Core Insights - Blade Air Mobility, Inc. reported a revenue increase of 5.4% year-over-year for Q1 2025, reaching $54.3 million, driven primarily by growth in the Passenger segment [7][10] - The company achieved a notable improvement in net loss, which decreased by $0.7 million to $(3.5) million compared to the previous year [7][10] - Adjusted EBITDA improved by $2.3 million year-over-year to $(1.2) million, marking the first profitable quarter in the Passenger Segment since going public [7][9] Financial Results - Total revenue for Q1 2025 was $54,306 thousand, up from $51,514 thousand in Q1 2024, reflecting a 5.4% increase [3][10] - Cost of revenue increased by 2.3% to $42,328 thousand, while total operating expenses rose slightly by 0.8% to $61,889 thousand [3][10] - Gross profit improved significantly by 38.3% to $8,093 thousand, resulting in a gross margin of 14.9%, up from 11.4% in the prior year [3][10] Segment Performance - The Passenger segment revenue surged by 42.0% year-over-year, excluding Canada, which the company exited in August 2024 [7][10] - Flight profit for Q1 2025 was $11,978 thousand, an 18.1% increase from $10,139 thousand in Q1 2024, with a flight margin improvement to 22.1% from 19.7% [10][37] - Medical segment revenue slightly decreased by 0.2% to $35,948 thousand, with a flight margin of 22.1%, down from 22.3% in the previous year [10][37] Operational Highlights - The company achieved a new monthly record for Medical trip volumes in April 2025, indicating strong operational performance [7][9] - Blade's exit from the Canadian market and cost rationalization initiatives contributed to improved profitability [9][10] - The company ended Q1 2025 with $120.0 million in cash and short-term investments, positioning it well for future growth [7][10] Future Outlook - Blade reaffirmed its guidance for 2025, expecting revenue between $245 million and $265 million, along with double-digit millions of Adjusted EBITDA [7][10] - The company anticipates ongoing improvements in both the Passenger and Medical segments, driven by new customer onboarding and restructuring efforts [9][10]