Continue reading below or listen:
Key points of the Blade Air Mobility First Quarter Earnings Report:
- Revenue for the first quarter was $26.6 million, an increase of 187% year-over-year.
- Gross margin was 11% compared to 16% in Q1 2021.
- Net loss increased to $11 million versus a net loss of $4.2 million in the prior year period.
- Cash and investments at the end of March was a little over $269 million.
“In short, now that COVID restrictions are being lifted, folks are getting back to enjoying the travel they had missed for leisure and getting back on the road for business meetings and conferences,” said the Blade representative.“Blade’s businesses are laying the groundwork for a seamless transition to electric vertical aircraft or EVA. Over the long term we believe the unit economics of EVA will supercharge our return profile and enable the creation of new, more convenient landing zones generating substantial incremental value for our shareholders and our customers.”
A little over a week after the earnings release, Blade announced its plan to acquire three urban air mobility companies in Europe (including Monacair and Héli Sécurité). The companies generated an aggregate of €30 million in revenues while servicing approximately 125,000 fliers in 2019.
Read more about urban air mobility:
- Urban Air Mobility Could Generate Billions for Cities Around the World: Volocopter in Singapore
- What Does Urban Air Mobility Need to Thrive? Vertiport Automation; An Op Ed by ANRA Technologies Brent Klavon
- Urban Air Mobility Market: $9 Billion by 2030?
- Urban Air Mobility in Japan: Next Gen Aviation Mobility Planning Offices will Support AAV, UAM
Blade Air Mobility [NASDAQ:BLDE] in the AdvisorShares Drone Technology ETF [NYSE ARCA:UAV], the only ETF dedicated to the drone economy. The AdvisorShares Drone Technology ETF is a thematic investment strategy seeking to capture the growth opportunities in drones and autonomous vehicles (AV). AdvisorShares is a DRONELIFE sponsor.
Miriam McNabb is the Editor-in-Chief of DRONELIFE and CEO of JobForDrones, a professional drone services marketplace, and a fascinated observer of the emerging drone industry and the regulatory environment for drones. Miriam has penned over 3,000 articles focused on the commercial drone space and is an international speaker and recognized figure in the industry. Miriam has a degree from the University of Chicago and over 20 years of experience in high tech sales and marketing for new technologies.
For drone industry consulting or writing, Email Miriam.
Subscribe to DroneLife here.