Story ID: 
Blade Predicts Turnaround after 2023 Losses
By: Matt Thurber
Caption: Company plans to continue its "asset-light" focus as it seeks to achieve profitability
Word Count: 302
While Blade Air Mobility expects adjusted earnings to turn positive in 2024 and see double-digit growth in 2025, the flight provider’s net loss more than doubled last year, to $56.1 million, up from $27.3 million in 2022. Adjusted earnings in 2023 improved by $10.8 million to show a loss of $16.6 million—based on a 54 percent hike in revenues, to $225.2 million.
For the full year, Blade's operating expenses grew by 46.9 percent, while net loss from operations grew by 27.3 percent, to $68.1 million. Net losses during the fourth quarter were “primarily due to a $20.8 million impairment charge on intangible assets related to the Blade Europe acquisition,” according to the company. 
In 2023, Blade saw earnings from passenger flights swing from a $6.4 million loss to a deficit of $4.9 million, a 21.7 percent improvement. Over the same period, earnings from medical flights climbed from $5.1 million to $10.8 million. The charter broker is adding eight Hawker 800s to its organ transplantation business and will use those to replace some third-party operations.
"Our medical business has more than tripled since our acquisition of Trinity in 2021, presenting us with an opportunity to further leverage our scale through the acquisition of a limited number of jet aircraft,” said Blade president Melissa Tomkiel. "By purchasing aircraft that we already use exclusively and by maintaining the existing operator and crews, we expect to capture incremental fixed cost leverage without the risk of building a new medical aircraft operation from the ground up. We remain committed to our asset-light model and expect the significant majority of our flying to remain with third-party-owned and operated aircraft.” 
Blade is paying $21 million for eight Hawker 800s, an average of $2.625 million each. The acquisition will be funded through $11.7 million in cash and $9.3 million in existing deposits with the operator, according to the company.