Monday, 15 March 2021

Blade's latest figures.

Blade Urban Air Mobility has reported its latest results for the first quarter of 2021, which showed revenues were up 53% in a period that also saw the firm launch strategic infrastructure initiatives including Chicago and Westchester vertiport alliances.

 “Our focused pursuit of new service and market expansion opportunities will enable us to fly a greater number of passengers between our private terminals in the U.S. and abroad, while maintaining profitable unit economics using current aviation technology. As Electric Vertical Aircraft ("EVA") become certified for commercial use, the value of Blade’s urban air mobility platform will continue to grow. We are also pleased with the progress EVA manufacturers are making towards FAA certification, which is required for commercial service,” said Rob Wiesenthal, Blade’s Chief Executive Officer.

Wiesenthal continued, “With nearly 100 different EVAs currently in the design and certification process, our asset-light model provides us with the flexibility to choose the right aircraft for each of our routes so Blade fliers can enjoy safe, cost effective, quiet and zero emission air mobility across our network as these next-generation aircraft become available.”


“Despite an unprecedented pause in travel due to the COVID-19 pandemic, Blade’s first fiscal quarter 2021 revenues increased 53% versus the prior-year period while the company exceeded trailing twelve months ended December 2020 projections for revenue with Adjusted EBITDA in-line,” said Will Heyburn, Blade’s Chief Financial Officer and Head of Corporate Development. Heyburn continued, “We are pleased with our business performance in year-to date 2021 and are excited to move up the re-launch of our by-the-seat airport product to this Spring, in addition to launching new services between the Westchester/Connecticut area and both Manhattan and John F. Kennedy Airport.”

Business Highlights and Recent Updates:

    Blade announces earlier than expected spring timeline for re-launch of its $195 / seat New York City airport transfer product and the start of service between the Westchester/Connecticut area and both Manhattan and John F. Kennedy Airport
    Strategic Alliance with Ross Aviation will enable improved unit economics and flier experience on new Westchester routes including Manhattan and John F. Kennedy Airport
    Blade is actively working with Ross Aviation to plan for the construction of a dedicated EVA vertiport, including charging infrastructure, in Westchester
    Alliance with Vertiport Chicago (to be rebranded Vertiport Chicago Powered by Blade) will enable further growth of our MediMobility organ transportation business as well as new passenger routes around the third largest city in the United States
    Blade India Joint Venture re-launched service between Mumbai and Pune in November 2020 with nearly 700 seats flown in the three months through January 2021 and 64% of fliers taking more than one trip in the period
    Business combination with Experience Investment Corp. (NASDAQ: EXPC and EXPCW) expected to close in the first half of calendar year 2021

First Fiscal Quarter Ended December 31, 2020 Financial Highlights:

    First fiscal quarter 2021 total revenues increased 53% versus the prior-year period to $8.0 million, despite the lack of contribution from Blade’s short-distance by-the-seat airport service, which remained paused in the first fiscal quarter due to the COVID-19 pandemic
    MediMobility (organ transport) and jet revenues grew 176% year-over-year as Blade added new customers, including additional hospital partners
    Short-distance revenues declined 31% year-over-year, reflecting the impact of airport and West Coast short-distance services, which were paused in the first fiscal quarter 2021 due to the COVID-19 pandemic, partially offset by growth in our Northeast commuter business
    Hybrid remote/office work patterns drove increased demand for our Northeast Commuter services, with Blade offering daily round-trip services in the first fiscal quarter 2021 versus one round-trip per week in the prior-year period. This wider distribution of our schedule, in contrast to the typical weekend-focused compacted demand, resulted in increased flexibility for both our passengers and operators
    EBITDA improved $2.4 million year-over-year to ($2.2) million, and Adjusted EBITDA improved $3.6 million year-over-year to $(1.0) million, driven by increased revenues and the Company’s cost savings plan, implemented in April 2020 in response to the COVID-19 pandemic



BLADE URBAN AIR MOBILITY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share data)

   
 

For the Three Months
Ended December 31,

For the Year Ended
September 30,

 

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

   

Revenue

 

$

7,986

 

$

5,223

 

$

23,434

 

$

31,196

 

   

Operating expenses

 

Cost of revenue

 

 

6,322

 

 

5,757

 

 

21,107

 

 

26,497

 

Software development

 

 

186

 

 

230

 

 

861

 

 

751

 

General and administrative

 

 

3,411

 

 

3,008

 

 

9,292

 

 

10,476

 

Selling and marketing

 

 

435

 

 

1,032

 

 

2,533

 

 

5,013

 

Total operating expenses

 

 

10,354

 

 

10,027

 

 

33,793

 

 

42,737

 

   

Loss from operations

 

 

(2,368

)

 

(4,804

)

 

(10,359

)

 

(11,541

)

   

Other non-operating income

 

Interest income

 

 

7

 

 

91

 

 

200

 

 

718

 

Interest expense

 

 

-

 

 

-

 

 

(1

)

 

(15

)

Total other non-operating income

 

 

7

 

 

91

 

 

199

 

 

703

 

   

Net loss

 

$

(2,361

)

$

(4,713

)

$

(10,160

)

$

(10,838

)

   

BLADE URBAN AIR MOBILITY, INC.

DISAGGREGATED REVENUE BY PRODUCT LINE

(unaudited)

(In thousands)

 
 

For the Three Months Ended
December 31,

For the Year Ended
September 30,

Product Line

 

2020

2019

2020

2019

Short Distance flight services

 

$

2,186

$

3,167

$

 

9,941

$

 

26,017

MediMobility organ transplant and jet

 

 

5,229

 

1,893

 

 

12,785

 

 

4,965

Other

 

 

571

 

163

 

 

708

 

 

214

Total Revenue

 

$

7,986

$

5,223

$

 

23,434

$

 

31,196

       

BLADE URBAN AIR MOBILITY, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(In thousands)

   
 

For the Three Months
Ended December 31,

For the Year Ended
September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

Reconciliation of Net Loss to EBITDA(1) and Adjusted EBITDA(2)

 

 

Net Loss

 

$

(2,361

)

$

(4,713

)

$

(10,160

)

$

(10,838

)

 

Interest Income, net

 

 

(7

)

 

(91

)

 

(199

)

 

(703

)

 

Depreciation and Amortization Expense

 

 

139

 

 

 

134

 

 

526

 

 

 

472

 

 

EBITDA

 

 

(2,229

)

 

(4,670

)

 

(9,833

)

 

(11,069

)

 

Stock- based Compensation Expense

 

 

1,275

 

 

 

91

 

 

490

 

 

 

317

 

 

Adjusted EBITDA

 

$

(954

)

 

$

(4,579

)

$

(9,343

)

 

$

(10,752

)

 

 

(1)

EBITDA is defined as net income (loss) before interest, taxes, depreciation and amortization.

 

(2)

For purposes of comparison to the projections disclosed in the investor presentation filed with the SEC on December 15, 2020 and in the Form S-4 filed on January 29, 2021, which excluded stock-based compensation, Blade defined Adjusted EBITDA as EBITDA excluding stock-based compensation. Once Blade becomes a public company, Blade may calculate Adjusted EBITDA using different adjustments to describe our operating results. 





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