Strata Critical Medical, Inc.

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•continued occurrence of significant losses, which we have experienced since inception;

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•continued occurrence of net losses, which we have experienced since inception;

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•any adverse publicity stemming from accidents involving small aircraft, helicopters or charter flights and, in particular, any accidents involving our third-party operators;

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•any adverse publicity stemming from accidents involving small aircraft, helicopters or charter flights and, in

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•our ability to access additional funding;

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•our ability to access additional funding to finance our operations;

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•our reliance on contractual relationships with certain transplant centers, hospitals and Organ Procurement Organizations;

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•our reliance on contractual relationships with certain transplant centers, hospitals and Organ Procurement

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•the possibility that our third-party aircraft operators may illegally, improperly or otherwise inappropriately operate our branded aircraft;

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•the possibility that our third-party aircraft operators may illegally, improperly or otherwise inappropriately operate

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•interruptions or security breaches of our information technology systems;

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•interruptions or security breaches of our information technology systems, especially with the continued development and increased usage of artificial intelligence (AI);

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•risk and impact of any litigation we may be subject to;

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•the impact of any litigation or regulatory investigations that we may be subject to;

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•our ability to maintain effective internal controls and disclosure controls;

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•our ability to maintain effective internal controls and disclosure controls; and

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•the other factors described elsewhere in the Annual Report on Form 10-K for the year ended December 31, 2023, included under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition” or as described in the other documents and reports we file with the SEC.

Current wording

•the other factors described elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024, included under the headings “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition” or as described in the other documents and reports we file with the SEC.

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•Short Distance – Consisting primarily of helicopter and amphibious seaplane flights in the United States and Europe between 10 and 100 miles in distance. Flights are available for purchase both by-the-seat and on a full aircraft charter basis.

Current wording

•Short Distance – Consisting primarily of helicopter and amphibious seaplane flights in the United States and Europe between 10 and 100 miles in distance. Flights are available for purchase both by-the-seat and on a full aircraft charter basis. This product line previously also included flights in Canada, which we discontinued in August 2024.

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•Jet and Other – Consists principally of revenues from non-medical jet charter and by-the-seat jet flights between New York and South Florida (discontinued in November 2023), revenue from brand partners for exposure to Blade fliers and certain ground transportation services.

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•Jet and Other – Consists principally of revenues from non-medical jet charter, revenue from brand partners for exposure to Blade fliers and certain ground transportation services.

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•MediMobility Organ Transport– Consisting primarily of transportation of human organs for transplant and/or the medical teams supporting these services. Blade also offers additional services including donor logistics coordination and support evaluating potential donor organs through Trinity Organ Placement Services (“TOPS”), launched at the end of 2023.

Current wording

•MediMobility Organ Transport– Consisting primarily of transportation of human organs for transplant and/or the medical teams supporting these services. Blade also offers additional services including donor logistics coordination and support evaluating potential donor organs through our Trinity Organ Placement Services (“TOPS”) offering.

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We define “Seats flown — all passenger flights” (Seats Flown) as the total number of seats purchased by paying passengers on all flights, whether sold by-the-seat or within a charter arrangement. Our long-term consumer-facing strategy is primarily focused on growth in by-the-seat products, and we believe that Seats Flown is an important indicator of our progress in executing on this growth strategy. This metric is not always directly correlated with revenue given the significant variability in the price we charge per seat flown across our various products and routes. For products and routes sold by-the-seat, we fly significantly more passengers at a low price per seat; which is captured by Seats Flown. Passenger revenue is heavily influenced by the Jet and Other product lines where we typically fly fewer passengers over long distances at a high price. We believe the Seats Flown metric is useful to investors in understanding the overall scale of our Passenger segment and trends in the number of passengers paying to use our service.

Current wording

We define “Seats flown — all passenger flights” (Seats Flown) as the total number of seats purchased and flown by paying passengers on all flights, whether sold by-the-seat or within a charter arrangement. Our long-term consumer-facing strategy is primarily focused on growth in by-the-seat products, and we believe that Seats Flown is an important indicator of our progress in executing on this growth strategy. This metric is not always directly correlated with revenue given the significant variability in the price we charge per seat flown across our various products and routes. For products and routes sold by-the-seat, we fly significantly more passengers at a low price per seat; which is captured by Seats Flown. Passenger revenue is heavily influenced by the Jet and Other product lines where we typically fly fewer passengers over long distances at a high price. We believe the Seats Flown metric is useful to investors in understanding the overall scale of our Passenger segment and trends in the number of passengers paying to use our service.

Previous wording

When utilizing third-party aircraft and/or aircraft operators, we typically pre-negotiate fixed hourly rates and flight times, paying only for flights actually flown, creating a predictable and flexible cost structure. Blade provides guaranteed flight commitments to some of our third-party operators through capacity purchase agreements, which enable Blade to ensure dedicated access to such aircraft with enhanced crew availability, lower costs and, in many cases, the ability to unlock more favorable rates when flying more than the minimum number of hours we guarantee to the operator. Additionally, a significant portion of Blade trips are flown by safety-vetted operators to whom Blade makes no commitments, providing us with additional flexible capacity for high demand periods.

Current wording

When utilizing third-party aircraft and/or aircraft operators, we typically pre-negotiate fixed hourly rates and flight times, paying only for flights actually flown, creating a predictable and flexible cost structure. Blade provides guaranteed flight commitments to some of our third-party operators through capacity purchase agreements (“CPAs”), which enable Blade to ensure dedicated access to such aircraft with enhanced crew availability, lower costs and, in many cases, the ability to unlock more favorable rates when flying more than the minimum number of hours we guarantee to the operator. Additionally, a significant portion of Blade trips are flown by safety-vetted operators to whom Blade makes no commitments, providing us with additional flexible capacity for high demand periods.

Previous wording

We also own a small number of fixed wing aircraft, operated and maintained by a third-party, that we utilize primarily for the Medical segment. We prioritize the use of owned aircraft and dedicated aircraft under capacity purchase agreements, which provide better economies of scale. We size our owned fleet and our commitments under capacity purchase agreements significantly below our expected demand, enabling us to maximize utilization on those aircraft while fulfilling incremental demand through our network of non-dedicated operators.

Current wording

Over the course of 2024, we acquired ten fixed wing aircraft that are currently dedicated to the Medical segment. We made the decision to invest in a limited number of owned aircraft based in high-volume geographies as we believe direct asset ownership will enable (i) improved economies of scale; (ii) increased uptime, enabling more reliable service and higher asset utilization; and (iii) the ability to compete for certain contracts where asset ownership is preferred or required. All of these aircraft are operated and maintained by third-party service providers under Blade’s oversight. We prioritize the use of owned aircraft and dedicated aircraft under CPAs, which provide better economies of scale. We size our owned fleet and our commitments under CPAs significantly below our expected demand, enabling us to maximize utilization on those aircraft while fulfilling incremental demand through our network of non-dedicated operators. As part of our broader Medical segment, we also provide technology-enabled solutions to help transplant centers and organ procurement organizations streamline organ evaluation and logistics. This service enhances the efficiency and cost-effectiveness of organ placement, further strengthening our position in the organ transportation industry.

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The organ transportation market is highly competitive and we compete for organ transportation business primarily on our ability to provide reliable, end-to-end air and ground transportation at competitive pricing. Increasingly, we compete directly with manufacturers of organ preservation equipment that also offer transportation or with providers that offer additional services, such as surgical organ recovery, that our customers find valuable. We may face increased competition as our Medical Customers may prefer a streamlined logistics offering, including services or technology that we cannot provide, which could have a material adverse effect on our business, results of operations, and financial condition.

Current wording

The organ transportation market is highly competitive and we compete for organ transportation business primarily on our ability to provide reliable, end-to-end air and ground transportation at competitive pricing. Increasingly, we compete directly with manufacturers of organ preservation equipment that also offer transportation or with providers that offer additional services, such as surgical organ recovery, that our customers find valuable. We may face increased competition as our Medical Customers may prefer a streamlined logistics offering. We have responded to customer demand by introducing new services, such as our TOPS offering, whereby we assist customers in evaluating the suitability of potential donor organs for transplant, but they may demand services or technology that we cannot provide, which could have a material adverse effect on our business, results of operations, and financial condition.

Previous wording

We utilize the same aircraft and aircraft operators in the Jet and Other product line of our Passenger segment. Historically, the combination of our Passenger and MediMobility Organ Transport demand, has been enough to incentivize operators to provide dedicated aircraft and crews for our use. However, there is no guarantee that we will continue to be able to secure dedicated aircraft at favorable rates, particularly given significant increases in demand for private jet aircraft in the United States in recent years. Periods of increased demand for private jets have historically led to increased charter costs and more limited availability in the spot jet charter market. Although this has not limited our ability to maintain or increase our access to dedicated jet aircraft at fixed prices in recent periods, jet charter, which makes up the majority of our Jet and Other product line, is highly competitive and volumes and pricing have historically been significantly influenced by overall market supply and demand.

Current wording

Historically, our significant demand for both Passenger and MediMobility Organ Transport flight capacity has been enough to incentivize operators to provide aircraft and crews for our use. However, there is no guarantee that we will continue to be able to secure dedicated aircraft at favorable rates, particularly given significant increases in demand for private jet aircraft in the United States in recent years. Periods of increased demand for private jets have historically led to increased charter costs and more limited availability in the spot jet charter market. Although this has not limited our ability to maintain or increase our access to dedicated jet aircraft at fixed prices in recent periods, jet charter, which makes up the majority of our Jet and Other product line, is highly competitive and volumes and pricing have historically been significantly influenced by overall market supply and demand.

Previous wording

Our Passenger segment growth plan is focused on dense urban areas, primarily those with existing air transportation infrastructure that are facing increasing ground congestion. Growth in our Passenger segment will depend in part on our ability to successfully enter into new markets, create and introduce new routes, and expand our existing routes by adding more frequent flights. In these areas, our urban air mobility services can provide the most time savings for our fliers, and given the short distances involved, costs for our services can be comparable to luxury, private car services. Significant changes to our existing routes or the introduction of new and unproven routes may require us to obtain and maintain applicable permits, authorizations, or other regulatory approvals. In addition, EVA may be commercially viable sooner in these markets given that battery technology constraints may limit the range of early models. Large urban markets with existing heliport infrastructure should be able to accommodate EVA while other cities may need several years to permit and build such infrastructure.

Current wording

Our Passenger segment growth plan is focused on dense urban areas, primarily those with existing air transportation infrastructure that are facing increasing ground congestion. For example, in 2022, we acquired the entities that we collectively refer to as “Blade Europe”, which operate in Southern France and Monaco. Blade Europe acts as the air charter broker and/or reseller of air transportation services operated and provided by our operator partners for routes in Southern France, Monaco, Italy and Switzerland. Growth in our Passenger segment will depend in part on our ability to successfully enter into new markets, create and introduce new routes, and expand our existing routes by adding more frequent flights. In these areas, our urban air mobility services can provide the most time savings for our fliers, and given the short distances involved, costs for our services can be comparable to luxury, private car services. Significant changes to our existing routes or the introduction of new and unproven routes may require us to obtain and maintain applicable permits, authorizations, or other regulatory approvals. In addition, EVA may be commercially viable sooner in these markets given that battery technology constraints may limit the range of early models. Large urban markets with existing heliport infrastructure should be able to accommodate EVA while other cities may need several years to permit and build such infrastructure.

Previous wording

Cost of revenue consists of flight costs paid to operators of aircraft and vehicles, landing fees, depreciation of aircraft and vehicles, ROU asset amortization, internal costs incurred in generating organ ground transportation revenue using the Company's owned vehicles and costs of operating our owned aircraft including fuel, management fees paid to the operator, maintenance costs and pilot salaries.

Current wording

Cost of revenue consists of flight costs paid to operators of aircraft and vehicles, landing fees, depreciation of aircraft and vehicles, operating lease cost, internal costs incurred in generating organ ground transportation revenue using the Company’s owned vehicles and costs of operating our owned aircraft including fuel, management fees paid to the operator, maintenance costs and pilot salaries.

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General and administrative expenses principally include staff costs including stock-based compensation, depreciation and amortization, impairment of intangible assets, directors and officers insurance costs, pilot training costs for owned aircraft, professional fees, credit card processing fees and establishment costs. Depreciation of revenue-generating assets such as aircraft and vehicles are included in Cost of revenue.

Current wording

General and administrative expenses principally include staff costs including stock-based compensation, intangibles amortization, depreciation, establishment costs, impairment of intangible assets, directors and officers insurance costs, pilot training costs for owned aircraft, professional fees and credit card processing fees.

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For the nine months ended September 30, 2024 and 2023, cost of revenue increased by $3.4 million or 2%, from $144.6 million during 2023 to $148.0 million during 2024 driven by increased flight volume.

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For the three months ended March 31, 2025 and 2024, cost of revenue increased by $1.0 million, or 2.3%, from $41.4 million during 2024 to $42.3 million in 2025 driven by increased revenue.

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For the three months ended September 30, 2024 and 2023, software development costs decreased by $(0.3) million, or (26)%, from $1.1 million during 2023 to $0.8 million in 2024, primarily due to software capitalization of development costs due to more development initiatives in the 2024 period.

Current wording

For the three months ended March 31, 2025 and 2024, software development costs increased by $0.1 million, or 21.2%, from $0.7 million during 2024 to $0.8 million in 2025. This increase was primarily due to increased stock-based compensation costs of $0.1 million due to a forfeiture in the prior year period.

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For the three months ended September 30, 2024 and 2023, general and administrative expense increased by $1.1 million, or 6%, from $19.3 million during 2023 to $20.4 million in 2024.

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For the three months ended March 31, 2025 and 2024, general and administrative expense increased by $0.1 million, or 0.6%, from $17.2 million in 2024 to $17.3 million in 2025.

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For the three months ended September 30, 2024 and 2023, selling and marketing expense decreased by $(0.5) million, or (20)%, from $2.7 million during 2023 to $2.2 million in 2024. The decrease is attributable primarily to a $0.4 million decrease in cash commissions in the Medical segment and a $0.1 million decrease in stock-based compensation.

Current wording

For the three months ended March 31, 2025 and 2024, selling and marketing expense decreased by $(0.7) million, or (32.6)%, from $2.1 million in 2024 to $1.4 million in 2025. The decrease is attributable primarily to a $0.3 million decrease in media spend in both the US and Europe markets, and a $0.4 million decrease in staff related costs (inclusive of a $0.2 million decrease in stock based-compensation).

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For the three months ended September 30, 2023, total other non-operating income consisted of: (i) $2.1 million interest income, attributable to our short-term investments and our money market funds; and (ii) $5.7 million non-cash gain due to fair value revaluation of warrant liabilities as the value of the warrant liabilities fluctuates with the warrants’ market price.

Current wording

For the three months ended March 31, 2024, total other non-operating income consisted of $2.1 million interest income, attributable to our short-term investments and our money market funds; and $3.5 million non-cash income due to fair value revaluation of warrant liabilities as the value of the warrant liabilities fluctuates with the warrants’ market price.

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We operate our business as two reportable segments - Passenger and Medical. For additional information about our segments, see Note 7 “Segment and Geographic Information” in the notes to the unaudited interim condensed consolidated financial statements of this Quarterly Report on Form 10-Q.

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We operate our business as two reportable segments - Passenger and Medical. For additional information about our segments, see Note 4 to the unaudited interim condensed consolidated financial statements included in this Quarterly Report.

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For the three months ended September 30, 2024 and 2023, Passenger revenue increased by $0.8 million or 2%, from $38.0 million in 2023 to $38.8 million in 2024. The increase was attributable to a $2.0 million increase in Short Distance offset by a $1.1 million decrease in Jet and Other. Refer to the disaggregated revenue discussion above under “—Comparison of the Three Months Ended September 30, 2024 and 2023—Revenue” for more details.

Current wording

For the three months ended March 31, 2025 and 2024, Passenger revenue increased by $2.9 million, or 18.5%, from $15.5 million in 2024 to $18.4 million in 2025. The increase was attributable to a $3.4 million increase in Jet and Other partially offset by a $(0.5) million decrease in Short Distance. Refer to the disaggregated revenue discussion above under “—Comparison of the Three Months Ended March 31, 2025 and 2024—Revenue” for more details.

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For the three months ended September 30, 2024 and 2023, Medical revenue increased by $2.6 million or 8%, from $33.4 million in 2023 to $36.1 million in 2024. Refer to the disaggregated revenue discussion above under “—Comparison of the Three Months Ended September 30, 2024 and 2023—Revenue” for more details.

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For the three months ended March 31, 2025 and 2024, Medical revenue decreased by $(0.1) million, or 0.2%, from $36.0 million in 2024 to $35.9 million in 2025. Refer to the disaggregated revenue discussion above under “—Comparison of the Three Months Ended March 31, 2025 and 2024—Revenue” for more details.

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The following table presents our consolidated Adjusted EBITDA, Flight Profit and Flight Margin results:

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The following table presents our consolidated Net Loss, Adjusted EBITDA, Gross Profit, Flight Profit, Gross Margin and Flight Margin results:

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Adjusted EBITDA improved by $13.0 million for the nine months ended September 30, 2024 from $(11.4) million in the same period of 2023 to $1.6 million in 2024. The improvement is primarily attributable to Adjusted EBITDA improvements of $6.1 million and $5.5 million in Passenger and Medical, respectively (refer to the discussion above), coupled with a $1.4 million decrease in Adjusted unallocated corporate costs and software development, attributable to a $1.0 million decrease in staff costs and a $0.5 million decrease in professional services and insurance.

Current wording

Adjusted EBITDA improved by $2.3 million for the three months ended March 31, 2025 from $(3.5) million in the same period of 2024 to $(1.2) million in 2025. The improvement is attributable to an Adjusted EBITDA improvement of $2.7 million in Passenger, partially offset by reductions in Medical of $0.3 million and in Adjusted unallocated corporate costs and software development of $0.1 million.

Previous wording

Certain non-GAAP measures included in this segment results of operations review have been derived from amounts calculated in accordance with GAAP but are not themselves GAAP measures. Blade believes that the non-GAAP measure discussed below, viewed in addition to and not in lieu of our reported U.S. GAAP results, provide useful information to investors by providing a more focused measure of operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies. These include Adjusted EBITDA, Flight Profit and Flight Margin, which we define, explain the use of and reconcile to the nearest GAAP financial measure below.

Current wording

Certain non-GAAP measures included in this report have been derived from amounts calculated in accordance with GAAP but are not themselves GAAP measures. Blade believes that the non-GAAP measures discussed below, viewed in addition to and not in lieu of our reported U.S. GAAP results, provide useful information to investors by providing a more focused measure of operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies. These include Adjusted

Previous wording

Adjusted EBITDA is defined as net loss adjusted to exclude (1) depreciation and amortization, (2) stock-based compensation, (3) change in fair value of warrant liabilities, (4) interest income and expense, (5) income tax, (6) realized gains and losses on short-term investments, (7) impairment of intangible assets and (8) certain other non-recurring items (shown below) that management does not believe are indicative of ongoing Company operating performance and would impact the comparability of results between periods.

Current wording

Adjusted EBITDA is defined as net loss adjusted to exclude (1) depreciation and amortization, (2) stock-based compensation, (3) change in fair value of warrant liabilities, (4) interest income and expense, (5) income tax, (6) realized gains and losses on short-term investments, (7) impairment of intangible assets and (8) certain other non-recurring items (shown below) that management does not believe are indicative of ongoing Company operating performance and would impact the comparability of results between periods. The Company believes the presentation of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenue are relevant and useful for investors because it allows investors to view our performance in the same manner as the primary method used by management to evaluate performance and make decisions about allocating resources.

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(1) For the three and nine months ended September 30, 2024, represents legal advocacy fees related to the Drulias lawsuit (see “— Legal and Environmental” within Note 11) that we do not consider representative of legal and regulatory advocacy costs that we will incur from time to time in the ordinary course of our business.

Current wording

(1) Includes legal advocacy fees that we do not consider representative of legal and regulatory advocacy costs that we will incur from time to time in the ordinary course of our business. For the three months ended March 31, 2025 and 2024 these costs were related primarily to the Drulias lawsuit (see “— Legal and Environmental” within Note 7).

Previous wording

Gross Profit, which is the most directly comparable GAAP financial measure to Flight Profit, is calculated as revenue less cost of revenue and other costs directly related to revenue generating transactions, including credit card processing fees, depreciation and amortization, direct staff costs including stock-based compensation, commercial costs and establishment costs. Gross Margin is calculated as Gross Profit divided by revenue. The reconciliation of Gross Profit to Flight Profit can be found in the table below.

Current wording

Gross Profit, which is the most directly comparable GAAP financial measure to Flight Profit, is calculated as revenue less cost of revenue and other costs directly related to revenue generating transactions, including credit card processing fees, real estate depreciation and intangibles amortization, direct staff costs including stock-based compensation, commercial costs and establishment costs. Gross Margin is calculated as Gross Profit divided by revenue. The reconciliation of Gross Profit to Flight Profit can be found in the table below.

Previous wording

(1) Cost of revenue consists of flight costs paid to operators of aircraft and vehicles, landing fees, depreciation of aircraft and vehicles, ROU asset amortization, internal costs incurred in generating organ ground transportation revenue using the Company's owned vehicles and costs of operating our owned aircraft including fuel, management fees paid to the operator, maintenance costs and pilot salaries.

Current wording

(1) Cost of revenue consists of flight costs paid to operators of aircraft and vehicles, landing fees, depreciation of aircraft and vehicles, operating lease cost, internal costs incurred in generating organ ground transportation revenue using the Company’s owned vehicles and costs of operating our owned aircraft including fuel, management fees paid to the operator, maintenance costs and pilot salaries.

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(2) Depreciation and amortization included within general and administrative expenses.

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(2) Represents real estate depreciation and intangibles amortization included within general and administrative.

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(3) Other costs include credit card processing fees, direct staff costs, commercial costs and establishment costs.

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(3) Other costs include credit card processing fees, direct staff costs (primarily customer facing, logistics and coordination), commercial costs and establishment costs.

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As of September 30, 2024 and December 31, 2023, we had total liquidity of $136.3 million and $166.1 million, respectively, consisting of cash and cash equivalents of $20.0 million and $27.9 million, respectively, and short-term investments of $116.3 million and $138.3 million, respectively. In addition, as of September 30, 2024 and December 31, 2023, we hadrestricted cash of $1.4 million and $1.1 million, respectively. As of September 30, 2024, $116.3 million of short-term investments consisted of securities that are traded in highly liquid markets.

Current wording

As of March 31, 2025 and December 31, 2024, we had total liquidity of $120.0 million and $127.1 million, respectively, consisting of cash and cash equivalents of $34.8 million and $18.4 million, respectively, and short-term investments of $85.2 million and $108.8 million, respectively. In addition, as of March 31, 2025 and December 31, 2024, we hadrestricted cash of $0.9 million and $1.3 million, respectively. As of March 31, 2025, $85.2 million of short-term investments consisted of securities that are traded in highly liquid markets.

Previous wording

With $136.3 million of total liquid funds as of September 30, 2024, we anticipate that we have sufficient funds to meet our current operational needs for at least the next 12 months from the date of filing this Quarterly Report.

Current wording

With $120.0 million of total liquid funds as of March 31, 2025, we anticipate that we have sufficient funds to meet our current operational needs for at least the next 12 months from the date of filing this Quarterly Report.

Previous wording

As of September 30, 2024, the Company had net working capital of $144.6 million, zero debt, cash and cash equivalents of $20.0 million and short-term investments of $116.3 million. The Company had net losses of $17.5 million and $22.1 million for the nine months ended September 30, 2024 and 2023, respectively.

Current wording

As of March 31, 2025, the Company had net working capital of $130.4 million, cash and cash equivalents of $34.8 million and short-term investments of $85.2 million. The Company had net losses of $3.5 million and $4.2 million for the three months ended March 31, 2025 and 2024, respectively.