Blade Air Mobility Clocks 55% Revenue Growth In Q4, Beats Street View

  • Blade Air Mobility Inc BLDE reported fourth-quarter FY22 revenue growth of 54.9% year-over-year to $38.14 million, above the consensus of $35.96 million.
  • Loss from operations expanded to $(19.67) million, compared to $(10.54) million a year ago.
  • Net loss for the quarter totaled $(15.42) million versus a net income of $0.772 million a year ago.
  • Flight Margin was 14.3%, down versus 16% in the prior year, driven by lower margins in Jet and Other, outsized growth in MediMobility Organ Transport, and the continued ramp of Blade Airport.
  • MediMobility Organ Transport revenue increased 120% Y/Y to $21.6 million, driven by the addition of new transplant center customers, continued growth with existing customers, and strong market demand.
  • Short Distance revenue increased 51% Y/Y to $9.4 million, and Jet and Other revenue decreased 17% Y/Y to $7.1 million.
  • Adjusted EBITDA decreased to $(8.0) million from $(5.9) million in the prior year period, and improved as a percentage of revenues to (20.9)% from (24.1)%.
  • Net cash used in operating activities for the fiscal totaled $(37.13) million, compared to $(21.63) million a year ago.
  • "We remain confident that our path to profitability is both tangible and forthcoming. As a result, we expect a significant majority of our existing cash balance to be available for acquisitions that should expand our air mobility capabilities and accelerate Blade's trajectory to positive free cash flow," commented Will Heyburn, Blade's Chief Financial Officer.
  • The company held cash and cash equivalents of $44.4 million as of Dec. 31, 2022.
  • Price Action: BLDE shares are trading higher by 5.46% at $4.25 in premarket on the last check Tuesday.
  • Photo Via Company
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