Blade(BLDE)2023-11-07 16:00Financial Performance - Revenue for Q3 2023 reached 45,722,000 in Q3 2022[71] - Year-to-date revenue for the nine months ended September 30, 2023, was 107,985,000 in the same period of 2022[71] - For the three months ended September 30, 2023, Blade Air Mobility reported revenue of 45.72 million in the same period of 2022, representing a decline of approximately 33%[107] - Total revenue for the nine months ended September 30, 2023, was 107,985,000 in the same period of 2022[161] - Passenger segment revenue for the three months ended September 30, 2023, was 25,503,000 in the same period of 2022[161] - Medical segment revenue for the three months ended September 30, 2023, was 20,219,000 in the same period of 2022[161] Expenses and Losses - Cost of revenue for Q3 2023 was 36,456,000 in Q3 2022, reflecting a 53% increase[71] - Operating expenses totaled 56,150,000 in Q3 2022, marking a 40% increase[71] - The net loss for Q3 2023 was 9,245,000 in Q3 2022[71] - The company reported a net loss of 10,428 million in Q3 2022[214] - Comprehensive loss for the nine months ended September 30, 2023, was 13,209,000 for the same period in 2022[110] Assets and Liabilities - Cash and cash equivalents as of September 30, 2023, were 43.30 million at the end of 2022, reflecting a decrease of approximately 15%[104] - Total assets decreased to 325.03 million at the end of 2022, a decline of about 2.3%[104] - Total liabilities increased to 50.54 million at the end of 2022, representing an increase of approximately 8.3%[104] - Blade's accumulated deficit increased to 103.68 million at the end of 2022, indicating a rise of approximately 21.3%[104] Stock and Equity - The company had 74,633,754 shares of common stock outstanding as of November 1, 2023, an increase from 71,660,617 shares at the end of 2022[93] - Total stockholders' equity as of September 30, 2023, was 282,705,000 as of September 30, 2022[114] - The total number of common stock shares outstanding as of September 30, 2023, was 74,208,433, an increase from 71,506,665 shares as of September 30, 2022[114] Operational Insights - Blade plans to leverage expected lower operating costs of Electric Vertical Aircraft (EVA) to reduce flight prices and enhance market competitiveness[61] - The company aims to expand its passenger segment into dense urban areas, focusing on markets with existing air transportation infrastructure[60] - Blade's proprietary technology stack is designed to scale operations and improve logistics capabilities, facilitating future growth[52] - The company has experienced significant seasonality, with flight volume peaking in Q2 and Q3 due to summer travel[75] - Blade's asset-light business model allows for a seamless transition to EVA, which is expected to be quieter and emission-free[53] Other Financial Metrics - Blade's interest income for the three months ended September 30, 2023, was 1.17 million in the same period of 2022, marking an increase of approximately 83.5%[107] - The company reported stock-based compensation of 5,627,000 for the same period in 2022[118] - The company experienced a foreign currency translation adjustment loss of 5,213 of revenue from the contract liability balance for the nine months ended September 30, 2023[157] - The company operates in three key product lines: Jet and Other, MediMobility Organ Transport, and Short Distance[158]