Blade Air Mobility, Inc. reported a revenue increase of 5.4% for the first quarter of 2025, reaching $54.3 million compared to $51.5 million in the same period of 2024. The growth was primarily driven by a significant rise in the Jet and Other segment, which saw revenues jump by 59.9% to $9.1 million, attributed to higher volumes and increased revenue per flight. However, the Short Distance segment experienced a decline of 5.4%, largely due to the discontinuation of operations in Canada, which accounted for a $2.6 million decrease in revenue. The MediMobility Organ Transport segment remained relatively stable, with a slight decrease of 0.2% to $35.9 million.
Operating expenses for the quarter totaled $61.9 million, up from $61.4 million in the previous year. The cost of revenue increased by 2.3% to $42.3 million, but as a percentage of revenue, it improved from 80% to 78%. This operational leverage was aided by restructuring efforts and improved performance in the jet charter product. The company reported a net loss of $3.5 million, an improvement from the $4.2 million loss in the prior year, with a basic loss per share of $0.04 compared to $0.06 in 2024.
In terms of strategic developments, Blade has continued to focus on its asset-light business model, which relies on third-party operators for aircraft services. The company has also made investments in owned aircraft to enhance service reliability and efficiency, particularly in high-demand areas. As of March 31, 2025, Blade had 81,017,314 shares of common stock outstanding, reflecting ongoing efforts to manage its capital structure effectively.
Operationally, Blade's customer engagement metrics showed promise, with an increase in the number of flights and improved service offerings. The company is also expanding its geographic footprint, particularly in Europe, where it has seen increased activity. Blade's proprietary technology stack is designed to facilitate seamless operations across multiple flight services, enhancing its competitive position in the air mobility market.
Looking ahead, Blade anticipates continued growth driven by its strategic initiatives and market expansion. The company expects to leverage the anticipated lower operating costs of Electric Vertical Aircraft (EVA) to enhance its service offerings and reduce consumer prices. However, challenges remain, including the need for regulatory approvals for EVA and the competitive landscape in both the passenger and medical transport segments. Blade's management remains optimistic about its ability to navigate these challenges and achieve its long-term growth objectives.
About Blade Air Mobility, Inc.
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