US air mobility platform Blade Air Mobility has released its financial results for the second quarter 2022.

"Blade delivered record revenue and flight profit this quarter, with strong growth across all business lines," says CEO Rob Wiesenthal. "We have seen continued strength in our consumer-facing businesses with revenue and average seat prices for both the second quarter and third quarter to date well ahead of our 2019 and 2021 levels. Given unwavering demand from our flyers, coupled with continued strong sequential growth in our MediMobility organ transport business, Blade has proven it is well positioned to thrive in this uncertain macroeconomic environment."

"Our strong financial performance is a testament to our success in leveraging the Blade platform across the diverse portfolio of businesses that we have built and acquired since our inception," adds chief financial officer Will Heyburn. "By deploying our brand, aircraft operator network and technology-enabled logistics and customer service, we have significantly accelerated growth, including in our MediMobility organ transport business, which experienced 139 per cent pro forma organic growth compared to the prior year period."

Second quarter financial highlights:

- Total revenue increased 175 per cent to $35.6 million in the current quarter versus $13.0 million in the prior year period. In September 2021, Blade completed its acquisition of US multi-modal organ logistics and transportation company Trinity Air Medical. In December 2021, Blade paid Helijet $12 million to acquire exclusive rights to offer scheduled helicopter flights in Canada and across the US Pacific Northwest region, with plans to incorporate eVTOL aircraft on routes. On a pro forma basis, assuming Blade had owned both Trinity and Helijet International's scheduled passenger routes in the prior year period, revenue for the second quarter 2022 would have been up 87 per cent.

- Flight margin of 14.3 per cent improved sequentially versus Q1 2022, as expected, but decreased versus 23 per cent in the prior year period, driven primarily by the significant revenue mix shift towards MediMobility organ transport and re-launch of Blade Airport service, which remained below breakeven during the ramp-up period this quarter as expected.

- Short distance revenue increased 89 per cent to $11.0 million in the current quarter versus $5.8 million in the prior year period. Growth was driven by Blade's acquisition of Helijet's passenger routes in Vancouver, the resumption of Blade Airport service, growth in short distance charter, and higher pricing across its network.

- MediMobility organ transport revenue increased 1,013 per cent to $17.2 million in the current quarter versus $1.6 million in the prior year period, driven by Blade's acquisition of Trinity Air Medical in September 2021. On a pro forma basis, assuming Blade had owned Trinity in the prior year period, revenue growth in MediMobility organ transport would have been 139 per cent versus the prior year period, driven by a combination of new hospital clients and continued growth with existing accounts.

- Jet and other revenue increased 32 per cent to $7.4 million in the current quarter versus $5.6 million in the prior year period driven primarily by an increase in the average price per trip and stronger demand for the company's seasonal BladeOne jet service between New York and south Florida.

- Net income increased to $8.4 million in the current quarter versus a net loss of $24.3 million in the prior year period, driven primarily by increased revenue and a favourable change in the fair value of warrant liabilities of $19.3 million (compared to an unfavourable change of $14.9 million and $1.7 million of recapitalisation costs attributable to warrant liabilities in the prior year period), partially offset by a $2.3 million increase in general and administrative costs.

- Adjusted EBITDA decreased to $(6.1) million in the current quarter from $(2.6) million in the prior year period. The decrease versus the prior year period is primarily attributable to additional corporate and recurring expenses related to Blade's growth and status as a public company, partially offset by increased Flight Profit.

Blade's MediMobility organ transport division, the largest dedicated air transporter of human organs for transplant in the US, continues to grow its client base and is now serving a total of 59 transplant centres and organ procurement organisations.

Blade Airport, offering service between Manhattan and both JFK and Newark airports in New York, has continued to show sequential improvements, with its current passenger run-rate well ahead of pre-pandemic levels. The introduction of dynamic pricing has driven further revenue growth. Further capacity expansions and the opening of an exclusive Blade terminal at Newark airport are expected to drive growth in Q3.

Blade's partnership with JetBlue launched on 23 June, 2022. JetBlue will purchase four Blade Airport transfers per year for its top-tier Mosaic+ loyalty programme members, while all TrueBlue members will receive first time flier pricing benefits from Blade.

On 19 May, 2022 Blade agreed to acquire the asset-light commercial passenger transport activities of three urban air mobility operators in Europe; Monacair, Héli Sécurité and one other in the South of France, to create the continent’s largest helicopter passenger service. It will also develop branded passenger terminals at multiple airports and vertiports in France, Monaco and Switzerland. The operators generated an aggregate of approximately $31 million in revenue while servicing approximately 125,000 fliers in 2019, prior to the impact of COVID-19. The transaction is expected to close in late summer 2022 while Blade has already seen success offering seats during key events, including the Monaco Grand Prix and Cannes Film Festival, on a resale basis prior to close.

"We look forward to closing our acquisitions in Europe, where our roll-up of the commercial activities of three prominent urban air mobility operators will fortify Blade's leadership in the region,” says president Melissa Tomkiel. "Our urban air mobility alliance with JetBlue has now been launched, providing preferred pricing and other benefits for seamless air transport between Manhattan and New York area airports for the TrueBlue loyalty programme membership base.”