On November 8, 2023, Blade Air Mobility Inc (BLDE, Financial), a global air mobility platform, announced its financial results for the third quarter ended September 30, 2023. The company reported a substantial improvement in its financial metrics, achieving positive Free Cash Flow and Adjusted EBITDA profitability, alongside a significant revenue increase.
Fiscal Summary and Performance Overview
Blade Air Mobility Inc (BLDE, Financial) has demonstrated a robust financial performance in Q3 2023, with net cash from operating activities reaching $2.0 million, marking an $8.4 million increase from Q3 2022. The company also achieved positive Free Cash Flow of $1.3 million, a $7.8 million improvement compared to the same quarter in the previous year. Revenue saw a remarkable 56% year-over-year increase, totaling $71.4 million for the quarter.
Strategic Developments and Operational Highlights
Blade's CEO, Rob Wiesenthal, expressed satisfaction with the company's first quarter of positive Free Cash Flow and Adjusted EBITDA, attributing the success to rapid revenue growth in both Passenger and Medical segments and the progress on strategic growth initiatives.
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.The company has made significant strides in enhancing its service offerings and expanding its operational footprint, including the implementation of on-tarmac security screening at Nice International Airport and the opening of an exclusive heliport in Atlantic City.
Financial Tables and Analysis
Blade's financial tables reveal a Flight Profit increase of 68.1% to $15.6 million and an improved Flight Margin of 21.8%. The company's Short Distance revenue grew by 48.9% to $30.4 million, while MediMobility Organ Transport revenue surged by 65.4% to $33.4 million. Adjusted EBITDA improved significantly to $0.8 million from a negative $4.5 million in the prior year period.
The company's balance sheet as of September 30, 2023, shows total assets of $317.5 million, with cash and short-term investments amounting to $173.2 million. The financial statements also reflect a disciplined approach to cost management, with a 29.0% reduction in Adjusted Unallocated Corporate Expenses and Software Development.
Outlook and Future Prospects
Blade's CFO, Will Heyburn, highlighted the company's commitment to expanding profit margins and optimizing costs.
Our turn to profitability this quarter highlights the results of our strong execution on growth initiatives coupled with relentless focus on cost efficiencies," said Will Heyburn, Blade's Chief Financial Officer.Blade anticipates significant year-over-year improvement in Adjusted EBITDA for 2024 and plans to provide an outlook for 2024 and 2025 in its Q4 2023 earnings release.
Blade Air Mobility Inc (BLDE, Financial) has demonstrated a strong quarter with positive Free Cash Flow and Adjusted EBITDA, driven by revenue growth and strategic initiatives. The company's focus on cost efficiencies and expansion of profitable services positions it well for future financial improvements and continued success in the air mobility sector.
For more detailed information on Blade Air Mobility Inc's financial results, please visit the Investor Relations section of the Company’s website at https://ir.blade.com/.
Explore the complete 8-K earnings release (here) from Blade Air Mobility Inc for further details.
