Blade Air Mobility Stock Gains After Q4 Results

Blade Air Mobility Inc BLDE reported fourth-quarter revenue growth of 144% year-over-year to $20.3 million, and +28% compared to the 2019 period, beating the consensus of $13.5 million.

• Short Distance revenues up 261% Y/Y to $13.4 million, driven by initial returns to the office this year, positively impacting commuter business and the resumption of Blade Airport service.
• MediMobility Organ Transport and Jet revenues increased 50% Y/Y to $6.6 million, driven by additional hospital and jet charter customers and growth in trip volume within Blade's existing accounts.
• Trinity Air's acquisition contributed $0.7 million of revenue in the quarter.
• Net loss widened to $(9.18) million from $(0.71) million in 4Q20. Loss from operations expanded to $(9.73) million from $(0.73) million a year ago.
• Flight margin for the quarter was 22%, compared to 19% in 4Q20 and 16% in 4Q19.
• Adjusted EBITDA loss increased to $(3.2) million from $(0.4) million in 2020 and $(1.5) million in 2019. Comparable Adjusted EBITDA loss was $(0.9) million compared to $(0.4) million in 2020, and $(1.5) million in the pre-covid 2019.
• The company noted, in recent weeks, annualized passenger run-rate has reached pre-covid levels of 20,000 fliers while Blade's overall Short Distance revenues are significantly ahead of 2020 and 2019 in the December quarter-to-date.
• "We are closely monitoring developments related to the Omicron variant, but Blade has not seen any negative impact to our businesses to date. We remain committed to adding additional airport capacity in the coming months and launching additional routes in 2022," said CFO Will Heyburn.
• Price Action: BLDE shares are trading higher by 3.97% at $8.90 during the premarket session on Monday.