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• Adjusted EBITDA: Increased to $4.2 million, more than 5-fold from $0.8 million in the prior year period.

• Operating Cash Flow: Generated $6.4 million in the quarter.

• Free Cash Flow: $3.7 million before aircraft acquisitions.

• Short Distance Revenue: Increased 6.5% year-over-year, or 9.8% excluding discontinued Canadian operations.

• Passenger Segment Adjusted EBITDA Margin: Rose to 14.4% from 7.3% in the prior year period.

• Medical Revenue: Rose 7.8% year-over-year to $36.1 million.

• Medical Flight Margin: Expanded 240 basis points year-over-year to 20.8%.

• Medical Segment Adjusted EBITDA Margin: Increased by 70 basis points year-over-year to 10.7%.

• Cash and Short-term Investments: Ended the quarter with $136 million.

• Revenue Guidance for 2024: Between $240 million and $250 million.

• Medical Segment Adjusted EBITDA Margin Guidance for 2025: Approximately 15%.

• Passenger Revenue Guidance for 2025: Expected to be $85 million to $95 million.

• Warning! GuruFocus has detected 5 Warning Signs with ROIV.

Release Date: November 12, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Blade Air Mobility Inc (NASDAQ:BLDE) achieved positive segment adjusted EBITDA in its passenger business a year ahead of schedule, indicating strong financial performance.

• The company reported a 27.3% year-over-year increase in flight profit, with adjusted EBITDA increasing more than fivefold compared to the previous year.

• Blade Air Mobility Inc (NASDAQ:BLDE) generated $6.4 million in operating cash flow and $3.7 million in free cash flow before aircraft acquisitions, showcasing strong cash conversion.

• The company successfully restructured its European operations, expected to generate significant cost savings and improve profitability.

• Blade Air Mobility Inc (NASDAQ:BLDE) formed a strategic alliance with OrganOx to enhance access to liver preservation technology, potentially increasing the utilization of donor organs.

Negative Points

• The company experienced a sequential decline in medical revenue by 5.9% in Q3 2024, attributed to lower organ transplant volumes.

• Medical segment profitability metrics declined sequentially due to timing-related factors, including maintenance downtime and owned fleet expenses.

• Blade Air Mobility Inc (NASDAQ:BLDE) exited the Western Canada market, impacting passenger revenue and reflecting challenges in achieving growth and profitability in that region.

• The company faced industry-wide headwinds in the medical segment, including downtime of aircraft and variability in organ transplant volumes.

• Despite improvements, the passenger segment still faces challenges in achieving target margins, particularly in the New York Airport transfer service.