Driven largely by its surging organ transport business, Blade Air Mobility edged closer to profitability during the first quarter, increasing revenue by 70 percent from the year-ago period while cutting losses by 7.4 percent. For the period, Blade’s revenues increased to $45.3 million versus $26.6 million from a year earlier, while losses decreased to $10.2 million from $11 million.
The operations of the newly constituted Blade Europe account for a big boost in the overall revenue growth rate of the company. Subtracting that contribution from overall results, Blade’s first-quarter revenues still increased by 43 percent year-over-year. On a more granular basis, Blade reported other bright spots in the quarter compared with last year, including a 145.1 percent jump in flight profit to $7.2 million from $2.9 million; an increase in flight margin to 15.8 percent from 11 percent; a 148 percent boost in short distance revenue to $10.4 million from $4.2 million; and a 111.2 percent revenue increase from its MediMobility organ transport division to $26.8 million from $12.7 million.
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