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Blade Air Mobility’s Revenues Surge in 2022, Losses Fall

by Ben Mirwani
Blade Air Mobility’s Revenues Surge in 2022, Losses Fall

Blade Air Mobility saw its losses drop to USD$27.26 million after it made a record-breaking $146.1 million in revenue in 2022. This marked a significant improvement from 2021 when it recorded a USD$32 million loss on the back of USD$67 million in revenue.

Blade was powered by a strong fourth quarter last year as revenue jumped 55% year-over-year to USD$38.1 million. It was also spurred by a 51% increase in short distance revenue, while flight profit grew by 38% and their MediMobility organ transplant revenue skyrocketed by a whopping 120%.

The company’s CEO Rob Wiesenthal said an increase in prices and acquisitions, including that of Blade Europe and Blade Canada, attributed to the company’s improved performance in 2022.

“Strong organic growth in MediMobility organ transport coupled with our acquisitions in Europe and Canada drove record revenue and flight profit in 2022. As we navigate a dynamic macro environment, we continue to believe that Blade is well-positioned to thrive in any economic climate, particularly given the non-discretionary nature of our medical business, the resilience of our fliers, and the supply flexibility afforded by our asset-light model,” he said.

Blade CFO Will Heyburn is optimistic that the New York-based firm will achieve profitability in the near future.

“We remain confident that our path to profitability is both tangible and forthcoming,” he said. “As a result, we expect a significant majority of our existing cash balance to be available for acquisitions that should expand our air mobility capabilities and accelerate Blade’s trajectory to positive free cash flow.”

The company’s Blade Airport passenger service from Manhattan to John F. Kennedy International Airport and Newark Liberty International Airport “has continued to show sequential improvements, with the fourth quarter setting a record for total revenues and seats flown.”

Just last month, Blade also flight-tested BETA Technologies’ ALIA-250 eVTOL at Westchester County Airport in White Plains, New York.

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