Blade Air Mobility, self-described as “a technology-powered air mobility platform,” announced its First Quarter 2023 financial results today (May 11). The company cited year-over-year revenue increases of 70 percent over Q1 of 2022; short-distance revenue up 148 percent for the quarter; organ-transplant revenue up 111 percent year-over-year (and up 24 percent “sequentially” over Q4 of 2022): and an increase in overall “flight profit” of 145 percent this quarter (over Q1 2022). Blade attributes the latter numbers to growth in medical services, the acquisition of what is now Blade Europe, and “improved profitability” with Blade Canada.
Will Heyburn, Blade’s Chief Financial Officer, said, “We expect this trend to continue in the coming quarters, resulting in year-over-year Adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] improvement through the balance of the year.”
Rob Wiesenthal, Blade’s Chief Executive Officer, said, “[In our passenger-carrying business units], our number one focus remains driving the business to profitability, providing our investors with an asset-light, manufacturer-agnostic play on urban air mobility that is without peer and well-positioned to generate free cash flow, while standing ready to benefit from broader adoption with the commercialization of Electric Vertical Aircraft (EVA).”
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