Blade Air Mobility Q3

Blade Air Mobility Report Strong Q3 Financial Results, Stock Soar

Blade Air Mobility, a leading global air mobility platform powered by cutting-edge technology, announced its financial results for the third quarter (Q3)ending September 30, 2023, sending its stock soaring.

At the time of this publication, Blade Air Mobility Inc stock (BLDE) has witnessed a surge.
Blade Air Mobility Inc
Current Price: $2.97
Change : +0.70
Change (%): (30.89%)
Volume: 2.7M
Source: Tomorrow Events Market Data

Blade Air Mobility reported a remarkable 56.3% year-over-year revenue growth, totaling $71.44 million for the Q3 of FY23. This impressive figure surpassed market expectations, which had projected revenue to be $66.94 million.

In a significant turnaround from the previous year, Blade Air Mobility recorded a net income of $0.29 million for the quarter, a substantial improvement compared to the loss of $(9.25) million in the same period in 2022.

Passenger revenue witnessed substantial growth, surging by 49% year-over-year to reach $37.99 million. Medical revenue also experienced a notable uptick, with an impressive 65.4% year-over-year increase, totaling $33.45 million.

The company’s flight profit showed a robust performance, rising by 68.1% year-over-year to $15.58 million. Additionally, Blade Air Mobility demonstrated an improvement in its margin by 154 basis points, reaching 21.8%.

Total adjusted EBITDA for the third quarter showed marked improvement, reaching $0.79 million. This represents a significant recovery compared to the loss of $(4.55) million reported a year ago. The margin for adjusted EBITDA also rebounded, climbing to 1.1% from a negative 9.9% in 3Q22.

Short Distance revenue experienced a substantial increase of 48.9% year-over-year, a testament to the successful acquisition of Blade Europe and growth in other Short Distance business lines.

The company demonstrated strong financial discipline, with net cash from operating activities totaling $2 million in the third quarter, resulting in a positive Free Cash Flow of $1.3 million.

As of September 30, 2023, Blade Air Mobility held cash and short-term investments amounting to $173.2 million, reinforcing its financial stability and liquidity position.

Looking ahead, the company has set its sights on a promising 2024, with expectations of a significant year-over-year improvement in Adjusted EBITDA. Blade Air Mobility also anticipates providing an outlook for both 2024 and 2025 as part of its Q4 2023 earnings release. Investors and industry analysts are closely watching for further developments as the company continues its upward trajectory in the global air mobility market.

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