Blade Air Mobility Delivers Q3 Earnings Beat And Strong Margins As Restructuring Takes Flight

Blade Air Mobility Inc (NASDAQ:BLDE) reported third-quarter revenue growth of 4.8% year-over-year to $74.9 million, beating the consensus of $74.4 million.

The revenue growth was driven primarily by growth in Medical and Short Distance, partially offset by Jet and Other revenue. Short Distance revenue rose 6.5% to $32.4 million, led by Northeast Leisure, Other Short Distance and New York Airport.

Flight profit rose 27.3% to $19.8 million, with the margin improving by 469 basis points to 26.5% in the quarter. This was driven by a strong summer season in the Northeast, better profitability at New York Airport, and the positive impact of restructuring actions in Europe and Canada within the Passenger segment.

Loss per share of $0.03 beat the loss estimate of $0.04. Adjusted EBITDA improved ...