Blade Air Mobility, Inc. (Nasdaq: BLDE, “Blade” or the “Company”), announced financial results for the first quarter ended March 31, 2025.

(1) See “Use of Non-GAAP Financial Information” 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.
(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.
(3) Not meaningful.

“We are pleased to report an excellent start to the year with revenue growth of 11% year-over-year excluding Canada, and a $2.3 million year-over-year improvement in Adjusted EBITDA,” said Rob Wiesenthal, Blade’s Chief Executive Officer. “Our strength in the Passenger Segment this quarter was particularly notable with segment revenue growing 42.0% year-over-year, excluding Canada, and our first Segment Adjusted EBITDA profitable first quarter since going public.”

Wiesenthal added, “Our strong Passenger Segment results reflect several factors including our durable competitive positioning along with the important actions we’ve taken recently to improve profitability such as our exit from Canada and broad-based cost rationalization initiatives. I’m particularly encouraged by the results in Europe following our restructuring, which led to strong revenue growth and significantly improved profitability this quarter.”

“We’re happy to deliver Medical results ahead of our guidance this quarter, while we successfully launched service with two new large hospitals on April 1st, as expected, contributing to an all-time record for trip volumes in April,” said Will Heyburn, Chief Financial Officer. “Our Medical business is well positioned to prosper in the current environment given the strength of our logistics platform, strong underlying transplant volume growth, limited economic sensitivity and insulation from tariffs.”

Heyburn added, “We continue to expect improving results throughout the rest of the year in both business lines. In Medical, we are onboarding additional new customers and expect continued growth with existing customers.   In Passenger, while the economic outlook may be uncertain, we still expect ongoing year-over-year benefits from cost and restructuring actions, as we will not anniversary our implementation of most items until the fourth quarter of this year.”

“Having now completed a rapid period of aircraft acquisitions, we are focused on improving the operational and financial performance of the fleet,” said Melissa Tomkiel, President. “Following a period of unusually heavy scheduled aircraft maintenance and associated downtime during the first half of 2025, we expect a significant improvement in the second half of the year through 2026, resulting in reduced capital expenditures and improved Medical Segment Adjusted EBITDA margins.”

First Quarter Ended March 31, 2025 Financial Highlights

• Total revenue increased 5.4% to $54.3 million in the current quarter versus $51.5 million in the prior year period, driven by growth in the Passenger segment. Excluding Canada, which we exited in August 2024, revenue increased 10.9%, versus the prior year period.
• Flight Profit⁽¹⁾ increased 18.1% to $12.0 million in the current quarter versus $10.1 million in the prior year period, driven by strong growth in the Passenger segment.
• Flight Margin⁽¹⁾ improved to 22.1% in the current quarter from 19.7% in the prior year period. Passenger Flight Margin increased to 22.0% from 13.6% in the year ago period driven by margin expansion in Short Distance, including the restructuring in Europe and our exit from Canada, along with a margin increase in Jet & Other. In Medical, Flight Margin decreased slightly to 22.1% from 22.3% in the prior year period.
• Medical revenue decreased (0.2)% to $35.9 million in the current quarter versus $36.0 million in the prior year period. Air revenue declined due to several factors including a reduction in block hours per trip, as we increased the size of our dedicated fleet and strategically positioned aircraft closer to our clients, the timing of new customer starts and a tough comparison versus the first half of 2024. Ground and TOPS, our organ matching service, revenue grew in the quarter compared with the prior year period.
• Short Distance revenue decreased 5.4% to $9.3 million in the current quarter versus $9.8 million in the prior year period. Excluding Canada, which we exited in August 2024, Short Distance revenue increased 28.1%⁽¹⁾ versus the prior year period. The increase was primarily driven by Europe.
• Jet and Other revenue increased 59.9% to $9.1 million in the current quarter versus $5.7 million in the prior year period driven by higher flight volumes and revenue per flight.
• Net loss improved by $0.7 million versus the prior year to $(3.5) million in the current quarter driven primarily by a $2.3 million improvement in loss from operations partially offset by other non-operating income and income taxes.
• Adjusted EBITDA⁽¹⁾ increased by $2.3 million year-over-year to $(1.2) million in the current quarter versus $(3.5) million in the prior year period primarily driven by improvements in Passenger.
• Passenger Segment Adjusted EBITDA improved by $2.7 million in the current quarter versus the prior year period and, on a trailing twelve month basis, rose to $6.3 million as of Q1 2025, up from $3.6 million in Q4 2024.
• Medical Segment Adjusted EBITDA decreased $(0.3) million versus the prior year period while Adjusted Unallocated Corporate Expenses and Software Development increased $0.1 million.
• Operating Cash Flow increased by $15.3 million to $(0.2) million in the current quarter. Capital expenditures of $3.2 million was driven primarily by aircraft maintenance and a $0.7 million purchase of aircraft in the Medical Segment. Free Cash Flow, Before Aircraft Acquisitions, which is net of all capital expenditures, including aircraft maintenance expenses, but excludes the impact of aircraft acquisitions, increased by $14.0 million to $(2.7) million in the current quarter.
• Ended Q1 2025 with $120.0 million in cash and short term investments.

(1) See “Use of Non-GAAP Financial Information” 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.

Business Highlights and Recent Updates

• In Medical, our tenth aircraft entered service in February 2025. We continue to expect that our owned fleet will represent approximately one third of our Medical flight hours in 2025, with the majority of flight hours remaining on third-party aircraft.
• Our organ placement service offering (“TOPS”) ended the quarter with eight contracted customers and a strong sales pipeline.
• Launched previously announced service between the Downtown Manhattan Heliport and JFK Airport, in partnership with Skyports Infrastructure. This partnership will gather data on consumer demand, flier experience, logistics and flight operations to help accelerate and derisk the launch of EVTOL operations at the facility.
• Began serving our first customers through ground distribution of loaner OrganOx metra perfusion devices, as part of our previously announced strategic alliance with OrganOx.

Financial Outlook
We are reaffirming our guidance for the full year 2025, we expect:

• Revenue of $245-265 million
• Double-digit Adjusted EBITDA⁽¹⁾

Conference Call
The Company will conduct a conference call starting at 8:00 a.m. ET on May 12, 2025 to discuss the results for the first quarter ended March 31, 2025.
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, Adjusted Unallocated Corporate Expenses, SG&A, Adjusted SG&A, Flight Profit, Flight Margin, Free Cash Flow and Free Cash Flow, before Aircraft Acquisitions and revenue excluding the impact of Canada have been reconciled to the nearest GAAP measure in the tables within this press release.

Adjusted EBITDA – Blade reports Adjusted EBITDA, which is a non-GAAP financial measure. Blade defines Adjusted EBITDA as net loss adjusted to exclude depreciation and amortization, stock-based compensation, change in fair value of warrant liabilities, interest income and expense, income tax, realized gains and losses on short-term investments, impairment of intangible assets and certain other non-recurring items that management does not believe are indicative of ongoing Company operating performance and would impact the comparability of results between periods.

Adjusted Unallocated Corporate Expenses – Blade defines Adjusted Unallocated Corporate Expenses as expenses that cannot be allocated to either of our reporting segments (Passenger and Medical) and therefore attributable to our Corporate expenses and software development, less non-cash items and certain other non-recurring items that management does not believe are indicative of ongoing Company operating performance and would impact the comparability of results between periods.

SG&A and Adjusted SG&A – Blade defines SG&A as total operating expenses excluding cost of revenue. Blade defines Adjusted SG&A as total operating expenses excluding cost of revenue and excluding non-cash items and certain other non-recurring items that management does not believe are indicative of ongoing Company operating performance and would impact the comparability of results between periods.

Flight Profit and Flight Margin – Blade defines Flight Profit as revenue less cost of revenue. Cost of revenue consists of flight costs paid to operators of aircraft and vehicles, landing fees, depreciation of aircraft and vehicles, operating lease cost, internal costs incurred in generating organ ground transportation revenue using the Company’s owned vehicles and costs of operating our owned aircraft including fuel, management fees paid to the operator, maintenance costs and pilot salaries. 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 an important measure of the profitability of the Company’s flight and ground operations, as they focus solely on the non-discretionary direct costs associated with those operations such as third-party variable costs and costs of owning and operating Blade’s owned aircraft.

Free Cash Flow and Free Cash Flow, before Aircraft Acquisitions – Blade defines Free Cash Flow as net cash provided by / (used in) operating activities less capital expenditures and capitalized software development costs. Blade also reports Free Cash Flow, before Aircraft Acquisitions, which is Free Cash Flow excluding cash outflows for aircraft acquisitions. Blade believes that Free Cash Flow and Free Cash Flow, before Aircraft Acquisitions provide important insights into the cash-generating capability of the business, with Free Cash Flow, before Aircraft Acquisition specifically highlighting the cash generated by our core operations before the impact of discretionary strategic investments in new aircraft.

We have also shown revenue, Short Distance and Passenger revenue excluding the impact of Canada in this release. These amounts reflect total revenue, Short Distance and Passenger revenue, respectively, excluding the activity in Canada in both the current and the prior year periods. The Company discontinued its operations in Canada on August 31, 2024. Management believes that presenting this information enhances the comparability of results between periods.

Financial Results

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

Key Metrics and Non-GAAP Financial Information

(1) We discontinued our operations in Canada on August 31, 2024. As a result, the Seats Flown metric above excludes activity in Canada for the three months ended March 31, 2024, which Seats Flown in Canada amounted to 14,120.

(1) Cost of revenue consists of flight costs paid to operators of aircraft and vehicles, landing fees, depreciation of aircraft and vehicles, operating lease cost, internal costs incurred in generating organ ground transportation revenue using the Company’s owned vehicles and costs of operating our owned aircraft including fuel, management fees paid to the operator, maintenance costs and pilot salaries.
(2) Represents real estate depreciation and intangibles amortization included within general and administrative.
(3) Other costs include credit card processing fees, direct staff costs (primarily customer facing, logistics and coordination), commercial costs and establishment costs.

(1) Includes legal advocacy fees 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. For the three months ended March 31, 2025 and 2024, these costs primarily related to the Drulias lawsuit.
(2) For the three months ended March 31, 2025, Other includes M&A transaction costs and legal costs in connection with the reorganization of Blade Europe. For the three months ended March 31, 2024, Other represents M&A transaction costs.

(1) Includes legal advocacy fees 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. For the three months ended March 31, 2025 and 2024, these costs primarily related to the Drulias lawsuit.
(2) )For the three months ended March 31, 2025, Other includes M&A transaction costs and legal costs in connection with the reorganization of Blade Europe. For the three months ended March 31, 2024, Other represents M&A transaction costs.

(1) Represents capital expenditures for aircraft and engine acquisitions, excluding capitalized maintenance subsequent to initial acquisition.