The following is a summary of the Blade Air Mobility, Inc. (BLDE) Q1 2024 Earnings Call Transcript:
Financial Performance:
Blade Air reported a 13.8% increase in Q1 2024 revenue amounting to $51.5 million compared to the same period in 2023.
Excluding the discontinued Blade 1, revenue increased by 21.5% year-on-year.
The company reported a significant 41.5% year-on-year increase in total flight profit.
Medical revenues increased by 34.6% in Q1 2024.
Adjusted EBITDA improved by $4.2 million in Q1 2024 compared to Q1 2023.
Blade had $151 million in cash and short-term investments at the end of Q1 2024.
Business Progress:
A strong start in 2024 in its medical business marked by record revenues, growth driven by increased trip volumes and distances.
Profitability improvement across the business, including cost rationalization measures and the discontinuation of Blade 1.
Blade anticipates further profitability improvement in passenger business and plans to manage corporate cost.
Seth Bacon, founder of Trinity Air Medical, will be the Executive Chairman of Blade Medical and Scott Wunsch, the existing medical COO, will become the CEO of Blade Medical.
They are expanding their medical sector strategy into moving other critical cargo beyond patients and organs.
The company has a pipeline for new customer acquisition and continues to evaluate growth opportunities, including a potential expansion into other critical cargo and ground transportation markets.
Speculation for transitions to electric vertical aircraft (EVA) possibly in 2026 or 2027.
More details: Blade Air Mobility IR
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