Blade Air Mobility Inc (NASDAQ:BLDE) reported first-quarter FY23 revenue growth of 70% year-over-year to $45.27 million, beating the consensus of $40.51 million.

• Passenger revenue grew 32.6% Y/Y to $18.5 million, and Medical revenue +111.2% Y/Y to $26.78 million.
• Flight profit rose to $7.16 million (+145.1% Y/Y), and the margin improved by 485 bps to 15.8%.
• Strong growth in BLDE's MediMobility Organ Transport business, Blade Canada, and contribution from Blade Europe acquisitions drove flight profit.
• Loss per share improved to $(0.14), from $(0.16) in 1Q22, beating the consensus of $(0.21).
• Loss from operations contracted to $(12.83) million, compared to $(13.69) million a year ago.
• Adjusted EBITDA loss was flat YoY at $(7.72) million, margin improved to (17.1%) from (29%) in 1Q22.
• Blade's net cash used in operating activities for the quarter totaled $(16.86) million, compared to $(10.07) million a year ago.
• The company held cash and cash equivalents of $41.74 million as of March 31, 2023.
• Blade continues to demonstrate the leverage of its air mobility platform as year-over-year Flight Profit growth significantly exceeded the growth rate in Revenue and Adjusted Corporate Expense, CFO Will Heyburn said.
• Price Action: BLDE shares are trading higher by 7.29% at $3.09 on the last check Thursday.