The following is a summary of the Blade Air Mobility, Inc. (BLDE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Blade Air reported a 13.8% increase in Q1 2024 revenue amounting to $51.5 million compared to the same period in 2023.

• Excluding the discontinued Blade 1, revenue increased by 21.5% year-on-year.

• The company reported a significant 41.5% year-on-year increase in total flight profit.

• Medical revenues increased by 34.6% in Q1 2024.

• Adjusted EBITDA improved by $4.2 million in Q1 2024 compared to Q1 2023.

• Blade had $151 million in cash and short-term investments at the end of Q1 2024.

Business Progress:

• A strong start in 2024 in its medical business marked by record revenues, growth driven by increased trip volumes and distances.

• Profitability improvement across the business, including cost rationalization measures and the discontinuation of Blade 1.

• Blade anticipates further profitability improvement in passenger business and plans to manage corporate cost.

• Seth Bacon, founder of Trinity Air Medical, will be the Executive Chairman of Blade Medical and Scott Wunsch, the existing medical COO, will become the CEO of Blade Medical.

• They are expanding their medical sector strategy into moving other critical cargo beyond patients and organs.

• The company has a pipeline for new customer acquisition and continues to evaluate growth opportunities, including a potential expansion into other critical cargo and ground transportation markets.

• Speculation for transitions to electric vertical aircraft (EVA) possibly in 2026 or 2027.

More details: Blade Air Mobility IR

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