News Release

Blade Air Mobility reports fiscal fourth quarter and fiscal year ended September 30, 2021 financial results

Blade Air Mobility, Inc., a US technology-powered air mobility platform, today announced its financial results for the fiscal fourth quarter and fiscal year ended September 30, 2021.

“In addition to Blade's strong organic growth, our acquisitions of Trinity Air and Helijet's scheduled business represent the fulfillment of a significant committed milestone and add unmatched scale to our urban air mobility ecosystem,” said Rob Wiesenthal, Blade's chief executive officer. “We believe that Blade has now aggregated more customers and infrastructure for use by future electric vertical aircraft (EVA or eVTOL) than any other company in the world. Most importantly, we are serving these customers and using our infrastructure today with conventional aircraft, building market share, expanding product offerings and strengthening our brand while preparing for a seamless transition to EVA, once these aircraft are certified for public use.”

“Blade's growth versus both 2020 and 2019 well exceeded our expectations, and we are especially encouraged by our short distance business, which achieved 90% of pre-covid revenues this quarter,” said Will Heyburn, Blade's chief financial officer. “In recent weeks, our Blade Airport volumes have reached pre-covid levels with overall short distance revenues well ahead of both 2020 and 2019 for the December quarter-to-date."

Mr. Heyburn added, "We are closely monitoring developments related to the Omicron variant, but Blade has not seen any negative impact to our businesses to date. We remain committed to adding additional airport capacity in the coming months and launching additional routes in 2022.”

“We approach every route expansion or acquisition with an eye towards the practical requirements and value proposition for offering urban air mobility services at scale and transitioning to EVA. Access to infrastructure is one of the most important unlocks for this mission,” said Melissa Tomkiel, Blade's president. "Our expansion to Newark Airport coincides with an agreement for a dedicated sub-terminal space through 2028, while our Helijet acquisition includes exclusive access to passenger terminals at the three Vancouver-area heliports in addition to an option to purchase up to 49% of this infrastructure. Our network of operating, permitted and exclusive vertiport infrastructure is second to none and provides a significant competitive advantage for Blade, both now and in the future.”

Fiscal fourth quarter ended September 30, 2021 financial highlights:

- Total revenues up 144% to $20.3 million in the fiscal fourth quarter ended September 30, 2021 versus $8.3 million in the prior year 2020 period; up 28% versus pre-covid 2019 period revenues of $15.8 million

- Short distance revenues up 261% to $13.4 million in the September 2021 quarter versus $3.7 million in the prior year 2020 period, driven primarily by initial returns to the office this year, which positively impacted Blade's commuter business as well as the resumption of its Blade Airport service, which was paused for Covid in 2020

- Short distance revenues were down 10% in the September 2021 quarter versus $14.9 million in the pre-covid 2019 period, driven primarily by strong intra-week commuter demand in 2021 that exceeded 2019 pre-pandemic levels, but was more than offset by lower demand for weekend commuting and airport in the 2021 period

- MediMobility organ transport and jet revenues increased 50% to $6.6 million in the September 2021 quarter versus $4.4 million in the prior year 2020 period driven by the addition of additional hospital and jet charter customers as well as growth in trip volume within Blade's existing accounts

- Blade's acquisition of Trinity Air was completed on September 15, 2021 and contributed $0.7 million of revenue in the quarter

- Net loss increased to $9.2 million in the September 2021 quarter versus $0.7 million in the 2020 prior year period and $1.6 million in the 2019 period, driven primarily by non-cash stock-based compensation of $3.9 million, the change in fair value of warrant liabilities of $3.4 million and one-time expenses of $2.0 million, partially offset by increased revenues and lower cost of sales as a percentage of revenues

- Adjusted EBITDA decreased to $(3.2) million in the September 2021 quarter from $(0.4) million in 2020 and $(1.5) million in 2019. The decrease versus 2020 was attributable to new recurring expenses related to Blade's status as a public company, consisting of incremental D&O insurance of $1.7 million and other fees paid to public company advisors and auditors of $0.5 million

- Excluding the new recurring public company expenses above, comparable adjusted EBITDA of $(0.9) million in the September 2021 quarter decreased versus $(0.4) million in the prior year 2020 period, but improved from $(1.5) million in the pre-covid 2019 period, driven by increased revenues and lower cost of sales as a percentage of revenues

Business highlights and recent updates:

- Completed acquisition of Trinity Air on September 15th, making Blade the largest dedicated air transporter of human organs for transplant in the United States

- Re-launched service between Manhattan and Newark Airport, in addition to existing JFK service, on November 15th for $195 per seat, or $95 for Blade Airport passholders

- Announced long-term agreement with Signature Aviation for sub-terminal space at Newark Airport through 2028, supporting both Blade's current helicopter services and future electric vertical aircraft service

- Acquired Helijet's scheduled air mobility business in Vancouver on November 30th, gaining exclusive access to heliport terminals in Vancouver, Victoria and Nanaimo. Helijet flew approximately 100,000 passengers in the pre-covid full-year 2019 period

- In recent weeks, Blade Airport's annualised passenger run-rate has reached pre-covid levels of 20,000 fliers while Blade's overall short distance revenues are significantly ahead of 2020 and 2019 in the December quarter to-date.