Blade Air Mobility Reports Strong YOY Growth

Company says revenues grew to $20 million in fourth quarter, up 144 percent over 2020.

Monday, December 20, 2021 at 05:37 PM ET

Verified

Blade Air Mobility says its annualized run rate of passengers sits at 20,000 people, which it says matches pre-covid levels. [Courtesy: Blade Air Mobility]

Key Takeaways:

Blade Air Mobility reported robust revenue growth in Q4 2021 (144% YoY) and for the full fiscal year (116% YoY), supported by a strong cash position of $305 million to fuel organic growth and acquisitions.
The company remains bullish on its expansion strategy, leveraging partnerships like the Helijet deal to grow its urban air mobility platform and infrastructure, aiming to become the largest service in North America.
Despite Omicron variant concerns, Blade stated its business was unaffected, attributing resilience to its mandatory vaccinated passenger base, with short-distance services nearly recovering pre-COVID revenue levels.

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Blade Air Mobility (NASDAQ: BLDE), an urban air mobility platform that operates in the U.S., Canada, and India, reported strong growth around its business, indicating that its year-over-year fourth-quarter revenues climbed 144 percent from 2020, and 28 percent compared to 2019 numbers.

On its earnings call Monday, Blade CEO Rob Wiesenthal said that despite the comparable negative earnings of $4.7 million for the fiscal year, their bullish growth strategy and $305 million in cash and short-term investment puts them in a good position.