Blade posts Q4 2022 revenue up and full-year loss down
Blade Air Mobility has posted total fourth-quarter 2022 revenue up 55% to $38.1m. Revenue for the full-year ended December 31st climbed 118% to reach $146.1m compared with the previous year. Full-year net loss reduced to $27.26m compared with $36.9m in 2021.
Rob Wiesenthal, CEO, Blade Air Mobility said the company had reported strong fourth-quarter results after closing “a monumental year” for the business. “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,” he added. “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.” Read more about the company’s divisional performance below.
Will Heyburn, chief financial officer, Blade said the business’ path to profitability is “tangible and forthcoming”. He expected a significant majority of the company’s existing cash balance to be available for acquisitions. That would expand Blade’s air mobility capabilities and accelerate its path to positive free cash flow, he claimed.
Melissa Tomkiel, president, Blade also hailed the first piloted test flight of an electric vertical aircraft (EVA) in the Greater New York City region in partnership with BETA Technologies. “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,” said Tomkiel. (Image courtesy of Blade).
Meanwhile, Tomkiel will be explaining how Blade has diversified at Helicopter Investor’s London 2023 conference on Thursday, March 23rd. Read the full agenda here and book your place here.
Blade financials – at a glance
- Q4 2022: Revenue up 55% versus the prior year to $38.1m
- Full year 2022: Revenue up 118% versus the prior year period to $146.1m
- Short Distance revenue: Up 51% in Q4 2022 versus the prior year period
- MediMobility Organ Transport: Revenue up 120% in Q4 2022 versus the prior year period, driven by the acquisition of new transplant center clients, robust growth with existing clients, and strong organ transplant market growth
- Flight Profit: Up 38% in Q4 2022 versus the prior year period, driven by organic and inorganic growth
- Full-year net loss reduced to $27.26m compared with $36.9m in 2021.