Blade posts Q1 revenue up 70% and net loss down
Blade Air Mobility has posted revenue up by 70% to reach $45.271m in unaudited results for the first quarter of 2023. Total operating expenses climbed by more than 44% to reach $58.10m compared with the same quarter last year. Net loss fell by 7.4% to $10.19m over the review period.
Rob Wiesenthal, CEO, Blade claimed the company was making “exceptional progress on all fronts”, with financial results ahead of expectations for the seventh consecutive quarter. “We continue to demonstrate our unique value proposition in Medical through the addition of new customers, while supporting added volume and transport distances amongst our existing customer base,” he said.
The main focus in Blade’s Passenger division remained driving the business to profitability, providing investors with “an asset-light, manufacturer-agnostic play on urban air mobility,” said Wiesenthal. The business was well-positioned to generate free cash flow and benefit from the commercialisation of electric vertical aircraft, he added.
Flight profit was up by 145% at $7.16m for the quarter ended March 31st, 2023. Will Heyburn, chief financial officer, Blade noted year-over-year Flight Profit growth exceeded the growth rate in revenue and adjusted corporate expense. “We expect this trend to continue in the coming quarters, resulting in year-over-year adjusted EBITDA improvement through the balance of the year.”
Blade is pleased with the progress of integration in Europe, according to Melissa Tomkiel, the firm’s president. “We continue to drive operational efficiencies across both our Passenger and Medical businesses, which will support our continued rapid growth, provide more redundant service for our customers and expand our Flight Profit margins,” said Tomkiel. Read more about the results here.
Meanwhile, in March Blade 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.
Blade Air Mobility Q1 results – at a glance
- Revenue: Up 70% at $45.271m
- Total operating expenses: Up 44% at $58.10m
- Flight profit: Up 145% at $7.16m
- Loss from operations: Down 6.3% at $12.83m
- Net loss: Down 7.4% to $10.19m.