25,349) $(2,443) $(7,841) $(5,771) $(5,145) $(8,762)
    Total other non-operating income  —   —   669   —   —   3,435 
    Income tax benefit  —   —   1,023   —   —   828 
    Segment net loss $(25,349) $(2,443) $(6,149) $(5,771) $(5,145) $(4,499)
    Reconciling items:            
    Depreciation and amortization  1,331   424   51   1,447   364   173 
    Stock-based compensation  402   151   2,600   271   79   2,300 
    Change in fair value of warrant liabilities  —   —   1,698   —   —   (1,984)
    Realized (gain) loss from sales of short-term investments  —   —   (103)  —   —   91 
    Interest income, net  —   —   (2,264)  —   —   (1,542)
    Income tax expense (benefit)  —   —   (1,023)  —   —   (828)
    Legal and regulatory advocacy fees (1)  46   —   —   (180)  —   — 
    Executive severance costs  182   —   —   —   —   269 
    SOX readiness costs  —   —   72   —   —   — 
    Contingent consideration compensation (earn-out) (2)  —   4,373   —   —   6,289   — 
    Non-cash timing of ROU asset amortization  —   —   —   464   —   — 
    M&A transaction costs  —   —   —   —   —   247 
    Impairment of intangible assets (3)  20,753   —   —   —   —   — 
    Segment Adjusted EBITDA $(2,635) $2,505  $(5,118) $(3,769) $1,587  $(5,773)


      Year Ended December 31, 2023 Year Ended December 31, 2022
      Passenger Medical Unallocated Corporate expenses and software development Passenger Medical Unallocated Corporate expenses and software development
    Segment income (loss) $(33,503) $(1,388) $(33,226) $(14,029) $(2,930) $(36,570)
    Total other non-operating income  —   —   10,575       25,497 
    Income tax benefit  —   —   1,466       772 
    Segment net loss $(33,503) $(1,388) $(21,185) $(14,029) $(2,930) $(10,301)
    Reconciling items:            
    Depreciation and amortization  5,204   1,703   204   3,949   1,488   288 
    Stock-based compensation  1,497   705   10,299   1,227   269   6,781 
    Change in fair value of warrant liabilities  —   —   (2,125)  —   —   (24,225)
    Realized (gain) loss from sales of short-term investments  —   —   (8)  —   —   2,162 
    Interest income, net  —   —   (8,442)  —   —   (3,434)
    Income tax expense (benefit)  —   —   (1,466)      (772)
    Legal and regulatory advocacy fees (1)  686   —   —   1,874   —   — 
    Executive severance costs  375   —   72   —   —   269 
    SOX readiness costs  —   —   252   —   —   — 
    Contingent consideration compensation (earn-out) (2)  —   9,734   —   —   6,289   — 
    Non-cash timing of ROU asset amortization  —   —   —   612   —   — 
    M&A transaction costs  —   —   —       3,032 
    Impairment of intangible assets (3)  20,753   —   —   — — —   — 
    Segment Adjusted EBITDA $(4,988) $10,754  $(22,399) $(6,367) $5,116  $(26,200)


    (1) Represents certain legal and regulatory advocacy fees for matters (primarily the proposed restrictions at East Hampton Airport and the potential operational restrictions on large jet aircraft at Westchester Airport) 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. It is worth noting that we do not anticipate incurring any further legal fees related to the Westchester litigation.
    (2) Represents contingent consideration compensation for the three months and year ended December 31, 2023 of $4,373 and $10,073, respectively, in connection with the Trinity acquisition in respect of 2023 results and a $339 credit recorded in connection with the settlement of the equity-based portion of Trinity's contingent consideration that was paid in the first quarter of 2023 in respect of 2022 results.
    (3) Represents impairment in Blade Europe’s intangible assets, specifically its exclusive rights to air transportation rights. The impairment was as a result of adjustments made to the near term projections for revenue, expenses and expected EVA introduction, to reflect our experience operating Blade Europe since September 2022 as well as expected delays in the commercialization of EVA.


    LAST TWELVE MONTHS DISAGGREGATED REVENUE BY PRODUCT LINE
    (in thousands, unaudited)

        Three Months Ended
      Last Twelve
    Months    		 December 31,
    2023    		 September 30,
    2023    		 June 30,
    2023    		 March 31,
    2023
    Product Line:          
    Short Distance $70,700 $10,703 $30,388 $19,184 $10,425
    Jet and Other  27,876  4,784  7,607  7,406  8,079
    MediMobility Organ Transport  126,604  31,991  33,447  34,399  26,767
    Total Revenue $225,180 $47,478 $71,442 $60,989 $45,271


    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, Southern Europe and Western Canada.  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” 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 2024 and 2025 financial outlook and guidance), results of operations, industry environment and growth opportunities, plans to release guidance, new product lines, and the development and adoption of EVA technology. 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.

    Press Contacts
    For Media Relations
    Lee Gold
    press@blade.com

    For Investor Relations
    Lee Gold
    investors@blade.com 


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