Blade Air Mobility's Losses Narrow on Record Revenues

 - March 14, 2023, 9:19 AM
Blade Airport passenger service between Manhattan New York-area airports set a company record for total revenues and seats flown in Q42022. (Photo: Blade)

Blade Air Mobility's year-over-year losses narrowed to $27.26 million on revenues of $146.1 million  in 2022 versus a $32 million loss on $67 million in revenues in 2021, it announced today.

The company ended the year with a particularly strong fourth quarter, according to CEO Rob Wiesenthal. "Strong organic growth in MediMobility organ transport coupled with our acquisitions in Europe and Canada drove record revenue and flight profit in 2022. As we navigate a dynamic macro environment, we continue to believe that Blade is well-positioned to thrive in any economic climate, particularly given the non-discretionary nature of our medical business, the resilience of our fliers, and the supply flexibility afforded by our asset-light model," he said. In addition to organic growth, increased revenues were the result of higher prices and acquisitions, including Blade Europe and Blade Canada. 

Blade’s various business segments posted strong revenue growth in the fourth quarter, with revenue increasing by 55 percent year-over-year, to $38.1 million; short-distance revenue jumping 51 percent; flight profit climbing by 38 percent; and MediMobility organ transplant revenue soaring by 120 percent. The company said its “Blade Airport” passenger service between Manhattan and John F. Kennedy International (KJFK) and Newark Liberty International (KEWR) airports “has continued to show sequential improvements, with the fourth quarter setting a record for total revenues and seats flown.”

"We remain confident that our path to profitability is both tangible and forthcoming,” said Blade CFO Will Heyburn. “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."