Blade(BLDE)2024-11-12 12:23Revenue Growth - Total revenue increased by 4.8% to $74.9 million in Q3 2024 compared to $71.4 million in Q3 2023, driven by growth in Medical and Short Distance segments [9]. - Medical revenue rose by 7.8% to $36.1 million in Q3 2024, while Short Distance revenue increased by 6.5% to $32.4 million [10]. - Revenue for Q3 2024 was $74.877 million, compared to $71.442 million in Q3 2023, representing a growth of approximately 3.8% [25]. - For the full year 2024, the company expects revenue between $240 million and $250 million [1]. - For 2025, the company projects double-digit growth in Medical revenue and passenger revenue between $85 million and $95 million [1]. - Total revenue for the three months ended September 30, 2024, was $74,877 thousand, an increase of 4% from $71,442 thousand in the same period of 2023 [27]. Financial Performance - Adjusted EBITDA improved by $3.4 million year-over-year to $4.2 million in Q3 2024, primarily due to a $2.8 million increase in Passenger Segment Adjusted EBITDA [9]. - Adjusted EBITDA for the three months ended September 30, 2024, was $4,180 thousand, significantly higher than $787 thousand in the same period of 2023 [28]. - The company reaffirmed guidance for positive Adjusted EBITDA in 2024 and double-digit millions of Adjusted EBITDA in 2025 [1]. - The company's net loss for Q3 2024 was $1.954 million, a decrease from a net income of $0.289 million in Q3 2023 [25]. - Adjusted SG&A expenses were $16,169,000 for the three months ended September 30, 2024, compared to $14,863,000 in 2023, with SG&A as a percentage of revenue at 21.6% [33]. - Total operating expenses for the three months ended September 30, 2024, were $78,414,000, slightly down from $78,890,000 in 2023 [33]. Cash Flow and Assets - Operating Cash Flow increased by $4.3 million to $6.4 million in Q3 2024, with Free Cash Flow, Before Aircraft Acquisitions, rising by $2.4 million to $3.7 million [9]. - Cash and short-term investments at the end of Q3 2024 totaled $136.3 million [10]. - Cash and cash equivalents decreased from $27.873 million as of December 31, 2023, to $20.028 million as of September 30, 2024 [23]. - Net cash provided by operating activities for the three months ended September 30, 2024, was $6,355 thousand, compared to $2,023 thousand in the same period of 2023 [26]. - Free Cash Flow for Q3 2024 was $(3,562,000), a decrease from $1,328,000 in Q3 2023, while Free Cash Flow before Aircraft Acquisitions was $3,726,000, up from $1,328,000 [37]. Market Strategy and Growth Opportunities - A strategic alliance was announced with OrganOx to enhance access to their metra perfusion device, utilizing Blade's logistics for rapid deployment [1]. - The company is focusing on legal and regulatory advocacy costs, with $165,000 incurred in the three months ended September 30, 2024, compared to $217,000 in 2023 [35]. - Blade is focused on expanding its market presence and launching new routes and services to enhance its operational capabilities [42]. - The company anticipates continued growth opportunities in the air transportation market, particularly with the development and adoption of Electric Vertical Aircraft (EVA) technology [41]. - Blade's asset-light model and exclusive passenger terminal infrastructure are designed to facilitate a seamless transition to lower-cost air mobility solutions [39]. Operational Metrics - The Passenger Segment achieved trailing twelve-month Adjusted EBITDA profitability in Q3 2024, ahead of previous guidance for full-year profitability by the end of 2025 [1]. - Medical Segment Adjusted EBITDA improved by 15.1% in Q3 2024 compared to the prior year, with margins expanding by 70 basis points [8]. - Total flight profit for the three months ended September 30, 2024, was $19,837 thousand, a 27% increase from $15,579 thousand in the same period of 2023 [28]. - Passenger flight margin improved to 31.8% for the three months ended September 30, 2024, compared to 24.8% in 2023 [28]. - Medical flight margin increased to 20.8% for the three months ended September 30, 2024, up from 18.4% in 2023 [28]. Risks and Challenges - The company faces risks related to market growth, competition, and operational challenges that could impact future performance [42]. - Blade's management emphasizes the importance of maintaining high-quality customer support and a high daily aircraft usage rate to drive revenue growth [42].