Blade Flies Higher On Q1 Beat, Tightens Flight Path To Profitability

Shares of Blade Air Mobility Inc BLDE climbed Tuesday after the company reported its first-quarter results.

The company delivered a revenue and EBITDA beat on marginally better-than-expected passenger results and reiterated its full-year guidance, according to JPMorgan.

The Blade Air Mobility Analyst: Analyst Bill Peterson maintained an Overweight rating and price target of $6.

The Blade Air Mobility Thesis: Blade reported revenue of $54.3 million, beating consensus of $59.4 million, and EBITDA loss of $1.2 million, better than expectations of a loss of $3.3 million, Peterson said in the note.

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"In Passenger, exiting Canada and restructuring Europe appears to have been a prudent decision resulting in a much improved cost basis, with the full impact expected to roll through 4Q," he added.

The analyst stated that the positive impact of this decision was reflected in the first-quarter results. Given the passenger segment's higher exposure to premium consumers, "demand may be more insulated from economic uncertainty than feared," he said.

Management reiterated their revenue guidance of $245-$265 million and double-digit EBITDA growth for the year.

BLDE Price Action: Blade shares had risen by 2.12% to $3.53 at the time of publication on Tuesday.

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• Blade Beats Q1 Forecasts As Jet Surge, Short Flights Drive Gains

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