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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

March 13, 2025
Date of Report (date of earliest event reported)
___________________________________
BLADE AIR MOBILITY, INC.
(Exact name of registrant as specified in its charter)
___________________________________

Delaware
(State or other jurisdiction of
incorporation or organization)
001-39046
(Commission File Number)
84-1890381
(I.R.S. Employer Identification Number)
31 Hudson Yards, 14th Floor
New York, NY 10001
(Address of principal executive offices and zip code)
(212) 967-1009
(Registrant's telephone number, including area code)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.0001 per share BLDE The Nasdaq Stock Market
Warrants, each exercisable for one share of Common Stock at a price of $11.50 BLDEW The Nasdaq Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 - Results of Operations and Financial Condition
On March 13, 2025, Blade Air Mobility, Inc. (“Blade”) issued a press release announcing its financial results for the fourth quarter ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

This information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 - Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:

Exhibit No. Description
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BLADE AIR MOBILITY, INC.
Dated: March 13, 2025
By:
 /s/ William A. Heyburn
Name:
 William A. Heyburn
Title:
 Chief Financial Officer

EX-99.1 2 blde-earningreleasexq42024.htm EX-99.1 Document
Exhibit 99.1
March 13, 2025    image_0.jpg
Blade Air Mobility Announces Fourth Quarter 2024 Results

•Full-year net loss improved by $28.8 million versus the prior year to $(27.3) million in FY 2024; Adjusted EBITDA improved by $17.8 million versus the prior year to $1.2 million in FY 2024(1)
•Full-year Passenger Segment Adjusted EBITDA of $3.6 million in 2024 represents an $8.6 million increase versus the prior year
•Q4 revenue increased 14.5% versus the prior year to $54.4 million in 2024. Excluding Canada, which we exited in August 2024, revenue increased 22.1% versus the prior year period(1)
•Net loss improved by $24.1 million versus the prior year to $(9.8) million in Q4 2024; Adjusted EBITDA improved by $4.9 million versus the prior year to $(0.4) million in Q4 2024(1)
•Medical Segment Adjusted EBITDA improved 119.6% to $5.5 million in Q4 2024 versus the prior year
•Reaffirming guidance for double-digit millions of Adjusted EBITDA in 2025(2)
NEW YORK — (March 13, 2025) — Blade Air Mobility, Inc. (Nasdaq: BLDE, "Blade" or the "Company"), today announced financial results for the fourth quarter ended December 31, 2024.

GAAP FINANCIAL RESULTS
(in thousands except percentages, unaudited)

Three Months Ended December 31, Year Ended December 31,
2024 2023 % Change 2024 2023 % Change
Revenue $ 54,357  $ 47,478  14.5  % $ 248,693  $ 225,180  10.4  %
Cost of revenue $ 41,768  $ 38,468  8.6  % $ 189,774  $ 183,058  3.7  %
Software development 743  988  (24.8) % 3,184  4,627  (31.2) %
General and administrative 18,954  41,242  (54.0) % 81,711  95,174  (14.1) %
Selling and marketing 1,264  2,413  (47.6) % 7,950  10,438  (23.8) %
Total operating expenses
 $ 62,729  $ 83,111  (24.5) % $ 282,619  $ 293,297  (3.6) %
Loss from operations $ (8,372) $ (35,633) (76.5) % $ (33,926) $ (68,117) (50.2) %
Net loss $ (9,793) $ (33,941) (71.1) % $ (27,307) $ (56,076) (51.3) %
Gross profit $ 9,026  $ 4,105  119.9  % $ 40,652  $ 22,458  81.0  %
Gross margin 16.6  % 8.6  % 800  bps 16.3  % 10.0  % 630  bps



(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.
(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.

1

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

Three Months Ended December 31, Year Ended December 31,
2024 2023 Change 2024 2023 % Change
Revenue $ 54,357  $ 47,478  14.5  % $ 248,693  $ 225,180  10.4  %
Cost of revenue 41,768  38,468  8.6  % 189,774  183,058  3.7  %
Flight Profit 12,589  9,010  39.7  % 58,919  42,122  39.9  %
Flight Margin 23.2  % 19.0  % 418  bps 23.7  % 18.7  % 499  bps
Adjusted SG&A 13,618  14,338  (5.0) % 59,388  58,989  0.7  %
Depreciation included in cost of revenue 642  80 
NM(2)
1,674  234 
NM(2)
Adjusted EBITDA $ (387) $ (5,248) (92.6) % $ 1,205  $ (16,633)
NM(2)
Adjusted EBITDA as a percentage of Revenue (0.7) % (11.1) % 1,034  bps 0.5  % (7.4) %
NM(2)
Passenger Adjusted EBITDA $ (156) $ (2,635) (94.1) % $ 3,568  $ (4,988)
NM(2)
Medical Adjusted EBITDA $ 5,502  $ 2,505  119.6  % $ 19,286  $ 10,754  79.3  %
Adjusted unallocated corporate expenses and software development $ (5,733) $ (5,118) 12.0  % $ (21,649) $ (22,399) (3.3) %
(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.
(2) Not meaningful.

2

"As promised, we are pleased to deliver our first full-year of Adjusted EBITDA profitability as significant revenue growth and margin expansion in both Medical and Passenger drove a $17.8 million year-over-year improvement in our Adjusted EBITDA in 2024," said Rob Wiesenthal, Blade's Chief Executive Officer. "This important profitability milestone comes as we continued our rapid growth with revenue excluding Canada increasing 22.1% in Q4 2024 versus the prior year period and is only the first step in our plan to generate multi-year, compounding growth in Free Cash Flow and Adjusted EBITDA."

Wiesenthal added, "While we continue to drive further cost efficiencies in our Passenger business, we remain laser focused on maximizing growth in Urban Air Mobility products such as our New York City airport transfer service, which saw high-teens year-over-year revenue expansion in Q4. Services like Blade Airport are key to accelerating and de-risking our planned shift from helicopters to eVTOL. This combination of revenue growth and cost efficiencies enabled us to improve on our achievement of positive trailing twelve month Passenger Segment Adjusted EBITDA last quarter, more than a year ahead of our target, by posting $3.6 million of Passenger Segment Adjusted EBITDA for the full-year 2024, a $8.6 million increase versus the prior year."

"We have successfully positioned both the Medical and Passenger businesses to benefit from improved economies of scale, driven by our aircraft investments and additional capacity purchase agreements that enable us to use our increasing volumes to drive margin expansion," said Will Heyburn, Chief Financial Officer. "Our 119.6% year-over-year improvement in Medical Segment Adjusted EBITDA this quarter, on 13.7% revenue growth, highlights the benefits of this strategy."

Heyburn added, "We're also pleased to report that Q4 2024 was our first quarter with Medical Segment Adjusted EBITDA margins above our 15% near-term target. Though this metric will show lumpiness quarter-to-quarter driven by aircraft maintenance schedules and overall trip volumes, we're happy to be able to demonstrate the attainability of this goal earlier than expected."

"Early results following our European restructuring have been very encouraging with strong year-over-year revenue growth and solid profitability improvement in the winter ski season to-date," said Melissa Tomkiel, President. "In Medical, our aircraft investments continue to provide much more than just financial benefits, illustrated by our expected launch with two new transplant centers in April, following competitive processes that required direct aircraft ownership."

Fourth Quarter Ended December 31, 2024 Financial Highlights
▪Total revenue increased 14.5% to $54.4 million in the current quarter versus $47.5 million in the prior year period, driven primarily by growth in both our Passenger and Medical segments. Excluding Canada, which we exited in August 2024, revenue increased 22.1%, versus the prior year period.
▪Flight Profit(1) increased 39.7% to $12.6 million in the current quarter versus $9.0 million in the prior year period, driven by strong growth in both the Medical and Passenger segments.
▪Flight Margin(1) improved to 23.2% in the current quarter from 19.0% in the prior year period. Passenger Flight Margin expansion was driven by margin improvements in Short Distance and Jet & Other Passenger, along with our exit from Canada. In Medical, Flight Margin expansion was primarily driven by our aircraft capacity strategy.
▪Medical revenue increased 13.7% to $36.4 million in the current quarter versus $32.0 million in the prior year period. The increase in Air revenue was primarily driven by trip volume partially offset by a reduction in block hours per trip as we increased the size of our dedicated fleet and positioned aircraft closer to our customers, reducing repositioning cost while improving our ability to react quickly. Ground and TOPS, our organ matching service, grew faster than the Medical segment average.




(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.
3

▪Short Distance revenue decreased 14.7% to $9.1 million in the current quarter versus $10.7 million in the prior year period. Excluding Canada, which we exited in August 2024, Short Distance revenue increased 17.7%(1) versus the prior year period. The increase was primarily driven by Leisure, Other Short Distance and New York Airport.
▪Jet and Other revenue increased 84.7% to $8.8 million in the current quarter versus $4.8 million in the prior year period primarily driven by higher flight volumes.
▪Net loss improved by $24.1 million versus the prior year to $(9.8) million in the current quarter driven primarily by a $27.3 million improvement in loss from operations partially offset by other non-operating income and income taxes.
▪Adjusted EBITDA(1) increased by $4.9 million year-over-year to $(0.4) million in the current quarter versus $(5.2) million in the prior year period primarily due to a $3.0 million improvement in Medical Segment Adjusted EBITDA and a $2.5 million increase in Passenger Segment Adjusted EBITDA in the quarter partially offset by an increase in Adjusted Unallocated Corporate Expenses and Software Development.
▪Operating Cash Flow increased by $7.6 million to $(1.8) million in the current quarter. Capital expenditures of $5.0 million were driven primarily by the $3.2 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 $5.8 million to $(3.6) million in the current quarter.
▪Ended FY 2024 with $127.1 million in cash and short term investments.

Business Highlights and Recent Updates
▪In Medical, we owned nine aircraft at the end of December 2024 and 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 year with six contracted customers and a strong sales pipeline.
▪We announced an alliance with Skyports Infrastructure to launch a pilot program that will expand Blade’s existing by-the-seat helicopter transfer service, connecting the Downtown Manhattan Heliport and John F. Kennedy International Airport (“JFK”), starting in April of this year.
▪In March, Blade introduced a new mobile app that offers an enhanced user experience, easy flight booking, flexible payment options, trip management functionality and many more features.

Financial Outlook(2)
For the full year 2025, we expect:
▪Revenue of $245-265 million
▪Double-digit Adjusted EBITDA

Conference Call
The Company will conduct a conference call starting at 8:00 a.m. ET on Thursday March 13, 2025 to discuss the results for the fourth quarter ended December 31, 2024.
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) 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.
(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.


4

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.



5

We have also shown revenue and Short Distance revenue excluding the impact of Canada in this release. These amounts reflect total revenue and short distance 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.



6

Financial Results

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

December 31,
2024		 December 31, 2023
Assets
Current assets:
Cash and cash equivalents $ 18,378  $ 27,873 
Restricted cash 1,269  1,148 
Accounts receivable, net of allowance of $112 and $98 at December 31, 2024 and December 31, 2023, respectively 21,591  21,005 
Short-term investments 108,757  138,264 
Prepaid expenses and other current assets 10,747  17,971 
Total current assets 160,742  206,261 
Non-current assets:
Property and equipment, net 30,918  2,899 
Intangible assets, net 13,653  20,519 
Goodwill 41,050  40,373 
Operating right-of-use asset 8,876  23,484 
Other non-current assets 1,436  1,402 
Total assets $ 256,675  $ 294,938 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses $ 12,766  $ 23,859 
Deferred revenue 6,656  6,845 
Operating lease liability, current 3,304  4,787 
Total current liabilities 22,726  35,491 
Non-current liabilities:
Warrant liability 5,808  4,958 
Operating lease liability, long-term 6,018  19,738 
Deferred tax liability 185  451 
Total liabilities 34,737  60,638 
Stockholders' Equity
Preferred stock, $0.0001 par value, 2,000,000 shares authorized; no shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively —  — 
Common stock, $0.0001 par value; 400,000,000 authorized; 79,419,028 and 75,131,425 shares issued at December 31, 2024 and December 31, 2023, respectively 7  7 
Additional paid in capital 407,076  390,083 
Accumulated other comprehensive income 1,753  3,964 
Accumulated deficit (186,898) (159,754)
Total stockholders' equity 221,938  234,300 
Total Liabilities and Stockholders' Equity $ 256,675  $ 294,938 




7

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,
2024 2023 2024 2023
Revenue $ 54,357  $ 47,478  $ 248,693  $ 225,180 
Operating expenses
Cost of revenue 41,768  38,468  189,774  183,058 
Software development 743  988  3,184  4,627 
General and administrative 18,954  41,242  81,711  95,174 
Selling and marketing 1,264  2,413  7,950  10,438 
Total operating expenses 62,729  83,111  282,619  293,297 
Loss from operations (8,372) (35,633) (33,926) (68,117)
Other non-operating income (expense)
Interest income 1,590  2,264  7,214  8,442 
Change in fair value of warrant liabilities (3,116) (1,698) (850) 2,125 
Realized gain from sales of short-term investments —  103  —  8 
Total other non-operating (expense) income (1,526) 669  6,364  10,575 
Loss before income taxes (9,898) (34,964) (27,562) (57,542)
Income tax benefit (105) (1,023) (255) (1,466)
Net loss $ (9,793) $ (33,941) $ (27,307) $ (56,076)






























8

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

Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Cash Flows From Operating Activities:
Net loss $ (9,793) $ (33,941) $ (27,307) $ (56,076)
Adjustments to reconcile net loss to net cash and restricted cash used in operating activities:
Depreciation and amortization 1,530  1,806  5,962  7,111 
Stock-based compensation 4,526  3,153  19,893  12,501 
Change in fair value of warrant liabilities 3,116  1,698  850  (2,125)
Excess of lease liability over operating right-of-use assets —  —  (123) — 
Gain on lease modification (547) —  (622) — 
Accretion of interest income on held-to-maturity securities (870) (1,803) (3,990) (6,519)
Deferred tax benefit (105) (1,023) (255) (1,466)
Impairment of intangible assets —  20,753  5,759  20,753 
Bad debt expense 167  (8) 335  163 
Other (1) (6) (55) (12) 46 
Changes in operating assets and liabilities:
Prepaid expenses and other current assets (1,960) (4,928) 6,352  (6,032)
Accounts receivable 2,613  125  (998) (10,254)
Other non-current assets (562) 12  (70) 4 
Operating right-of-use assets/lease liabilities 83  (42) 164  379 
Accounts payable and accrued expenses (2) 4,963  (8,338) 9,049 
Deferred revenue 58  (30) (119) 117 
Net cash used in operating activities (1,752) (9,320) (2,519) (32,349)
Cash Flows From Investing Activities:
Acquisitions, net of cash acquired —  —  (2,230) — 
Capitalized software development costs (459) —  (2,119) — 
Investment in joint venture —  (39) —  (39)
Purchase of property and equipment (4,583) (24) (30,875) (2,109)
Proceeds from disposal of property and equipment 7  138  13  138 
Purchase of short-term investments —  —  —  (135)
Proceeds from sales of short-term investments —  —  —  20,532 
Purchase of held-to-maturity investments (489) —  (143,255) (265,835)
Proceeds from maturities of held-to-maturity investments 9,500  —  177,450  264,537 
Net cash provided by / (used in) investing activities 3,976  75  (1,016) 17,089 
Cash Flows From Financing Activities:
Proceeds from the exercise of common stock options 44  7  168  70 
Taxes paid related to net share settlement of equity awards (3,918) (30) (5,683) (146)
Repurchase and retirement of common stock —  —  (244) — 
Net cash used in financing activities (3,874) (23) (5,759) (76)
Effect of foreign exchange rate changes on cash balances (109) 15  (80) (66)
Net decrease in cash and cash equivalents and restricted cash (1,759) (9,253) (9,374) (15,402)
Cash and cash equivalents and restricted cash - beginning
 21,406  38,274  29,021  44,423 
Cash and cash equivalents and restricted cash - ending
 $ 19,647  $ 29,021  $ 19,647  $ 29,021 
Reconciliation to consolidated balance sheets
Cash and cash equivalents
 $ 18,378  $ 27,873  $ 18,378  $ 27,873 
Restricted cash
 1,269  1,148  1,269  1,148 
Total cash, cash equivalents and restricted cash $ 19,647  $ 29,021  $ 19,647  $ 29,021 
(1) Prior year amounts have been updated to conform to current period presentation.












9

Key Metrics and Non-GAAP Financial Information

DISAGGREGATED REVENUE BY PRODUCT LINE
(in thousands, unaudited)

Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Passenger segment
Short Distance $ 9,133  $ 10,703  $ 72,203  $ 70,700 
Jet and Other 8,836  4,784  29,673  27,876 
Total $ 17,969  $ 15,487  $ 101,876  $ 98,576 
Medical segment
MediMobility Organ Transport $ 36,388  $ 31,991  146,817  126,604 
Total $ 36,388  $ 31,991  $ 146,817  $ 126,604 
Total Revenue $ 54,357  $ 47,478  $ 248,693  $ 225,180 


IMPACT OF FORMER OPERATIONS IN CANADA ON REPORTED REVENUE
(in thousands except percentages, unaudited)

Three Months Ended December 31, Year Ended December 31,
2024 2023 % Change 2024 2023 % Change
Revenue $ 54,357  $ 47,478  14.5  % $ 248,693  $ 225,180  10.4  %
Canada revenue —  (2,942) (6,384) (10,474)
Revenue excluding Canada $ 54,357  $ 44,536  22.1  % $ 242,309  $ 214,706  12.9  %
Short Distance $ 9,133  $ 10,703  (14.7) % $ 72,203  $ 70,700  2.1  %
Canada revenue —  (2,942) (6,384) (10,474)
Short Distance Revenue excluding Canada $ 9,133  $ 7,761  17.7  % $ —  $ 65,819  $ 60,226  9.3  %


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,
2024 2023 2024 2023
Passenger Revenue $ 17,969  $ 15,487  $ 101,876  $ 98,576 
Medical Revenue 36,388  31,991  146,817  126,604 
Total Revenue $ 54,357  $ 47,478  $ 248,693  $ 225,180 
Passenger Flight Profit $ 4,123  $ 2,580  $ 25,878  $ 19,444 
Medical Flight Profit 8,466  6,430  33,041  22,678 
Total Flight Profit $ 12,589  $ 9,010  $ 58,919  $ 42,122 
Passenger Flight Margin 22.9  % 16.7  % 25.4  % 19.7  %
Medical Flight Margin 23.3  % 20.1  % 22.5  % 17.9  %
Total Flight Margin 23.2  % 19.0  % 23.7  % 18.7  %
Passenger Adjusted EBITDA $ (156) $ (2,635) $ 3,568  $ (4,988)
Medical Adjusted EBITDA 5,502  2,505  19,286  10,754 
Adjusted unallocated corporate expenses and software development (5,733) (5,118) (21,649) (22,399)
Total Adjusted EBITDA $ (387) $ (5,248) $ 1,205  $ (16,633)





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LAST TWELVE MONTHS PASSENGER ADJUSTED EBITDA
(in thousands, unaudited)

Three Months Ended
Last Twelve Months December 31,
2024		 September 30,
2024		 June 30,
2024		 March 31,
2024
Passenger Adjusted EBITDA $ 3,568  $ (156) $ 5,593  $ 782  $ (2,651)

SEATS FLOWN - ALL PASSENGER FLIGHTS
(unaudited)

Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Seats flown – all passenger flights(1)
16,661  17,977  94,733  95,781 
(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 years ended December 31, 2024, and 2023. The Seats Flown in Canada totaled nil and 15,251 for the three months ended December 31, 2024 and 2023, respectively and 36,465 and 55,924 for the years ended December 31, 2024 and 2023, respectively.


REVENUE, FLIGHT PROFIT, FLIGHT MARGIN, ADJUSTED SG&A, ADJUSTED EBITDA
(in thousands except percentages, unaudited)

Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Revenue $ 54,357  $ 47,478  $ 248,693  $ 225,180 
Flight Profit 12,589  9,010  58,919  42,122 
Flight Margin 23.2  % 19.0  % 23.7  % 18.7  %
Adjusted SG&A 13,618  14,338  59,388  58,989 
Adjusted SG&A as a percentage of revenue 25.1  % 30.2  % 23.9  % 26.2  %
Depreciation included in Flight Profit 642  80  1,674  234 
Adjusted EBITDA $ (387) $ (5,248) $ 1,205  $ (16,633)
Adjusted EBITDA as a percentage of revenue (0.7) % (11.1) % 0.5  % (7.4) %


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

Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Revenue $ 54,357  $ 47,478  $ 248,693  $ 225,180 
Less:
Cost of revenue(1)
41,768  38,468  189,774  183,058 
Depreciation and amortization(2)
653  1,619  3,422  6,361 
Stock-based compensation 36  69  185  193 
Other(3)
2,874  3,217  14,660  13,110 
Gross Profit $ 9,026  $ 4,105  $ 40,652  $ 22,458 
Gross Margin 16.6  % 8.6  % 16.3  % 10.0  %
Gross Profit $ 9,026  $ 4,105  $ 40,652  $ 22,458 
Reconciling items:
Depreciation and amortization(2)
653  1,619  3,422  6,361 
Stock-based compensation 36  69  185  193 
Other(3)
2,874  3,217  14,660  13,110 
Flight Profit $ 12,589  $ 9,010  $ 58,919  $ 42,122 
Flight Margin 23.2  % 19.0  % 23.7  % 18.7  %
(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) 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 personnel), commercial costs and establishment costs.


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RECONCILIATION OF TOTAL OPERATING EXPENSES TO ADJUSTED SG&A
(in thousands except percentages, unaudited)

Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Revenue $ 54,357  $ 47,478  $ 248,693  $ 225,180 
Total operating expenses 62,729  83,111  282,619  293,297 
Subtract:
Cost of revenue 41,768  38,468  189,774  183,058 
SG&A $ 20,961  $ 44,643  $ 92,845  $ 110,239 
SG&A as percentage of Revenue 38.6  % 94.0  % 37.3  % 49.0  %
Adjustments to reconcile SG&A to Adjusted SG&A
Subtract:
Depreciation and amortization included in SG&A 888  1,726  4,288  6,877 
Stock-based compensation 4,561  3,153  19,995  12,501 
Legal and regulatory advocacy fees(1)
1,286  46  1,713  686 
Executive severance costs —  182  140  447 
SOX readiness costs 97  72  399  252 
Contingent consideration compensation (earn-out)(2)
—  4,373  —  9,734 
M&A transaction costs 72  —  241  — 
Impairment of intangible assets —  20,753  5,759  20,753 
Gain on lease modification (519) —  (519) — 
Restructuring costs(3)
958  —  1,441  — 
Adjusted SG&A $ 13,618  $ 14,338  $ 59,388  $ 58,989 
Adjusted SG&A as percentage of Revenue 25.1  % 30.2  % 23.9  % 26.2  %
(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 and year ended December 31, 2024, these costs primarily related to the Drulias lawsuit and to the proposed restrictions at East Hampton Airport. For the three months and year ended December 31, 2023, these costs primarily relate to certain proposed restrictions at East Hampton Airport and potential operational restrictions on large jet aircraft at Westchester Airport.
(2) Represents contingent consideration in connection with the Trinity acquisition; 2023 was the last year subject to an earn-out payment.
(3) Includes severance, retention, legal and other one-time restructuring costs associated with a reorganization of Blade Europe and one-time termination fee of Blade Canada routes.


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

Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Net loss $ (9,793) $ (33,941) $ (27,307) $ (56,076)
Depreciation and amortization 1,530  1,806  5,962  7,111 
Stock-based compensation 4,561  3,153  19,995  12,501 
Impairment of intangible assets —  20,753  5,759  20,753 
Change in fair value of warrant liabilities 3,116  1,698  850  (2,125)
Realized gain from sales of short-term investments —  (103) —  (8)
Interest income (1,590) (2,264) (7,214) (8,442)
Income tax benefit (105) (1,023) (255) (1,466)
Legal and regulatory advocacy fees(1)
1,286  46  1,713  686 
Executive severance costs —  182  140  447 
SOX readiness costs 97  72  399  252 
Contingent consideration compensation (earn-out)(2)
—  4,373  —  9,734 
M&A transaction costs 72  —  241  — 
Gain on lease modification (519) —  (519) — 
Restructuring costs(3)
958  —  1,441  — 
Adjusted EBITDA $ (387) $ (5,248) $ 1,205  $ (16,633)
Revenue $ 54,357  $ 47,478  $ 248,693  $ 225,180 
Adjusted EBITDA as a percentage of Revenue (0.7) % (11.1) % 0.5  % (7.4) %
(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 and year ended December 31, 2024, these costs primarily related to the Drulias lawsuit and to the proposed restrictions at East Hampton Airport. For the three months and year ended December 31, 2023, these costs primarily relate to certain proposed restrictions at East Hampton Airport and potential operational restrictions on large jet aircraft at Westchester Airport.
(2) Represents contingent consideration in connection with the Trinity acquisition; 2023 was the last year subject to an earn-out payment.
(3) ) Includes severance, retention, legal and other one-time restructuring costs associated with a reorganization of Blade Europe and one-time termination fee of Blade Canada routes.


RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO FREE CASH FLOW AND FREE CASH FLOW BEFORE AIRCRAFT ACQUISITIONS
(in thousands, unaudited)

Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Net cash used in operating activities $ (1,752) $ (9,320) $ (2,519) $ (32,349)
Capitalized software development costs (459) —  (2,119) — 
Purchase of property and equipment (4,583) (24) (30,875) (2,109)
Free Cash Flow
 (6,794) (9,344) (35,513) (34,458)
Aircraft Acquisition Capital Expenditures(1)
3,242  —  25,165  — 
Free Cash Flow, before Aircraft Acquisitions $ (3,552) $ (9,344) $ (10,348) $ (34,458)
(1) Represents capital expenditures for aircraft acquisitions, excluding capitalized maintenance subsequent to initial acquisition.

LAST TWELVE MONTHS DISAGGREGATED REVENUE BY PRODUCT LINE
(in thousands, unaudited)
Three Months Ended
Last Twelve Months December 31,
2024		 September 30,
2024		 June 30,
2024		 March 31,
2024
Product Line:
Short Distance $ 72,203  $ 9,133  $ 32,352  $ 20,908  $ 9,810 
Jet and Other 29,673  8,836  6,463  8,696  5,678 
MediMobility Organ Transport 146,817  36,388  36,062  38,341  36,026 
Total Revenue $ 248,693  $ 54,357  $ 74,877  $ 67,945  $ 51,514 


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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 and Southern Europe. 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”, "target", 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 financial and liquidity outlook and guidance for 2025 and beyond), the composition and performance of its fleet, results of operations, industry environment and growth opportunities and new product lines and partnerships. 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


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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.



Contacts

For Investor Relations
Mathew Schneider
investors@blade.com

For Media Relations
Lee Gold
press@blade.com




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