A jump in passengers flown triggered continuing large losses at Blade Air Mobility in the third quarter. Revenues in the quarter increased by 125 percent to $45.7 million and revenue for the first nine months of the year jumped 154 percent to $108 million from a year ago. However, losses for the quarter were $9.2 million, equivalent to the prior year period, even as flight margins improved.
Short-distance revenue jumped 52 percent in the quarter, a reflection of both higher pricing and the acquisitions of Blade Europe and Blade Canada. Blade Europe consists of the three European air mobility companies, which Blade acquired on September 1 for $48.1 million. Jet and other revenue increased 9 percent to $5.1 million in the quarter versus $4.7 million in the prior-year period, driven primarily by an increase in the average price per jet charter trip.
Nearly half of Blade’s revenues are now generated by organ transport via its MediMobility division. Those revenues grew by 801 percent to $20.2 million from the prior-year period due to both organic growth of 174 percent and the acquisition of Trinity Air Medical. MediMobility is the largest dedicated air transporter of human transplant organs in the U.S., serving a total of 67 transplant centers and organ procurement organizations.
“We remain encouraged by the strong demand indicators we see across our consumer-facing businesses, which, combined with our continued share gains in recession-resistant MediMobility organ transport, gives us confidence in our ability to deliver profitable growth even amidst a more uncertain macroeconomic environment,” said Blade CEO Rob Wiesenthal.