Blade Air Mobility, Inc. (Nasdaq: BLDE, "Blade" or the "Company"),
today announced financial results for the second quarter ended
June 30, 2024.
GAAP FINANCIAL RESULTS(in
thousands except percentages, unaudited)
| |
Three Months Ended June 30, |
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
2024 |
|
2023 |
|
% Change |
|
|
2024 |
|
2023 |
|
% Change |
|
|
Revenue |
$ |
67,945 |
|
|
$ |
60,989 |
|
|
11.4 |
% |
|
$ |
119,459 |
|
|
$ |
106,260 |
|
|
12.4 |
% |
|
Cost of revenue |
$ |
51,591 |
|
|
$ |
50,620 |
|
|
1.9 |
% |
|
$ |
92,966 |
|
|
$ |
88,727 |
|
|
4.8 |
% |
|
Software development |
|
971 |
|
|
|
1,440 |
|
|
(32.6 |
)% |
|
|
1,641 |
|
|
|
2,563 |
|
|
(36.0 |
)% |
|
General and administrative |
|
25,136 |
|
|
|
18,410 |
|
|
36.5 |
% |
|
|
42,345 |
|
|
|
34,667 |
|
|
22.1 |
% |
|
Selling and marketing |
|
2,396 |
|
|
|
2,728 |
|
|
(12.2 |
)% |
|
|
4,524 |
|
|
|
5,339 |
|
|
(15.3 |
)% |
| Total operating expenses |
$ |
80,094 |
|
|
$ |
73,198 |
|
|
9.4 |
% |
|
$ |
141,476 |
|
|
$ |
131,296 |
|
|
7.8 |
% |
| Loss from operations |
$ |
(12,149 |
) |
|
$ |
(12,209 |
) |
|
(0.5 |
)% |
|
$ |
(22,017 |
) |
|
$ |
(25,036 |
) |
|
(12.1 |
)% |
| Net loss |
$ |
(11,326 |
) |
|
$ |
(12,232 |
) |
|
(7.4 |
)% |
|
$ |
(15,560 |
) |
|
$ |
(22,424 |
) |
|
(30.6 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross profit |
$ |
11,336 |
|
|
$ |
5,081 |
|
|
123.1 |
% |
|
$ |
17,188 |
|
|
$ |
8,310 |
|
|
106.8 |
% |
| Gross margin |
|
16.7 |
% |
|
|
8.3 |
% |
|
840bps |
|
|
14.4 |
% |
|
|
7.8 |
% |
|
660bps |
| |
|
NON-GAAP(1) FINANCIAL RESULTS(in thousands except
percentages, unaudited) |
| |
| |
Three Months Ended June 30, |
|
|
|
|
Six Months Ended June 30, |
|
|
|
| |
2024 |
|
2023 |
|
Change |
|
|
2024 |
|
2023 |
|
% Change |
|
|
Revenue |
$ |
67,945 |
|
|
$ |
60,989 |
|
|
11.4 |
% |
|
$ |
119,459 |
|
|
$ |
106,260 |
|
|
12.4 |
% |
|
Cost of revenue |
|
51,591 |
|
|
|
50,620 |
|
|
1.9 |
% |
|
|
92,966 |
|
|
|
88,727 |
|
|
4.8 |
% |
| Flight Profit(2) |
|
16,354 |
|
|
|
10,369 |
|
|
57.7 |
% |
|
|
26,493 |
|
|
|
17,533 |
|
|
51.1 |
% |
|
Flight Margin |
|
24.1 |
% |
|
|
17.0 |
% |
|
707bps |
|
|
22.2 |
% |
|
|
16.5 |
% |
|
568bps |
| Adjusted SG&A |
|
15,834 |
|
|
|
14,869 |
|
|
6.5 |
% |
|
|
29,602 |
|
|
|
29,789 |
|
|
(0.6 |
)% |
| Depreciation and amortization
included in cost of revenue |
|
438 |
|
|
|
52 |
|
|
NM(3) |
|
|
521 |
|
|
|
84 |
|
|
NM(3) |
| Adjusted EBITDA |
$ |
958 |
|
|
$ |
(4,448 |
) |
|
NM(3) |
|
$ |
(2,588 |
) |
|
$ |
(12,172 |
) |
|
(78.7 |
)% |
|
Adjusted EBITDA as a percentage of Revenue |
|
1.4 |
% |
|
(7.3 |
)% |
|
NM(3) |
|
(2.2 |
)% |
|
(11.5 |
)% |
|
929bps |
| Passenger Adjusted EBITDA |
$ |
782 |
|
|
$ |
(2,075 |
) |
|
NM(3) |
|
$ |
(1,869 |
) |
|
$ |
(5,130 |
) |
|
(63.6 |
)% |
| Medical Adjusted EBITDA |
$ |
5,524 |
|
|
$ |
3,023 |
|
|
82.7 |
% |
|
$ |
9,933 |
|
|
$ |
4,903 |
|
|
102.6 |
% |
| Adjusted unallocated corporate
expenses and software development |
$ |
(5,348 |
) |
|
$ |
(5,396 |
) |
|
(0.9 |
)% |
|
$ |
(10,652 |
) |
|
$ |
(11,945 |
) |
|
(10.8 |
)% |
(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) Includes $438 and $52 of depreciation and amortization
for owned aircraft and vehicles in the three months ended June 30,
2024 and 2023, respectively and $521 and $84 in the six months
ended June 30, 2024 and 2023, respectively.(3) Not meaningful.
"This quarter marks Blade’s first Adjusted
EBITDA positive Q2 as a public company with both the Medical and
Passenger segments enjoying strong performance and contributing
positive Segment Adjusted EBITDA in the quarter," said Rob
Wiesenthal, Blade's Chief Executive Officer. "We are also pleased
to see continued sequential growth in Medical as well as increasing
adoption of Blade's ground and organ placement offerings. We've
exited certain Passenger routes that didn't meet our return
thresholds and we remain relentless in our pursuit of profitability
in core markets that are showing growth by improving customer
acquisition globally, including by launching a new codeshare with
Emirates to and from Monaco, by opening two new terminals at Nice
Airport and by opening a new heliport in Atlantic City at Ocean
Casino."
"We continued our drive towards full-year
profitability in the Passenger Segment this quarter, posting our
first ever Q2 with positive Passenger Segment Adjusted EBITDA, a
$2.9 million improvement versus the prior year period," said
Will Heyburn, Chief Financial Officer. "As part of this effort, we
restructured our Canadian operations to eliminate further losses
and lay the groundwork for our ultimate exit from the Canadian
market within the next year. We simply did not see a near-term path
to profitability using conventional rotorcraft, however, we remain
enthusiastic about the long-term opportunity for Electric Vertical
Aircraft in Western Canada and have structured our departure to
maintain multiple paths to re-launch Canadian operations in the
future, following the introduction of electric vertical
aircraft."
"During the quarter, we closed on seven of the
eight previously announced jet aircraft acquisitions and we’re
encouraged by both the value these aircraft provide to our
customers and the initial financial performance of the fleet to
date, generating a return on invested capital above 30%," said
Melissa Tomkiel, Blade's President. "While we continue to believe
that the vast majority of our flying will remain with third-party
owned and operated aircraft, we see an opportunity to further
improve our customer value proposition while generating strong
returns by expanding our fleet of owned aircraft."
Second Quarter Ended June 30, 2024
Financial Highlights
- Total revenue increased 11.4% to
$67.9 million in the current quarter versus $61.0 million in the
prior year period. Excluding the impact of discontinuing our
BladeOne scheduled by-the-seat jet service between New York and
South Florida and the temporary support of a large hospital
customer in the year ago period, total revenue increased 17.5%
year-over-year.
- Flight Profit(1) increased 57.7% to
$16.4 million in the current quarter versus $10.4 million in
the prior year period, driven by strong growth in both the Medical
and Passenger segments.
- Flight Margin(1) improved to 24.1%
in the current quarter from 17.0% in the prior year period, driven
by strong performance of our owned aircraft fleet, growth in ground
revenue and improved pricing in the Medical segment, coupled with
improved profitability in our New York Airport transfer product,
Europe and Jet Charter in the Passenger segment.
- Medical revenue increased 11.5% to
$38.3 million in the current quarter versus $34.4 million in the
prior year period. Medical revenue increased 6.4% sequentially
versus Q1 2024. Excluding the impact of our temporary support of a
large hospital customer in the prior year period, Medical revenue
increased 19.0% year-over-year driven by growth in both block hours
flown and revenue per block hour.
- Short Distance revenue increased
9.0% to $20.9 million in the current quarter versus $19.2 million
in the prior year period. The increase was primarily driven by our
New York Airport transfer product and growth in Europe.
- Jet and Other revenue increased
17.4% to $8.7 million in the current quarter versus $7.4 million in
the prior year period driven by growth in Jet Charter and
non-flight revenue, partially offset by the discontinuation of our
BladeOne seasonal by-the-seat jet service between New York and
South Florida.
- Net loss decreased 7.4% to $(11.3)
million in the current quarter versus $(12.2) million in the prior
year period and improved as a percentage of revenue to (16.7)% in
the current quarter from (20.1)% in the prior year period.
- Adjusted EBITDA(1) improved by $5.4
million year-over-year to $1.0 million in the current quarter
versus $(4.4) million in the prior year period, primarily due to an
82.7% increase in Medical Segment Adjusted EBITDA to $5.5 million
in the current quarter, and a $2.9 million improvement in
Passenger Segment Adjusted EBITDA to $0.8 million. Adjusted
Unallocated Corporate Expenses and Software Development decreased
(0.9)% versus the prior year period.
- Capital expenditures of
$16.9 million were driven primarily by the $14.6 million
purchase of aircraft in the Medical segment.
- Repurchased 80,102 shares for
$0.2 million during the quarter. In addition, we changed our
Restricted Stock Unit tax withholding method to “withhold-to-cover”
from “sell-to-cover” during the quarter, deploying approximately
$1.0 million of balance sheet cash to retire 332,212 shares.
- Ended Q2 2024 with
$142.0 million in cash and short term investments.
Business Highlights and Recent
Updates
- In mid July, Blade opened two new
private passenger lounges in terminals 1 and 2 at Nice Côte d'Azur
Airport. These lounges enhance the Blade passenger experience by
providing a place to relax, enjoy food and refreshments and access
free Wi-Fi before the flight.
- Blade opened a new rooftop helipad
at the Ocean Casino Resort in Atlantic City, NJ and announced a
partnership with the resort to offer scheduled service in the
summer months.
- Blade announced a global codeshare
agreement with Emirates that enables passengers to fly seamlessly
between Dubai and Monaco. When Emirates passengers fly Blade back
from Monaco, checked luggage will flow to the final destination and
upon arrival at Nice Airport, passengers will be escorted to the
helipad-side security clearance for security and customs and driven
directly to their gate, bypassing in-terminal congestion and public
security queues.
- During Q2 2024, we closed on seven
of the eight aircraft acquisitions that we announced earlier this
year and expect to close on the eighth aircraft during Q3
2024.
- We amended the agreement with our
partner in Canada during Q2 2024 to eliminate further losses in
2024 and lay the groundwork for Blade's ultimate exit within the
next year.
Financial Outlook(2)
The Company is reaffirming its guidance. For the
full year 2024, we expect:
- Revenue of $240 million to $250 million
- Positive Adjusted EBITDA
For the full year 2025, we expect:
- Double-digit year-over-year revenue growth
- Double-digit Adjusted EBITDA
(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.
Conference Call
The Company will conduct a conference call
starting at 4:30 p.m. ET on Wednesday August 7, 2024 to
discuss the results for the second quarter ended June 30,
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.
Use of Non-GAAP Financial
InformationBlade 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 and Free Cash Flow 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, ROU
asset amortization, 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
variable costs associated with those operations.
Free Cash Flow – Blade defines Free Cash Flow as
net cash provided by / (used in) operating activities less capital
expenditures and capitalized software development costs.
Financial Results
| |
|
BLADE AIR MOBILITY, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS(in thousands, except share
data, unaudited) |
| |
| |
June 30,2024 |
|
December 31,2023 |
| Assets |
|
|
|
| Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
26,308 |
|
|
$ |
27,873 |
|
|
Restricted cash |
|
2,058 |
|
|
|
1,148 |
|
|
Accounts receivable, net of allowance of $278 and $98 at
June 30, 2024 and December 31, 2023, respectively |
|
27,723 |
|
|
|
21,005 |
|
|
Short-term investments |
|
115,643 |
|
|
|
138,264 |
|
|
Prepaid expenses and other current assets |
|
11,180 |
|
|
|
17,971 |
|
|
Total current assets |
|
182,912 |
|
|
|
206,261 |
|
| |
|
|
|
| Non-current assets: |
|
|
|
|
Property and equipment, net |
|
22,093 |
|
|
|
2,899 |
|
|
Intangible assets, net |
|
13,701 |
|
|
|
20,519 |
|
|
Goodwill |
|
39,574 |
|
|
|
40,373 |
|
|
Operating right-of-use asset |
|
21,123 |
|
|
|
23,484 |
|
|
Other non-current assets |
|
928 |
|
|
|
1,402 |
|
|
Total assets |
$ |
280,331 |
|
|
$ |
294,938 |
|
| |
|
|
|
| Liabilities and
Stockholders' Equity |
|
|
|
| Current liabilities: |
|
|
|
|
Accounts payable and accrued expenses |
$ |
16,875 |
|
|
$ |
23,859 |
|
|
Deferred revenue |
|
9,266 |
|
|
|
6,845 |
|
|
Operating lease liability, current |
|
4,145 |
|
|
|
4,787 |
|
|
Total current liabilities |
|
30,286 |
|
|
|
35,491 |
|
|
|
|
|
|
| Non-current liabilities: |
|
|
|
|
Warrant liability |
|
2,393 |
|
|
|
4,958 |
|
|
Operating lease liability, long-term |
|
17,864 |
|
|
|
19,738 |
|
|
Deferred tax liability |
|
402 |
|
|
|
451 |
|
|
Total liabilities |
|
50,945 |
|
|
|
60,638 |
|
| |
|
|
|
| Stockholders'
Equity |
|
|
|
|
Preferred stock, $0.0001 par value, 2,000,000 shares authorized; no
shares issued and outstanding at June 30, 2024 and
December 31, 2023, respectively |
|
— |
|
|
|
— |
|
|
Common stock, $0.0001 par value; 400,000,000 authorized; 77,934,085
and 75,131,425 shares issued at June 30, 2024 and
December 31, 2023, respectively |
|
7 |
|
|
|
7 |
|
|
Additional paid in capital |
|
401,753 |
|
|
|
390,083 |
|
|
Accumulated other comprehensive income |
|
2,777 |
|
|
|
3,964 |
|
|
Accumulated deficit |
|
(175,151 |
) |
|
|
(159,754 |
) |
|
Total stockholders' equity |
|
229,386 |
|
|
|
234,300 |
|
| |
|
|
|
|
Total Liabilities and Stockholders' Equity |
$ |
280,331 |
|
|
$ |
294,938 |
|
| |
|
BLADE AIR MOBILITY, INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except
share and per share data, unaudited) |
| |
| |
Three Months Ended June 30, |
Six Months Ended June 30, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenue |
$ |
67,945 |
|
|
$ |
60,989 |
|
|
$ |
119,459 |
|
|
$ |
106,260 |
|
| |
|
|
|
|
|
|
|
| Operating expenses |
|
|
|
|
|
|
|
|
Cost of revenue |
|
51,591 |
|
|
|
50,620 |
|
|
|
92,966 |
|
|
|
88,727 |
|
|
Software development |
|
971 |
|
|
|
1,440 |
|
|
|
1,641 |
|
|
|
2,563 |
|
|
General and administrative |
|
25,136 |
|
|
|
18,410 |
|
|
|
42,345 |
|
|
|
34,667 |
|
|
Selling and marketing |
|
2,396 |
|
|
|
2,728 |
|
|
|
4,524 |
|
|
|
5,339 |
|
|
Total operating expenses |
|
80,094 |
|
|
|
73,198 |
|
|
|
141,476 |
|
|
|
131,296 |
|
| |
|
|
|
|
|
|
|
| Loss from operations |
|
(12,149 |
) |
|
|
(12,209 |
) |
|
|
(22,017 |
) |
|
|
(25,036 |
) |
| |
|
|
|
|
|
|
|
| Other non-operating income
(expense) |
|
|
|
|
|
|
|
|
Interest income |
|
1,788 |
|
|
|
2,077 |
|
|
|
3,860 |
|
|
|
4,031 |
|
|
Change in fair value of warrant liabilities |
|
(913 |
) |
|
|
(2,462 |
) |
|
|
2,565 |
|
|
|
(1,896 |
) |
|
Realized loss from sales of short-term investments |
|
— |
|
|
|
(14 |
) |
|
|
— |
|
|
|
(95 |
) |
|
Total other non-operating income (expense) |
|
875 |
|
|
|
(399 |
) |
|
|
6,425 |
|
|
|
2,040 |
|
| |
|
|
|
|
|
|
|
| Loss before income taxes |
|
(11,274 |
) |
|
|
(12,608 |
) |
|
|
(15,592 |
) |
|
|
(22,996 |
) |
| |
|
|
|
|
|
|
|
| Income tax expense
(benefit) |
|
52 |
|
|
|
(376 |
) |
|
|
(32 |
) |
|
|
(572 |
) |
| |
|
|
|
|
|
|
|
| Net loss |
$ |
(11,326 |
) |
|
$ |
(12,232 |
) |
|
$ |
(15,560 |
) |
|
$ |
(22,424 |
) |
| |
|
|
|
|
|
|
|
| Net loss per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.15 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.31 |
) |
|
Diluted |
$ |
(0.15 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.31 |
) |
| Weighted-average number of
shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
77,603,604 |
|
|
|
73,169,003 |
|
|
|
76,700,008 |
|
|
|
72,584,138 |
|
|
Diluted |
|
77,603,604 |
|
|
|
73,169,003 |
|
|
|
76,700,008 |
|
|
|
72,584,138 |
|
| |
|
BLADE AIR MOBILITY, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands,
unaudited) |
| |
| |
Three Months Ended June 30, |
Six Months Ended June 30, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Cash Flows From
Operating Activities: |
|
|
|
|
|
|
|
|
Net loss |
$ |
(11,326 |
) |
|
$ |
(12,232 |
) |
|
$ |
(15,560 |
) |
|
$ |
(22,424 |
) |
|
Adjustments to reconcile net loss to net cash and restricted cash
used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
1,559 |
|
|
|
1,810 |
|
|
|
3,153 |
|
|
|
3,462 |
|
|
Stock-based compensation |
|
5,647 |
|
|
|
2,797 |
|
|
|
9,965 |
|
|
|
6,018 |
|
|
Change in fair value of warrant liabilities |
|
913 |
|
|
|
2,462 |
|
|
|
(2,565 |
) |
|
|
1,896 |
|
|
Excess of lease liability over operating right-of-use assets |
|
(123 |
) |
|
|
— |
|
|
|
(123 |
) |
|
|
— |
|
|
Gain on lease modification |
|
(6 |
) |
|
|
— |
|
|
|
(53 |
) |
|
|
— |
|
|
Realized loss from sales of short-term investments |
|
— |
|
|
|
14 |
|
|
|
— |
|
|
|
95 |
|
|
Realized foreign exchange loss |
|
1 |
|
|
|
— |
|
|
|
4 |
|
|
|
5 |
|
|
Accretion of interest income on held-to-maturity securities |
|
(816 |
) |
|
|
(1,638 |
) |
|
|
(2,297 |
) |
|
|
(3,024 |
) |
|
Deferred tax expense (benefit) |
|
52 |
|
|
|
(376 |
) |
|
|
(32 |
) |
|
|
(572 |
) |
|
Impairment of intangible assets |
|
5,759 |
|
|
|
— |
|
|
|
5,759 |
|
|
|
— |
|
|
Bad debt expense |
|
171 |
|
|
|
— |
|
|
|
202 |
|
|
|
— |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Prepaid expenses and other current assets |
|
6,374 |
|
|
|
(1,004 |
) |
|
|
5,958 |
|
|
|
(2,625 |
) |
|
Accounts receivable |
|
(4,358 |
) |
|
|
(6,045 |
) |
|
|
(6,967 |
) |
|
|
(11,630 |
) |
|
Other non-current assets |
|
510 |
|
|
|
18 |
|
|
|
466 |
|
|
|
(24 |
) |
|
Operating right-of-use assets/lease liabilities |
|
66 |
|
|
|
300 |
|
|
|
39 |
|
|
|
377 |
|
|
Accounts payable and accrued expenses |
|
2,712 |
|
|
|
3,470 |
|
|
|
(7,525 |
) |
|
|
87 |
|
|
Deferred revenue |
|
1,294 |
|
|
|
2,227 |
|
|
|
2,454 |
|
|
|
3,307 |
|
| Net cash provided by /
(used in) operating activities |
|
8,429 |
|
|
|
(8,197 |
) |
|
|
(7,122 |
) |
|
|
(25,052 |
) |
| |
|
|
|
|
|
|
|
| Cash Flows From
Investing Activities: |
|
|
|
|
|
|
|
|
Capitalized software development costs |
|
(745 |
) |
|
|
— |
|
|
|
(1,056 |
) |
|
|
— |
|
|
Purchase of property and equipment |
|
(16,163 |
) |
|
|
(744 |
) |
|
|
(16,979 |
) |
|
|
(1,390 |
) |
|
Purchase of short-term investments |
|
— |
|
|
|
(14 |
) |
|
|
— |
|
|
|
(135 |
) |
|
Proceeds from sales of short-term investments |
|
— |
|
|
|
4,532 |
|
|
|
— |
|
|
|
20,532 |
|
|
Purchase of held-to-maturity investments |
|
— |
|
|
|
— |
|
|
|
(77,051 |
) |
|
|
(130,145 |
) |
|
Proceeds from maturities of held-to-maturity investments |
|
— |
|
|
|
— |
|
|
|
102,740 |
|
|
|
131,187 |
|
| Net cash (used in) /
provided by investing activities |
|
(16,908 |
) |
|
|
3,774 |
|
|
|
7,654 |
|
|
|
20,049 |
|
| |
|
|
|
|
|
|
|
| Cash Flows From
Financing Activities: |
|
|
|
|
|
|
|
|
Proceeds from the exercise of common stock options |
|
22 |
|
|
|
— |
|
|
|
113 |
|
|
|
54 |
|
|
Taxes paid related to net share settlement of equity awards |
|
(986 |
) |
|
|
(20 |
) |
|
|
(1,023 |
) |
|
|
(101 |
) |
|
Repurchase and retirement of common stock |
|
(244 |
) |
|
|
— |
|
|
|
(244 |
) |
|
|
— |
|
| Net cash used in
financing activities |
|
(1,208 |
) |
|
|
(20 |
) |
|
|
(1,154 |
) |
|
|
(47 |
) |
| |
|
|
|
|
|
|
|
| Effect of foreign exchange
rate changes on cash balances |
|
(7 |
) |
|
|
17 |
|
|
|
(33 |
) |
|
|
20 |
|
| Net decrease in cash
and cash equivalents and restricted cash |
|
(9,694 |
) |
|
|
(4,426 |
) |
|
|
(655 |
) |
|
|
(5,030 |
) |
| Cash and cash
equivalents and restricted cash - beginning |
|
38,060 |
|
|
|
43,819 |
|
|
|
29,021 |
|
|
|
44,423 |
|
| Cash and cash
equivalents and restricted cash - ending |
$ |
28,366 |
|
|
$ |
39,393 |
|
|
$ |
28,366 |
|
|
$ |
39,393 |
|
| |
|
|
|
|
|
|
|
| Reconciliation to the
unaudited interim condensed consolidated balance
sheets |
|
|
|
|
|
|
|
| Cash and cash equivalents |
$ |
26,308 |
|
|
$ |
37,348 |
|
|
$ |
26,308 |
|
|
$ |
37,348 |
|
| Restricted cash |
|
2,058 |
|
|
|
2,045 |
|
|
|
2,058 |
|
|
|
2,045 |
|
| Total cash, cash equivalents
and restricted cash |
$ |
28,366 |
|
|
$ |
39,393 |
|
|
$ |
28,366 |
|
|
$ |
39,393 |
|
| |
|
|
|
|
|
|
|
| Non-cash investing and
financing activities |
|
|
|
|
|
|
|
|
New leases under ASC 842 entered into during the period(1) |
$ |
3,777 |
|
|
$ |
146 |
|
|
$ |
6,358 |
|
|
$ |
7,312 |
|
|
Common stock issued for settlement of earn-out(1) |
|
— |
|
|
|
— |
|
|
|
3,022 |
|
|
|
1,785 |
|
|
Purchases of PPE and capitalized software in accounts payable and
accrued expenses |
|
3,348 |
|
|
|
— |
|
|
|
3,633 |
|
|
|
— |
|
|
Derecognition of ROU assets |
|
(6,367 |
) |
|
|
— |
|
|
|
(6,367 |
) |
|
|
— |
|
|
Derecognition of lease liabilities |
|
6,367 |
|
|
|
— |
|
|
|
6,367 |
|
|
|
— |
|
(1) Prior year amounts have been updated to
conform to current period presentation.
Key Metrics and Non-GAAP Financial
Information
| |
|
DISAGGREGATED REVENUE BY PRODUCT LINE(in
thousands, unaudited) |
| |
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Passenger
segment |
|
|
|
|
|
|
|
|
Short Distance |
$ |
20,908 |
|
$ |
19,184 |
|
$ |
30,718 |
|
$ |
29,609 |
| Jet and Other |
|
8,696 |
|
|
7,406 |
|
|
14,374 |
|
|
15,485 |
| Total |
$ |
29,604 |
|
$ |
26,590 |
|
$ |
45,092 |
|
$ |
45,094 |
| |
|
|
|
|
|
|
|
| Medical
segment |
|
|
|
|
|
|
|
| MediMobility Organ
Transport |
$ |
38,341 |
|
$ |
34,399 |
|
|
74,367 |
|
|
61,166 |
| Total |
$ |
38,341 |
|
$ |
34,399 |
|
$ |
74,367 |
|
$ |
61,166 |
| |
|
|
|
|
|
|
|
| Total Revenue |
$ |
67,945 |
|
$ |
60,989 |
|
$ |
119,459 |
|
$ |
106,260 |
| |
|
SEGMENT INFORMATION: REVENUE, FLIGHT PROFIT, FLIGHT
MARGIN, ADJUSTED EBITDA WITH RECONCILIATION TO TOTAL ADJUSTED
EBITDA(in thousands except percentages, unaudited) |
| |
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Passenger |
$ |
29,604 |
|
|
$ |
26,590 |
|
|
$ |
45,092 |
|
|
$ |
45,094 |
|
| Medical |
|
38,341 |
|
|
|
34,399 |
|
|
|
74,367 |
|
|
|
61,166 |
|
| Total Revenue |
$ |
67,945 |
|
|
$ |
60,989 |
|
|
$ |
119,459 |
|
|
$ |
106,260 |
|
| |
|
|
|
|
|
|
|
| Passenger |
$ |
7,317 |
|
|
$ |
4,642 |
|
|
$ |
9,426 |
|
|
$ |
7,454 |
|
| Medical |
|
9,037 |
|
|
|
5,727 |
|
|
|
17,067 |
|
|
|
10,079 |
|
| Total Flight Profit(1) |
$ |
16,354 |
|
|
$ |
10,369 |
|
|
$ |
26,493 |
|
|
$ |
17,533 |
|
| |
|
|
|
|
|
|
|
| Passenger |
|
24.7 |
% |
|
|
17.5 |
% |
|
|
20.9 |
% |
|
|
16.5 |
% |
| Medical |
|
23.6 |
% |
|
|
16.6 |
% |
|
|
22.9 |
% |
|
|
16.5 |
% |
| Total Flight Margin |
|
24.1 |
% |
|
|
17.0 |
% |
|
|
22.2 |
% |
|
|
16.5 |
% |
| |
|
|
|
|
|
|
|
| Passenger |
$ |
782 |
|
|
$ |
(2,075 |
) |
|
$ |
(1,869 |
) |
|
$ |
(5,130 |
) |
| Medical |
|
5,524 |
|
|
|
3,023 |
|
|
|
9,933 |
|
|
|
4,903 |
|
| Adjusted unallocated corporate
expenses and software development |
|
(5,348 |
) |
|
|
(5,396 |
) |
|
|
(10,652 |
) |
|
|
(11,945 |
) |
| Total Adjusted EBITDA |
$ |
958 |
|
|
$ |
(4,448 |
) |
|
$ |
(2,588 |
) |
|
$ |
(12,172 |
) |
(1) Includes $438 and $52 of depreciation and
amortization for owned aircraft and vehicles in the three months
ended June 30, 2024 and 2023, respectively and $521 and $84 in the
six months ended June 30, 2024 and 2023, respectively.
| |
|
SEATS FLOWN - ALL PASSENGER
FLIGHTS(unaudited) |
| |
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Seats flown – all passenger
flights |
44,037 |
|
41,637 |
|
71,745 |
|
70,187 |
| |
|
REVENUE, FLIGHT PROFIT, FLIGHT MARGIN, ADJUSTED SG&A,
ADJUSTED EBITDA(in thousands except percentages,
unaudited) |
| |
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenue |
$ |
67,945 |
|
|
$ |
60,989 |
|
|
$ |
119,459 |
|
|
$ |
106,260 |
|
| Flight Profit(1) |
|
16,354 |
|
|
|
10,369 |
|
|
|
26,493 |
|
|
|
17,533 |
|
|
Flight Margin |
|
24.1 |
% |
|
|
17.0 |
% |
|
|
22.2 |
% |
|
|
16.5 |
% |
| Adjusted SG&A |
|
15,834 |
|
|
|
14,869 |
|
|
|
29,602 |
|
|
|
29,789 |
|
|
Adjusted SG&A as a percentage of revenue |
|
23.3 |
% |
|
|
24.4 |
% |
|
|
24.8 |
% |
|
|
28.0 |
% |
| Depreciation and amortization
included in cost of revenue |
|
438 |
|
|
|
52 |
|
|
|
521 |
|
|
|
84 |
|
| Adjusted EBITDA |
$ |
958 |
|
|
$ |
(4,448 |
) |
|
$ |
(2,588 |
) |
|
$ |
(12,172 |
) |
| Adjusted EBITDA as a percentage
of revenue |
|
1.4 |
% |
|
(7.3 |
)% |
|
(2.2 |
)% |
|
(11.5 |
)% |
(1) Includes $438 and $52 of depreciation and
amortization for owned aircraft and vehicles in the three months
ended June 30, 2024 and 2023, respectively and $521 and $84 in the
six months ended June 30, 2024 and 2023, respectively.
| |
|
RECONCILIATION OF REVENUE LESS COST OF REVENUE TO FLIGHT
PROFIT AND GROSS PROFIT(in thousands except percentages,
unaudited) |
| |
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenue |
$ |
67,945 |
|
|
$ |
60,989 |
|
|
$ |
119,459 |
|
|
$ |
106,260 |
|
| Less: |
|
|
|
|
|
|
|
|
Cost of revenue(1) |
|
51,591 |
|
|
|
50,620 |
|
|
|
92,966 |
|
|
|
88,727 |
|
|
Depreciation and amortization |
|
971 |
|
|
|
1,644 |
|
|
|
2,211 |
|
|
|
3,115 |
|
|
Stock-based compensation |
|
35 |
|
|
|
40 |
|
|
|
113 |
|
|
|
80 |
|
|
Other(2) |
|
4,012 |
|
|
|
3,604 |
|
|
|
6,981 |
|
|
|
6,028 |
|
| Gross Profit |
$ |
11,336 |
|
|
$ |
5,081 |
|
|
$ |
17,188 |
|
|
$ |
8,310 |
|
| Gross Margin |
|
16.7 |
% |
|
|
8.3 |
% |
|
|
14.4 |
% |
|
|
7.8 |
% |
| |
|
|
|
|
|
|
|
| Gross Profit |
$ |
11,336 |
|
|
$ |
5,081 |
|
|
$ |
17,188 |
|
|
$ |
8,310 |
|
| Reconciling items: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
971 |
|
|
|
1,644 |
|
|
|
2,211 |
|
|
|
3,115 |
|
|
Stock-based compensation |
|
35 |
|
|
|
40 |
|
|
|
113 |
|
|
|
80 |
|
|
Other(2) |
|
4,012 |
|
|
|
3,604 |
|
|
|
6,981 |
|
|
|
6,028 |
|
| Flight Profit |
$ |
16,354 |
|
|
$ |
10,369 |
|
|
$ |
26,493 |
|
|
$ |
17,533 |
|
| Flight Margin |
|
24.1 |
% |
|
|
17.0 |
% |
|
|
22.2 |
% |
|
|
16.5 |
% |
(1) Cost of revenue consists of flight costs
paid to operators of aircraft and vehicles, landing fees,
depreciation of aircraft and vehicles, ROU asset amortization,
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) Other costs include credit card processing fees, staff
costs, commercial costs and establishment costs.
| |
|
RECONCILIATION OF TOTAL OPERATING EXPENSES TO ADJUSTED
SG&A(in thousands except percentages, unaudited) |
| |
| |
Three Months Ended June 30, |
Six Months Ended June 30, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenue |
$ |
67,945 |
|
|
$ |
60,989 |
|
|
$ |
119,459 |
|
|
$ |
106,260 |
|
| |
|
|
|
|
|
|
|
| Total operating expenses |
|
80,094 |
|
|
|
73,198 |
|
|
|
141,476 |
|
|
|
131,296 |
|
| Subtract: |
|
|
|
|
|
|
|
| Cost of revenue |
|
51,591 |
|
|
|
50,620 |
|
|
|
92,966 |
|
|
|
88,727 |
|
|
SG&A |
$ |
28,503 |
|
|
$ |
22,578 |
|
|
$ |
48,510 |
|
|
$ |
42,569 |
|
| SG&A as percentage of
Revenue |
|
42.0 |
% |
|
|
37.0 |
% |
|
|
40.6 |
% |
|
|
40.1 |
% |
| Adjustments to
reconcile SG&A to Adjusted SG&A |
|
|
|
|
|
|
|
| Subtract: |
|
|
|
|
|
|
|
| Depreciation and amortization
included in SG&A |
|
1,121 |
|
|
|
1,758 |
|
|
|
2,632 |
|
|
|
3,378 |
|
| Stock-based compensation |
|
5,546 |
|
|
|
2,797 |
|
|
|
10,089 |
|
|
|
6,018 |
|
| Legal and regulatory advocacy
fees(1)(2) |
|
139 |
|
|
|
— |
|
|
|
262 |
|
|
|
423 |
|
| Executive severance costs |
|
— |
|
|
|
119 |
|
|
|
— |
|
|
|
265 |
|
| SOX readiness costs |
|
82 |
|
|
|
35 |
|
|
|
82 |
|
|
|
35 |
|
| Contingent consideration
compensation (earn-out)(3) |
|
— |
|
|
|
3,000 |
|
|
|
— |
|
|
|
2,661 |
|
| M&A transaction costs |
|
22 |
|
|
|
— |
|
|
|
84 |
|
|
|
— |
|
| Impairment of intangible
assets |
|
5,759 |
|
|
|
— |
|
|
|
5,759 |
|
|
$ |
— |
|
|
Adjusted SG&A |
$ |
15,834 |
|
|
$ |
14,869 |
|
|
$ |
29,602 |
|
|
$ |
29,789 |
|
| Adjusted SG&A as
percentage of Revenue |
|
23.3 |
% |
|
|
24.4 |
% |
|
|
24.8 |
% |
|
|
28.0 |
% |
(1) For the six months ended June 30, 2024,
represents legal advocacy fees related to the Drulias lawsuit 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.(2) For the six months ended June 30, 2023,
represents certain legal and regulatory advocacy fees for certain
proposed restrictions at East Hampton Airport and potential
operational restrictions on large jet aircraft at Westchester
Airport, 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. (3) Trinity’s contingent
consideration, 2023 was the last year subject to an earn-out
payment.
| |
|
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (in
thousands except percentages, unaudited) |
| |
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Net loss |
$ |
(11,326 |
) |
|
$ |
(12,232 |
) |
|
$ |
(15,560 |
) |
|
$ |
(22,424 |
) |
| |
|
|
|
|
|
|
|
| Depreciation and
amortization |
|
1,559 |
|
|
|
1,810 |
|
|
|
3,153 |
|
|
|
3,462 |
|
| Stock-based compensation |
|
5,546 |
|
|
|
2,797 |
|
|
|
10,089 |
|
|
|
6,018 |
|
| Change in fair value of
warrant liabilities |
|
913 |
|
|
|
2,462 |
|
|
|
(2,565 |
) |
|
|
1,896 |
|
| Realized loss from sales of
short-term investments |
|
— |
|
|
|
14 |
|
|
|
— |
|
|
|
95 |
|
| Interest income |
|
(1,788 |
) |
|
|
(2,077 |
) |
|
|
(3,860 |
) |
|
|
(4,031 |
) |
| Income tax expense
(benefit) |
|
52 |
|
|
|
(376 |
) |
|
|
(32 |
) |
|
|
(572 |
) |
| Legal and regulatory advocacy
fees(1)(2) |
|
139 |
|
|
|
— |
|
|
|
262 |
|
|
|
423 |
|
| Executive severance costs |
|
— |
|
|
|
119 |
|
|
|
— |
|
|
|
265 |
|
| SOX readiness costs |
|
82 |
|
|
|
35 |
|
|
|
82 |
|
|
|
35 |
|
| Contingent consideration
compensation (earn-out)(3) |
|
— |
|
|
|
3,000 |
|
|
|
— |
|
|
|
2,661 |
|
| M&A transaction costs |
|
22 |
|
|
|
— |
|
|
|
84 |
|
|
|
— |
|
| Impairment of intangible
assets |
|
5,759 |
|
|
|
— |
|
|
|
5,759 |
|
|
|
— |
|
| Adjusted
EBITDA |
$ |
958 |
|
|
$ |
(4,448 |
) |
|
$ |
(2,588 |
) |
|
$ |
(12,172 |
) |
| Revenue |
$ |
67,945 |
|
|
$ |
60,989 |
|
|
$ |
119,459 |
|
|
$ |
106,260 |
|
| Adjusted EBITDA as a
percentage of Revenue |
|
1.4 |
% |
|
(7.3 |
)% |
|
(2.2 |
)% |
|
(11.5 |
)% |
(1) For the six months ended June 30, 2024,
represents legal advocacy fees related to the Drulias lawsuit 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. (2) For the six months ended June 30, 2023,
represents certain legal and regulatory advocacy fees for certain
proposed restrictions at East Hampton Airport and potential
operational restrictions on large jet aircraft at Westchester
Airport, 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. (3) Trinity’s contingent
consideration, 2023 was the last year subject to an earn-out
payment.
| |
|
RECONCILIATION OF NET CASH PROVIDED BY / (USED IN)
OPERATING ACTIVITIES TO FREE CASH FLOW (in thousands,
unaudited) |
| |
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Net cash provided by / (used in) operating
activities |
$ |
8,429 |
|
|
$ |
(8,197 |
) |
|
$ |
(7,122 |
) |
|
$ |
(25,052 |
) |
|
Capitalized software development costs |
|
(745 |
) |
|
|
— |
|
|
|
(1,056 |
) |
|
|
— |
|
|
Purchase of property and equipment |
|
(16,163 |
) |
|
|
(744 |
) |
|
|
(16,979 |
) |
|
|
(1,390 |
) |
| Free Cash Flow |
$ |
(8,479 |
) |
|
$ |
(8,941 |
) |
|
$ |
(25,157 |
) |
|
$ |
(26,442 |
) |
| |
|
LAST TWELVE MONTHS DISAGGREGATED REVENUE BY PRODUCT
LINE(in thousands, unaudited) |
| |
| |
|
|
|
Three Months Ended |
| |
|
Last Twelve Months |
|
June 30,2024 |
|
March 31, 2024 |
|
December 31, 2023 |
|
September 30, 2023 |
| Product Line: |
|
|
|
|
|
|
|
|
|
|
|
Short Distance |
|
$ |
71,809 |
|
$ |
20,908 |
|
$ |
9,810 |
|
$ |
10,703 |
|
$ |
30,388 |
| Jet and Other |
|
|
26,765 |
|
|
8,696 |
|
|
5,678 |
|
|
4,784 |
|
|
7,607 |
| MediMobility Organ
Transport |
|
|
139,805 |
|
|
38,341 |
|
|
36,026 |
|
|
31,991 |
|
|
33,447 |
| Total Revenue |
|
$ |
238,379 |
|
$ |
67,945 |
|
$ |
51,514 |
|
$ |
47,478 |
|
$ |
71,442 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 2024 and 2025 financial outlook and guidance), the
composition and performance of its fleet, results of operations,
industry environment and growth opportunities, new product lines
and partnerships, and the development and adoption of EVA
technology. 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 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.
Press ContactsFor Media RelationsLee Gold
press@blade.com
For Investor RelationsMathew Schneider investors@blade.com
Grafico Azioni Blade Air Mobility (NASDAQ:BLDE)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Blade Air Mobility (NASDAQ:BLDE)
Storico
Da Dic 2023 a Dic 2024
