Blade Air Mobility Inc
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
SRTA$6.05+8.8%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Interim
Unaudited Interim Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | $74,877 | $71,442 | $194,336 | $177,702 |
| Operating expenses | ||||
| Cost of revenue | 55,040 | 55,863 | 148,006 | 144,590 |
| Software development | 800 | 1,076 | 2,441 | 3,639 |
| General and administrative | 20,412 | 19,265 | 62,757 | 53,932 |
| Selling and marketing | 2,162 | 2,686 | 6,686 | 8,025 |
| Total operating expenses | 78,414 | 78,890 | 219,890 | 210,186 |
| Loss from operations | (3,537) | (7,448) | (25,554) | (32,484) |
| Other non-operating income (expense) | ||||
| Interest income | 1,764 | 2,147 | 5,624 | 6,178 |
| Change in fair value of warrant liabilities | (299) | 5,719 | 2,266 | 3,823 |
| Realized loss from sales of short-term investments | — | — | — | (95) |
| Total other non-operating income | 1,465 | 7,866 | 7,890 | 9,906 |
| (Loss) income before income taxes | (2,072) | 418 | (17,664) | (22,578) |
| Income tax (benefit) expense | (118) | 129 | (150) | (443) |
| Net (loss) income | $(1,954) | $289 | $(17,514) | $(22,135) |
| Net (loss) income per share (Note 9): | ||||
| Basic | $(0.03) | $— | $(0.23) | $(0.30) |
| Diluted | $(0.03) | $— | $(0.23) | $(0.30) |
| Weighted-average number of shares outstanding: | ||||
| Basic | 78,044,254 | 74,139,422 | 77,151,361 | 73,108,263 |
| Diluted | 78,044,254 | 81,006,859 | 77,151,361 | 73,108,263 |
Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss
(in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net (loss) income | $(1,954) | $289 | $(17,514) | $(22,135) |
| Other comprehensive income (loss): | ||||
| Net unrealized investment income | — | — | — | 39 |
| Less: Reclassification adjustment for losses included currently in net loss | — | — | — | 64 |
| Foreign currency translation adjustments for the period | 1,396 | (1,500) | 209 | (660) |
| Other comprehensive income (loss) | 1,396 | (1,500) | 209 | (557) |
| Comprehensive loss | $(558) | $(1,211) | $(17,305) | $(22,692) |
Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity
(in thousands, except share data)
| Common Stock · Additional Paid-In Capital · Accumulated Other Comprehensive Income · AccumulatedDeficit · TotalStockholders'Equity | ||||||
|---|---|---|---|---|---|---|
| Shares · Amount | ||||||
| Balance as of July 1,2024 | 77,934,085 | $7 | $401,753 | $2,777 | $(175,151) | $229,386 |
| Issuance of common stock upon exercise of stock options | 59,000 | — | 11 | — | — | 11 |
| Issuance of common stock upon settlement of restricted stock units | 581,305 | — | — | — | — | — |
| Stock-based compensation - restricted stock | — | — | 5,402 | — | — | 5,402 |
| Shares withheld related to net share settlement | (260,367) | — | (742) | — | — | (742) |
| Other comprehensive income | — | — | — | 1,396 | — | 1,396 |
| Net loss | — | — | — | — | (1,954) | (1,954) |
| Balance as of September 30, 2024 | 78,314,023 | $7 | $406,424 | $4,173 | $(177,105) | $233,499 |
| Balance as of July 1,2023 | 73,169,003 | $7 | $383,629 | $3,230 | $(126,102) | $260,764 |
| Issuance of common stock upon exercise of stock options | 47,228 | — | 9 | — | — | 9 |
| Issuance of common stock upon settlement of restricted stock units | 996,062 | — | — | — | — | — |
| Stock-based compensation - restricted stock | — | — | 3,330 | — | — | 3,330 |
| Shares withheld related to net share settlement | (3,860) | — | (15) | — | — | (15) |
| Other comprehensive loss | — | — | — | (1,500) | — | (1,500) |
| Net income | — | — | — | — | 289 | 289 |
| Balance as of September 30, 2023 | 74,208,433 | $7 | $386,953 | $1,730 | $(125,813) | $262,877 |
| Common Stock · Additional Paid-In Capital · Accumulated Other Comprehensive Income · AccumulatedDeficit · TotalStockholders'Equity | ||||||
|---|---|---|---|---|---|---|
| Shares · Amount | ||||||
| Balance as of January 1, 2024 | 75,131,425 | $7 | $390,083 | $3,964 | $(159,754) | $234,300 |
| Issuance of common stock upon exercise of stock options | 690,463 | — | 124 | — | — | 124 |
| Issuance of common stock upon settlement of restricted stock units | 2,167,937 | — | — | — | — | — |
| Stock-based compensation - restricted stock | — | — | 15,367 | — | — | 15,367 |
| Shares withheld related to net share settlement | (604,698) | — | (1,765) | — | — | (1,765) |
| Issuance of common stock for settlement of contingent consideration compensation (earn-out) | 1,008,998 | — | 3,022 | — | — | 3,022 |
| Repurchase and retirement of common stock | (80,102) | — | (407) | — | 163 | (244) |
| Other comprehensive income | — | — | — | 209 | — | 209 |
| Net loss | — | — | — | — | (17,514) | (17,514) |
| Balances as of September 30, 2024 | 78,314,023 | $7 | $406,424 | $4,173 | $(177,105) | $233,499 |
| Balance as of January 1, 2023 | 71,660,617 | $7 | $375,873 | $2,287 | $(103,678) | $274,489 |
| Issuance of common stock upon exercise of stock options | 348,013 | — | 63 | — | — | 63 |
| Issuance of common stock upon settlement of restricted stock units | 1,830,986 | — | — | — | — | — |
| Stock-based compensation - restricted stock | — | — | 9,348 | — | — | 9,348 |
| Shares withheld related to net share settlement | (15,939) | — | (116) | — | — | (116) |
| Issuance of common stock for settlement of contingent consideration compensation (earn-out) | 384,756 | — | 1,785 | — | — | 1,785 |
| Other comprehensive loss | — | — | — | (557) | — | (557) |
| Net loss | — | — | — | — | (22,135) | (22,135) |
| Balances as of September 30, 2023 | 74,208,433 | $7 | $386,953 | $1,730 | $(125,813) | $262,877 |
Unaudited Interim Condensed Consolidated Statements of Cash Flows
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows From Operating Activities: | ||
| Net loss | $(17,514) | $(22,135) |
| Adjustments to reconcile net loss to net cash and restricted cash used in operating activities: | ||
| Depreciation and amortization | 4,432 | 5,305 |
| Stock-based compensation | 15,367 | 9,348 |
| Change in fair value of warrant liabilities | (2,266) | (3,823) |
| Excess of lease liability over operating right-of-use assets | (123) | — |
| Gain on lease modification | (75) | — |
| Realized loss from sales of short-term investments | — | 95 |
| Realized foreign exchange loss | — | 6 |
| Accretion of interest income on held-to-maturity securities | (3,120) | (4,716) |
| Deferred tax benefit | (150) | (443) |
| Impairment of intangible assets | 5,759 | — |
| Gain on disposal of property and equipment | (6) | — |
| Bad debt expense | 168 | 171 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | 8,312 | (1,104) |
| Accounts receivable | (3,611) | (10,379) |
| Other non-current assets | 492 | (8) |
| Operating right-of-use assets/lease liabilities | 81 | 421 |
| Accounts payable and accrued expenses | (8,336) | 4,086 |
| Deferred revenue | (177) | 147 |
| Net cash used in operating activities | (767) | (23,029) |
| Cash Flows From Investing Activities: | ||
| Acquisitions, net of cash acquired | (2,230) | — |
| Capitalized software development costs | (1,660) | — |
| Purchase of property and equipment | (26,292) | (2,085) |
| Proceeds from disposal of property and equipment | 6 | — |
| Purchase of short-term investments | — | (135) |
| Proceeds from sales of short-term investments | — | 20,532 |
| Purchase of held-to-maturity investments | (142,766) | (265,835) |
| Proceeds from maturities of held-to-maturity investments | 167,950 | 264,537 |
| Net cash (used in) / provided by investing activities | (4,992) | 17,014 |
| Cash Flows From Financing Activities: | ||
| Proceeds from the exercise of common stock options | 124 | 63 |
| Taxes paid related to net share settlement of equity awards | (1,765) | (116) |
| Repurchase and retirement of common stock | (244) | — |
| Net cash used in financing activities | (1,885) | (53) |
| Effect of foreign exchange rate changes on cash balances | 29 | (81) |
| Net decrease in cash and cash equivalents and restricted cash | (7,615) | (6,149) |
| Cash and cash equivalents and restricted cash - beginning | 29,021 | 44,423 |
| Cash and cash equivalents and restricted cash - ending | $21,406 | $38,274 |
| Reconciliation to the unaudited interim condensed consolidated balance sheets | ||
| Cash and cash equivalents | $20,028 | $36,815 |
| Restricted cash | 1,378 | 1,459 |
| Total cash, cash equivalents and restricted cash | $21,406 | $38,274 |
| Non-cash investing and financing activities: | ||
| New leases under ASC 842 entered into during the period | $8,545 | $8,920 |
| Common stock issued for settlement of earn-out previously in accounts payable and accrued expenses (1) | 3,022 | 1,785 |
| Purchases of PPE and capitalized software in accounts payable and accrued expenses | 3,479 | — |
| Derecognition of ROU assets | (6,367) | — |
| Derecognition of lease liabilities | 6,367 | — |
(1)Prior year amounts have been updated to conform to current period presentation.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.