Blade revenues reached $71.4 million as it posted a net income of $0.3 million.
Powered by a 56% increase in year-over-year revenues, 2014 start-up Blade posted its first quarterly profit.
Last week, the helicopter flight provider launched its first fixed-rate, guaranteed availability jet card.
Revenue increased to $71.4 million.
The New York-based private aviation company saw net cash from operating activities of $2.0 million.
It achieved a positive Free Cash Flow of $1.3 million in Q3 2023, an $8.4 million increase in net cash from operating activities, and a $7.8 million increase in Free Cash Flow versus Q3 2022.
It also achieved a Net Income of $0.3 million and Adjusted EBITDA profit of $0.8 million for the quarter.
“We are very pleased to deliver our first quarter of positive Free Cash Flow and Adjusted EBITDA while maintaining rapid revenue growth in both the passenger and medical segments,” said Rob Wiesenthal, Blade’s Chief Executive Officer.
He added, “Importantly, we’ve continued progress on strategic growth initiatives. We are especially pleased that our flagship urban air mobility service, Blade Airport, enjoyed continued improved financial performance with profitable passenger seat utilization for the first time during Q3 2023 while continuing its very strong growth in average check-out price per seat.”
Other revenue increased 49.1% to $7.6 million in the current quarter.
That compares to $5.1 million in the prior year, driven by increased private jet charter revenue.
Blade also offers on-demand fixed-wing aircraft charter.
The company ended Q3 2023 with $173.2 million in cash and short-term investments.
Its stock price shot up 29.5% on the news, ending the day at $2.94.