Blade Air Mobility Inc (NASDAQ:BLDE) reported second-quarter financial results before the market open on Tuesday. Here’s a rundown of the report.
Q2 Earnings: Blade Air Mobility reported second-quarter revenue of $70.8 million, beating analyst estimates of $64.08 million, according to Benzinga Pro. The company reported a second-quarter loss of 5 cents per share, missing estimates for a loss of 4 cents per share.
Total revenue was up 4.2% on a year-over-year basis. Medical revenue increased 17.6%, short distance revenue fell 17.8% and jet and other revenue decreased 2.3%.
Blade announced a deal this week to sell its passenger division to Joby Aviation Inc (NYSE:JOBY) for up to $125 million. Blade’s medical division will remain a standalone publicly-traded company and the company will rebrand as Strata Critical Medical.
“We strongly believe that this is the best path forward to create long term value for all stakeholders including employees, customers, partners and shareholders. Blade’s Medical business has grown from 12% of revenue in 2020 to over 60% of revenue over the last year,” said Rob Wiesenthal, CEO of Blade.
Outlook: Blade affirmed expectations for full-year 2025 revenue of $245 million to $265 million versus estimates of $257.94 million.
The company said the divestiture of its passenger division is expected to be neutral to adjusted EBITDA and free cash flow on a go-forward annualized basis.
BLDE Price Action: Blade Air Mobility shares were up 17.2% at $4.43 at the time of publication Tuesday, according to Benzinga Pro.
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