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Blade Air Mobility Reports Fiscal Second Quarter Ending March 31, 2021 Financial Results and Provides Corporate Update
  • Revenues Up 44% in fiscal second quarter 2021 versus prior year period
    $365 million gross proceeds from completion of business combination, well in excess of $125 million minimum cash requirement, will support expanded acquisition strategy and route expansion
    Recent announcements with aerospace companies Beta Technologies and Wisk Aero represent important milestones towards Blade’s transition to Electric Vertical Aircraft (“EVA”)
    Pent-up demand for leisure travel is expected to drive growth of Blade Airport, re-launching on June 1st, and seasonal travel this summer
May 17, 2021 04:05 PM Eastern Daylight Time
NEW YORK--(BUSINESS WIRE)--Blade Air Mobility, Inc. (NASDAQ:BLDE, “Blade” or the “Company”), a technology-powered air mobility platform, today announced financial results for Blade Urban Air Mobility, Inc., its wholly-owned subsidiary, for the fiscal second quarter ended March 31, 2021. On May 7, 2021, we completed our business combination with Experience Investment Corp. ("EIC"). The historical financial information in this press release relates to Blade Urban Air Mobility, Inc.'s operations prior to the business combination. Going forward, our financial results will be presented on a combined company basis.
“The $365 million of capital raised from our transaction with Experience Investment Corp. will accelerate our acquisition strategy and route expansion plans. In the near-term, Blade is well-positioned to benefit from significant pent-up demand for travel as Americans begin to rediscover travel”
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“The $365 million of capital raised from our transaction with Experience Investment Corp. will accelerate our acquisition strategy and route expansion plans. In the near-term, Blade is well-positioned to benefit from significant pent-up demand for travel as Americans begin to rediscover travel,” said Rob Wiesenthal, Blade’s Chief Executive Officer.
Melissa Tomkiel, President and General Counsel of Blade added, “Our recently announced partnership with Kayak will dramatically expand the customer acquisition funnel for Blade Airport, which is re-launching service on June 1st, while our agreements with Beta Technologies and Wisk Aero will help us transition from conventional aircraft to EVA. Those agreements will allow third parties to own, operate and maintain Beta and Wisk EVAs on behalf of Blade.“
“We are pleased with Blade’s 44% year-over-year revenue growth in the quarter, particularly given the comparison to a period that was largely unaffected by COVID-19. Strong performance in our MediMobility organ transport, jet and Northeast commuter short-distance businesses more than offset the decline in Blade Airport due to the pandemic,” said Will Heyburn, Blade’s Chief Financial Officer.
Business Highlights and Recent Updates:
  • Blade announced the June 1st re-start of its New York City airport (starting with JFK) transfer product for $195/Seat (or $95/Seat with the purchase of an annual pass)
  • Partnership with Kayak expands our customer acquisition pipeline. Kayak users booking flights to or from New York City airports will be prompted to add Blade Airport connections. Kayak will also purchase Blade airport seats from Blade to support its loyalty program
  • Northeast commuter services began daily operations in April and May for the first time ever, driven by hybrid remote/office work patterns resulting in broader distribution of demand versus typical end-of-week surges
  • Recent announcements with Beta Technologies and Wisk Aero represent important milestones towards Blade’s transition to EVA, re-affirming our manufacturer-agnostic, asset-light model
  • Business combination with Experience Investment Corp. closed on May 7, 2021, provides $365 million gross proceeds to support acquisition strategy and route expansion
Second Fiscal Quarter Ended March 31, 2021 Financial Highlights:
  • Revenues up 44% to $9.3 million in second fiscal quarter 2021 ending March 31, 2021 versus $6.5 million in the prior year period
  • MediMobility organ transport and jet revenues grew 68% year-over-year, as Blade added new hospital and jet customers versus the prior year period
  • Short-distance revenues declined 41% year-over-year, primarily reflecting the negative impact of airport short-distance services, which were paused in the second fiscal quarter 2021 due to the COVID-19 pandemic, partially offset by modest growth in our Northeast commuter business
  • Net loss increased to $(4.2) million from $(3.4) million in the prior year period, driven by higher G&A costs (primarily due to higher stock based compensation expense), partially offset by increased revenues and lower cost of sales as a percentage of revenues.
  • Adjusted EBITDA of $(2.2) million improved versus $(3.1) million in the prior year period, driven by increased revenues and lower cost of sales as a percentage of revenues
 

May 5, 2021: 

Press Release: Experience Investment Corp. Stockholders Approve Business Combination with Blade Urban Air Mobility. 
Experience Investment Corp. (NASDAQ: EXPC) today announced that its stockholders approved all proposals related to the previously announced business combination (the "Business Combination") with Blade Urban Air Mobility, Inc. ("Blade") at a special meeting of stockholders held today. A Form 8-K disclosing the full voting results is expected to be filed with the Securities and Exchange Commission.

The closing of the Business Combination is anticipated to occur on or about May 7, 2021. Following closing, the combined holding company will change its legal name to Blade Air Mobility, Inc. and will continue to do business as Blade Urban Air Mobility. Its class A common stock and warrants will trade on Nasdaq under the ticker symbols "BLDE" and "BLDEW", respectively.

Blade expects to receive approximately $365 million in gross proceeds, after giving effect to minimal shareholder redemptions, at the time of the Business Combination, which includes $125 million in expected gross proceeds from a fully committed private placement closing concurrently.

About Experience Investment Corp.

Experience Investment Corp. ("EIC") is a special purpose acquisition company sponsored by an affiliate of KSL Capital Partners and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

For more information, please visit experienceinvestmentcorp.com

About KSL Capital Partners

KSL Capital Partners, LLC is a private equity firm specializing in premier travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate, and travel services. Since 2005, KSL has raised approximately $13 billion of capital across both debt and equity funds.

 

 

 

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BLDE News: Blade Air Mobility to Present at the Bank of America Securities 2022 Transportation, Airlines and Industrials Conference 05/12/2022 09:08:00 AM
BLDE News: Deutsche Bank Thinks Blade Air Mobility’s Stock is Going to Recover 05/12/2022 12:36:52 AM
BLDE News: Prospectus Filed Pursuant to Rule 424(b)(3) (424b3) 05/10/2022 04:09:33 AM
BLDE News: Quarterly Report (10-q) 05/10/2022 04:00:19 AM
BLDE News: Current Report Filing (8-k) 05/10/2022 03:06:13 AM
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#27   https://twitter.com/InvestorWisdom/status/1498690798602260483 Bountiful_Harvest 03/01/22 11:22:49 AM
#26   Excellent article on BLDE in Barron's this weekend. santafe2 11/07/21 09:26:35 AM
#25   Checkout $DNA, Ark Invest is loading that one Hard! Porterhouse10 10/05/21 01:55:05 AM
#24   That's another 78 shares for me this morning jerseyboy 09/10/21 09:47:11 AM
#23   This management team knows what it's doing - jerseyboy 09/09/21 10:49:25 PM
#22   Haha, shit— my nndm & BLDE are my GorillaDaddy 09/09/21 08:14:39 PM
#21   Same. BLDE is my longest term hold TruckingAngler 09/09/21 08:13:35 PM
#20   average of $13 here. Should of bought GorillaDaddy 09/09/21 07:07:03 PM
#19   BLDE to Buy Organ-Transportation-Company Trinity Air Medical 9/09/2021. TruckingAngler 09/09/21 09:27:21 AM
#18   Just completed my first buy of 108 shares jerseyboy 09/07/21 02:38:36 PM
#17   Agreed on BLDE. TruckingAngler 09/07/21 11:39:01 AM
#16   That will definitely help, although in spite of jerseyboy 09/06/21 11:10:19 PM
#15   And in that regard, I'll be starting the jerseyboy 09/06/21 11:07:58 PM
#14   I see it. Just need to get out GorillaDaddy 09/06/21 11:06:01 PM
#13   This is going to be so big within jerseyboy 09/06/21 11:05:39 PM
#12   Good stuff! Let’s get this party started!!! GorillaDaddy 08/24/21 01:13:25 AM
#11   BLDE revenues up 277% + $333m cash! TruckingAngler 08/23/21 03:42:41 PM
#10   BLDE nice move pre-market. News been covering the new TruckingAngler 07/01/21 07:09:34 AM
#9   BLDE will be back by on the straight TruckingAngler 06/03/21 06:33:27 AM
#8   Hey all — holding since 14 as EXPC GorillaDaddy 06/03/21 12:16:48 AM
#7   BLDE looking like good opportunity to ADD while TruckingAngler 06/02/21 02:43:35 PM
#6   Thanks for starting this board. Been following Blade Dijibu 06/01/21 08:00:53 AM
#5   BLDE nice move with merger news today 5/27... TruckingAngler 05/27/21 10:59:09 AM
#4   Thank you TruckingAngler for bringing this board on. sdy 05/23/21 11:30:32 AM
#3   BLDE one of the only UP today... TruckingAngler 05/19/21 03:57:22 PM
#2   Thanks for the heads up. That was a Ruffieruff 05/18/21 02:08:00 PM
#1   BLDE finally on the way back UP... TruckingAngler 05/18/21 11:49:14 AM
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