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NEW YORK, March 20, 2024 (GLOBE NEWSWIRE) -- Blade Air Mobility, Inc. (NASDAQ:BLDE, "Blade" or the "Company"))), a technology-powered air mobility platform, today announced its Board of Directors has authorized the repurchase of up to $20 million of outstanding Class A common stock. Given the Company's expectation of profitability on an adjusted EBITDA basis for the full-year 2024, coupled with its debt-free balance sheet and significant cash balance, the share buyback program will allow the Company to oppo ...

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Financial Data and Key Metrics Changes - Full year revenue for 2023 increased by 54.1% to $225.2 million, while flight profit rose by 84%, leading to an adjusted EBITDA improvement of $10.8 million to negative $16.6 million for the year [6][22] - Q4 2023 flight profit increased by 65.7% to $9 million compared to $5.4 million in the prior-year period, driven by strong growth in the Medical business [26] - Adjusted EBITDA improved by $2.7 million to negative $5.2 million in Q4 2023, with adjusted EBITDA as a percentage of revenues improving to negative 11.1% from negative 20.9% in Q4 2022 [12][65] Business Line Data and Key Metrics Changes - Medical segment revenue increased by 48% to $32 million in Q4 2023, with flight profit rising by 81% to $6.4 million [32][59] - Passenger segment revenue in Q4 2023 was up 14% to $10.7 million, with flight profit increasing by 37% to $2.6 million [63][64] - Blade Airport achieved positive flight profit for the full year 2023, with a significant increase in customer acquisition metrics [23] Market Data and Key Metrics Changes - Blade Airport delivered over 40% year-over-year revenue growth, contributing to improved profitability in the Passenger segment [11] - Europe is underperforming compared to initial acquisition expectations, leading to a non-cash impairment charge of $20.8 million, but remains a key urban air mobility market [36] Company Strategy and Development Direction - The company is focused on maximizing flight profit and has acquired eight fixed-wing jet aircraft to enhance its Medical operations, aiming for improved unit economics [7][33] - The strategy includes maintaining an asset-light model while gradually increasing the use of owned aircraft to capture fixed cost leverage [8][34] - Blade plans to achieve positive adjusted EBITDA in 2024 and double-digit millions in 2025, with expectations of continued growth in both Medical and Passenger segments [25][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability in the Passenger segment by 2025, driven by improved flight profit margins and reduced marketing spend [38] - The Medical segment is expected to see single-digit percentage sequential revenue growth with flight margins above 20% throughout 2024, aiming for 25%-plus by the end of the year [16][67] - Management highlighted the importance of strategic acquisitions and leveraging existing relationships with hospitals to drive growth [83] Other Important Information - The company has $166.1 million in cash and short-term investments available for tactical acquisitions and investments in aircraft supply [57][68] - The acquisition of the Hawker 800 aircraft is expected to enhance operational efficiency and reduce costs for hospital customers [33][100] Q&A Session Summary Question: What is the outlook for Q1? - Management expects Q1 to be seasonally light, with approximately 10% year-over-year growth, similar EBITDA performance to Q4 [72] Question: Can you clarify the revenue growth range for 2024? - The range reflects the impact of discontinued products and softer jet charter performance, with new customer acquisition expected to drive growth [48][75] Question: What are the benefits of acquiring the eight Hawker 800 aircraft? - Owning the aircraft allows for better economies of scale and operating leverage, reducing costs and improving margins [51][52] Question: How is Europe performing and what are the expectations for 2024 and 2025? - Despite initial underperformance, management is optimistic about growth and profitability improvements in Europe due to a new management team and strong market demand [84] Question: How does competition in the MediMobility space affect the company? - Management views competition positively, as it increases the overall market for organ transport, and emphasizes the company's focus on logistics and customer service [92]

Investor Presentation March 2024 B BLADE FORWARD LOOKING STATEMENTS This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and may be identified by the use of words such as "will", "anticipate," "believe," "could," "continue," "expect," "estimate," "may," "plan," "outlook," "future" and "project" and other similar expres ...

Revenue up 24.5% versus the prior year to $47.5 million in Q4 2023 and up 54.1% in the full year 2023 to $225.2 millionNet loss increased $(18.5) million versus the prior year to $(33.9) million in Q4 2023 and increased $(28.8) million in the full year 2023 to $(56.1) million; Adjusted EBITDA increased by $2.7 million versus the prior year to $(5.2) million in Q4 2023 and increased by $10.8 million to $(16.6) million in the full year 2023Introduced guidance for Adjusted EBITDA profitability in full-year 202 ...

Financial Performance and Market Value - As of June 30, 2023, the aggregate market value of the voting and non-voting common stock held by non-affiliates was approximately $231.2 million, based on a closing sales price of $3.94 per share[67]. - The company intends to not declare any dividends in the foreseeable future, indicating a focus on reinvestment[67]. - The company may issue additional equity securities, which could dilute existing shareholders[67]. Internal Controls and Reporting - The company has identified material weaknesses in internal controls over financial reporting, which could affect the reliability of financial statements[380]. - Remediation efforts for internal control weaknesses are ongoing, with expected completion by the end of the fiscal year ending December 31, 2024[389]. - The company has not experienced any changes in internal control over financial reporting that materially affect its operations during the last fiscal quarter[390]. Operational Risks - The company operates in three key product lines across Passenger and Medical segments, focusing on short-distance flights primarily in the U.S., Canada, and Europe[56]. - The company is exposed to foreign currency risks, particularly with revenues and expenses in Canadian dollars and Euros, which may impact future financial results[395]. - The company relies on third-party operators and web service providers, which introduces operational risks[67]. Strategic Positioning - The company has provisions in its charter that may discourage unsolicited takeover proposals, indicating a defensive strategy against potential acquisitions[67].

March 12, 2024 Blade Air Mobility Reports Financial Results for the Fourth Quarter Ended December 31, 2023 • Net loss increased $(18.5) million versus the prior year to $(33.9) million in Q4 2023 and increased $(28.8) million in the full year 2023 to $(56.1) million; Adjusted EBITDA increased by $2.7 million versus the prior year to $(5.2) million in Q4 2023 and increased by $10.8 million to $(16.6) million in the full year 2023 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------- ...

NEW YORK, March 06, 2024 (GLOBE NEWSWIRE) -- Blade Air Mobility, Inc. (NASDAQ:BLDE, "Blade" or the "Company"))), a technology-powered air mobility platform, today announced that Management will participate in the following investor conferences: 2024 J.P. Morgan Industrials Conference – Presentation and fireside chat with Will Heyburn, Chief Financial Officer, on Tuesday, March 12, 2024 at 3:35pm ET. A webcast of the event will be available at the link here.Oppenheimer 34th Annual Healthcare MedTech & Servic ...