Driven largely by its surging organ transport business, Blade Air Mobility edged closer to profitability during the first quarter, increasing revenue by 70 percent from the year-ago period while cutting losses by 7.4 percent. For the period, Blade’s revenues increased to $45.3 million versus $26.6 million from a year earlier, while losses decreased to $10.2 million from $11 million.
The operations of the newly constituted Blade Europe account for a big boost in the overall revenue growth rate of the company. Subtracting that contribution from overall results, Blade’s first-quarter revenues still increased by 43 percent year-over-year. On a more granular basis, Blade reported other bright spots in the quarter compared with last year, including a 145.1 percent jump in flight profit to $7.2 million from $2.9 million; an increase in flight margin to 15.8 percent from 11 percent; a 148 percent boost in short distance revenue to $10.4 million from $4.2 million; and a 111.2 percent revenue increase from its MediMobility organ transport division to $26.8 million from $12.7 million.
Blade said the growth in MediMobility was fueled by “entirely organic growth” consisting of new transplant center customers, growth with existing customers, and overall strong market demand. MediMobility revenue increased by 23.7 percent quarter-over-quarter.
Conversely, the company also said that its jet service revenue decreased by 17.2 percent to $8.1 million, “primarily due to a normalization in jet charter volume, as well as the lower average price per charter trip.”Altogether, revenues from MediMobility and its jet service combined accounted for 77 percent of Blade’s first quarter. "We are making exceptional progress on all fronts, resulting in our seventh consecutive quarter with financial results ahead of our expectations," said Blade CEO Rob Wiesenthal.