Blade Air Mobility Reports 10.4% Revenue Growth to $248.7 Million for Fiscal Year 2024

Blade Air Mobility, Inc. reported a revenue increase of 10.4% for the fiscal year ending December 31, 2024, reaching $248.7 million compared to $225.2 million in 2023. The growth was primarily driven by a 16% increase in revenue from the Medical segment, which generated $146.8 million, up from $126.6 million the previous year. The Passenger segment also saw a modest increase, with revenue rising to $101.9 million from $98.6 million. Despite the revenue growth, the company continued to experience net losses, which improved to $27.3 million from $56.1 million in the prior year.

Operationally, Blade made significant changes to its business model, including the acquisition of ten fixed-wing aircraft dedicated to its Medical segment. This strategic move is expected to enhance service reliability and operational efficiency. Additionally, the company launched its Trinity Organ Placement Services (TOPS) offering, aimed at improving organ evaluation logistics, which contributed to the revenue growth in the Medical segment. Blade also discontinued its operations in Canada and its by-the-seat jet service between New York and South Florida, which impacted revenue figures.

Blade's customer base and operational metrics showed positive trends, with the company reporting an increase in the number of hospital clients and higher revenue per trip in its Medical segment. The company also noted improvements in its Passenger segment, particularly in its Hamptons seasonal service and New York airport transfer products. However, the discontinuation of certain routes led to a decrease in overall flight volume, highlighting the challenges of maintaining customer engagement in a competitive market.

The company’s financial performance was further supported by a decrease in cost of revenue as a percentage of total revenue, which fell from 81% to 76%. This improvement was attributed to a mix-shift towards dedicated aircraft in the Medical segment and enhanced pricing strategies in the Passenger segment. Blade's Adjusted EBITDA also showed a significant turnaround, moving from a loss of $16.6 million in 2023 to a positive $1.2 million in 2024, indicating improved operational efficiency.

Looking ahead, Blade remains focused on expanding its geographic footprint and enhancing its service offerings, particularly with the anticipated introduction of Electric Vertical Aircraft (EVA). The company aims to leverage the expected lower operating costs of EVA to reduce consumer prices and expand its market share. However, the successful commercialization of EVA technology and the ability to attract and retain customers in both the Passenger and Medical segments will be critical to achieving long-term profitability. Blade's management expressed confidence in its strategic initiatives and operational improvements, although it acknowledged the ongoing risks associated with market competition and regulatory challenges.