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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