Blade recorded a total revenue of $61 million in second quarter (Q2), 2023 recording an increase of 71.2% over Q2 of 2022, when the revenue was $35.6 million. The company’s increased 102.9% to $10.4 million versus $5.1 million in the prior year period.
The company reported an increase in flight margins by 12% up from 14.3% in 2022, in addition acquisition of Blade Europe improved its short distance revenue by 75% to close at $19.2 million.
Blade reported a net loss of $12.2 million in the quarter versus a net income of $8,4 million in Q2, 2022 due to the fair value of warrant liabilities of minus $2.5m, compared to a change of $19.3m in the prior year period.
Adjusted EBITDA loss improved to $4.4 million in Q2 versus a loss of $6.1 million in the prior year. The improvement can be explained by a 172% increase in medical segment adjusted EBITDA to $3m in Q2.
Will Heyburn, chief financial officer, Blade said: “Blade delivered significant year over year improvement in adjusted EBITDA this quarter, driven by 172% growth in medical segment adjusted EBITDA and cost savings across our corporate platform. Our cost efficiency program is showing meaningful results with adjusted unallocated corporate expenses, which relate to the overall Blade shared services platform, decreasing 12% in Q2, 2023 versus the prior year period, despite our significant 71% revenue growth. We expect that continued growth and cost efficiencies will lead to further year over year improvement in adjusted EBITDA in the second half of the year.”
Melissa Tomkiel, president, Blade added: “The FAA’s blueprint for air mobility, released in July, outlines a gradual transition to Electric Vertical Aircraft, or EVA, utilising existing air traffic control systems and infrastructure. This approach validates Blade’s unique strategy, focused on our exclusive Blade terminals at existing heliports and airports in the most active air mobility corridors operating around the world today. As a result, Blade is best positioned to enable the gradual transition of today’s air mobility fliers from helicopters to EVA, which we expect to expand the addressable market for our Passenger segment through lower cost, emission-free, and near-silent flight.”