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Blade Air Mobility, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $74,877,000 from $71,442,000 in the same quarter the previous year. The increase is attributed to growth in the Short Distance and MediMobility Organ Transport product lines.
Cost of revenue for the quarter was $55,040,000, representing 74% of sales, compared to 78% in the same quarter of the previous year. This decrease in cost ratio is due to improved pricing and load factor in the Passenger segment.
The company reported a gross profit of $14,438,000 for the quarter, compared to $10,043,000 in the previous year, with the increase attributed to higher revenue and lower cost of revenue.
Operating expenses increased to $78,414,000 from $78,890,000, primarily due to an increase in general and administrative expenses.
Net loss for the quarter was $1,954,000, compared to a net income of $289,000 in the previous year. The loss is attributed to increased stock-based compensation and impairment charges.
Cash used in operating activities was $767,000, while cash used in investing and financing activities was $4,992,000 and $1,885,000, respectively.
Blade had a working capital of $144,600,000 as of September 30, 2024. The company anticipates having sufficient funds to meet its operational needs for at least the next 12 months.
The filing also details various operational highlights, including the acquisition of aircraft to support its Medical segment and the termination of its Canadian routes.
Blade continues to focus on expanding its MediMobility Organ Transport services and improving operational efficiencies in its Passenger segment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Blade Air Mobility Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.