Summary by ATFCars.com
Referenced article published on avweb.com on May 11, 2023 written by Mark Phelps. Link to original article:
Blade Air Mobility Announces Its Financial Results for Q1 2023
Blade Air Mobility, a leading name in air transportation, has just released its financial results for the first quarter of 2023. The company reported an impressive year-over-year revenue surge of 70%, propelled primarily by growth in its medical services, European expansion, and profitable gains in Canada.
Short-distance revenues skyrocketed by 148% for the quarter, while organ-transplant-related revenues also ascended, posting a significant 111% growth year-over-year, and a sequential increase of 24% compared to Q4 of 2022. Overall flight profit achieved a towering 145% growth this quarter compared to Q1 of 2022.
CFO Will Heyburn forecasts the continuation of this positive trend, expecting year-over-year improvement in Adjusted EBITDA through the remainder of the year. Meanwhile, CEO Rob Wiesenthal underscores the company’s commitment to profitability and investor value, hinting at the promising potential of the commercialization of Electric Vertical Aircraft (EVA). Wiesenthal heralds Blade’s unique and unchallenged position in the urban air mobility market, emphasizing its readiness to leverage the broader adoption of EVAs.
With Blade’s latest numbers indicating a steep ascent, the flying car industry appears ready for liftoff. Stay tuned for more exciting updates as we track the flight path of this high-flying sector.
