PART I. FINANCIAL INFORMATION [Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The unaudited condensed consolidated financial statements present Joby Aviation's financial position, results of operations, and cash flows for the three and six months ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) As of June 30, 2025, total assets increased to **$1.26 billion** from **$1.20 billion** at year-end 2024, with total liabilities growing to **$361.6 million** and stockholders' equity slightly decreasing Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$1,259,876** | **$1,203,465** | | Cash, cash equivalents and short-term investments | $990,984 | $932,851 | | Property and equipment, net | $134,999 | $120,954 | | **Total Liabilities** | **$361,584** | **$291,102** | | Warrant liability | $108,861 | $95,410 | | Earnout shares liability | $159,199 | $117,416 | | **Total Stockholders' Equity** | **$898,292** | **$912,363** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Unaudited)) For Q2 2025, net loss significantly increased to **$324.7 million**, driven by fair value changes in warrants and earnout shares, a private placement loss, and higher R&D expenses Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $15 | $28 | $15 | $53 | | Research and development | $136,387 | $112,996 | $270,674 | $228,632 | | Loss from operations | $(167,864) | $(144,287) | $(331,148) | $(290,184) | | Loss from change in fair value of warrants | $(126,295) | $9,814 | $(55,275) | $48,841 | | **Net loss** | **$(324,674)** | **$(123,292)** | **$(407,080)** | **$(217,879)** | | **Net loss per share** | **$(0.41)** | **$(0.18)** | **$(0.52)** | **$(0.32)** | [Condensed Consolidated Statements of Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss%20(Unaudited)) Comprehensive loss for Q2 2025 was **$324.6 million**, increasing from **$123.7 million** in 2024, primarily due to the rise in net loss Comprehensive Loss (in thousands) | Period | 2025 | 2024 | | :--- | :--- | :--- | | **Three Months Ended June 30** | **$(324,556)** | **$(123,744)** | | Net loss | $(324,674) | $(123,292) | | Other comprehensive gain (loss) | $118 | $(452) | | **Six Months Ended June 30** | **$(407,051)** | **$(219,432)** | | Net loss | $(407,080) | $(217,879) | | Other comprehensive gain (loss) | $29 | $(1,553) | [Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity%20(Unaudited)) Stockholders' equity decreased to **$898.3 million** by June 30, 2025, as net loss was largely offset by capital raised from stock issuances and stock-based compensation - The company issued **49,701,790 shares** in a private placement, raising **$290.2 million** in net proceeds during the six months ended June 30, 2025[20](index=20&type=chunk) - Total stockholders' equity stood at **$898.3 million** as of June 30, 2025, down from **$912.4 million** at the beginning of the year[20](index=20&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Net cash used in operations was **$217.5 million** for H1 2025, while financing activities provided a substantial **$298.0 million**, leading to a **$136.6 million** net increase in cash Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(217,533) | $(205,471) | | Net cash provided by investing activities | $56,156 | $171,271 | | Net cash provided by financing activities | $297,994 | $5,283 | | **Net change in cash, cash equivalents and restricted cash** | **$136,617** | **$(28,917)** | - Financing activities in the first six months of 2025 were primarily driven by **$249.9 million** net proceeds from a private placement and **$43.0 million** net proceeds from an at-the-market public offering[26](index=26&type=chunk)[157](index=157&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Notes detail accounting policies, fair value measurements, stock warrants, and related party transactions, including a private placement with Toyota and a subsequent acquisition agreement - In May 2025, the company completed an initial closing of a stock purchase agreement with Toyota, issuing **49.7 million shares** for **$250 million**, resulting in a noncash loss of **$40.3 million**[93](index=93&type=chunk) - On August 1, 2025, the company agreed to acquire Blade Air Mobility's passenger segment for up to **$125.0 million**, payable in cash or stock, including **$80 million** at closing[103](index=103&type=chunk) - On July 17, 2025, a triggering event caused **3,426,000 Earnout Shares** to vest as the company's stock price exceeded the **$12.00** threshold[101](index=101&type=chunk)[102](index=102&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Joby's eVTOL aircraft development, operational progress, and financial results, highlighting increased R&D spending and strong liquidity from recent financing activities - Joby is developing a piloted, all-electric, vertical take-off and landing (eVTOL) aircraft with a target range of up to **100 miles** and speeds up to **200 mph**, aiming for commercial launch in **2026**[107](index=107&type=chunk)[108](index=108&type=chunk) - The company has made significant progress with the FAA, having completed or substantially completed three of the five stages of the type certification process[115](index=115&type=chunk) - As of June 30, 2025, the company had an accumulated deficit of **$2.26 billion** and has funded its operations primarily through stock issuances[109](index=109&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) R&D expenses increased by **21%** in Q2 2025, contributing to a significantly widened net loss primarily due to non-cash losses on warrants and a private placement Comparison of Operating Results (in thousands) | Metric | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and development | $136,387 | $112,996 | $23,391 | 21% | | Selling, general and administrative | $31,482 | $31,304 | $178 | 1% | | Loss from operations | $(167,864) | $(144,287) | $(23,577) | 16% | | Net loss | $(324,674) | $(123,292) | $(201,382) | 163% | - The decrease in Total Other Income was primarily driven by a **$136.1 million** unfavorable change in the fair value of warrants and earnout shares and a **$40.3 million** loss on the common stock issuance in a private placement in Q2 2025[138](index=138&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held **$991.7 million** in cash and investments, deemed sufficient to fund operations beyond initial commercial launch, bolstered by recent financing - As of June 30, 2025, the company had cash, cash equivalents, and restricted cash of **$337.0 million** and short-term investments of **$654.7 million**[148](index=148&type=chunk) - In the first half of 2025, the company raised **$249.9 million** net from a private placement with Toyota and **$43.0 million** net from its ATM offering[147](index=147&type=chunk)[157](index=157&type=chunk) - The company believes its current cash and investments will be sufficient to fund operations beyond the initial commercial launch[149](index=149&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk on its **$991.7 million** in short-term investments, though a **10%** rate change is not expected to have a material impact - The company's primary market risk is interest rate changes affecting its **$991.7 million** in cash, cash equivalents, and short-term investments as of June 30, 2025[163](index=163&type=chunk) - Management does not believe a hypothetical **10%** change in interest rates would materially impact its financial position or interest income[163](index=163&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[167](index=167&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[168](index=168&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various claims in the ordinary course of business but does not anticipate a material adverse impact on its financial position - The company is not involved in any material legal proceedings and believes existing claims will not have a material adverse impact[170](index=170&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) This section highlights risks associated with the planned acquisition of Blade Air Mobility's passenger operations, including closing uncertainties, potential stock dilution, and integration challenges - A new risk factor has been added regarding the acquisition of Blade's passenger operations, which is subject to closing conditions that may not be met[173](index=173&type=chunk)[175](index=175&type=chunk) - The acquisition payment of up to **$125 million** may be made in Joby's common stock, which could cause dilution to existing stockholders[173](index=173&type=chunk) - The company acknowledges risks associated with investing in new offerings and acquiring other companies, which may divert management attention, result in dilution, and disrupt business[177](index=177&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the period - None[178](index=178&type=chunk) [Defaults Upon Senior Securities](index=36&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the period - None[178](index=178&type=chunk) [Mine Safety Disclosures](index=36&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[179](index=179&type=chunk) [Other Information](index=36&type=section&id=Item%205.%20Other%20Information) Two company officers adopted Rule 10b5-1 trading plans in May 2025 to sell shares of common stock starting in September 2025 - Chief Legal Officer Kate DeHoff adopted a Rule 10b5-1 trading plan to sell up to **303,285 shares** of common stock[180](index=180&type=chunk) - Chief Policy Officer Greg Bowles adopted a Rule 10b5-1 trading plan to sell up to **176,169 shares** of common stock[181](index=181&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report on Form 10-Q, including corporate governance documents, material contracts, and officer certifications - The report includes exhibits such as the Amended and Restated Certificate of Incorporation, recent agreements with Toyota, and officer certifications required by the Sarbanes-Oxley Act[184](index=184&type=chunk)

分组1 - Joby Aviation, Inc. reported a quarterly loss of $0.24 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.18, marking an earnings surprise of -33.33% [1] - The company posted revenues of $0.02 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 70%, and a decline from $0.03 million in the same quarter last year [2] - Joby Aviation shares have increased approximately 139.7% since the beginning of the year, significantly outperforming the S&P 500's gain of 7.1% [3] 分组2 - The earnings outlook for Joby Aviation is uncertain, with current consensus EPS estimates at -$0.19 on $0.38 million in revenues for the upcoming quarter and -$0.65 on $1.38 million in revenues for the current fiscal year [7] - The Zacks Rank for Joby Aviation is currently 4 (Sell), indicating expectations of underperformance in the near future [6] - The Transportation - Airline industry, to which Joby Aviation belongs, is currently in the top 37% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Financial Data and Key Metrics Changes - The company ended Q2 2025 with cash and short-term investments totaling $991 million, having closed the first $250 million tranche from Toyota and received an additional $41 million through its ATM facility [27] - The Q2 2025 net loss was $325 million, which includes a $168 million operating loss and a $157 million non-operating loss, primarily due to non-cash items [28] - Adjusted EBITDA for Q2 was a loss of $132 million, reflecting an increase in spending compared to the previous quarter [29] Business Line Data and Key Metrics Changes - The company reported significant progress in flight testing, completing 76 flights in July alone, which is crucial for certification efforts [6] - The company is 70% complete on the Joby side and over 50% complete on the FAA side for stage four of certification, up 10 points from the previous quarter [7] Market Data and Key Metrics Changes - The company is witnessing a global regulatory momentum, with the U.S. government and other countries streamlining international validation of FAA type certification for eVTOL aircraft [9] - The acquisition of Blade's passenger business is expected to accelerate readiness for commercial eVTOL operations globally, including in key markets like Dubai [13] Company Strategy and Development Direction - The company aims to leverage the acquisition of Blade to enhance its operational capabilities and expand its route maps, thereby increasing margins and operational tempo [15] - The company is pursuing three paths to commercialization: owned and operated service, direct sales, and regional partnerships [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory environment and the company's ability to scale production capacity to meet demand [20] - The company is focused on methodical scaling, disciplined capital management, and translating technical progress into long-term value [26] Other Important Information - The company is expanding its production capabilities, with plans to double its production capacity to 24 aircraft per year at its Marina facility and eventually produce up to 500 aircraft per year [22] - The company is also developing a hybrid variant of its existing aircraft for defense applications, with flight tests expected to start in the fall [19] Q&A Session Summary Question: Plans for providing eVTOLs to local charter operators post-Blade acquisition - The company prefers retaining long-term cash flow from passenger service but sees value in Blade's asset-light model for flexibility [36] Question: Specifications of the TIA aircraft being constructed - The TIA aircraft is nearly identical to previous models, with FAA oversight during the build process [39] Question: Initial commercial service plans in the U.S. post-Blade acquisition - The acquisition enhances operations in New York, allowing for faster ramp-up due to existing infrastructure and customer base [44] Question: Remaining steps for type certification - The company is 70% complete on stage four, with the remaining steps expected to be completed over the next year [48] Question: Timeline for the Blade acquisition to impact financials - The acquisition is in the process of closing, with contributions expected in the fourth quarter [83]

Financial Data and Key Metrics Changes - The company reported a Q2 net loss of $325 million, which includes a $168 million operating loss and a $157 million non-operating loss, both impacted by non-cash items [30] - Total operating expenses for the quarter were $168 million, up about $5 million from the prior quarter, driven by higher staffing and program spending [31] - Adjusted EBITDA was a loss of $132 million in Q2, about $4 million higher than the prior quarter, reflecting increased spending [32] Business Line Data and Key Metrics Changes - The company is 70% complete on the Joby side for stage four of certification, with a 10-point increase from the previous quarter [7] - The first of five aircraft for TIA flight testing is headed to final assembly, with plans to start flying TIA aircraft with Joby pilots this year [7][12] - The acquisition of Blade's passenger business is expected to accelerate readiness for commercial eVTOL operations globally [14][15] Market Data and Key Metrics Changes - The company completed 76 separate flights in July alone, with significant flight testing in Dubai, including operations in challenging conditions [6][12] - The company is exploring the sale of up to 200 aircraft in Saudi Arabia, valued at approximately $1 billion [18] Company Strategy and Development Direction - The company aims to leverage the acquisition of Blade to enhance its operational capabilities and customer experience, particularly in New York [16][46] - The company is pursuing three paths to commercialization: owned and operated service, direct sales, and regional partnerships [17][35] - The company is also developing hybrid aircraft for U.S. defense applications, indicating a dual-use strategy [19][22] Management's Comments on Operating Environment and Future Outlook - Management highlighted the global regulatory momentum for eVTOL, with significant collaboration among countries to streamline certification processes [10][11] - The company is focused on scaling production capacity to meet demand, with plans to double production capacity at its Marina facility [23][24] - Management expressed confidence in the company's ability to execute on its plans despite the challenges ahead [34] Other Important Information - The company ended Q2 with cash and short-term investments totaling $991 million [29] - The company remains on track with its full-year 2025 guidance of $500 million to $540 million in cash use [30] Q&A Session Summary Question: Plans for providing eVTOLs to local charter operators - The company prefers retaining long-term cash flow from passenger service but sees value in Blade's asset-light model for flexibility [38][39] Question: Specifications of TIA aircraft - The TIA aircraft is nearly identical to previous models, with FAA inspections ongoing during the build process [41][42] Question: Initial commercial service in the U.S. post-Blade acquisition - The acquisition enhances operations in New York, allowing for faster ramp-up due to existing infrastructure and customer base [46] Question: Certification timeline and remaining tasks - The company is on schedule to begin TIA flights with Joby pilots by late this year and with FAA pilots early next year [84][85] Question: Contribution from Blade operations in financials - The Blade acquisition is in the process of closing, with contributions expected in future quarters [86]

Core Insights - Joby Aviation reported a quarterly loss of 41 cents per share, which was worse than the analyst consensus estimate of a loss of 19 cents [1] - The company's quarterly revenue was $15,000, significantly missing the Street estimate of $43,000 [1] - Joby ended the quarter with $991 million in cash and short-term investments [2] - The CEO highlighted that regulatory progress is unlocking market access and emphasized the focus on scaling production to meet demand [2] - Joby Aviation's stock price decreased by 3.01% to $18.93 in extended trading [3]

Shareholder Letter Q2 2025 7 Joby obyaviation.col UGUST 6, 2025 JOBY AVIATION Q2 2025 Highlights | Completed 21 | Collaborating with L3Harris | | --- | --- | | full-transition flights in | to develop a new class | | Dubai flight test campaign | of aircraft for US defense | | to validate commercial | | | market readiness | | | Dept. of Defense | Abdul Latif Jameel and | | has requested $9.4 billion | ANA agreements | | in its FY26 budget to | explore deployment of | | advance autonomous and | approximately 3 ...

Group 1 - The announcement by the U.S. Transportation Secretary and NASA Acting Administrator Sean Duffy regarding drone development has sparked significant market reactions, with drone-related stocks experiencing notable gains [1][3] - Following the announcement, Ondas Holdings saw a pre-market increase of over 4%, while Unusual Machines and Palladyne AI rose more than 3%. On August 4, Ondas Holdings surged by 21% and Joby Aviation increased by 18% [1][3] - The U.S. has recently implemented several supportive policies for the drone industry, including three executive orders signed by President Trump in June aimed at ensuring U.S. leadership in drone research, commercialization, and export [3] Group 2 - Analysts suggest that the aggressive recent policies reflect deep concerns about the U.S. falling behind in the drone sector. Following the executive orders, the drone sector in the U.S. stock market has remained active, with companies like Joby Aviation and Archer Aviation seeing year-to-date stock price increases exceeding 50% [3] - The potential implementation of new FAA regulations could significantly accelerate the commercialization of drone delivery and logistics, although challenges related to technological breakthroughs and supply chain stability remain critical [3]

Core Insights - Blade Air Mobility reported Q2 2025 GAAP revenue of $70.8 million, exceeding analyst expectations by 10.5% [1][2] - The company plans to divest its Passenger division to Joby Aviation, transitioning to a specialized medical air mobility operator [1][8] - The medical segment showed significant year-over-year growth, while free cash flow turned negative due to increased maintenance costs [1][6] Financial Performance - Q2 2025 GAAP revenue was $70.8 million, up 4.3% from $67.9 million in Q2 2024 [2] - Adjusted EBITDA increased to $3.2 million, a 220% rise from $1.0 million in the previous year [2] - Free cash flow was negative at $(5.7) million, a decline of 191.9% from a positive $6.2 million in Q2 2024 [2] Business Focus and Strategy - Blade operates two main lines: on-demand passenger flights and MediMobility Organ Transport services [3] - The divestiture of the Passenger segment will allow Blade to focus on critical healthcare logistics and rebrand as Strata [3][8] - The company aims to optimize operations and prepare for the adoption of Electric Vertical Aircraft (eVTOL) technology [4][12] Segment Performance - The medical segment generated $45.1 million in revenue, a 17.6% increase year-over-year [5] - Medical Flight Margin (non-GAAP) decreased to 22.0% from 23.6% due to higher maintenance costs [6] - The Passenger segment's revenue fell 13.2% to $25.7 million, with a flight margin improvement to 30.5% [7] Future Outlook - Management expects the transition to a dedicated medical air mobility company to be neutral to Adjusted EBITDA and Free Cash Flow [9] - Full-year 2025 revenue is projected between $245 million and $265 million, with adjusted EBITDA in the double-digit millions [14] - Key factors for future success include execution of medical growth initiatives and integration of eVTOL aircraft [15]

Financial Data and Key Metrics Changes - The company announced a sale of the Blade passenger business to Joby Aviation for up to $125 million, which is expected to create long-term value for stakeholders [6][9] - Medical revenue grew 17.6% year-over-year to a record $45.1 million in Q2 2025, driven by new transplant center customers and increased demand [18][26] - Adjusted EBITDA margin for the medical segment rose to 13.4% in Q2 2025, compared to 11.4% in Q1 2025, but declined from 14.4% in Q2 2024 [18][20] Business Line Data and Key Metrics Changes - The medical business accounted for approximately 60% of revenue in 2024, up from 12% in 2020, and contributed about 85% of the segment's adjusted EBITDA [6][9] - The passenger business saw a 5.5% decrease in short-distance revenue year-over-year, primarily due to lower revenue in the US segment [20] - The passenger segment adjusted EBITDA tripled year-over-year from $800,000 to $2.4 million, driven by improved flight margins and lower SG&A expenses [22] Market Data and Key Metrics Changes - The company exited the Canadian market in August 2024, impacting short-distance revenue in the US [20] - European operations showed strong revenue growth due to realignment with local partners and operational changes [21] Company Strategy and Development Direction - The company aims to focus on its medical division as a standalone entity, which will be renamed Strata Critical Medical, emphasizing its growth potential in the medical sector [6][9] - A disciplined capital allocation strategy is planned, supported by approximately $200 million in cash from the passenger business sale [12][26] - The company is entering a long-term partnership with Joby Aviation to access eVTOL aircraft for medical use, enhancing its service offerings [15][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects of the medical business, expecting mid-teens revenue growth in the second half of 2025 [26] - The company anticipates improved fleet uptime and adjusted EBITDA margins in the medical segment, projecting margins of approximately 15% [26] - Management noted that the divestiture is expected to be neutral to adjusted EBITDA and free cash flow on a go-forward basis [25][26] Other Important Information - The company ended the quarter with no debt and $113.4 million in cash and short-term investments [25] - The financial impact of the divestiture is expected to be adjusted EBITDA and free cash flow neutral, supported by estimated corporate cost efficiencies of $7 million [10][25] Q&A Session Summary Question: What are the current priorities for capital allocation post-transaction? - Management highlighted opportunities in M&A and organic growth, emphasizing the need for capital to scale the business effectively [29][30] Question: Are there any operational impacts from the divestiture on the medical segment? - Management stated that the company is set up for success as a standalone entity and expects the partnership with Joby to add significant value [32][33] Question: Why was the passenger business sold now? - Management indicated that the market was discounting the value of the passenger business, and the divestiture allows for a clearer focus on the high-growth medical segment [37][38] Question: What is the growth outlook for the medical business? - Management expressed optimism about organic growth driven by new technologies and services, aiming for high teens adjusted EBITDA margins in the long term [41][43] Question: How is the business trending quarter to date? - Management reported strong performance in July, with no signs of seasonal slowdown yet [44] Question: What are the tax implications of the transaction? - Management noted that they have enough NOLs to offset capital gains from the divestiture, expecting minimal cash tax impact [46]

Transaction Overview - Blade Passenger division 将以高达 1.25 亿美元的价格出售给 Joby Aviation[9]，这笔交易的价格可能会以现金或 Joby 股票支付[10] - Blade 的医疗部门将保留公开上市资格，并更名为 Strata Critical Medical ("Strata")，成为一家纯粹的合同医疗业务公司[9] - 预计资产剥离在调整后的 EBITDA 和自由现金流方面将保持中性，并得到约 700 万美元的年度企业成本效率的支持[9] Financial Performance (Q2 2025) - Medical 部门收入同比增长 18%[18] - Passenger 部门收入同比下降 13%[13] - Medical 部门调整后的 EBITDA 利润率为 13.4%，同比下降 1 个百分点[18] - Passenger 部门调整后的 EBITDA 同比增长 160 万美元[18] - 短途收入（不包括加拿大）同比下降 6%[18] Medical Segment Growth Drivers - 2018 年至 2024 年，心脏、肝脏和肺移植距离增加了 64%[38] - Blade 在器官移植航空物流领域的市场份额估计约为 30%[40] - 地面运输的总潜在市场为 2 亿美元[46] - 器官配置服务的总潜在市场约为 2.5 亿美元[53] Trinity Air Medical Acquisition Impact - 截至 2024 年 9 月 30 日的 12 个月内，Blade/Trinity Medical 部门的总收入约为 1.42 亿美元，分部调整后的 EBITDA 为 1630 万美元[62]