Blade Air Mobility, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable revenue growth and strategic developments. Total revenue for the third quarter reached $74.9 million, a 5% increase from $71.4 million in the same period of 2023. For the nine months, revenue rose to $194.3 million, up 9% from $177.7 million year-over-year. The growth was driven by increases in both the Passenger and Medical segments, with the Medical segment's revenue rising 17% to $110.4 million, attributed to new hospital clients and higher revenue from existing clients.

Operating expenses for the third quarter totaled $78.4 million, slightly down from $78.9 million in the prior year. The company reported a loss from operations of $3.5 million for the quarter, an improvement from a loss of $7.4 million in Q3 2023. For the nine-month period, the loss from operations was $25.6 million, compared to $32.5 million in the same period last year. The net loss for the third quarter was $1.95 million, contrasting with a net income of $289,000 in Q3 2023. However, the nine-month net loss decreased to $17.5 million from $22.1 million in the previous year.

Blade's liquidity as of September 30, 2024, was $136.3 million, down from $166.1 million at the end of 2023. Cash and cash equivalents decreased to $20.0 million, while short-term investments fell to $116.3 million. The company has zero debt and reported a net working capital of $144.6 million.

Strategically, Blade made significant acquisitions, including the purchase of seven aircraft for approximately $17.6 million and three additional aircraft for $7.4 million, enhancing its Medical segment. The company also completed the acquisition of CJK Enterprise, Inc. for $2.2 million, which specializes in ground transportation services for medical logistics in the New York Tri-State area.

In terms of operational efficiency, Blade's Adjusted EBITDA for the third quarter improved to $4.2 million from $0.8 million in Q3 2023, reflecting better cost management and revenue growth. The company also reported a flight margin increase to 26.5% from 21.8% year-over-year.

Despite these positive developments, Blade acknowledged material weaknesses in its internal controls over financial reporting, which management is actively working to remediate by the end of the fiscal year.