On-demand private jet charter flights helped boost Blade Air Mobility’s revenues in Q1 2025 to $54.3 million.
Medical and mobility Blade Air Mobility platform boosted Q1 financials to the back of Jet & Other revenues.
Jet & Other revenues consist principally of revenues from non-medical jet charter, revenue from brand partners for exposure to Blade fliers, and certain ground transportation services.
CEO Rob Wiesenthal noted, “Our strong Passenger Segment results reflect several factors, including our durable competitive positioning and the important actions we’ve taken recently to improve profitability, such as our exit from Canada and broad-based cost rationalization initiatives.”
He continued, “I’m particularly encouraged by the results in Europe following our restructuring, which led to strong revenue growth and significantly improved profitability this quarter.”
Total revenue increased 5.4% to $54.3 million in the current quarter, compared to $51.5 million in the prior year.
Excluding Canada, which Blade exited in August 2024, revenue increased 10.9% year-over-year.
Flight Profit increased 18.1% to $12.0 million in the current quarter versus $10.1 million in the prior year.
Flight Margin improved to 22.1% in the current quarter from 19.7% in the prior year.
Passenger Flight Margin increased to 22.0% from 13.6% in the year-ago period, driven by margin expansion in Short Distance, including the restructuring in Europe and the exit from Canada, along with a margin increase in Jet and other.
In Medical, the Flight Margin decreased slightly to 22.1% from 22.3% in the prior year.
Medical revenue decreased 0.2% to $35.9 million.
Short-distance revenue decreased 5.4% to $9.3 million.
Excluding Canada, short-distance revenue increased by 28.1% compared to the prior year. Europe primarily drove the increase.
However, the star was Jet and Other revenues.
They jumped 59.9% to $9.1 million in the current quarter, compared to $5.7 million in the prior year.
Jet & Other Revenues also hit an all-time high for the trailing 12 months, accounting for $33 million, up 10% sequentially and nearly a third compared to Q1 2024.
Higher flight volumes and revenue per flight drove it.
Net loss improved by $0.7 million compared to $3.5 million in the prior year.
Improvement was driven by a $2.3 million improvement in loss from operations, partially offset by other non-operating income and income taxes.
Adjusted EBITDA increased by $2.3 million year-over-year to negative $1.2 million in the current quarter versus negative $3.5 million in the prior year.
Passenger Segment Adjusted EBITDA improved by $2.7 million in the current quarter versus the prior year period and, on a trailing twelve-month basis, rose to $6.3 million as of Q1 2025, up from $3.6 million in Q4 2024.
Medical Segment Adjusted EBITDA decreased by $0.3 million versus the prior year period, while Adjusted Unallocated Corporate Expenses and Software Development increased by $0.1 million.
Operating Cash Flow increased by $15.3 million to negative $0.2 million in the current quarter.
Capital expenditures of $3.2 million were driven primarily by aircraft maintenance and a $0.7 million purchase of aircraft in the Medical Segment.
Free Cash Flow, Before Aircraft Acquisitions, which is net of all capital expenditures, including aircraft maintenance expenses, but excludes the impact of aircraft acquisitions, increased by $14.0 million to negative $2.7 million in Q1 2025.
Blade ended Q1 2025 with $120.0 million in cash and short-term investments.
The company had operated scheduled by-the-seat and fixed route rate jet cards, but discontinued both over the past year.
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