HI Uplift: Joby’s Blade acquisition ‘speeds path to commercialisation’

Joby Aviation’s acquisition of Blade Air Mobility will accelerate the eVTOL developer’s path to commercialisation of its air taxi services, a spokesperson tells us.

“Blade has spent a decade building key components of an owned and operated service: a loyal customer base, established routes and infrastructure, as well as proven operational experience,” says the spokesperson. “We gain immediate access to these, reducing our infrastructure investment and customer acquisition costs.”

After closing the acquisition, Joby will focus on integrating Blade’s team and technology into Joby’s operations and vice versa. “A key focus is on preparing for commercial service with Joby’s eVTOL aircraft; this work is expected to accelerate that effort.”

Commenting on how Blade will participate in Joby’s planned launch of passenger services in Dubai next year, the spokesperson says: “Blade brings a decade of proven operations, loyal customers, and established routes and infrastructure. This gives us immediate access while lowering infrastructure and customer acquisition costs, supporting our commercialisation efforts globally, including in Dubai.”

Blade’s passenger operations are expected to continue as normal, remaining under the leadership of founder and CEO Rob Wiesenthal and trading as a wholly-owned subsidiary of Joby. The acquisition includes all of Blade’s passenger business, including operations in the US and southern Europe, as well as the Blade brand.

Joby has agreed to pay Blade stock or cash of up to $125m, subject to customary indemnity provisions and inclusive of $35m of holdbacks. These will be released subject to the completion of performance milestones and retention of certain employees.

Preferred eVTOL partner

Blade’s Medical division will remain a separate public company and be renamed Strata Critical Medical. Joby will become its preferred eVTOL partner, using the manufacturer’s electric aircraft to transport organs where possible. 

Joby also plans to integrate its in-house developed ElevateOS software tools into Blade’s passenger operations in a bid to create cost efficiencies and improve passenger experience. 

Highlighting the strategic nature of the acquisition, JoeBen Bevirt, founder and CEO, Joby Aviation said the deal will: “… support the successful launch of Joby’s commercial operations in Dubai, our subsequent global rollout and our continued leadership in the sector. Over the last decade, Rob [Wiesenthal] and the team at Blade have built a world-class passenger experience that demonstrates the value of vertical lift.”

More than 50,000 passengers

Last year, Blade flew more than 50,000 passengers from a network of 12 urban terminals including lounge and terminal bases at John F Kennedy International Airport, Newark Liberty Airport and heliports in Manhattan such as Wall Street. 

During Blade’s recent second-quarter (Q2) earnings call, Wiesenthal said: “We strongly believe that this [acquisition] is the best path forward to create long-term value for all stakeholders, including employees, customers, partners and shareholders.”

Wiesenthal added: “Blade was founded with the mission of democratising short-distance air travel by facilitating the transition from conventional rotorcraft to quiet, emissions-free electric aircraft. I believe there is no better partner than Joby to make that mission a reality.”

Blade’s medical segment continues to achieve strong growth, with revenues up by 17.6% to $45.1m year-over-year. This accounts for nearly two-thirds of the total revenue of $70.8m at the end of first quarter.

But revenues from its short distance passenger segment saw a decline of 17.8% year-on-year to $17.2m at the end of first quarter. Despite strong improvement in the medical segment revenue, Blade posted a net loss of $3.7m – a significant improvement from a loss of $11.3m in the same period of last year.

Potential acquisitions

William Heyburn, Blade’s chief financial officer said during the call that the sale of the passenger business to Joby will enable the company to strengthen its war chest in advance of potential acquisitions. The “capital allocation strategy supported by approximately $200m of cash on the balance sheet pro forma for the upfront proceeds from the Blade Passenger sale” will help Strata move forward, he said.

The additional $35m linked to the sale is expected in the next 12 to 18 months based on certain employee retention and financial metrics, he added. “There is also a considerable opportunity to deploy capital towards strategic acquisitions to strengthen our core business, growth potential and earnings power,” said Heyburn.

Meanwhile, Joby Aviation’s S4 eVTOL is powered by six tilting electric motors delivering vertical take-off and landing capability. The zero operating emissions aircraft will carry one pilot and up to four passengers with a predicted top speed of 200mph (322kph) and a range of 150 miles (241kms).

The Blade deal includes its operations in southern Europe, where it expanded in 2022 with the acquisitions of Monacair and Heli Securite. This marks Joby’s first official intention to operate in mainland Europe. (It also has a deal with Virgin Atlantic in the UK).

Previously, there has been a lack of clarity about US eVTOLs operating in Europe; due to a difference in safety requirements between the FAA and EASA. But a spokesperson for Joby told us: “We are ecstatic with the progress with the FAA and the broader global regulatory progress. We continue a great dialogue with EASA as all the regulations mature.” As the eVTOL industry comes to a more mature stage, key regulators are moving from special approaches into more harmonised pathways, according to the eVTOL developer.

New air taxi ecosystem

Earlier this month, Joby revealed an extended partnership with ANA Holdings (ANA HD) to bring electric air taxi service to Japan. The partners plan to deploy more than 100 Joby aircraft within a new air taxi ecosystem across Japan. Joby plans to stage eVTOL demonstration flights at Expo 2025, which is taking place between April 13th and October 13th in Osaka, Japan.

The new partnership is “a pivotal step forward,” said Koji Shibata, president and CEO of ANA HD. “Air taxi service will directly contribute to addressing Japan’s urban transportation difficulties, ultimately enhancing regional exchange and providing a new, efficient means of travel,” he said. “Demonstration flights at the Expo are the first step in addressing that challenge.”#

Helicopter Investor News

• Airbus Helicopters delivers first H160 to China
• Avincis launches HEMS operations in Greece
• Signia Aerospace acquires Precise Flight
• Blade says passenger segment sale is ‘transformational’
  
• Joby to acquire Blade’s passenger business
• HI Uplift: Bristow upbeat on offshore earnings as outlook lifted

 Helicopters for sale

Multi engine

• Total for sale/lease: 270 – two fewer than last week
• Percentage for sale/lease: 3.58%
• Absorption rate: 4.08 months
• Total fleet: 7,550 – five more than last week.

Single engine

• Total for sale/lease: 425 – four more than last week
• Percentage for sale/lease: 3.57%
• Absorption rate: 3.51 months
• Total fleet: 11,612 – eight more than last week.

 Source: AMSTAT, August 15th, 2025.