BLADE AIR MOBILITY REPORTS FISCAL THIRD QUARTER ENDED JUNE 30, 2021 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE Revenues up 277% in fiscal third quarter ended

BLADE AIR MOBILITY REPORTS FISCAL THIRD QUARTER

ENDED JUNE 30, 2021 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE

New York, NY (August 16, 2021) - Blade Air Mobility, Inc.

(Nasdaq:BLDE, "Blade" or the "Company"), a technology-powered air mobility platform, today announced financial

results for the fiscal third quarter ended June 30, 2021.

"Blade's strong growth versus both 2020 and the pre-covid

2019 period shows the growing importance of affordable urban air mobility travel in the world's largest cities as well as the resilience of our multi-faceted, asset-light business model," said Rob Wiesenthal, Blade's Chief Executive

Officer. "We are well capitalized to execute on our organic growth plans as well as our acquisition roadmap, continuing our focus on building value for Blade's shareholders."

"A continued recovery of our short distance routes, with revenues

now at 87% of pre-pandemic levels, coupled with strong growth in MediMobility and jet versus last year, drove great results this quarter,"

said Will Heyburn, Blade's Chief Financial Officer. "While hybrid remote-office work patterns have benefited Blade's

commuter business throughout the pandemic, we continue to closely monitor potential impacts to travel from the Delta variant."

"We are seeing great early signals from our re-launch of Blade Airport in June, offering 5-minute flights between Manhattan and New York

City area airports for $195, or $95 with the purchase of an annual pass," said Melissa Tomkiel, Blade's President. "After two months of

operation, our current weekly volume is well ahead of the same point in our initial 2019 launch."

Third Fiscal Quarter Ended June 30, 2021 Financial Highlights:

driven primarily by strong intra-week commuter demand that

exceeded pre-pandemic levels, but was offset by lower demand for weekend commuting

Business Highlights and Recent Updates:

Use of Non-GAAP Financial Information

Adjusted EBITDA - 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. This measure excludes non-cash items or certain transactions that are not indicative

of ongoing Company operating performance and / or items that management does not believe are reflective of our ongoing core operations

(as shown in the table below).

Comparable Adjusted EBITDA - To provide a like for like comparison

of the current period (a "post going public" period) to "pre going public" periods, Blade reports Comparable

Adjusted EBITDA, which is a non-GAAP financial measure. This measure excludes from the current period's Adjusted EBITDA ongoing

third-party costs driven by the Company becoming a public company, namely higher D&O insurance premiums and costs in connection with

preparation of reviewed and audited periodical financial statements. Management believes Comparable Adjusted EBITDA provides meaningful

supplemental information regarding our continuing operating performance by excluding from the current period the impact of these public

company costs that did not affect prior periods. We expect to incur similar costs in future periods, and we do not anticipate presenting

similarly adjusted measures once both the current period and the comparative prior period disclosed include these expenses.

Blade believes that these non-GAAP measures, viewed in addition to

and not in lieu of our reported GAAP results, provide useful information to investors by providing a more focused measure of operating

results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with

respect to key metrics used by management in its financial and operational decision making. The non-GAAP measures presented herein may

not be comparable to similarly titled measures presented by other companies. Adjusted EBITDA and Comparable Adjusted EBITDA have been

reconciled to the nearest GAAP measure in the tables within this press release.

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. Today, the company predominantly uses helicopters and amphibious aircraft. Its asset-light model, coupled with its

exclusive passenger terminal infrastructure, is designed to facilitate a seamless transition to Electric Vertical Aircraft ("EVA"

or "eVTOL"), enabling lower cost air mobility to the public that is both quiet and emission-free.

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. Factors that could cause actual

results to differ materially from those expressed or implied in forward-looking statements include: loss of our customers; decreases

in our existing market share; effects of competition; effects of pricing pressure; the inability of our customers to pay for our

services; the loss of our existing relationships with operators; the loss of key members of our management team; changes in our

regulatory environment, including aviation law and FAA regulations; the inability to implement information systems or expand our

workforce; changes in our industry; heightened enforcement activity by government agencies; interruptions or security breaches of

our information technology systems; the expansion of privacy and security laws; our ability to expand our infrastructure network;

our ability to identify, complete and successfully integrate future acquisitions; our ability to remediate any material weaknesses

or maintain effective internal controls over financial reporting; the ability to continue to meet applicable listing standards;

costs related to our business combination; the possibility that we may be adversely affected by other political, economic, business

and/or competitive factors; the impact of COVID-19 and its related effects on our results of operations, financial performance or

other financial metrics; the inability or unavailability to use or take advantage of the shift, or lack thereof, to EVA technology;

pending or potential litigation; and other factors beyond our control. Additional factors can be found in our Quarterly Report on

Form 10-Q filed with the U.S. Securities and Exchange Commission ("SEC"). 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