November 15, 2024
On-demand private jet charter business at Blade declined as it increased its orientation to medical and organ transplants.
Blade Air Mobility, Inc.’s Q3 2024 revenue increased 4.8% year-over-year to $74.9 million, while year-to-date revenue jumped 9.4% to $194.3 million.
Adjusted EBITDA surged 431.1% to $4.2 million; year-to-date, it has swung from a $11.4 million loss to a $1.6 million profit.
Net loss for the first nine months decreased by 20.9% to $17.5 million.
“We reached an important milestone this quarter in our Passenger Business, achieving positive Segment Adjusted EBITDA on a trailing twelve-month basis, more than a year ahead of our investor guidance to turn profitable by the end of 2025,” said CEO Rob Wiesenthal.
He added, Beyond the strength in underlying customer demand, several factors contributed to the faster path to profitability, including actions we’ve taken to exit unprofitable business lines rapidly, early benefits from the recent restructuring of our European operations, and implementation of segment-wide cost savings.”
Wiesenthal continued, “Blade’s vertical transportation platform is now stronger than ever, and we believe we are better positioned for the transition to electric vertical aircraft than any other urban air mobility company.”
Ad hoc private jet charter only represents about 10% of Blade’s business.
Q3 2024 Jet and Other revenues were down 15% to $6.5 million (out of $74.9 million in total revenues).
The category was down 10% through the first three quarters, with $20.8 million out of $194.3 million.
In its 10-Q filing, Blade attributes $3.9 million of the Jet and Other decreases to the discontinuation of its seasonal BladeOne by-the-seat jet service between New York and South Florida.
Blade replaced BladeOne with a fixed-route rate whole charter membership.
Its investor presentation added that ad hoc private jet charter revenue was “driven by a decrease in revenue per flight as charter industry pricing normalized.”
While best known for its helicopter service, more than half of its revenues are from medical and organ transplants.
Blade said ad hoc private jet charter revenues were “driven by a decrease in revenue per flight as charter industry pricing normalized.”
Read the full Blade Q3 2024 financials: Blade Q3 2024 Financials
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