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Blade Air Mobility Announces First Quarter Earnings and Expansion into Europe

Miriam McNabb

 

Blade Air Mobility, Inc., a provider of air transportation alternatives to congested ground routes, announced its first quarter results on May 10, 2022.

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DroneLife · Blade – Air – Mobility – First – Quarter – Earnings

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.
During the quarter, the Airport segment saw its best week ever in March with a 25,000 flyer per year run rate. Additionally, the MediMobility Organ Transport segment has now added 14 new clients year-to-date. Blade also announced the formation of Blade Europe, which will be headquartered in Paris, France, to accelerate international growth of Blade’s urban air mobility network.

“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:

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.

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