Blade Air Mobility, Inc.
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
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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.
Jun 30, 2025 · Filed Aug 5, 2025
SRTA$5.56+5.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-12.
0001779128-25-000042
Item 2. Management’s discussion and analysis of financial condition and results of operationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001779128-25-000060
Item 2. Management’s discussion and analysis of financial condition and results of operationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 196 previous paragraphs and 220 current paragraphs.
143 unchanged; 41 reworded; 34 added; 10 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (34)
Current report
•the impact of the recently announced sale of our Passenger business, our ability to successfully complete such sale on a timely basis or at all, and any inability to realize the anticipated benefits of such transaction;
Current report
Sale of Passenger business
Current report
On August 1, 2025, the Company entered into an Equity Purchase Agreement (the “Purchase Agreement”) among the Company, Trinity Medical Intermediate II, Inc., a Delaware corporation and wholly owned subsidiary of the Company, Blade Urban Air Mobility, Inc., a Delaware corporation and wholly owned subsidiary of the Company, Joby Aviation, Inc., a Delaware corporation (“Joby Aviation”), and Joby Aero, Inc., a Delaware corporation and wholly owned subsidiary of Joby Aviation (the “Joby Buyer”), pursuant to which, following a series of restructuring activities designed to separate Blade’s Passenger business from the rest of the Company’s businesses, the Joby Buyer will acquire the Blade Passenger business. The Passenger business acquired by the Joby Buyer pursuant to the Purchase Agreement shall consist of Blade’s business of offering, selling, promoting, marketing, planning, booking, brokering, coordinating and arranging the transportation of passengers on aircraft operated by other entities and related ground transportation services. The consideration to be paid to the Company will be comprised of up to $125 million in cash or shares of Joby Aviation’s common stock, par value $0.0001 per share (the “Buyer Shares”), at the Joby Buyer’s option, of which the Company will receive $90 million upon the consummation of the transactions contemplated by the Purchase Agreement (the “Closing”), subject to certain adjustments and customary indemnity holdbacks as described in the Purchase Agreement, and up to $35.0 million (the “earn out”) to be received upon the satisfaction of certain employee retention and financial performance targets described in the Purchase Agreement during the 18 and 12 months, respectively, following the Closing. The number of Buyer Shares issued to the Company, if any, shall be based on the average of the daily volume-weighted average sales price per Buyer Share on the New York Stock Exchange for each of the ten consecutive trading days ending on and including the first trading day preceding the date of Closing or, with respect to the earn out, the applicable measurement dates described in the Purchase Agreement. The consummation of the transactions contemplated by the Purchase Agreement, including the transactions contemplated by certain ancillary agreements described therein are subject to the satisfaction or waiver of certain closing conditions.
Current report
The sale, if consummated, is expected to qualify as a discontinued operation under ASC 205-20 and would be reflected as such in future financial statements upon closing. The Passenger business acquired by the Joby Buyer includes all operations currently reported within the Passenger segment, as well as certain assets and activities currently reported within unallocated corporate expenses and software development. These include certain software development personnel, Company CEO related costs and headquarter lease costs.
Current report
For the three months ended June 30, 2025 and 2024, revenue increased by $2.9 million or 4.2%, from $67.9 million in 2024 to $70.8 million in 2025.
Current report
Jet and Other revenue decreased by $(0.2) million or (2.3)% from $8.7 million in 2024 to $8.5 million in 2025.
Current report
MediMobility Organ Transport revenue increased by $6.8 million or 17.6% from $38.3 million in 2024 to $45.1 million in 2025 with significant increases in flight hours, ground, TOPS and other revenue. The increase in flight hours was primarily driven by two new contracted customers during the quarter.
Current report
For the six months ended June 30, 2025 and 2024, revenue increased by $5.6 million or 4.7%, from $119.5 million in 2024 to $125.1 million in 2025.
Current report
Short Distance revenue decreased by $(4.2) million or (13.8)% from $30.7 million in 2024 to $26.5 million in 2025. The decrease in Short Distance was primarily driven by the termination of our Canada routes in August 2024 for a $5.3 million decrease, as well as lower demand in US Short Distance for a $1.7 million decrease. This was partially offset by increased demand in Europe for a $2.5 million increase, attributable to the reorganization of the sales team in the fourth quarter of 2024 and better weather conditions in the first quarter of 2025 compared with the prior year period.
Current report
MediMobility Organ Transport revenue increased by $6.7 million or 9.0% from $74.4 million in 2024 to $81.1 million in 2025 with increases in flight hours, ground, TOPS and other revenue. The increase in flight hours was primarily driven by new customers added during the second quarter.
Current report
Cost of revenue as a percentage of revenues decreased by 1 percentage point from 76% in 2024 to 75% in 2025 driven by revenue growth in Europe Short Distance that exceeded cost increases due to operational leverage following the reorganization implemented in the fourth quarter of 2024. This was partially offset by reduced US Short Distance demand and load factors and elevated maintenance and pilot costs relative to the prior year period for our owned fleet utilized by the Medical segment.
Current report
For the six months ended June 30, 2025 and 2024, cost of revenue increased by $2.4 million or 2.6%, from $93.0 million during 2024 to $95.4 million during 2025 driven by increased revenue.
Current report
For the three months ended June 30, 2025 and 2024, software development costs decreased by $(0.1) million, or (5.8)%, from $1.0 million during 2024 to $0.9 million in 2025, primarily driven by lower spending on independent contractors partially offset by higher capitalized software amortization costs.
Current report
For the six months ended June 30, 2025 and 2024, software development costs increased by $0.1 million, or 5.2%, from $1.6 million during 2024 to $1.7 million during 2025, primarily driven by higher capitalized software amortization costs, partially offset by lower spending on independent contractors and a shift in development activities toward less app maintenance efforts (the costs of which are expensed as incurred).
Current report
For the six months ended June 30, 2025 and 2024, general and administrative expense decreased by $(4.9) million or (11.5)%, from $42.3 million during 2024 to $37.5 million in 2025.
Current report
The primary drivers for the decrease were a $5.8 million impairment charge of the exclusive rights to air transportation services associated with Blade Canada during the prior year and a $0.9 million decrease in intangibles amortization costs. These were partially offset by: (i) a $1.2 million increase in expenses related to owned aircraft, including pilot training, hangar costs and insurance. The year-over-year rise reflects six months of activity in 2025 versus only three months in 2024, as the program launched in April 2024; (ii) a $0.5 million increase in professional fees primarily driven by the Sale of Passenger business; and (iii) a $0.5 million increase in legal and regulatory advocacy fees primarily related to the Drulias lawsuit discussed in “— Legal and Environmental” within Note 7.
Current report
For the three months ended June 30, 2025, total other non-operating income consisted of: (i) $1.2 million interest income, attributable to our short-term investments and our money market funds in the current year period, lower interest income is attributable to lower invested balances compared to the prior year period; and (ii) $0.1 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 report
For the three months ended June 30, 2024, total other non-operating income consisted of: (i) $1.8 million interest income, attributable to our short-term investments and our money market funds; and (ii) $0.9 million non-cash loss due to fair value revaluation of warrant liabilities as the value of the warrant liabilities fluctuates with the warrants’ market price.
Current report
For the six months ended June 30, 2025, total other non-operating income consists of: (i) $2.5 million interest income, attributable to our short-term investments and our money market funds in the current year period, lower interest income is attributable to lower invested balances compared to the prior year period;; and (ii) $2.8 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 report
For the six months ended June 30, 2024, total other non-operating income consisted of: (i) $3.9 million interest income, attributable to our short-term investments and our money market funds; and (ii) $2.6 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 report
Passenger Adjusted EBITDA improved by $1.6 million or 205.5% for the three months ended June 30, 2025 from $0.8 million in the same period of 2024 to $2.4 million in 2025. This improvement was primarily driven by stronger performance in Europe, reflecting higher revenue and lower cost of revenue as a percentage of revenue, partially offset by lower US Short Distance revenues. $1.1 million improvement was attributable to lower selling, general and administrative expenses, primarily reflecting a reduction in selling and marketing expenses.
Current report
For the six months ended June 30, 2025 and 2024, Passenger revenue decreased by $(1.0) million or (2.3)% from $45.1 million in 2024 to $44.1 million in 2025. The decrease was attributable to a $4.2 million decrease in Short Distance that was partially offset by a $3.2 million increase in Jet and Other. Refer to the disaggregated revenue discussion above under “—Comparison of the Six Months Ended June 30, 2025 and 2024—Revenue” for more details.
Current report
Medical Adjusted EBITDA increased by $0.5 million or 9.3%, for the three months ended June 30, 2025 from $5.5 million in the same period of 2024 to $6.0 million in 2025. The increase is mostly attributable to revenue growth during the quarter, partially offset by higher pilot salaries and maintenance expenses related to the owned fleet compared to the prior year period, and a $0.5 million increase in fixed costs and commissions.
Current report
For the six months ended June 30, 2025 and 2024, Medical revenue increased by $6.7 million or 9.0%, from $74.4 million in 2024 to $81.1 million in 2025. Refer to the disaggregated revenue discussion above under “—Comparison of the Six Months Ended June 30, 2025 and 2024—Revenue” for more details.
Current report
Medical Adjusted EBITDA increased by $0.2 million or 2.1%, for the six months ended June 30, 2025 from $9.9 million in the same period of 2024 to $10.1 million in 2025. The increase is mostly attributable to revenue growth during the quarter, partially offset by higher pilot salaries and maintenance expense related to the owned fleet compared to the prior year period and a $0.5 million increase in fixed costs.
Current report
(2) Percentage not meaningful.
Current report
Gross Profit increased by $1.6 million for the three months ended June 30, 2025 from $11.3 million in the same period of 2024 to $12.9 million in 2025.
Current report
Gross Margin increased from 16.7% in the three months ended June 30, 2024 to 18.2% in the same period of 2025.
Current report
Flight Margin increased from 24.1% in the three months ended June 30, 2024 to 25.1% in the same period of 2025, attributable primarily to: (i) revenue growth in Europe Short Distance that exceeded cost increases due to operational leverage following the reorganization implemented in October 2024; and (ii) the discontinuation of Canada in August 2024, which operated with a low flight margin. This was partially offset by reduced US Short Distance demand and load factors and elevated maintenance and pilot costs relative to the prior year period for our owned fleet utilized by the Medical segment.
Current report
Net Loss improved by $8.3 million for the six months ended June 30, 2025 from $(15.6) million in the same period of 2024 to $(7.2) million in 2025. See Results of Operations for further discussion.
Current report
Adjusted EBITDA improved by $4.5 million for the six months ended June 30, 2025 from $(2.6) million in the same period of 2024 to $2.0 million in 2025. The improvement is attributable to an Adjusted EBITDA improvement in Passenger and Medical of $4.3 million and $0.2 million, respectively.
Current report
Gross Profit increased by $3.8 million for the six months ended June 30, 2025 from $17.2 million in the same period of 2024 to $21.0 million in 2025.
Current report
Gross Margin increased from 14.4% in the six months ended June 30, 2024 to 16.8% in the same period of 2025.
Current report
Cash Used In Financing Activities
Removed paragraphs (10)
Previous report
Comparison of Three Months Ended March 31, 2025 and 2024
Previous report
For the three months ended March 31, 2025 and 2024, revenue increased by $2.8 million or 5.4%, from $51.5 million in 2024 to $54.3 million in 2025.
Previous report
MediMobility Organ Transport revenue decreased by $(0.1) million or (0.2)% from $36.0 million in 2024 to $35.9 million in 2025 as increases in ground, TOPS and other revenue were more than offset by lower air flight hours. The reduction in flight hours was driven by: (i) lower than average air trip volumes from our contracted customer base during the quarter; and (ii) reduced repositioning flight hours due to basing aircraft closer to our clients, providing efficiencies and improved service, but contributing to reduced flight hours per trip. This was partially offset by increased air trips from transient, non-contracted customers.
Previous report
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.
Previous report
For the three months ended March 31, 2025, total other non-operating income consisted of $1.3 million interest income, attributable to our short-term investments and our money market funds; and $2.8 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.
Previous report
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.
Previous report
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.
Previous report
Medical Adjusted EBITDA decreased by $0.3 million, or (7.1)%, for the three months ended March 31, 2025 from $4.4 million in the same period of 2024 to $4.1 million in 2025. The decrease is largely attributable to lower utilization of our owned fleet, driven by increased maintenance downtime relative to the prior year period.
Previous report
On March 20, 2024, we announced that our Board of Directors had authorized a stock repurchase program, pursuant to which the Company may repurchase, from time to time, up to an aggregate of $20.0 million of the Company's common stock, exclusive of any fees, commissions or other expenses related to such repurchases. No shares were repurchased in the quarter ended March 31, 2025. As of March 31, 2025, there remains a potential repurchase capacity of approximately $19.8 million under the stock repurchase program that was announced on March 20, 2024. The timing and actual number of shares repurchased will depend on a variety of factors, including corporate and regulatory requirements, price and other market conditions and management’s determination as to the appropriate use of our cash. Our stock repurchases have been funded with cash on hand and we intend to continue funding future repurchases with existing cash.
Previous report
Cash (Used In) / Provided by Financing Activities
Reworded paragraphs (41)
Previous wording
•any adverse publicity stemming from accidents involving small aircraft, helicopters or charter flights and, in
Current wording
•any adverse publicity stemming from accidents involving small aircraft, helicopters or charter flights and, in particular, any accidents involving our third-party operators;
Previous wording
We discontinued our operations in Canada on August 31, 2024. As a result, the Seats Flown metric above excludes activity in Canada for the three months ended March 31, 2024, which Seats Flown in Canada amounted to 14,120.
Current wording
We discontinued our operations in Canada on August 31, 2024. As a result, the Seats Flown metric above excludes activity in Canada for the three and six months ended June 30, 2024, which Seats Flown in Canada amounted to 15,222 and 29,342, respectively.
Previous wording
Historically, we have experienced significant seasonality in our Short Distance product line with flight volume peaking during the quarters ended June 30 (Q2) and September 30 (Q3) of each fiscal year due to the busy summer travel season, with lower volume during the first and fourth quarter (Q1 and Q4).
Current wording
Historically, we have experienced significant seasonality in our Short Distance product line with flight volume peaking during the second and third quarters of each fiscal year due to the busy summer travel season, with lower volume during the first and fourth quarter.
Previous 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.
Current wording
Cost of revenue consists of flight costs paid to operators of aircraft and vehicles, landing fees, depreciation of aircraft, vehicles and machinery and equipment, 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.
Previous wording
Software development expenses consist primarily of staff costs, stock-based compensation costs and capitalized software amortization costs.
Current wording
Software development expenses consist primarily of staff costs including stock-based compensation costs, and capitalized software amortization costs.
Previous 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.
Current wording
General and administrative expenses consist primarily of 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.
Previous wording
The following table presents our consolidated statements of operations for the periods indicated:
Current wording
The following table presents our unaudited interim condensed consolidated statements of operations for the periods indicated:
Previous wording
Short Distance revenue decreased by $0.5 million or (5.4)% from $9.8 million in 2024 to $9.3 million in 2025. The decrease in Short Distance was primarily driven by the termination of our Canada routes in August 2024 for a $2.6 million decrease. This was partially offset by increased activity in Europe for a $1.9 million increase, which was attributable to the reorganization of the sales team and better weather conditions compared with the prior year period.
Current wording
Short Distance revenue decreased by $(3.7) million or (17.8)%, from $20.9 million in 2024 to $17.2 million in 2025. The decrease in Short Distance was primarily driven by the termination of our Canada routes in August 2024 for a $2.7 million decrease and lower demand in US Short Distance for a $1.8 million decrease. This was partially offset by increased demand in Europe for a $0.6 million increase, which was attributable to the reorganization of the sales team in the fourth quarter of 2024.
Previous wording
Jet and Other revenue increased by $3.4 million, or 59.9%, from $5.7 million in 2024 to $9.1 million in 2025. This increase was driven primarily by growth in jet charters both through higher volumes and higher revenue per flight.
Current wording
Jet and Other revenue increased by $3.2 million or 22.3% from $14.4 million in 2024 to $17.6 million in 2025. This increase was primarily driven by growth in jet charters both through higher volumes and higher revenue per flight.
Previous wording
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.
Current wording
For the three months ended June 30, 2025 and 2024, cost of revenue increased by $1.5 million, or 2.9% from $51.6 million during 2024 to $53.1 million in 2025, primarily driven by increased revenue.
Previous wording
Cost of revenue as a percentage of revenue decreased by 2 percentage points from 80% to 78%, driven by: (i) revenue growth in Europe Short Distance that exceeded cost increases due to operational leverage following the restructuring implemented in October 2024; (ii) improved performance in the jet charter product; and (iii) the discontinuation of Canada in August 2024, which operated with a high cost of revenue to revenue ratio.
Current wording
Cost of revenue as a percentage of revenues decreased by 2 percentage points from 78% in 2024 to 76% in 2025 driven by: (i) revenue growth in Europe Short Distance that exceeded cost increases due to operational leverage following the reorganization implemented in the fourth quarter of 2024; (ii) higher jet charter volumes; and (iii) the discontinuation of Canada in August 2024, which operated with a high cost of revenue to revenue ratio. This was partially offset by reduced US Short Distance demand and load factors, owned fleet elevated maintenance downtime in the first quarter and elevated maintenance and pilot costs in the second quarter, relative to the prior year period.
Previous wording
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.
Current wording
For the three months ended June 30, 2025 and 2024, general and administrative expense decreased by $(5.0) million, or (19.9)%, from $25.1 million during 2024 to $20.1 million in 2025.
Previous wording
The primary drivers for the increase were: (i) a $0.9 million increase in expenses related to the owned aircraft, including pilot training, hangar costs and insurance (which did not exist in the prior year period); and (ii) a $0.2 million increase in legal and regulatory advocacy fees primarily related to the Drulias lawsuit discussed in “— Legal and Environmental” within Note 7. These were partially offset by a $0.6 million decrease in intangibles amortization costs and a $0.3 million decrease in other professional fees with lower audit and legal fees.
Current wording
The primary drivers for the decrease were a $5.8 million impairment charge of the exclusive rights to air transportation services associated with Blade Canada during the prior year and a $0.3 million decrease in intangibles amortization costs. These were partially offset by: (i) a $0.6 million increase in professional fees primarily driven by the Sale of Passenger business; (ii) a $0.3 million increase in expenses related to owned aircraft, including pilot training, hangar costs and insurance, as we added more aircraft compared to prior year period; and (iii) a $0.2 million increase in legal and regulatory advocacy fees primarily related to the Drulias lawsuit discussed in “— Legal and Environmental” within Note 7.
Previous 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).
Current wording
For the three months ended June 30, 2025 and 2024, selling and marketing expense decreased by $(0.8) million, or (31.8)%, from $2.4 million during 2024 to $1.6 million in 2025. The decrease is attributable primarily to a $0.5 million decrease in media spend in both the US and Europe markets, and a $0.3 million decrease in stock based-compensation costs attributable to the Passenger segment.
Previous wording
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.
Current wording
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 in this Quarterly Report on Form 10-Q.
Previous wording
Comparison of the Three Months Ended March 31, 2025 and 2024
Current wording
For the three months ended June 30, 2025 and 2024, Passenger revenue decreased by $(3.9) million or (13.2)%, from $29.6 million in 2024 to $25.7 million in 2025. The decrease was attributable to a $3.7 million decrease in Short Distance and a $0.2 million decrease in Jet and Other. Refer to the disaggregated revenue discussion above under “—Comparison of the Three Months Ended June 30, 2025 and 2024—Revenue” for more details.
Previous wording
Passenger Adjusted EBITDA improved by $2.7 million for the three months ended March 31, 2025 from $(2.7) million in the same period of 2024 to $0.1 million in 2025. This improvement was primarily driven by higher revenue combined with lower cost of revenue as a percentage of revenue in Europe and Jet charter, contributing a $1.9 million improvement. An additional $0.7 million improvement was driven by lower sales and general and administrative expenses, primarily reflecting a $0.5 million reduction in staff-related costs.
Current wording
Passenger Adjusted EBITDA improved by $4.3 million for the six months ended June 30, 2025 from $(1.9) million in the same period of 2024 to $2.4 million in 2025. $2.3 million improvement was driven by stronger performance in Europe, reflecting higher revenue and lower cost of revenue as a percentage of revenue, as well as the termination of our Canada routes. An additional $1.9 million improvement was attributable to lower selling, general and administrative expenses, primarily reflecting a reduction of $1.1 million in staff-related costs and a reduction of $0.7 million in marketing expense.
Previous wording
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.
Current wording
For the three months ended June 30, 2025 and 2024, Medical revenue increased by $6.8 million or 17.6%, from $38.3 million in 2024 to $45.1 million in 2025. Refer to the disaggregated revenue discussion above under “—Comparison of the Three Months Ended June 30, 2025 and 2024—Revenue” for more details.
Previous wording
Net loss improved by $0.7 million for the three months ended March 31, 2025 from $(4.2) million in the same period of 2024 to $(3.5) million in 2025. See Results of Operations for further discussion.
Current wording
Net Loss improved by $7.6 million for the three months ended June 30, 2025 from $11.3 million in the same period of 2024 to $3.7 million in 2025. See Results of Operations for further discussion.
Previous 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.
Current wording
Adjusted EBITDA improved by $2.2 million for the three months ended June 30, 2025 from $1.0 million in the same period of 2024 to $3.2 million in 2025. The improvement is attributable to Adjusted EBITDA improvements in both Passenger and Medical for $1.6 million and $0.5 million, respectively, and an improvement in Adjusted unallocated corporate costs and software development of $0.1 million.
Previous wording
Gross Profit increased by $2.2 million for the three months ended March 31, 2025 from $5.9 million in the same period of 2024 to $8.1 million in 2025. Flight Profit increased by $1.8 million, or 18%, for the three months ended March 31, 2025 from $10.1 million in the same period of 2024 to $12.0 million in 2025, attributable to a 5.4% increase in revenue coupled with higher Flight Margin (as discussed below).
Current wording
Flight Profit increased by $1.4 million or 8.5% for the three months ended June 30, 2025 from $16.4 million in the same period of 2024 to $17.7 million in 2025 attributable to a 4.2% increase in revenue coupled with higher Flight Margin (as discussed below).
Previous wording
Gross Margin increased from 11.4% in the three months ended March 31, 2024 to 14.9% in the same period of 2025. Flight Margin increased from 19.7% in the three months ended March 31, 2024 to 22.1% in the same period of 2025, attributable primarily to: (i) revenue growth in Europe Short Distance that exceeded cost increases due to operational leverage following the restructuring implemented in October 2024; (ii) improved performance in the jet charter product; and (iii) the discontinuation of Canada in August 2024, which operated with a low flight margin.
Current wording
Flight Margin increased from 22.2% in the six months ended June 30, 2024 to 23.8% in the same period of 2025, attributable primarily to: (i) revenue growth in Europe Short Distance that exceeded cost increases due to operational leverage following the reorganization implemented in October 2024; (ii) improved performance in the jet charter product; and (iii) the discontinuation of Canada in August 2024, which operated with a low flight margin. This was partially offset by reduced US Short Distance demand and load factors and elevated maintenance and pilot costs relative to the prior year period for our owned fleet utilized by the Medical segment.
Previous 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
Current 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 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 EBITDA, Flight Profit, and Flight Margin, which we define, explain the use of and reconcile to the nearest GAAP financial measure below.
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. 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.
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.
Previous 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).
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 and six months ended June 30, 2025 and 2024 these costs were related primarily to the Drulias lawsuit (see “— Legal and Environmental” within Note 7).
Previous wording
(2) For the three months ended March 31, 2025, Other includes M&A transaction costs and legal costs in connection with the reorganization of Blade Europe. For the three months ended March 31, 2024, Other represents M&A transaction costs.
Current wording
(2) For the three months ended June 30, 2025, Other primarily includes professional fees in connection with the Sale of Passenger business. For the three months ended June 30, 2024, Other includes M&A professional fees. For the six months ended June 30, 2025, Other primarily includes professional fees in connection with the Sale of Passenger business and restructuring costs associated with the reorganization of Blade Europe. For the six months ended June 30, 2024, Other includes M&A professional fees.
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, 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.
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, 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 Revenue to Gross Profit and Gross Profit to Flight Profit can be found in the table below.
Previous wording
Reconciliation of Gross Profit to Flight Profit
Current wording
Reconciliation of Revenue to Gross Profit and Gross Profit to Flight Profit
Previous 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.
Current wording
(1) Cost of revenue consists of flight costs paid to operators of aircraft and vehicles, landing fees, depreciation of aircraft, vehicles and machinery and equipment, 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.
Previous 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.
Current wording
As of June 30, 2025 and December 31, 2024, we had total liquidity of $113.4 million and $127.1 million, respectively, consisting of cash and cash equivalents of $58.8 million and $18.4 million, respectively, and short-term investments of $54.7 million and $108.8 million, respectively. In addition, as of June 30, 2025 and December 31, 2024, we hadrestricted cash of $1.6 million and $1.3 million, respectively. As of June 30, 2025, $54.7 million of short-term investments consisted of securities that are traded in highly liquid markets.
Previous 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.
Current wording
With $113.4 million of total liquid funds as of June 30, 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. Although we have not historically sought external sources of financing to help fund our operational needs, we may in the future seek to take advantage of market opportunities to obtain financing on terms we deem attractive.
Previous 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.
Current wording
As of June 30, 2025, the Company had net working capital of $130.2 million, cash and cash equivalents of $58.8 million and short-term investments of $54.7 million. The Company had net losses of $7.2 million and $15.6 million for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
In the course of our business, we have certain contractual relationships with third-party aircraft operators pursuant to which we may be contingently required to make payments in the future. As of March 31, 2025, we had commitments to purchase flights from various aircraft operators with aggregate minimum flight purchase guarantees of $4.9 million and $6.1 million for the years ending December 31, 2025 and 2026, respectively. See “—Capacity Purchase Agreements” within Note 7 to the unaudited interim condensed consolidated financial statements for additional information and for information about future periods. Additionally, the Company has operating lease obligations related to real estate and vehicles with expected annual minimum lease payments of $1.6 million and $2.1 million for the years ending December 31, 2025 and 2026, respectively.
Current wording
In the course of our business, we have certain contractual relationships with third-party aircraft operators pursuant to which we may be contingently required to make payments in the future. As of June 30, 2025, we had commitments to purchase flights from various aircraft operators with aggregate minimum flight purchase guarantees of $6.3 million and $7.6 million for the years ending December 31, 2025 and 2026, respectively. See “—Capacity Purchase Agreements” within Note 7 to the unaudited interim condensed consolidated financial statements for additional information and for information about future periods. Additionally, the Company has operating lease obligations related to real estate and vehicles with expected annual minimum lease payments of $1.1 million and $2.1 million for the years ending December 31, 2025 and 2026, respectively.
Previous wording
We have non-cancellable commitments which primarily relate to cloud services and other items in the ordinary course of business. The amounts are determined based on the non-cancellable quantities to which we are contractually obligated. In December 2023, the Company entered into a technology service agreement with a vendor for cloud computing services where we are committed to spend $0.6 million and $1.6 millionfor the years ending December 31, 2025 and 2026, respectively.
Current wording
We have non-cancellable commitments which primarily relate to cloud services and other items in the ordinary course of business. The amounts are determined based on the non-cancellable quantities to which we are contractually obligated. In December 2023, the Company entered into a technology service agreement with a vendor for cloud computing services where we are committed to the remaining spend of $0.4 million and $1.6 millionfor the years ending December 31, 2025 and 2026, respectively.
Previous wording
For the three months ended March 31, 2025, net cash used in operating activities was $0.2 million, driven by a net loss of $3.5 million and $0.7 million of cash provided by working capital, adjusted for non-cash items consisting of stock-based compensation expense of $4.2 million, depreciation and amortization of $1.7 million, non-cash accretion of interest income on held-to-maturity securities of $0.7 million and income from change in fair value of warrant liabilities of $2.8 million. The $0.7 million of cash provided by working capital was primarily driven by a decrease in prepaid expenses and other current assets of $2.3 million, driven by VAT refunds and decrease in prepaid operator payments, and an increase in deferred revenue of $1.3 million attributable to customer prepayments; partially offset by a decrease in accounts payable and accrued expenses of $2.3 million, driven by the payment of the 2024 short term incentive plan and an increase in accounts receivable of $0.5 million.
Current wording
For the six months ended June 30, 2025, net cash used in operating activities was $3.3 million, driven by a net loss of $7.2 million and $5.2 million of cash used for working capital requirements, adjusted for non-cash items consisting of stock-based compensation expense of $9.6 million, depreciation and amortization of $3.5 million, non-cash accretion of interest income on held-to-maturity securities of $1.5 million, income from change in fair value of warrant liabilities of $2.8 million and certain other non-cash charges totaling $0.4 million. The $5.2 million of cash used for working capital was primarily driven by an increase in accounts receivable of $6.8 million, reflecting growth in the Medical segment and seasonal trends in the Passenger segment; a $1.7 million increase in prepaid expenses and other current assets driven by higher prepaid operator payments and medical accrued revenue; partially offset by a $2.3 million increase in deferred revenue attributable to customer prepayments and a $0.9 million increase in accounts payable and accrued expenses.
Previous wording
For the three months ended March 31, 2024, net cash used in operating activities was $15.6 million, driven by a net loss of $4.2 million and $12.2 million of cash used for working capital requirements, adjusted for non-cash items consisting of stock-based compensation expense of $4.3 million, depreciation and amortization of $1.6 million, non-cash accretion of interest income on held-to-maturity securities of $1.5 million, income from change in fair value of warrant liabilities of $3.5 million, and a deferred tax benefit of $0.1 million. The $12.2 million cash used for working capital was primarily driven by a decrease in accounts payable and accrued expenses of $10.2 million, driven by the cash payment for the Trinity contingent consideration compensation and for the 2023 short term incentive plan, an increase in accounts receivable of $2.6 million (attributable to the revenue growth in the Medical segment), and an increase in prepaid expenses and other current assets of $0.4 million, driven by prepayments made to operators in connection with capacity purchase agreements; partially offset by an increase in deferred revenue of $1.2 million (driven by client prepayments).
Current wording
For the six months ended June 30, 2024, net cash used in operating activities was $7.1 million, driven by a net loss of $15.6 million and $5.6 million of cash used for working capital requirements, adjusted for non-cash items consisting of stock-based compensation expense of $10.0 million, impairment of intangible assets of $5.8 million, depreciation and amortization of $3.2 million, non-cash accretion of interest income on held-to-maturity securities of $2.3 million and income from change in fair value of warrant liabilities of $2.6 million. The $5.6 million cash used for working capital was primarily driven by a decrease in accounts payable and accrued expenses of $7.5 million, driven by the cash payment for the Trinity contingent consideration compensation and for the 2023 short term incentive plan paid in March 2024 and an increase in accounts receivable of $7.0 million (attributable to the revenue growth in the Medical segment); partially offset by a decrease in prepaid expenses and other current assets of $6.0 million (driven by the utilization of $9.3 million of prepaid deposits under CPAs with M&N as part of the purchase of seven aircraft, partially offset by new prepayments made to operators in connection with new CPAs) and an increase in deferred revenue of $2.5 million (driven by Passenger client prepayments).
Previous wording
For the three months ended March 31, 2025, net cash provided by investing activities was $20.4 million, driven by $107.8 million of proceeds from maturities of held-to-maturity investments, offset by $84.2 million in purchases of held-to-maturity investments, $2.6 million in purchases of property and equipment, consisting primarily of a spare engine and aircraft related capitalized maintenance costs for our fleet, and $0.5 million in capitalized software development costs.
Current wording
For the six months ended June 30, 2025, net cash provided by investing activities was $49.1 million, driven by $151.3 million of proceeds from maturities of held-to-maturity investments, offset by $96.4 million in purchases of held-to-maturity investments, $4.9 million in purchases of property and equipment, consisting primarily of a spare engine, aircraft related capitalized maintenance costs and machinery and equipment for our fleet, purchase of vehicles used in generating revenue by the Medical and Passenger segment, and $1.0 million in capitalized software development costs.
Previous wording
For the three months ended March 31, 2024, net cash provided by investing activities was $24.6 million, driven by $102.7 million of proceeds from maturities of held-to-maturity investments offset by $77.1 million in purchases of held-to-maturity investments, $0.8 million in purchases of property and equipment, consisting of leasehold improvements and furniture and fixtures for new office space in Arizona used by the Medical segment, and purchase of vehicles used in generating revenue by the Medical segment, and $0.3 million in capitalized software development costs.
Current wording
For the six months ended June 30, 2024, net cash provided by investing activities was $7.7 million, driven by $102.7 million of proceeds from maturities of held-to-maturity investments offset by $77.1 million in purchases of held-to-maturity investments, $17.0 million in purchases of property and equipment, consisting of the acquisition of seven aircraft to support the Medical business, furniture and fixtures for new office space in Arizona used by the Medical segment, and purchase of vehicles used in generating revenue by the Medical segment, and $1.1 million in capitalized software development costs.
Previous wording
For the three months ended March 31, 2025, net cash used in financing activities was $4.2 million, driven by $4.3 million cash paid for payroll tax payments on behalf of employees in exchange for shares withheld by the Company (“net share settlement”).
Current wording
For the six months ended June 30, 2025, net cash used in financing activities was $5.4 million, driven by $5.5 million cash paid for payroll tax payments on behalf of employees in exchange for shares withheld by the Company (“net share settlement”); partially offset by $0.1 million of proceeds from the exercise of stock option.
Previous wording
For the three months ended March 31, 2024, net cash provided by financing activities was $0.1 million, primarily reflecting proceeds from the exercise of stock options.
Current wording
For the six months ended June 30, 2024, net cash used in financing activities was $1.2 million, reflecting $1.0 million cash paid for payroll tax payments on behalf of employees in exchange for shares withheld by the Company (“net share settlement”) and $0.2 million in repurchases and retirement of common stock under a share repurchase program (expired on March 31, 2025); partially offset by $0.1 million of proceeds from the exercise of stock options.
Showing the first 40 of 41 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For the six months ended June 30, 2025 and 2024, selling and marketing expense decreased by $(1.5) million, or (32.2)%, from $4.5 million during 2024 to $3.1 million in 2025. The decrease is attributable primarily to a $0.8 million decrease in media spend and a $0.7 million decrease in staff related costs (inclusive of a $0.5 million decrease in stock based-compensation costs) attributable to the Passenger segment.
Current report — wording carried from elsewhere
Flight Profit increased by $3.2 million or 12.2% for the six months ended June 30, 2025 from $26.5 million in the same period of 2024 to $29.7 million in 2025 attributable to a 4.7% increase in revenue coupled with higher Flight Margin (as discussed below).
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
particular, any accidents involving our third-party operators;
Previous report — wording carried elsewhere
EBITDA, Flight Profit and Flight Margin, which we define, explain the use of and reconcile to the nearest GAAP financial measure below.