Blade Air Mobility has filed its Q2 financial report to the US Securities and Exchange Commission (SEC), which reveals the company had an operating loss of US$12.2m on revenues of $61m. This compares with $9.7m and $35.6m for the same period last year. However, the loss ratio was much improved year-on-year, given the dramatic rise in traffic.
Blade pointed to significant increases in charter rates over the past 12 months. The New York-based company charters in 100% of its capacity. It is, therefore, vulnerable to volatility in the market resulting in price increases it cannot immediately pass on to the end user. Blade also reported a year-on-year cost of revenue production increase of 102% compared with the same quarter last year.
Moving on to the half-year figures, the results were broadly parallel with revenues up from $54m to $88.7m offset with increased costs resulting in a loss of $25m for H1 2023 compared with a $23.4m loss for the same period last year. As with the quarterly figures, this underscored that the revenue-to-cost ratio is moving in a favourable direction.
Against the operating figures, the company says its overall position remains healthy, with assets totalling $320.2m against liabilities of $59.4m.