Workflow
Blade(BLDE) - 2024 Q4 - Annual Results
BLDEBlade(BLDE)2025-03-13 11:12

Financial Performance - Q4 2024 revenue increased by 14.5% to 54.4millioncomparedto54.4 million compared to 47.5 million in Q4 2023, with a 22.1% increase excluding Canada[11] - Full-year net loss improved by 28.8millionto28.8 million to (27.3) million in FY 2024, while Adjusted EBITDA improved by 17.8millionto17.8 million to 1.2 million[5] - Total revenue for the year ended December 31, 2024, reached 248,693,000,upfrom248,693,000, up from 225,180,000 in 2023, reflecting an increase of 10.4%[26] - Revenue for Q4 2024 was 54,357,000,anincreaseof14.554,357,000, an increase of 14.5% compared to 47,478,000 in Q4 2023[26] - Adjusted EBITDA for the year ended December 31, 2024, was 1,205,000,comparedtoalossof1,205,000, compared to a loss of 16,633,000 in 2023, showing a positive turnaround[53] - Adjusted EBITDA for Q4 2024 was (387)million,animprovementfrom(387) million, an improvement from (5,248) million in Q4 2023[44] Segment Performance - Medical Segment Adjusted EBITDA increased by 119.6% to 5.5millioninQ42024,drivenby13.75.5 million in Q4 2024, driven by 13.7% revenue growth[5] - Passenger Segment Adjusted EBITDA for FY 2024 was 3.6 million, an increase of 8.6millionyear−over−year[5]−MediMobilityOrganTransportrevenueforQ42024was8.6 million year-over-year[5] - MediMobility Organ Transport revenue for Q4 2024 was 36,388,000, contributing significantly to the total revenue[57] - Medical segment revenue grew to 36,388millioninQ42024,comparedto36,388 million in Q4 2024, compared to 31,991 million in Q4 2023, marking an increase of 13.0%[37] Cash Flow and Assets - Operating Cash Flow improved by 7.6millionto7.6 million to (1.8) million in Q4 2024, with Free Cash Flow Before Aircraft Acquisitions increasing by 5.8millionto5.8 million to (3.6) million[11] - The company ended FY 2024 with 127.1millionincashandshort−terminvestments[11]−FreeCashFlowfortheyearendedDecember31,2024,was127.1 million in cash and short-term investments[11] - Free Cash Flow for the year ended December 31, 2024, was (27,307,000), compared to (56,076,000)in2023,indicatinganimprovement[30]−CashandcashequivalentsattheendofQ42024were(56,076,000) in 2023, indicating an improvement[30] - Cash and cash equivalents at the end of Q4 2024 were 18,378,000, down from 27,873,000attheendofQ42023,adecreaseof3427,873,000 at the end of Q4 2023, a decrease of 34%[24] - Total current assets decreased to 160,742,000 as of December 31, 2024, down from 206,261,000in2023,adeclineof22206,261,000 in 2023, a decline of 22%[24] Loss and Expenses - Net loss for Q4 2024 was (9,793,000), an improvement from (33,941,000)inQ42023[26]−OperatingexpensesforQ42024totaled(33,941,000) in Q4 2023[26] - Operating expenses for Q4 2024 totaled 62,729,000, a decrease of 24.5% compared to 83,111,000inQ42023[26]−TotaloperatingexpensesforQ42024were83,111,000 in Q4 2023[26] - Total operating expenses for Q4 2024 were 62,729 million, down from 83,111 million in Q4 2023[50] - Adjusted SG&A for Q4 2024 was 13,618 million, a slight decrease from 14,338 million in Q4 2023, with SG&A as a percentage of revenue improving to 25.1%[50] Future Outlook - The company expects revenue for FY 2025 to be between 245 million and 265million,withdouble−digitmillionsofAdjustedEBITDA[15]−Thecompanyisfocusedonexpandingitsfleetandenteringnewmarkets,withplansforfutureproductlinesandpartnerships[60]−NewmobileapplaunchedinMarch2025toenhanceuserexperienceandflightbooking[15]OperationalChanges−ThecompanydiscontinuedoperationsinCanadaonAugust31,2024,whichmayimpactfuturerevenuecomparisons[22]−Totalliabilitiesdecreasedto265 million, with double-digit millions of Adjusted EBITDA[15] - The company is focused on expanding its fleet and entering new markets, with plans for future product lines and partnerships[60] - New mobile app launched in March 2025 to enhance user experience and flight booking[15] Operational Changes - The company discontinued operations in Canada on August 31, 2024, which may impact future revenue comparisons[22] - Total liabilities decreased to 34,737,000 as of December 31, 2024, down from 60,638,000in2023,areductionof42.760,638,000 in 2023, a reduction of 42.7%[24] Flight Performance - Flight Profit rose by 39.7% to 12.6 million in Q4 2024, with Flight Margin improving to 23.2% from 19.0% in the prior year[11] - Total flight profit for Q4 2024 was 12,589million,asignificantrisefrom12,589 million, a significant rise from 9,010 million in Q4 2023, reflecting a 39.5% increase[44] - The flight margin improved to 23.2% in Q4 2024, compared to 19.0% in Q4 2023[44] Revenue Breakdown - Passenger revenue increased to 17,969millioninQ42024,upfrom17,969 million in Q4 2024, up from 15,487 million in Q4 2023, representing a growth of 16.0%[37] - Short Distance revenue decreased by 14.7% to 9.1millioninQ42024,butincreasedby17.79.1 million in Q4 2024, but increased by 17.7% excluding Canada[11] - Revenue excluding Canada for Q4 2024 was 54,357 million, a 22.1% increase from 44,536millioninQ42023[35]−Shortdistancerevenuedecreasedto44,536 million in Q4 2023[35] - Short distance revenue decreased to 9,133 million in Q4 2024, down 14.7% from $10,703 million in Q4 2023[35]