Blade delivers record revenues but earnings down
Blade Urban Air Mobility delivered record revenue and flight profit in the second quarter (Q2) of 2022, however overall earnings fell — a decrease the firm puts down to expenses attached to its growth as a public company.
Total revenue increased 175% to $35.6m in Q2 2022 versus $13m in the prior year period. As forecasted, a flight margin of 14.3% improved sequentially versus Q1 2022, but decreased on the 23.0% posted in Q2 2021. Blade said this was driven largely by the shift towards MediMobility Organ Transport and the re-launch of Blade Airport service. That service, also as forecasted, remained below breakeven during the ramp-up period in Q2 2022.
But, as noted, adjusted EBITDA decreased to -$6.1m in the quarter from -$2.6m in Q2 2021. Blade said the decrease has been partially offset by increased flight profit.
Net income increased to $8.4m in Q2 2022 compared to a net loss of $24.3m in the prior year period. Increased revenue and a change in the fair value of warrant liabilities of $19.3m have certainly assisted, said Blade.
Rob Wiesenthal, CEO, Blade said: “We have seen continued strength in our consumer-facing businesses with revenue and average seat prices for both the second quarter and third quarter to-date well ahead of our 2019 and 2021 levels. Given unwavering demand from our fliers coupled with continued strong sequential growth in our MediMobility Organ Transport business, Blade has proven it is well positioned to thrive in this uncertain macroeconomic environment.”
Revenue for short distance flights increased 89% to $11m in Q2 2022 against $5.8m in Q2 2021. This growth was boosted by Blade’s acquisition of Helijet’s passenger routes in Vancouver, growth in short distance charter, as well as higher pricing across the network.
Blade’s acquisition of Trinity in September last years means organ transport revenues have increased 1,013% to $17.2m.
Revenues from jet travel and other sectors increased 32% to $7.4m, up $5.6m from Q2 2021, driven primarily by an increase in the average price per trip.
“We look forward to closing our acquisitions in Europe, where our roll-up of the commercial activities of three prominent urban air mobility operators will fortify Blade’s leadership in the region,” said Melissa Tomkiel, president, Blade. “Our urban air mobility alliance with JetBlue has now been launched, providing preferred pricing and other benefits for seamless air transport between Manhattan and New York area airports for the TrueBlue loyalty program membership base.”