Full Press Release Details
BLADE AIR MOBILITY REPORTS FISCAL SECOND QUARTER
ENDING MARCH 31, 2021 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
New York, NY (May 17,
2021) - Blade Air Mobility, Inc. (NASDAQ:BLDE, "Blade" or the "Company"), a
technology-powered air mobility platform, today announced financial results for Blade Urban Air Mobility, Inc., its wholly-owned
subsidiary, for the fiscal second quarter ended March 31, 2021. On May 7, 2021, we completed our business combination with Experience Investment Corp. ("EIC"). The historical financial information in
this press release relates to Blade Urban Air Mobility, Inc.'s operations prior to the business combination. Going forward, our financial
results will be presented on a combined company basis.
"The $365 million of capital raised from our transaction with
Experience Investment Corp. will accelerate our acquisition strategy and route expansion plans. In the near-term, Blade is well-positioned
to benefit from significant pent-up demand for travel as Americans begin to rediscover travel," said Rob Wiesenthal, Blade's
Chief Executive Officer.
Melissa, President and General Counsel of Blade added, "Our
recently announced partnership with Kayak will dramatically expand the customer acquisition funnel for Blade Airport, which is re-launching
service on June 1st, while our agreements with Beta Technologies and Wisk Aero will help us transition from conventional
aircraft to EVA. Those agreements will allow third parties to own, operate and maintain Beta and Wisk EVAs on behalf of Blade."
"We are pleased with Blade's 44% year-over-year revenue
growth in the quarter, particularly given the comparison to a period that was largely unaffected by COVID-19. Strong performance in our
MediMobility organ transport, jet and Northeast commuter short-distance businesses more than offset the decline in Blade Airport due to
the pandemic," said Will Heyburn, Blade's Chief Financial Officer.
Business Highlights and Recent Updates:
Second Fiscal Quarter Ended March 31, 2021 Financial Highlights:
Use of Non-GAAP Financial Information
To supplement its consolidated financial statements, which are prepared
and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), Blade reports Adjusted EBITDA, which
is a non-GAAP financial measure. Adjusted EBITDA is determined by taking net income and excluding interest, depreciation and amortization
and stock-based compensation. Blade believes that this non-GAAP measure, viewed in addition to and not in lieu of our reported GAAP results,
provides useful information to investors by providing a more focused measure of operating results, enhances the overall understanding
of past financial performance and future prospects, and allows for greater transparency with respect to key metrics used by management
in its financial and operational decision making. The non-GAAP measure presented herein may not be comparable to similarly titled measures
presented by other companies. Adjusted EBITDA has been reconciled to the nearest GAAP measure in the tables within this press release.
| BLADE URBAN AIR MOBILITY, INC. |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (unaudited) |
| (in thousands, except share and per share data) |
| For the Three Months Ended March 31, | For the Six Months Ended March 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenue | $ | 9,273 | $ | 6,454 | $ | 17,259 | $ | 11,677 | ||||||||
| Operating expenses | ||||||||||||||||
| Cost of revenue | 7,673 | 5,831 | 13,995 | 11,588 | ||||||||||||
| Software development | 156 | 241 | 342 | 471 | ||||||||||||
| General and administrative | 4,803 | 2,807 | 8,214 | 5,815 | ||||||||||||
| Selling and marketing | 866 | 923 | 1,301 | 1,955 | ||||||||||||
| Total operating expenses | 13,498 | 9,802 | 23,852 | 19,829 | ||||||||||||
| Loss from operations | (4,225 | ) | (3,348 | ) | (6,593 | ) | (8,152 | ) | ||||||||
| Other non-operating income | ||||||||||||||||
| Interest income (expense), net | 4 | (61 | ) | 11 | 30 | |||||||||||
| Total other non-operating income | 4 | (61 | ) | 11 | 30 | |||||||||||
| Net loss | $ | (4,221 | ) | $ | (3,409 | ) | $ | (6,582 | ) | $ | (8,122 | ) |
| BLADE URBAN AIR MOBILITY, INC. |
| DISAGGREGATED REVENUE BY PRODUCT LINE |
| (unaudited) (In thousands) |
| For the Three Months Ended March 31, | For the Six Months Ended March 31, | |||||||||||||||
| Product Line | 2021 | 2020 | 2021 | 2020 | ||||||||||||
| (In thousands) | ||||||||||||||||
| Short Distance flight services | $ | 1,049 | $ | 1,787 | $ | 3,179 | $ | 5,138 | ||||||||
| Medimobility organ transplant and jet | 7,729 | 4,588 | $ | 13,253 | $ | 6,453 | ||||||||||
| Other | 495 | 79 | $ | 827 | $ | 86 | ||||||||||
| Total Revenue | $ | 9,273 | $ | 6,454 | $ | 17,259 | $ | 11,677 |
| BLADE URBAN AIR MOBILITY, INC. |
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
| (In thousands) |
| For the Three Months Ended March 31, | For the Six Months Ended March 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Reconciliation of Net Loss to Adjusted EBITDA | ||||||||||||||||
| Net Loss | $ | (4,221 | ) | $ | (3,409 | ) | $ | (6,582 | ) | $ | (8,122 | ) | ||||
| Interest income (expense), net | 4 | (61 | ) | 11 | 30 | |||||||||||
| Depreciation and amortization expense | 126 | 131 | 265 | 265 | ||||||||||||
| Stock-based compensation expense | 1,904 | 87 | 3,179 | 178 | ||||||||||||
| Adjusted EBITDA | $ | (2,195 | ) | $ | (3,130 | ) | $ | (3,149 | ) | $ | (7,709 | ) |
About Blade Urban Air Mobility
Blade is a technology-powered, global air mobility platform committed
to reducing travel friction by providing cost-effective air transportation alternatives to some of the most congested ground routes in
the U.S. and abroad.
For more information, visit www.blade.com.
Forward Looking Statements
This press release contains "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that are not historical facts and may be identified by the use of words such as "anticipate",
"believe", "could", "continue", "expect", "estimate", "may", "plan",
"outlook", "future" and "project" and other similar expressions and the negatives of those terms.
These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future
results and estimates of amounts not yet determinable and may also relate to Blade's future prospects, developments and business
strategies. In particular, such forward-looking statements include statements concerning Blade's estimated and future results of
operations, business strategies, competitive position, industry environment and potential growth opportunities. These statements are based
on management's current expectations and beliefs, as well as a number of assumptions concerning future events. Actual results may
differ materially from the results predicted, and reported results should not be considered as an indication of future performance.
Such forward-looking statements are subject to known and unknown risks,
uncertainties, assumptions and other important factors, many of which are outside Blade's control, that could cause actual results
to differ materially from the results discussed in the forward-looking statements. Additional factors that could cause actual results
to differ materially from those expressed or implied in forward-looking statements can be found in the registration statement on Form S-4
filed with the U.S. Securities and Exchange Commission ("SEC") by Experience Investment Corp. ("EIC") in connection
with the business combination transaction. New risks and uncertainties arise from time to time, and it is impossible for us to predict
these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak
only as of the date made, and Blade undertakes no obligation to update or revise the forward-looking statements, whether as a result of
new information, changes in expectations, future events or otherwise.
Phil Denning / Nora Flaherty
Mike Callahan / Tom Cook