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 yearReaffirming guidance for double-digit millions of Adjusted EBITDA in 2025(2) NEW YORK, March 13, 2025 (GLOBE NEWSWIRE) -- 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 % ChangeRevenue$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% 800bps 16.3% 10.0% 630bps (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. NON-GAAP(1) FINANCIAL RESULTS(in thousands except percentages, unaudited) Three Months Ended December 31, Year Ended December 31, 2024 2023 Change 2024 2023 % ChangeRevenue$54,357 $47,478 14.5% $248,693 $225,180 10.4%Cost of revenue 41,768 38,468 8.6% 189,774 183,058 3.7%Flight Profit 12,589 9,010 39.7% 58,919 42,122 39.9%Flight Margin 23.2% 19.0% 418bps 23.7% 18.7% 499bpsAdjusted SG&A 13,618 14,338 (5.0)% 59,388 58,989 0.7%Depreciation included in cost of revenue 642 80 NM(2) 1,674 234 NM(2)Adjusted EBITDA$(387) $(5,248) (92.6)% $1,205 $(16,633) NM(2)Adjusted EBITDA as a percentage of Revenue (0.7)% (11.1)% 1,034bps 0.5% (7.4)% NM(2)Passenger Adjusted EBITDA$(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. "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.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. (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. 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 millionDouble-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. 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 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. Financial Results BLADE AIR MOBILITY, INC. CONSOLIDATED BALANCE SHEETS(in thousands, except share data, unaudited) December 31,2024 December 31, 2023Assets 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 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) $(56,076) BLADE AIR MOBILITY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands, unaudited) Three Months Ended December 31,Year Ended December 31, 2024 2023 2024 2023 Cash Flows From Operating Activities: Net loss$(9,793) $(33,941) $(27,307) $(56,076)Adjustments to reconcile net loss to net cash and restricted cash used in 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. 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 2023Passenger segment Short Distance$9,133 $10,703 $72,203 $70,700Jet and Other 8,836 4,784 29,673 27,876Total$17,969 $15,487 $101,876 $98,576 Medical segment MediMobility Organ Transport$36,388 $31,991 146,817 126,604Total$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 % ChangeRevenue$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) 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 31,2024Passenger 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 2023Seats 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)% 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. 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 $58,989 Adjusted SG&A as percentage of Revenue 25.1% 30.2% 23.9% 26.2% (1) Includes legal advocacy fees that we do not consider representative of legal and regulatory advocacy costs that we will incur from time to time in the ordinary course of our business. For the three months and year ended December 31, 2024, these costs primarily related to the Drulias lawsuit and to the proposed restrictions at East Hampton Airport. For the three months and year ended December 31, 2023, these costs primarily relate to certain proposed restrictions at East Hampton Airport and potential operational restrictions on large jet aircraft at Westchester Airport. (2) Represents contingent consideration in connection with the Trinity acquisition; 2023 was the last year subject to an earn-out payment.(3) Includes severance, retention, legal and other one-time restructuring costs associated with a reorganization of Blade Europe and one-time termination fee of Blade Canada routes. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (in thousands except percentages, unaudited) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net loss$(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 31,2024Product Line: Short Distance $72,203 $9,133 $32,352 $20,908 $9,810Jet and Other 29,673 8,836 6,463 8,696 5,678MediMobility Organ Transport 146,817 36,388 36,062 38,341 36,026Total Revenue $248,693 $54,357 $74,877 $67,945 $51,514 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 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 RelationsMathew Schneiderinvestors@blade.com For Media RelationsLee Gold press@blade.com

Blade Air Mobility Announces Fourth Quarter 2024 Results

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