Blade points to costs associated with the acquisition of Blade Europe, as well as inadequate financial controls, as the reasons for continued losses. Photo: Blade Air Mobility
Blade Air Mobility’s share price took a US$1.44 hit in trading yesterday before a slight rally to close at $2.79 in the wake of the company’s annual results filing with the Securities and Exchange Commission. The New York City-based company showed a loss of $56 million in 2023 compared with $27.3m in 2022 on revenues of $225.2m and $146.2m, respectively.
In the filing, the company said that the continued poor results against rising revenues are due to inadequate control of financial applications, “a number of control deficiencies in relation to the revenue process,” and costs associated with the acquisition of Blade Europe.
