The following is a summary of the Blade Air Mobility, Inc. (BLDE) Q4 2023 Earnings Call Transcript:
Financial Performance:
Blade Air Mobility reported a 54.1% year-over-year increase in revenues, now at $225.2 million in 2023.
Flight profit of the company increased by 84% compared to the previous year, helping to improve the adjusted EBITDA by $10.8 million, totalling at negative $16.6 million for 2023.
Q4 2023 saw a 24.5% revenue increase, bringing the total to $47.5 million compared to the prior-year period.
The company forecasts positive adjusted EBITDA for 2024, and predicts adjusted EBITDA to reach into the double-digit millions in 2025.
Business Progress:
The company's helicopter service, Blade Airport, between Manhattan and New York area airports, reported positive flight profit for Q3 and Q4 and for the full year of 2023. Blade Air Mobility has plans to transition to Electric Vertical Aircraft (eVTOL) in the coming years.
Blade purchased eight fixed-wing jet aircraft to rapidly expand their medical services, offering lower cost service and improved availability for hospital clients.
After the successful acquisition of Trinity, their Medical business tripled, leading to the purchase of jet aircraft.
The company plans to capitalize on opportunities in the Medical sector, focusing on tactical M&A, leveraging hospital relationships, and their core competencies in transportation.
More details: Blade Air Mobility IR
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