Blade Air Mobility, Inc. (BLDE)·Q1 2025 Earnings Summary

Executive Summary

• Q1 2025 revenue rose 5.4% YoY to $54.3M, with gross margin up 350 bps to 14.9%; Adjusted EBITDA improved $2.3M YoY to $(1.2)M as Passenger profitability inflected despite Canada exit tailwinds normalizing .
• Passenger Segment posted its first EBITDA-profitable Q1 since going public (Passenger Adj. EBITDA ~$0.05M), with Short Distance ex‑Canada +28.1% YoY and Jet & Other +59.9% YoY; Europe restructuring and cost actions were key drivers .
• Medical revenue was roughly flat (-0.2%) at $35.9M, but April delivered an all‑time record for trip volumes as two new hospitals launched on April 1; management expects Medical margins to improve in 2H as maintenance downtime abates .
• Guidance reaffirmed: FY25 revenue $245–$265M and “double‑digit” Adjusted EBITDA; management reiterated Medical adj. EBITDA margin around ~15% for FY25, with risk of slight shortfall due to timing of maintenance; FCF before aircraft acquisitions expected positive in 2025 .
• Likely stock reaction catalysts: visible Passenger profitability momentum into peak seasons (Europe, NY Airport), record April Medical volumes with new customers, and reaffirmed full‑year guide; near‑term watch items include macro softness, tourism incident sentiment (assessed as transitory), and H1 maintenance drag before 2H recovery .

What Went Well and What Went Wrong

• What Went Well

  • First Q1 Passenger Segment Adjusted EBITDA profitability since IPO; Europe restructuring and Canada exit drove margin expansion and improved economics across routes (“running on all eight cylinders”) .
  • Jet & Other strength (revenue +59.9% YoY) and Short Distance ex‑Canada +28.1% YoY; Passenger Flight Margin expanded to 22.0% (from 13.6% LY) .
  • Medical operations “ahead of guidance” in Q1 with record April trip volumes after onboarding two large hospitals on April 1; strong pipeline (including TOPS placements) supports outlook .

• What Went Wrong

  • Consolidated Adjusted EBITDA remained negative at $(1.2)M despite YoY improvement; total Flight Margin moderated sequentially vs. Q4 (22.1% vs. 23.2%) alongside seasonal mix and maintenance downtime .
  • Medical adj. EBITDA margin fell ~80 bps YoY to ~11.4% due to elevated H1 maintenance downtime and higher-cost substitution aircraft; management expects improvement in 2H .
  • Short Distance revenue declined 5.4% YoY reported (Canada exit), and a helicopter tour incident in April caused a moderate, likely transitory demand impact in NY area services .

Financial Results

Segment and product-line revenue

Margins by segment

KPIs and operating indicators

Notes: Passenger Adjusted EBITDA for Q1 2025 equals $54K, shown in millions as $0.054 .

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “We are pleased to report an excellent start to the year with revenue growth of 11% year‑over‑year excluding Canada, and a $2.3 million year‑over‑year improvement in Adjusted EBITDA… our first Segment Adjusted EBITDA profitable first quarter since going public.” — Rob Wiesenthal, CEO .
• “We’re happy to deliver Medical results ahead of our guidance this quarter… contributing to an all‑time record for trip volumes in April.” — Will Heyburn, CFO .
• “Following a period of unusually heavy scheduled aircraft maintenance… we expect a significant improvement in the second half of the year through 2026, resulting in reduced capital expenditures and improved Medical Segment Adjusted EBITDA margins.” — Melissa Tomkiel, President .

Q&A Highlights

• Medical maintenance and margins: H1’25 downtime roughly “double” a linear cadence across the 10 owned aircraft; substitution with higher‑cost non‑dedicated aircraft and reduced amortization diluted margins, but improvement expected in 2H’25 and 2026 .
• Repositioning headwind: Strategically placing aircraft near customers reduces repositioning revenue, a “low‑ to mid‑single‑digit” headwind YoY, but improves per‑trip profitability and competitiveness; laps in 2H’25 .
• Demand signals: Newark impact under watch; JFK utilization offsetting; summer bookings “a little better” than last year but limited visibility given on‑demand nature .
• eVTOL timeline and network: Strong OEM relationships; quiet, emission‑free aircraft unlock more landing zones; Blade’s terminals and demand aggregation are key differentiators for early eVTOL ramp .
• Capital allocation and share count: Prioritizing accretive Medical M&A; employed “withhold‑to‑cover” on employee equity taxes, retiring ~1.5M shares at ~$2.91 average in Q1 .

Estimates Context

• Wall Street consensus (S&P Global) for Q1 2025 EPS and revenue was not available in our system for BLDE at the time of analysis; as a result, comparisons versus consensus are unavailable. Values would normally be retrieved from S&P Global.

Key Takeaways for Investors

• Passenger inflection: First‑ever EBITDA‑profitable Q1 in Passenger with Europe strength and cost actions; Jet & Other +59.9% YoY; Short Distance ex‑Canada +28.1% YoY .
• Medical poised for 2H acceleration: Record April trip volumes after adding two large hospitals; margins to improve as maintenance normalizes and customer ramps progress .
• Guidance intact: Reaffirmed FY25 revenue $245–$265M and “double‑digit” Adjusted EBITDA; Medical adj. EBITDA margin guided around ~15% for FY25 with 2H above that level .
• Liquidity and flexibility: No debt; $120M cash and short‑term investments at Q1, enabling opportunistic aircraft adds and accretive Medical M&A .
• Near‑term watch items: Macro/travel tone and NY helicopter tour sentiment (assessed as transitory), plus elevated H1 maintenance; both expected to fade in 2H .
• Strategic positioning for eVTOL: Skyports alliance at Downtown Manhattan Heliport derisks operations and data‑gathers ahead of eVTOL transition; Blade’s terminals/demand aggregation remain competitive moats .
• Operating leverage ahead: As Passenger utilization and Medical hours rise into seasonally stronger quarters, incremental seats/hours carry high drop‑through, supporting margin expansion .

Supporting detail and sources: Q1 2025 press release and 8‑K ; Q1 2025 earnings call ; Prior quarters Q4 2024 and Q3 2024 for trends .