"Blade delivered record revenue and Flight Profit this quarter, with strong growth across all business lines," said Rob Wiesenthal, Blade’s Chief Executive Officer. "We have seen continued strength in our consumer-facing businesses with revenue and average seat prices for both the second quarter and third quarter to-date well ahead of our 2019 and 2021 levels. Given unwavering demand from our fliers coupled with continued strong sequential growth in our MediMobility Organ Transport business, Blade has proven it is well positioned to thrive in this uncertain macroeconomic environment."
"Our strong financial performance is a testament to our success in leveraging the Blade platform across the diverse portfolio of businesses that we have built and acquired since our inception," said Will Heyburn, Blade’s Chief Financial Officer. "By deploying our brand, aircraft operator network, and technology-enabled logistics and customer service, we have significantly accelerated growth, including in our MediMobility Organ Transport business, which experienced 139% pro forma organic growth compared to the prior year period."
"We look forward to closing our acquisitions in Europe, where our roll-up of the commercial activities of three prominent urban air mobility operators will fortify Blade’s leadership in the region,” said Melissa Tomkiel, Blade's President. "Our urban air mobility alliance with JetBlue has now been launched, providing preferred pricing and other benefits for seamless air transport between Manhattan and New York area airports for the TrueBlue loyalty program membership base.”
Second Quarter Ended June 30, 2022 Financial Highlights
Total revenue increased 175% to $35.6 million versus $13.0 million in the prior year period. On a pro forma basis, assuming Blade had owned both Trinity and Helijet International Inc's ("Helijet") scheduled passenger routes in the prior year period, revenue for the second quarter ended June 30, 2022 would have been up 87%Flight Margin of 14.3% improved sequentially versus Q1 2022, as expected, but decreased versus 23.0% in the prior year period, driven primarily by the significant revenue mix shift towards MediMobility Organ Transport and re-launch of Blade Airport service, which remained below breakeven during the ramp-up period this quarter as expectedShort Distance revenue increased 89% to $11.0 million in the current quarter versus $5.8 million in the prior year period. Growth was driven by our acquisition of Helijet's passenger routes in Vancouver, the resumption of our Blade Airport service, growth in short distance charter, and higher pricing across our networkMediMobility Organ Transport revenue increased 1,013% to $17.2 million in the current quarter versus $1.6 million in the prior year period, driven by Blade's acquisition of Trinity in September 2021. On a pro forma basis, assuming Blade had owned Trinity in the prior year period, revenue growth in MediMobility Organ Transport would have been 139% versus the prior year period, driven by a combination of new hospital clients and continued growth with existing accountsJet and Other revenue increased 32% to $7.4 million in the current quarter versus $5.6 million in the prior year period driven primarily by an increase in the average price per trip, and stronger demand for our seasonal BladeOne jet service between New York and South FloridaNet income increased to $8.4 million in the current quarter versus a net loss of $24.3 million in the prior year period, driven primarily by increased revenue and a favorable change in the fair value of warrant liabilities of $19.3 million (compared to an unfavorable change of $14.9 million and $1.7 million of recapitalization costs attributable to warrant liabilities in the prior year period), partially offset by a $2.3 million increase in General & Administrative costsAdjusted EBITDA decreased to $(6.1) million in the current quarter from $(2.6) million in the prior year period. The decrease versus the prior year period is primarily attributable to additional corporate and recurring expenses related to Blade’s growth and status as a public company, partially offset by increased Flight Profit
BLADE AIR MOBILITY, INC. | |||||||||||||||||||||||
| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||||||||||||||||||
| 2022 |
| 2021 |
| 2020 |
| 2022 |
| 2021 |
| 2020 | ||||||||||||
Revenue | $ | 35,633 |
|
| $ | 12,951 |
|
| $ | 3,438 |
|
| $ | 62,263 |
|
| $ | 22,224 |
|
| $ | 9,892 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Cost of revenue(1) |
| 30,522 |
|
|
| 9,976 |
|
|
| 2,814 |
|
|
| 54,229 |
|
|
| 17,773 |
|
|
| 8,686 |
|
Software development(1) |
| 1,062 |
|
|
| 323 |
|
|
| 273 |
|
|
| 1,897 |
|
|
| 612 |
|
|
| 592 |
|
General and administrative(1) |
| 12,144 |
|
|
| 9,808 |
|
|
| 1,546 |
|
|
| 26,122 |
|
|
| 14,633 |
|
|
| 4,402 |
|
Selling and marketing(1) |
| 1,638 |
|
|
| 615 |
|
|
| 281 |
|
|
| 3,438 |
|
|
| 1,202 |
|
|
| 1,036 |
|
Total operating expenses |
| 45,366 |
|
|
| 20,722 |
|
|
| 4,914 |
|
|
| 85,686 |
|
|
| 34,220 |
|
|
| 14,716 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Loss from operations |
| (9,733 | ) |
|
| (7,771 | ) |
|
| (1,476 | ) |
|
| (23,423 | ) |
|
| (11,996 | ) |
|
| (4,824 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Other non-operating income (expense) |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Change in fair value of warrant liabilities |
| 19,266 |
|
|
| (14,913 | ) |
|
| — |
|
|
| 21,816 |
|
|
| (14,913 | ) |
|
| — |
|
Realized loss from sales of short term investments |
| (1,576 | ) |
|
| — |
|
|
| — |
|
|
| (1,712 | ) |
|
| — |
|
|
| — |
|
Recapitalization costs attributable to warrant liabilities |
| — |
|
|
| (1,742 | ) |
|
| — |
|
|
| — |
|
|
| (1,742 | ) |
|
| — |
|
Interest income, net |
| 455 |
|
|
| 140 |
|
|
| 151 |
|
|
| 719 |
|
|
| 144 |
|
|
| 90 |
|
Other non-operating income (expense) |
| 18,145 |
|
|
| (16,515 | ) |
|
| 151 |
|
|
| 20,823 |
|
|
| (16,511 | ) |
|
| 90 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net income (loss) | $ | 8,412 |
|
| $ | (24,286 | ) |
| $ | (1,325 | ) |
| $ | (2,600 | ) |
| $ | (28,507 | ) |
| $ | (4,734 | ) |
__________
(1) Prior period amounts have been updated to conform to current period presentation.
BLADE AIR MOBILITY, INC. | |||||||||||||||||||||||
| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||||||||||||||||||
| 2022 |
| 2021 |
| 2020 |
| 2022 |
| 2021 |
| 2020 | ||||||||||||
Revenue | $ | 35,633 |
|
| $ | 12,951 |
|
| $ | 3,438 |
|
| $ | 62,263 |
|
| $ | 22,224 |
|
| $ | 9,892 |
|
Cost of revenue(1) |
| 30,522 |
|
|
| 9,976 |
|
|
| 2,814 |
|
|
| 54,229 |
|
|
| 17,773 |
|
|
| 8,686 |
|
Flight Profit | $ | 5,111 |
|
| $ | 2,975 |
|
| $ | 624 |
|
| $ | 8,034 |
|
| $ | 4,451 |
|
| $ | 1,206 |
|
Flight Margin |
| 14 | % |
|
| 23 | % |
|
| 18 | % |
|
| 13 | % |
|
| 20 | % |
|
| 12 | % |
__________
(1) Cost of revenue consists of flight costs paid to operators of aircraft and cars, landing fees and internal costs incurred in generating ground transportation revenue using the Company's owned cars. Prior period amounts have been updated to conform to current period presentation.
BLADE AIR MOBILITY, INC. | |||||||||||||||||||||||
| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||||||||||||||||||
| 2022 |
| 2021 |
| 2020 |
| 2022 |
| 2021 |
| 2020 | ||||||||||||
Net income (loss) | $ | 8,412 |
|
| $ | (24,286 | ) |
| $ | (1,325 | ) |
| $ | (2,600 | ) |
| $ | (28,507 | ) |
| $ | (4,734 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Stock-based compensation |
| 1,844 |
|
|
| 2,518 |
|
|
| 90 |
|
|
| 3,942 |
|
|
| 4,422 |
|
|
| 177 |
|
Depreciation and amortization |
| 1,155 |
|
|
| 140 |
|
|
| 133 |
|
|
| 2,300 |
|
|
| 266 |
|
|
| 264 |
|
Interest income, net |
| (455 | ) |
|
| (140 | ) |
|
| (151 | ) |
|
| (719 | ) |
|
| (144 | ) |
|
| (90 | ) |
Change in fair value of warrant liabilities |
| (19,266 | ) |
|
| 14,913 |
|
|
| — |
|
|
| (21,816 | ) |
|
| 14,913 |
|
|
| — |
|
Realized loss from sales of short term investments |
| 1,576 |
|
|
| — |
|
|
| — |
|
|
| 1,712 |
|
|
| — |
|
|
| — |
|
Recapitalization costs attributable to warrant liabilities |
| — |
|
|
| 1,742 |
|
|
| — |
|
|
| — |
|
|
| 1,742 |
|
|
| — |
|
Consulting costs related to initial public listing |
| — |
|
|
| 2,038 |
|
|
| — |
|
|
| — |
|
|
| 2,038 |
|
|
| — |
|
Offering documents expenses |
| — |
|
|
| 324 |
|
|
| — |
|
|
| — |
|
|
| 324 |
|
|
| — |
|
Recruiting fees related to initial public listing |
| — |
|
| 98 |
|
|
| — |
|
|
| — |
|
|
| 98 |
|
|
| — |
| |
M&A transaction costs |
| 451 |
|
|
| 80 |
|
|
| — |
|
|
| 1,424 |
|
|
| 80 |
|
|
| — |
|
One-time legal and regulatory advocacy fees |
| 164 |
|
|
| — |
|
|
| — |
|
|
| 1,911 |
|
|
| — |
|
|
| — |
|
Adjusted EBITDA | $ | (6,119 | ) |
| $ | (2,573 | ) |
| $ | (1,253 | ) |
| $ | (13,846 | ) |
| $ | (4,768 | ) |
| $ | (4,383 | ) |
BLADE AIR MOBILITY, INC. | |||||||
| June 30, |
| December 31, | ||||
Assets |
|
|
| ||||
Current assets: |
|
|
| ||||
Cash and cash equivalents | $ | 186,556 |
|
| $ | 2,595 |
|
Restricted cash |
| 1,690 |
|
|
| 630 |
|
Accounts receivable |
| 9,672 |
|
|
| 5,548 |
|
Short-term investments (cost: June 30, 2022 - $70,308; December 31, 2021 - $280,263) |
| 69,607 |
|
|
| 279,374 |
|
Prepaid expenses and other current assets |
| 10,700 |
|
|
| 6,798 |
|
Total current assets |
| 278,225 |
|
|
| 294,945 |
|
|
|
|
| ||||
Non-current assets: |
|
|
| ||||
Property and equipment, net |
| 2,304 |
|
|
| 2,045 |
|
Investment in joint venture |
| 200 |
|
|
| 200 |
|
Intangible assets, net |
| 22,743 |
|
|
| 24,421 |
|
Goodwill |
| 13,328 |
|
|
| 13,328 |
|
Operating right-of-use asset |
| 6,003 |
|
|
| 713 |
|
Other non-current assets |
| 1,384 |
|
|
| 232 |
|
Total assets | $ | 324,187 |
|
| $ | 335,884 |
|
|
|
|
| ||||
Liabilities and Stockholders' Equity |
|
|
| ||||
Current liabilities: |
|
|
| ||||
Accounts payable and accrued expenses | $ | 7,648 |
|
| $ | 6,369 |
|
Deferred revenue |
| 8,500 |
|
|
| 5,976 |
|
Operating lease liability, current |
| 2,364 |
|
|
| 438 |
|
Total current liabilities |
| 18,512 |
|
|
| 12,783 |
|
|
|
|
| ||||
Non-current liabilities: |
|
|
| ||||
Warrant liability |
| 9,492 |
|
|
| 31,308 |
|
Operating lease liability, long-term |
| 3,748 |
|
|
| 278 |
|
Deferred tax liability |
| 144 |
|
|
| 144 |
|
Total liabilities |
| 31,896 |
|
|
| 44,513 |
|
|
|
|
| ||||
Stockholders' Equity |
|
|
| ||||
Preferred stock, $0.0001 par value, 2,000,000 shares authorized at June 30, 2022 and December 31, 2021. No shares issued and outstanding at June 30, 2022 and December 31, 2021. |
| — |
|
|
| — |
|
Common stock, $0.0001 par value; 400,000,000 authorized; 71,397,326 and 70,667,381 shares issued at June 30, 2022 and December 31, 2021, respectively. |
| 7 |
|
|
| 7 |
|
Additional paid in capital |
| 371,690 |
|
|
| 368,680 |
|
Accumulated other comprehensive loss |
| (388 | ) |
|
| (898 | ) |
Accumulated deficit |
| (79,018 | ) |
|
| (76,418 | ) |
Total stockholders' equity |
| 292,291 |
|
|
| 291,371 |
|
|
|
|
| ||||
Total Liabilities and Stockholders' Equity | $ | 324,187 |
|
| $ | 335,884 |
|
BLADE AIR MOBILITY, INC. | |||||||||||||||||||||||
| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||||||||||||||||||
| 2022 |
| 2021 |
| 2020 |
| 2022 |
| 2021 |
| 2020 | ||||||||||||
Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net income (loss) | $ | 8,412 |
|
| $ | (24,286 | ) |
| $ | (1,325 | ) |
| $ | (2,600 | ) |
| $ | (28,507 | ) |
| $ | (4,734 | ) |
Adjustments to reconcile net loss to net cash and restricted cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Depreciation and amortization |
| 1,155 |
|
|
| 140 |
|
|
| 133 |
|
|
| 2,300 |
|
|
| 266 |
|
|
| 264 |
|
Stock-based compensation |
| 1,844 |
|
|
| 2,518 |
|
|
| 90 |
|
|
| 3,942 |
|
|
| 4,422 |
|
|
| 177 |
|
Change in fair value of warrant liabilities |
| (19,266 | ) |
|
| 14,913 |
|
|
| — |
|
|
| (21,816 | ) |
|
| 14,913 |
|
|
| — |
|
Realized loss from sales of short term investments |
| 1,576 |
|
|
| — |
|
|
| — |
|
|
| 1,712 |
|
|
| — |
|
|
| — |
|
Unrealized foreign exchange gain / losses |
| — |
|
|
| — |
|
|
| — |
|
|
| (5 | ) |
|
| — |
|
|
| — |
|
Recapitalization costs attributable to warrant liabilities |
| — |
|
|
| 1,742 |
|
|
| — |
|
|
| — |
|
|
| 1,742 |
|
|
| — |
|
Loss on disposal of property and equipment |
| 65 |
|
|
| — |
|
|
| — |
|
|
| 65 |
|
|
| — |
|
|
| — |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Prepaid expenses and other current assets |
| (2,197 | ) |
|
| (4,917 | ) |
|
| 226 |
|
|
| (3,902 | ) |
|
| (5,745 | ) |
|
| 34 |
|
Accounts receivable |
| (3,659 | ) |
|
| (640 | ) |
|
| (70 | ) |
|
| (4,124 | ) |
|
| (167 | ) |
|
| (240 | ) |
Other non-current assets |
| (504 | ) |
|
| (106 | ) |
|
| (70 | ) |
|
| (1,152 | ) |
|
| (32 | ) |
|
| (12 | ) |
Operating right-of-use assets/lease liabilities |
| 105 |
|
|
| 20 |
|
|
| 2 |
|
|
| 106 |
|
|
| 18 |
|
|
| 7 |
|
Accounts payable and accrued expenses |
| (1,361 | ) |
|
| 547 |
|
|
| (89 | ) |
|
| 1,275 |
|
|
| 2,419 |
|
|
| (915 | ) |
Deferred revenue |
| 2,220 |
|
|
| 851 |
|
|
| 532 |
|
|
| 2,524 |
|
|
| 848 |
|
|
| 74 |
|
Net cash used in operating activities |
| (11,610 | ) |
|
| (9,218 | ) |
|
| (571 | ) |
|
| (21,675 | ) |
|
| (9,823 | ) |
|
| (5,345 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Purchase of property and equipment |
| (189 | ) |
|
| (144 | ) |
|
| (13 | ) |
|
| (626 | ) |
|
| (197 | ) |
|
| (23 | ) |
Purchase of short-term investments |
| (188 | ) |
|
| (303,163 | ) |
|
| — |
|
|
| (453 | ) |
|
| (303,163 | ) |
|
| — |
|
Proceeds from sales of short-term investments |
| 197,001 |
|
|
| — |
|
|
| — |
|
|
| 208,700 |
|
|
| — |
|
|
| — |
|
Net cash provided by / (used in) investing activities |
| 196,624 |
|
|
| (303,307 | ) |
|
| (13 | ) |
|
| 207,621 |
|
|
| (303,360 | ) |
|
| (23 | ) |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Proceeds from the exercise of common stock options |
| 58 |
|
|
| 5 |
|
|
| — |
|
|
| 79 |
|
|
| 22 |
|
|
| — |
|
Taxes paid related to net share settlement of equity awards |
| (1,006 | ) |
|
| — |
|
|
| — |
|
|
| (1,011 | ) |
|
| — |
|
|
| — |
|
Proceeds from note payable |
| — |
|
|
| — |
|
|
| 1,165 |
|
|
| — |
|
|
| — |
|
|
| 1,165 |
|
Repayment of note payable |
| — |
|
|
| (1,165 | ) |
|
| — |
|
|
| — |
|
|
| (1,165 | ) |
|
| — |
|
Proceeds from recapitalization of EIC, net of issuance costs |
| — |
|
|
| 216,758 |
|
|
| — |
|
|
| — |
|
|
| 214,988 |
|
|
| — |
|
Proceeds from sale of common stock in PIPE, net of issuance costs |
| — |
|
|
| 119,634 |
|
|
| — |
|
|
| — |
|
|
| 119,634 |
|
|
| — |
|
Net cash (used in) / provided by financing activities |
| (948 | ) |
|
| 335,232 |
|
|
| 1,165 |
|
|
| (932 | ) |
|
| 333,479 |
|
|
| 1,165 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Effect of foreign exchange rate changes on cash balances |
| 4 |
|
|
| — |
|
|
| — |
|
|
| 7 |
|
|
| — |
|
|
| — |
|
Net increase (decrease) in cash and cash equivalents and restricted cash |
| 184,070 |
|
|
| 22,707 |
|
|
| 581 |
|
|
| 185,021 |
|
|
| 20,296 |
|
|
| (4,203 | ) |
Cash and cash equivalents and restricted cash - beginning |
| 4,176 |
|
|
| 7,926 |
|
|
| 12,584 |
|
|
| 3,225 |
|
|
| 10,337 |
|
|
| 17,368 |
|
Cash and cash equivalents and restricted cash - ending | $ | 188,246 |
|
| $ | 30,633 |
|
| $ | 13,165 |
|
| $ | 188,246 |
|
| $ | 30,633 |
|
| $ | 13,165 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Reconciliation to the unaudited interim condensed consolidated balance sheets |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Cash and cash equivalents | $ | 186,556 |
|
| $ | 30,003 |
|
| $ | 13,049 |
|
| $ | 186,556 |
|
| $ | 30,003 |
|
| $ | 13,049 |
|
Restricted cash |
| 1,690 |
|
|
| 630 |
|
|
| 116 |
|
|
| 1,690 |
|
|
| 630 |
|
|
| 116 |
|
Total | $ | 188,246 |
|
| $ | 30,633 |
|
| $ | 13,165 |
|
| $ | 188,246 |
|
| $ | 30,633 |
|
| $ | 13,165 |
|
Non-cash investing and financing activities |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
New leases under ASC 842 entered into during the period | $ | 5,456 |
|
| $ | 1 |
|
| $ | 21 |
|
| $ | 5,871 |
|
| $ | 13 |
|
| $ | 21 |
|
BLADE AIR MOBILITY, INC. | |||||||||||
| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||||||
| 2022 |
| 2021 |
| 2020 |
| 2022 |
| 2021 |
| 2020 |
Seats flown – all passenger flights(1) | 28,241 |
| 5,971 |
| 696 |
| 46,735 |
| 8,226 |
| 5,274 |
__________
(1) Prior period amounts have been updated to conform to current period presentation.
BLADE AIR MOBILITY, INC.
RECONCILIATION OF REPORTED REVENUE TO PRO FORMA REVENUE
(in thousands except percentages, unaudited)
The following unaudited pro forma financial information presents what our revenue would have been had Trinity and the exclusive rights to Helijet International, Inc's scheduled passenger routes in Canada been acquired and purchased, respectively, on January 1, 2021.
Three months ended June 30 |
|
|
|
|
|
|
| ||||||||
| Total |
| Short Distance |
| MediMobility |
| Jet and Other | ||||||||
Reported Revenue three months ended June 30, 2021 | $ | 12,951 |
|
| $ | 5,798 |
|
| $ | 1,550 |
|
| $ | 5,603 |
|
Impact of Trinity |
| 5,669 |
|
|
| — |
|
|
| 5,669 |
|
|
| — |
|
Impact of Canada |
| 390 |
|
|
| 390 |
|
|
| — |
|
|
| — |
|
Pro forma Revenue | $ | 19,010 |
|
| $ | 6,188 |
|
| $ | 7,219 |
|
| $ | 5,603 |
|
|
|
|
|
|
|
|
| ||||||||
Reported Revenue three months ended June 30, 2022 | $ | 35,633 |
|
| $ | 10,963 |
|
| $ | 17,249 |
|
| $ | 7,421 |
|
Pro forma change in revenue |
| 87 | % |
|
| 77 | % |
|
| 139 | % |
|
| 32 | % |
Six months ended June 30 |
|
|
|
|
|
|
| ||||||||
| Total |
| Short Distance |
| MediMobility |
| Jet and Other | ||||||||
Reported Revenue six months ended June 30, 2021 | $ | 22,224 |
|
| $ | 6,849 |
|
| $ | 2,885 |
|
| $ | 12,490 |
|
Impact of Trinity |
| 9,995 |
|
|
| — |
|
|
| 9,995 |
|
|
| — |
|
Impact of Canada |
| 828 |
|
|
| 828 |
|
|
| — |
|
|
| — |
|
Pro forma Revenue | $ | 33,047 |
|
| $ | 7,677 |
|
| $ | 12,880 |
|
| $ | 12,490 |
|
|
|
|
|
|
|
|
| ||||||||
Reported Revenue six months ended June 30, 2022 | $ | 62,263 |
|
| $ | 15,166 |
|
| $ | 29,924 |
|
| $ | 17,173 |
|
Pro forma change in revenue |
| 88 | % |
|
| 98 | % |
|
| 132 | % |
|
| 37 | % |