Blade(BLDE)2025-05-12 11:05Revenue Performance - Revenue for Q1 2025 increased by 5.4% to $54.3 million compared to $51.5 million in Q1 2024, with a 10.9% increase when excluding Canada[11] - Total revenue for Q1 2025 was $54,306,000, representing a 5.4% increase from $51,514,000 in Q1 2024[36] - Passenger revenue increased by 18.5% to $18,358,000 in Q1 2025 from $15,488,000 in Q1 2024[38] - Total revenue for the last twelve months reached $251,485 million, with significant contributions from MediMobility Organ Transport at $146,739 million[55] Profitability and Loss - Net loss improved by $0.7 million to $(3.5) million in Q1 2025, while Adjusted EBITDA improved by $2.3 million to $(1.2) million[7] - Net loss for Q1 2025 was $3,493,000, an improvement from a net loss of $4,234,000 in Q1 2024[28] - Adjusted EBITDA for Q1 2025 was $(1,238,000), an improvement from $(3,546,000) in Q1 2024[44] - Free cash flow for the three months ended March 31, 2025, was $(3,397) million, compared to $(16,678) million in the same period of 2024[53] Operating Performance - Flight Profit increased by 18.1% to $12.0 million, with Flight Margin improving to 22.1% from 19.7% year-over-year[11] - The company reported a flight margin of 22.1% in Q1 2025, up from 19.7% in Q1 2024[44] - Gross profit increased to $8,093 million, resulting in a gross margin of 14.9%, compared to a gross margin of 11.4% in the prior year[46] - Total operating expenses for Q1 2025 were $61,889,000, compared to $61,382,000 in Q1 2024, resulting in a loss from operations of $7,583,000[28] Cash Flow and Financial Position - Operating Cash Flow increased by $15.3 million to $(0.2) million, with Free Cash Flow before Aircraft Acquisitions improving by $14.0 million to $(2.7) million[11] - Cash and cash equivalents increased to $34,830,000 as of March 31, 2025, up from $18,378,000 at December 31, 2024[26] - The company ended Q1 2025 with $120.0 million in cash and short-term investments[11] - Total assets decreased to $250,550,000 as of March 31, 2025, down from $256,675,000 at December 31, 2024[26] - Total stockholders' equity was $219,732,000 as of March 31, 2025, compared to $221,938,000 at December 31, 2024[26] Strategic Initiatives and Future Outlook - The company reaffirmed its full-year 2025 guidance, expecting revenue between $245 million and $265 million and double-digit Adjusted EBITDA[16] - The company launched service between Downtown Manhattan Heliport and JFK Airport, gathering data to support future EVTOL operations[16] - The company’s Medical Segment is expected to grow with the onboarding of new customers and continued growth with existing ones[8] - The company is focused on expanding its market presence and enhancing its fleet composition, including the transition to Electric Vertical Aircraft (EVA)[56] - Future financial guidance indicates a continued focus on improving operational efficiency and revenue growth, with expectations for market expansion and new product lines[58] - The company is actively pursuing strategic acquisitions and partnerships to enhance its service offerings and operational capabilities[59]