Blade Air Mobility has released its financial results for the fiscal fourth quarter and fiscal year ended 30 September, 2021.

“In addition to Blade's strong organic growth, our acquisitions of Trinity Air and Helijet's scheduled business represent the fulfilment of a significant committed milestone and add unmatched scale to our urban air mobility ecosystem,” says CEO Rob Wiesenthal. “We believe that Blade has now aggregated more customers and infrastructure for use by future electric vertical aircraft (EVA) than any other company in the world. Most importantly, we are serving these customers and using our infrastructure today with conventional aircraft, building market share, expanding product offerings and strengthening our brand while preparing for a seamless transition to EVA, once these aircraft are certified for public use.”

Blade purchased all of Arizona-based multi-modal organ logistics and transportation company Trinity Air's capital stock for around $23 million in September 2021, with potential for additional consideration over the next three years. The company will be known as Blade MediMobility. And Blade has just now bought exclusive rights for the booking of flights on Helijet International's scheduled service routes, which will continue to be operated by Helijet. The partnership introduces additional routes and will deliver the first commercially available EVA to the British Columbia market.

“Blade's growth versus both 2020 and 2019 well exceeded our expectations, and we are especially encouraged by our short distance business, which achieved 90 per cent of pre-covid revenues this quarter,” adds CFO Will Heyburn. “In recent weeks, our Blade Airport volumes have reached pre-covid levels with overall short distance revenues well ahead of both 2020 and 2019 for the December quarter-to-date. We are closely monitoring developments related to the Omicron variant, but Blade has not seen any negative impact to our businesses to date. We remain committed to adding additional airport capacity in the coming months and launching additional routes in 2022.”

The company launched helicopter services between Manhattan and Newark Liberty International airport in New York in November this year, and will develop its private terminal space adjacent to the Newark airport helipad so as to improve flight turn-times and to begin planning for EVA infrastructure requirements.

“We approach every route expansion or acquisition with an eye towards the practical requirements and value proposition for offering urban air mobility services at scale and transitioning to EVA. Access to infrastructure is one of the most important unlocks for this mission,” continues president Melissa Tomkiel. "Our expansion to Newark airport coincides with an agreement for a dedicated sub-terminal space through 2028, while our Helijet acquisition includes exclusive access to passenger terminals at the three Vancouver area heliports in addition to an option to purchase up to 49 per cent of this infrastructure. Our network of operating permitted and exclusive vertiport infrastructure is second to none and provides a significant competitive advantage for Blade, both now and in the future.”

For the fiscal fourth quarter ended 30 September, 2021, total revenues are up 144 per cent to $20.3 million versus $8.3 million in the same 2020 period, and up 28 per cent versus pre-covid 2019 period revenues of $15.8 million. Short distance revenues are up 261 per cent to $13.4 million in the September 2021 quarter versus $3.7 million in September 2020, driven primarily by initial returns to the office this year, which positively impacted Blade's commuter business as well as the resumption of its Blade Airport service, which was paused for Covid in 2020. Short distance revenues were down 10 per cent in the September 2021 quarter versus $14.9 million in the pre-covid 2019 period, driven primarily by strong intra-week commuter demand in 2021 that exceeded 2019 pre-pandemic levels, but was more than offset by lower demand for weekend commuting and airport in the 2021 period.

MediMobility organ transport and jet revenues increased 50 per cent to $6.6 million in the September 2021 quarter versus $4.4 million in the September 2020 quarter, driven by the addition of hospital and jet charter customers as well as growth in trip volume within Blade's existing accounts. The company's acquisition of Trinity Air contributed $0.7 million of revenue in the quarter.

Net loss increased to $9.2 million in the September 2021 quarter versus $0.7 million in the September 2020 quarter and $1.6 million in the 2019 period, driven primarily by non-cash stock-based compensation of $3.9 million, the change in fair value of warrant liabilities of $3.4 million and one time expenses of $2.0 million, partially offset by increased revenues and lower cost of sales as a percentage of revenues.

Adjusted EBITDA decreased to $(3.2) million in the September 2021 quarter from $(0.4) million in 2020 and $(1.5) million in 2019. The decrease versus 2020 was attributable to new recurring expenses related to Blade's status as a public company, consisting of incremental D&O insurance of $1.7 million and other fees paid to public company advisors and auditors of $0.5 million. Excluding these new recurring public company expenses, comparable adjusted EBITDA of $(0.9) million in the September 2021 quarter decreased versus $(0.4) million in the prior year 2020 period, but improved from $(1.5) million in the pre-covid 2019 period, driven by increased revenues and lower cost of sales as a percentage of revenues.

Business highlights and recent company updates include the completed acquisition of Trinity Air on 15 September, making Blade the largest dedicated air transporter of human organs for transplant in the United States. It also re-launched service between Manhattan and Newark airport, in addition to existing JFK service, on 15 November for $195 per seat, or $95 for Blade Airport pass holders. Blade signed a long term agreement with Signature Aviation for sub-terminal space at Newark airport through 2028, supporting both its current helicopter services and future EVA service, and acquired Helijet's scheduled air mobility business in Vancouver on 30 November, gaining exclusive access to heliport terminals in Vancouver, Victoria and Nanaimo. Helijet flew approximately 100,000 passengers in the pre-covid full-year 2019 period.

In recent weeks, Blade Airport's annualised passenger run-rate has reached pre-covid levels of 20,000 fliers while Blade's overall short distance revenues are significantly ahead of 2020 and 2019 in the December quarter-to-date.