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Blade Beats Revenue Expectations for Q1 2023

by Ben Mirwani
Blade Beats Revenue Expectations for Q1 2023

Blade Air Mobility, the global urban air mobility (UAM) provider, saw revenues for the first quarter of 2023 increase 70% to USD$45.3 million, surpassing the company’s own expectations. 

The total revenue nearly doubled from the USD$26.6 million reported in the same period in 2022. Flight profit nearly tripled from the USD$2.9 million posted in Q1 2022, surging 145% to USD$7.3 million in Q1 2023. The profit was attributed to strong growth in the MediMobility Organ Transport business, Blade Canada, and the contribution from Blade Europe acquisitions.

Blade’s short-distance revenue also saw a meteoric increase, skyrocketing 148% from USD$4.2 million in Q1 2022 to USD$10.4 million in the same period in 2023. The increase was spurred by the acquisition of Blade Europe and the rise of passenger travel in Canada. 

The New York-based firm saw its net loss shrink to USD$10.2 million in Q1 2023 from USD$11 million in Q1 2022. 

“We are making exceptional progress on all fronts, resulting in our seventh consecutive quarter with financial results ahead of our expectations,” Rob Wiesenthal, Blade’s Chief Executive Officer, said. He added that the company’s number one focus in the passenger business has always been profitability.

Melissa Tomkiel, Blade’s President, expects further growth in the company’s passenger and medical businesses, which will be driven by strengthening customer demand. 

“Heading into the busy summer season, we are pleased with our integration progress in Europe and are encouraged by the positive response from customers and partners in the region,” Tomkiel said.

Looking forward, Blade remains optimistic about obtaining certification for its EVA eVTOL by 2025. 

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