Blade Air Mobility Inc (NASDAQ:BLDE) reported second-quarter FY23 revenue growth of 71.2% year-over-year to $60.99 million, beating the consensus of $53.85 million.
Revenue increased 42% YoY on a constant currency basis.
Passenger revenue grew 44.6% Y/Y to $26.6 million, and Medical revenue +99.4% Y/Y to $34.4 million.
Loss per share fell to $(0.17), from $0.10 in 2Q22, missing the consensus of $(0.14).
Flight profit rose to $10.4 million (+102.9% Y/Y), and the margin improved by 270 bps to 17%.
Total adjusted EBITDA loss contracted to $(4.4) million from $(6.1) million a year ago.
Short Distance revenue rose 75% YoY, reflecting the acquisition of Blade Europe, robust demand and pricing growth in Blade Airport, and continued growth in the Northeastern U.S.
Loss from operations expanded to $(12.21) million, compared to $(9.73) million a year ago.
Blade’s net cash used in operating activities for the six months ended June 30, 2023, totaled $(25.05) million, compared to $(21.67) million a year ago.
The company held cash and cash equivalents of $39.4 million as of June 30, 2023.
“We expect that continued growth and cost efficiencies will lead to further year-over-year improvement in Adjusted EBITDA in the second half of the year,” CFO Will Heyburn said.
Price Action: BLDE shares are trading lower by 11.1% at $3.55 on the last check Wednesday.
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